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Side-by-side financial comparison of System1, Inc. (SST) and Waterstone Financial, Inc. (WSBF). Click either name above to swap in a different company.
System1, Inc. is the larger business by last-quarter revenue ($51.9M vs $37.2M, roughly 1.4× Waterstone Financial, Inc.). On growth, Waterstone Financial, Inc. posted the faster year-over-year revenue change (16.7% vs -31.3%). Over the past eight quarters, Waterstone Financial, Inc.'s revenue compounded faster (7.1% 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.
Waterstone Financial, Inc. is a U.S. bank holding company headquartered in Wisconsin. It offers retail and commercial banking services, residential mortgages, and wealth management solutions, primarily serving consumers and small to medium-sized businesses across the U.S. Midwest region.
SST vs WSBF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $37.2M |
| Net Profit | $-13.5M | — |
| Gross Margin | 41.0% | — |
| Operating Margin | -33.6% | 27.0% |
| Net Margin | -26.0% | — |
| Revenue YoY | -31.3% | 16.7% |
| Net Profit YoY | 4.8% | — |
| EPS (diluted) | $-3.58 | $0.43 |
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 | $37.2M | ||
| Q3 25 | $61.6M | $37.0M | ||
| Q2 25 | $78.1M | $38.0M | ||
| Q1 25 | $74.5M | $29.7M | ||
| Q4 24 | $75.6M | $31.8M | ||
| Q3 24 | $88.8M | $34.1M | ||
| Q2 24 | $94.6M | $37.2M | ||
| Q1 24 | $84.9M | $32.4M |
| Q4 25 | $-13.5M | — | ||
| Q3 25 | $-18.5M | $7.9M | ||
| Q2 25 | $-17.5M | $7.7M | ||
| Q1 25 | $-15.9M | $3.0M | ||
| Q4 24 | $-14.2M | — | ||
| Q3 24 | $-23.6M | $4.7M | ||
| Q2 24 | $-26.4M | $5.7M | ||
| Q1 24 | $-10.5M | $3.0M |
| 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% | 27.0% | ||
| Q3 25 | -25.3% | 26.6% | ||
| Q2 25 | -20.4% | 25.4% | ||
| Q1 25 | -17.6% | 13.1% | ||
| Q4 24 | -15.7% | 19.5% | ||
| Q3 24 | -24.6% | 17.3% | ||
| Q2 24 | -30.8% | 19.2% | ||
| Q1 24 | -30.4% | 14.7% |
| Q4 25 | -26.0% | — | ||
| Q3 25 | -30.1% | 21.4% | ||
| Q2 25 | -22.4% | 20.3% | ||
| Q1 25 | -21.3% | 10.2% | ||
| Q4 24 | -18.7% | — | ||
| Q3 24 | -26.6% | 13.9% | ||
| Q2 24 | -27.9% | 15.4% | ||
| Q1 24 | -12.4% | 9.4% |
| Q4 25 | $-3.58 | $0.43 | ||
| Q3 25 | $-2.30 | $0.45 | ||
| Q2 25 | $-2.23 | $0.43 | ||
| Q1 25 | $-0.21 | $0.17 | ||
| Q4 24 | $-3.41 | $0.28 | ||
| Q3 24 | $-3.37 | $0.26 | ||
| Q2 24 | $-3.80 | $0.31 | ||
| Q1 24 | $-0.16 | $0.16 |
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 | — |
| Total DebtLower is stronger | $305.1M | $412.3M |
| Stockholders' EquityBook value | $30.5M | $349.4M |
| Total Assets | $405.0M | $2.3B |
| Debt / EquityLower = less leverage | 10.01× | 1.18× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.9M | — | ||
