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Side-by-side financial comparison of System1, Inc. (SST) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
System1, Inc. is the larger business by last-quarter revenue ($51.9M vs $51.6M, roughly 1.0× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -26.0%, a 93.3% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs -31.3%). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% 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.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
SST vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $51.6M |
| Net Profit | $-13.5M | $34.8M |
| Gross Margin | 41.0% | — |
| Operating Margin | -33.6% | 97.0% |
| Net Margin | -26.0% | 67.3% |
| Revenue YoY | -31.3% | 32.8% |
| Net Profit YoY | 4.8% | 67.0% |
| EPS (diluted) | $-3.58 | $0.90 |
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 | $51.6M | ||
| Q3 25 | $61.6M | $49.1M | ||
| Q2 25 | $78.1M | $47.6M | ||
| Q1 25 | $74.5M | $37.5M | ||
| Q4 24 | $75.6M | $38.9M | ||
| Q3 24 | $88.8M | $35.1M | ||
| Q2 24 | $94.6M | $32.4M | ||
| Q1 24 | $84.9M | $29.5M |
| Q4 25 | $-13.5M | $34.8M | ||
| Q3 25 | $-18.5M | $25.4M | ||
| Q2 25 | $-17.5M | $26.0M | ||
| Q1 25 | $-15.9M | $18.9M | ||
| Q4 24 | $-14.2M | $20.8M | ||
| Q3 24 | $-23.6M | $15.8M | ||
| Q2 24 | $-26.4M | $14.8M | ||
| Q1 24 | $-10.5M | $17.3M |
| 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% | 97.0% | ||
| Q3 25 | -25.3% | 72.1% | ||
| Q2 25 | -20.4% | 71.3% | ||
| Q1 25 | -17.6% | 71.7% | ||
| Q4 24 | -15.7% | 82.5% | ||
| Q3 24 | -24.6% | 60.6% | ||
| Q2 24 | -30.8% | 61.3% | ||
| Q1 24 | -30.4% | 78.8% |
| Q4 25 | -26.0% | 67.3% | ||
| Q3 25 | -30.1% | 51.7% | ||
| Q2 25 | -22.4% | 54.6% | ||
| Q1 25 | -21.3% | 50.4% | ||
| Q4 24 | -18.7% | 53.5% | ||
| Q3 24 | -26.6% | 45.1% | ||
| Q2 24 | -27.9% | 45.6% | ||
| Q1 24 | -12.4% | 58.5% |
| Q4 25 | $-3.58 | $0.90 | ||
| Q3 25 | $-2.30 | $0.65 | ||
| Q2 25 | $-2.23 | $0.69 | ||
| Q1 25 | $-0.21 | $0.51 | ||
| Q4 24 | $-3.41 | $0.56 | ||
| Q3 24 | $-3.37 | $0.44 | ||
| Q2 24 | $-3.80 | $0.42 | ||
| Q1 24 | $-0.16 | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | $305.1M | — |
| Stockholders' EquityBook value | $30.5M | $672.5M |
| Total Assets | $405.0M | $7.4B |
| Debt / EquityLower = less leverage | 10.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.9M | $92.1M | ||
| Q3 25 | $54.6M | $99.0M | ||
| Q2 25 | $63.6M | $79.6M | ||
| Q1 25 | $43.9M | $51.7M | ||
| Q4 24 | $63.6M | $49.9M | ||
| Q3 24 | $69.1M | $44.1M | ||
| Q2 24 | $75.7M | $47.4M | ||
| Q1 24 | $69.9M | $34.8M |
| Q4 25 | $305.1M | — | ||
| Q3 25 | $259.2M | — | ||
| Q2 25 | $263.3M | — | ||
| Q1 25 | $267.4M | — | ||
| Q4 24 | $255.1M | — | ||
| Q3 24 | $259.2M | — | ||
| Q2 24 | $263.3M | — | ||
| Q1 24 | $268.6M | — |
| Q4 25 | $30.5M | $672.5M | ||
| Q3 25 | $42.7M | $634.3M | ||
| Q2 25 | $58.2M | $597.9M | ||
| Q1 25 | $67.2M | $563.2M | ||
| Q4 24 | $80.3M | $516.9M | ||
| Q3 24 | $90.3M | $484.6M | ||
| Q2 24 | $109.4M | $471.3M | ||
| Q1 24 | $131.7M | $452.9M |
| Q4 25 | $405.0M | $7.4B | ||
| Q3 25 | $385.2M | $7.0B | ||
| Q2 25 | $429.2M | $6.5B | ||
| Q1 25 | $419.2M | $6.0B | ||
| Q4 24 | $459.1M | $5.5B | ||
| Q3 24 | $479.3M | $5.2B | ||
| Q2 24 | $511.3M | $4.9B | ||
| Q1 24 | $521.1M | $4.6B |
| Q4 25 | 10.01× | — | ||
| Q3 25 | 6.07× | — | ||
| Q2 25 | 4.53× | — | ||
| Q1 25 | 3.98× | — | ||
| Q4 24 | 3.18× | — | ||
| Q3 24 | 2.87× | — | ||
| Q2 24 | 2.41× | — | ||
| Q1 24 | 2.04× | — |
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 | $18.2M |
| Free Cash FlowOCF − Capex | — | $17.9M |
| FCF MarginFCF / Revenue | — | 34.6% |
| Capex IntensityCapex / Revenue | 0.0% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.6M | $18.2M | ||
| Q3 25 | $-2.1M | $11.5M | ||
| Q2 25 | $24.5M | $7.7M | ||
| Q1 25 | $-15.9M | $3.5M | ||
| Q4 24 | $772.0K | $37.8M | ||
| Q3 24 | $-5.0K | $-17.6M | ||
| Q2 24 | $10.0M | $11.5M | ||
| Q1 24 | $-16.0M | $10.6M |
| Q4 25 | — | $17.9M | ||
| Q3 25 | — | $11.4M | ||
| Q2 25 | — | $7.6M | ||
| Q1 25 | $-16.0M | $3.5M | ||
| Q4 24 | — | $37.5M | ||
| Q3 24 | $-36.0K | $-17.6M | ||
| Q2 24 | — | $11.4M | ||
| Q1 24 | — | $10.5M |
| Q4 25 | — | 34.6% | ||
| Q3 25 | — | 23.2% | ||
| Q2 25 | — | 15.9% | ||
| Q1 25 | -21.5% | 9.2% | ||
| Q4 24 | — | 96.4% | ||
| Q3 24 | -0.0% | -50.3% | ||
| Q2 24 | — | 35.1% | ||
| Q1 24 | — | 35.8% |
| Q4 25 | 0.0% | 0.5% | ||
| Q3 25 | 0.0% | 0.1% | ||
| Q2 25 | 0.0% | 0.2% | ||
| Q1 25 | 0.1% | 0.2% | ||
| Q4 24 | 0.0% | 0.7% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | 0.0% | 0.3% | ||
| Q1 24 | 0.0% | 0.1% |
| Q4 25 | — | 0.52× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | -1.11× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.61× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SST
Segment breakdown not available.
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
