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Side-by-side financial comparison of System1, Inc. (SST) and VINCE HOLDING CORP. (VNCE). Click either name above to swap in a different company.
VINCE HOLDING CORP. is the larger business by last-quarter revenue ($85.1M vs $51.9M, roughly 1.6× System1, Inc.). VINCE HOLDING CORP. runs the higher net margin — 3.2% vs -26.0%, a 29.2% gap on every dollar of revenue. On growth, VINCE HOLDING CORP. posted the faster year-over-year revenue change (6.2% vs -31.3%). Over the past eight quarters, VINCE HOLDING CORP.'s revenue compounded faster (6.3% 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.
VINCE. is a contemporary clothing fashion brand founded in 2002. In 2023 Authentic Brands Group purchased its intellectual property in a $76.5 million deal.
SST vs VNCE — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $85.1M |
| Net Profit | $-13.5M | $2.7M |
| Gross Margin | 41.0% | 49.2% |
| Operating Margin | -33.6% | 6.4% |
| Net Margin | -26.0% | 3.2% |
| Revenue YoY | -31.3% | 6.2% |
| Net Profit YoY | 4.8% | -37.3% |
| EPS (diluted) | $-3.58 | $0.21 |
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 | $85.1M | ||
| Q3 25 | $61.6M | $73.2M | ||
| Q2 25 | $78.1M | $57.9M | ||
| Q1 25 | $74.5M | $80.0M | ||
| Q4 24 | $75.6M | $80.2M | ||
| Q3 24 | $88.8M | $74.2M | ||
| Q2 24 | $94.6M | $59.2M | ||
| Q1 24 | $84.9M | $75.3M |
| Q4 25 | $-13.5M | $2.7M | ||
| Q3 25 | $-18.5M | $12.1M | ||
| Q2 25 | $-17.5M | $-4.8M | ||
| Q1 25 | $-15.9M | $-28.3M | ||
| Q4 24 | $-14.2M | $4.3M | ||
| Q3 24 | $-23.6M | $569.0K | ||
| Q2 24 | $-26.4M | $4.4M | ||
| Q1 24 | $-10.5M | $-4.7M |
| Q4 25 | 41.0% | 49.2% | ||
| Q3 25 | 36.9% | 50.4% | ||
| Q2 25 | 35.7% | 50.3% | ||
| Q1 25 | 38.2% | 50.1% | ||
| Q4 24 | 42.1% | 50.0% | ||
| Q3 24 | 28.0% | 47.4% | ||
| Q2 24 | 27.6% | 50.6% | ||
| Q1 24 | 21.9% | 45.4% |
| Q4 25 | -33.6% | 6.4% | ||
| Q3 25 | -25.3% | 15.2% | ||
| Q2 25 | -20.4% | -7.7% | ||
| Q1 25 | -17.6% | -37.1% | ||
| Q4 24 | -15.7% | 7.2% | ||
| Q3 24 | -24.6% | 1.5% | ||
| Q2 24 | -30.8% | 9.5% | ||
| Q1 24 | -30.4% | -2.2% |
| Q4 25 | -26.0% | 3.2% | ||
| Q3 25 | -30.1% | 16.5% | ||
| Q2 25 | -22.4% | -8.3% | ||
| Q1 25 | -21.3% | -35.5% | ||
| Q4 24 | -18.7% | 5.4% | ||
| Q3 24 | -26.6% | 0.8% | ||
| Q2 24 | -27.9% | 7.4% | ||
| Q1 24 | -12.4% | -6.2% |
| Q4 25 | $-3.58 | $0.21 | ||
| Q3 25 | $-2.30 | $0.93 | ||
| Q2 25 | $-2.23 | $-0.37 | ||
| Q1 25 | $-0.21 | $-2.25 | ||
| Q4 24 | $-3.41 | $0.34 | ||
| Q3 24 | $-3.37 | $0.05 | ||
| Q2 24 | $-3.80 | $0.35 | ||
