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Side-by-side financial comparison of System1, Inc. (SST) and TPG RE Finance Trust, Inc. (TRTX). Click either name above to swap in a different company.
System1, Inc. is the larger business by last-quarter revenue ($51.9M vs $35.0M, roughly 1.5× TPG RE Finance Trust, Inc.). TPG RE Finance Trust, Inc. runs the higher net margin — 15.6% vs -26.0%, a 41.6% gap on every dollar of revenue. On growth, TPG RE Finance Trust, Inc. posted the faster year-over-year revenue change (0.9% vs -31.3%). Over the past eight quarters, TPG RE Finance Trust, Inc.'s revenue compounded faster (-5.1% CAGR vs -21.8%).
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
TPG RE Finance Trust, Inc. is a commercial real estate finance firm primarily operating in the United States. It originates, underwrites and manages a portfolio of senior commercial mortgage loans and other real estate-linked debt instruments, serving commercial property owners and investors across multifamily, industrial, office and retail property segments.
SST vs TRTX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $35.0M |
| Net Profit | $-13.5M | $4.0M |
| Gross Margin | 41.0% | — |
| Operating Margin | -33.6% | 11.6% |
| Net Margin | -26.0% | 15.6% |
| Revenue YoY | -31.3% | 0.9% |
| Net Profit YoY | 4.8% | -62.8% |
| EPS (diluted) | $-3.58 | $0.01 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $51.9M | $35.0M | ||
| Q3 25 | $61.6M | $37.8M | ||
| Q2 25 | $78.1M | $36.2M | ||
| Q1 25 | $74.5M | $37.0M | ||
| Q4 24 | $75.6M | $34.7M | ||
| Q3 24 | $88.8M | $40.1M | ||
| Q2 24 | $94.6M | $39.3M | ||
| Q1 24 | $84.9M | $38.9M |
| Q4 25 | $-13.5M | $4.0M | ||
| Q3 25 | $-18.5M | $22.0M | ||
| Q2 25 | $-17.5M | $20.6M | ||
| Q1 25 | $-15.9M | $13.7M | ||
| Q4 24 | $-14.2M | $10.7M | ||
| Q3 24 | $-23.6M | $22.2M | ||
| Q2 24 | $-26.4M | $24.7M | ||
| Q1 24 | $-10.5M | $16.7M |
| Q4 25 | 41.0% | — | ||
| Q3 25 | 36.9% | — | ||
| Q2 25 | 35.7% | — | ||
| Q1 25 | 38.2% | — | ||
| Q4 24 | 42.1% | — | ||
| Q3 24 | 28.0% | — | ||
| Q2 24 | 27.6% | — | ||
| Q1 24 | 21.9% | — |
| Q4 25 | -33.6% | 11.6% | ||
| Q3 25 | -25.3% | 58.4% | ||
| Q2 25 | -20.4% | 57.3% | ||
| Q1 25 | -17.6% | 37.2% | ||
| Q4 24 | -15.7% | 30.3% | ||
| Q3 24 | -24.6% | 55.4% | ||
| Q2 24 | -30.8% | 63.1% | ||
| Q1 24 | -30.4% | 44.0% |
| Q4 25 | -26.0% | 15.6% | ||
| Q3 25 | -30.1% | 58.1% | ||
| Q2 25 | -22.4% | 57.0% | ||
| Q1 25 | -21.3% | 37.0% | ||
| Q4 24 | -18.7% | 43.3% | ||
| Q3 24 | -26.6% | 55.3% | ||
| Q2 24 | -27.9% | 62.9% | ||
| Q1 24 | -12.4% | 43.0% |
| Q4 25 | $-3.58 | $0.01 | ||
| Q3 25 | $-2.30 | $0.23 | ||
| Q2 25 | $-2.23 | $0.21 | ||
| Q1 25 | $-0.21 | $0.12 | ||
| Q4 24 | $-3.41 | $0.09 | ||
| Q3 24 | $-3.37 | $0.23 | ||
| Q2 24 | $-3.80 | $0.26 | ||
| Q1 24 | $-0.16 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $86.9M | $87.6M |
| Total DebtLower is stronger | $305.1M | $3.3B |
| Stockholders' EquityBook value | $30.5M | $1.1B |
| Total Assets | $405.0M | $4.4B |
| Debt / EquityLower = less leverage | 10.01× | 3.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.9M | $87.6M | ||
| Q3 25 | $54.6M | $93.6M | ||
| Q2 25 | $63.6M | $165.8M | ||
| Q1 25 | $43.9M | $363.0M | ||
| Q4 24 | $63.6M | $190.2M | ||
| Q3 24 | $69.1M | $226.3M | ||
| Q2 24 | $75.7M | $259.2M | ||
| Q1 24 | $69.9M | $203.1M |
| Q4 25 | $305.1M | $3.3B | ||
| Q3 25 | $259.2M | $2.9B | ||
| Q2 25 | $263.3M | $3.0B | ||
| Q1 25 | $267.4M | $2.8B | ||
| Q4 24 | $255.1M | $2.6B | ||
| Q3 24 | $259.2M | $2.5B | ||
| Q2 24 | $263.3M | $2.5B | ||
| Q1 24 | $268.6M | $2.7B |
| Q4 25 | $30.5M | $1.1B | ||
| Q3 25 | $42.7M | $1.1B | ||
| Q2 25 | $58.2M | $1.1B | ||
| Q1 25 | $67.2M | $1.1B | ||
| Q4 24 | $80.3M | $1.1B | ||
| Q3 24 | $90.3M | $1.1B | ||
| Q2 24 | $109.4M | $1.1B | ||
| Q1 24 | $131.7M | $1.1B |
| Q4 25 | $405.0M | $4.4B | ||
| Q3 25 | $385.2M | $4.1B | ||
| Q2 25 | $429.2M | $4.2B | ||
| Q1 25 | $419.2M | $4.0B | ||
| Q4 24 | $459.1M | $3.7B | ||
| Q3 24 | $479.3M | $3.7B | ||
| Q2 24 | $511.3M | $3.7B | ||
| Q1 24 | $521.1M | $3.8B |
| Q4 25 | 10.01× | 3.10× | ||
| Q3 25 | 6.07× | 2.72× | ||
| Q2 25 | 4.53× | 2.78× | ||
| Q1 25 | 3.98× | 2.56× | ||
| Q4 24 | 3.18× | 2.31× | ||
| Q3 24 | 2.87× | 2.22× | ||
| Q2 24 | 2.41× | 2.25× | ||
| Q1 24 | 2.04× | 2.38× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-10.6M | $90.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | 22.73× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.6M | $90.4M | ||
| Q3 25 | $-2.1M | $21.8M | ||
| Q2 25 | $24.5M | $24.7M | ||
| Q1 25 | $-15.9M | $19.1M | ||
| Q4 24 | $772.0K | $112.1M | ||
| Q3 24 | $-5.0K | $23.7M | ||
| Q2 24 | $10.0M | $25.6M | ||
| Q1 24 | $-16.0M | $37.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $-16.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-36.0K | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -21.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.0% | — |
| Q4 25 | — | 22.73× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | — | 1.39× | ||
| Q4 24 | — | 10.50× | ||
| Q3 24 | — | 1.07× | ||
| Q2 24 | — | 1.03× | ||
| Q1 24 | — | 2.23× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