| Q3 25 | $54.6M | — | ||
| Q2 25 | $63.6M | — | ||
| Q1 25 | $43.9M | — | ||
| Q4 24 | $63.6M | — | ||
| Q3 24 | $69.1M | — | ||
| Q2 24 | $75.7M | — | ||
| Q1 24 | $69.9M | — |
| Q4 25 | $305.1M | $412.3M | ||
| Q3 25 | $259.2M | $469.1M | ||
| Q2 25 | $263.3M | $465.7M | ||
| Q1 25 | $267.4M | $395.9M | ||
| Q4 24 | $255.1M | $446.5M | ||
| Q3 24 | $259.2M | $560.1M | ||
| Q2 24 | $263.3M | $660.8M | ||
| Q1 24 | $268.6M | $634.2M |
| Q4 25 | $30.5M | $349.4M | ||
| Q3 25 | $42.7M | $345.5M | ||
| Q2 25 | $58.2M | $341.5M | ||
| Q1 25 | $67.2M | $341.4M | ||
| Q4 24 | $80.3M | $339.1M | ||
| Q3 24 | $90.3M | $342.0M | ||
| Q2 24 | $109.4M | $334.9M | ||
| Q1 24 | $131.7M | $338.0M |
| Q4 25 | $405.0M | $2.3B | ||
| Q3 25 | $385.2M | $2.3B | ||
| Q2 25 | $429.2M | $2.3B | ||
| Q1 25 | $419.2M | $2.2B | ||
| Q4 24 | $459.1M | $2.2B | ||
| Q3 24 | $479.3M | $2.2B | ||
| Q2 24 | $511.3M | $2.3B | ||
| Q1 24 | $521.1M | $2.2B |
| Q4 25 | 10.01× | 1.18× | ||
| Q3 25 | 6.07× | 1.36× | ||
| Q2 25 | 4.53× | 1.36× | ||
| Q1 25 | 3.98× | 1.16× | ||
| Q4 24 | 3.18× | 1.32× | ||
| Q3 24 | 2.87× | 1.64× | ||
| Q2 24 | 2.41× | 1.97× | ||
| Q1 24 | 2.04× | 1.88× |
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 | $24.2M |
| Free Cash FlowOCF − Capex | — | $23.0M |
| FCF MarginFCF / Revenue | — | 61.9% |
| Capex IntensityCapex / Revenue | 0.0% | 3.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $43.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.6M | $24.2M | ||
| Q3 25 | $-2.1M | $32.7M | ||
| Q2 25 | $24.5M | $-38.4M | ||
| Q1 25 | $-15.9M | $26.7M | ||
| Q4 24 | $772.0K | $48.1M | ||
| Q3 24 | $-5.0K | $74.1M | ||
| Q2 24 | $10.0M | $-39.5M | ||
| Q1 24 | $-16.0M | $-9.9M |
| Q4 25 | — | $23.0M | ||
| Q3 25 | — | $32.4M | ||
| Q2 25 | — | $-38.5M | ||
| Q1 25 | $-16.0M | $26.5M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | $-36.0K | $73.9M | ||
| Q2 24 | — | $-39.7M | ||
| Q1 24 | — | $-10.3M |
| Q4 25 | — | 61.9% | ||
| Q3 25 | — | 87.5% | ||
| Q2 25 | — | -101.2% | ||
| Q1 25 | -21.5% | 89.2% | ||
| Q4 24 | — | 147.5% | ||
| Q3 24 | -0.0% | 216.9% | ||
| Q2 24 | — | -106.7% | ||
| Q1 24 | — | -31.9% |
| Q4 25 | 0.0% | 3.1% | ||
| Q3 25 | 0.0% | 0.8% | ||
| Q2 25 | 0.0% | 0.2% | ||
| Q1 25 | 0.1% | 0.9% | ||
| Q4 24 | 0.0% | 3.5% | ||
| Q3 24 | 0.0% | 0.6% | ||
| Q2 24 | 0.0% | 0.4% | ||
| Q1 24 | 0.0% | 1.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.13× | ||
| Q2 25 | — | -4.98× | ||
| Q1 25 | — | 8.81× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 15.67× | ||
| Q2 24 | — | -6.92× | ||
| Q1 24 | — | -3.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