| Q1 24 | $-0.16 | $-0.37 |
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 | $1.1M |
| Total DebtLower is stronger | $305.1M | — |
| Stockholders' EquityBook value | $30.5M | $53.4M |
| Total Assets | $405.0M | $246.0M |
| Debt / EquityLower = less leverage | 10.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.9M | $1.1M | ||
| Q3 25 | $54.6M | $777.0K | ||
| Q2 25 | $63.6M | $2.6M | ||
| Q1 25 | $43.9M | $607.0K | ||
| Q4 24 | $63.6M | $892.0K | ||
| Q3 24 | $69.1M | $711.0K | ||
| Q2 24 | $75.7M | $739.0K | ||
| Q1 24 | $69.9M | $357.0K |
| 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 | $53.4M | ||
| Q3 25 | $42.7M | $49.3M | ||
| Q2 25 | $58.2M | $37.2M | ||
| Q1 25 | $67.2M | $41.8M | ||
| Q4 24 | $80.3M | $57.1M | ||
| Q3 24 | $90.3M | $52.4M | ||
| Q2 24 | $109.4M | $51.7M | ||
| Q1 24 | $131.7M | $47.2M |
| Q4 25 | $405.0M | $246.0M | ||
| Q3 25 | $385.2M | $239.0M | ||
| Q2 25 | $429.2M | $218.0M | ||
| Q1 25 | $419.2M | $222.7M | ||
| Q4 24 | $459.1M | $254.7M | ||
| Q3 24 | $479.3M | $253.6M | ||
| Q2 24 | $511.3M | $223.1M | ||
| Q1 24 | $521.1M | $225.1M |
| 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 | $-5.1M |
| Free Cash FlowOCF − Capex | — | $-5.7M |
| FCF MarginFCF / Revenue | — | -6.7% |
| Capex IntensityCapex / Revenue | 0.0% | 0.7% |
| Cash ConversionOCF / Net Profit | — | -1.86× |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.6M | $-5.1M | ||
| Q3 25 | $-2.1M | $4.2M | ||
| Q2 25 | $24.5M | $-11.8M | ||
| Q1 25 | $-15.9M | $22.7M | ||
| Q4 24 | $772.0K | $6.4M | ||
| Q3 24 | $-5.0K | $-3.2M | ||
| Q2 24 | $10.0M | $-3.9M | ||
| Q1 24 | $-16.0M | $14.8M |
| Q4 25 | — | $-5.7M | ||
| Q3 25 | — | $2.1M | ||
| Q2 25 | — | $-13.2M | ||
| Q1 25 | $-16.0M | $21.2M | ||
| Q4 24 | — | $5.1M | ||
| Q3 24 | $-36.0K | $-3.9M | ||
| Q2 24 | — | $-4.6M | ||
| Q1 24 | — | $14.2M |
| Q4 25 | — | -6.7% | ||
| Q3 25 | — | 2.9% | ||
| Q2 25 | — | -22.9% | ||
| Q1 25 | -21.5% | 26.5% | ||
| Q4 24 | — | 6.4% | ||
| Q3 24 | -0.0% | -5.2% | ||
| Q2 24 | — | -7.8% | ||
| Q1 24 | — | 18.9% |
| Q4 25 | 0.0% | 0.7% | ||
| Q3 25 | 0.0% | 2.9% | ||
| Q2 25 | 0.0% | 2.5% | ||
| Q1 25 | 0.1% | 1.9% | ||
| Q4 24 | 0.0% | 1.6% | ||
| Q3 24 | 0.0% | 0.9% | ||
| Q2 24 | 0.0% | 1.3% | ||
| Q1 24 | 0.0% | 0.7% |
| Q4 25 | — | -1.86× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.48× | ||
| Q3 24 | — | -5.61× | ||
| Q2 24 | — | -0.89× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SST
Segment breakdown not available.
VNCE
| Vince Wholesale | $52.0M | 61% |
| Vince Direct To Consumer | $33.1M | 39% |
