vs
Side-by-side financial comparison of System1, Inc. (SST) and WEST BANCORPORATION INC (WTBA). Click either name above to swap in a different company.
System1, Inc. is the larger business by last-quarter revenue ($51.9M vs $26.9M, roughly 1.9× WEST BANCORPORATION INC). WEST BANCORPORATION INC runs the higher net margin — 39.2% vs -26.0%, a 65.2% gap on every dollar of revenue. On growth, WEST BANCORPORATION INC posted the faster year-over-year revenue change (16.6% vs -31.3%). Over the past eight quarters, WEST BANCORPORATION INC's revenue compounded faster (17.3% 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.
West Bancorporation Inc. is a regional financial holding company headquartered in the U.S. Midwest, primarily serving markets across Iowa and Minnesota. It provides a full suite of personal and commercial banking services, including deposit accounts, mortgage loans, business lending, and wealth management solutions for individual consumers, small-to-medium enterprises, and local organizational clients.
SST vs WTBA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $26.9M |
| Net Profit | $-13.5M | $10.6M |
| Gross Margin | 41.0% | — |
| Operating Margin | -33.6% | 50.0% |
| Net Margin | -26.0% | 39.2% |
| Revenue YoY | -31.3% | 16.6% |
| Net Profit YoY | 4.8% | 34.8% |
| EPS (diluted) | $-3.58 | $0.61 |
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.
| Q1 26 | — | $26.9M | ||
| Q4 25 | $51.9M | $24.2M | ||
| Q3 25 | $61.6M | $25.0M | ||
| Q2 25 | $78.1M | $23.8M | ||
| Q1 25 | $74.5M | $23.1M | ||
| Q4 24 | $75.6M | $20.9M | ||
| Q3 24 | $88.8M | $20.3M | ||
| Q2 24 | $94.6M | $19.6M |
| Q1 26 | — | $10.6M | ||
| Q4 25 | $-13.5M | $7.4M | ||
| Q3 25 | $-18.5M | $9.3M | ||
| Q2 25 | $-17.5M | $8.0M | ||
| Q1 25 | $-15.9M | $7.8M | ||
| Q4 24 | $-14.2M | $7.1M | ||
| Q3 24 | $-23.6M | $6.0M | ||
| Q2 24 | $-26.4M | $5.2M |
| Q1 26 | — | — | ||
| 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 26 | — | 50.0% | ||
| Q4 25 | -33.6% | 39.6% | ||
| Q3 25 | -25.3% | 45.8% | ||
| Q2 25 | -20.4% | 43.4% | ||
| Q1 25 | -17.6% | 43.4% | ||
| Q4 24 | -15.7% | 30.9% | ||
| Q3 24 | -24.6% | 36.6% | ||
| Q2 24 | -30.8% | 32.6% |
| Q1 26 | — | 39.2% | ||
| Q4 25 | -26.0% | 30.7% | ||
| Q3 25 | -30.1% | 37.3% | ||
| Q2 25 | -22.4% | 33.5% | ||
| Q1 25 | -21.3% | 34.0% | ||
| Q4 24 | -18.7% | 34.0% | ||
| Q3 24 | -26.6% | 29.3% | ||
| Q2 24 | -27.9% | 26.5% |
| Q1 26 | — | $0.61 | ||
| Q4 25 | $-3.58 | $0.44 | ||
| Q3 25 | $-2.30 | $0.55 | ||
| Q2 25 | $-2.23 | $0.47 | ||
| Q1 25 | $-0.21 | $0.46 | ||
| Q4 24 | $-3.41 | $0.41 | ||
| Q3 24 | $-3.37 | $0.35 | ||
| Q2 24 | $-3.80 | $0.31 |
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 | $362.0M |
| Total DebtLower is stronger | $305.1M | — |
| Stockholders' EquityBook value | $30.5M | $270.7M |
| Total Assets | $405.0M | $4.0B |
| Debt / EquityLower = less leverage | 10.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $362.0M | ||
| Q4 25 | $86.9M | $471.1M | ||
| Q3 25 | $54.6M | $232.9M | ||
| Q2 25 | $63.6M | $345.2M | ||
| Q1 25 | $43.9M | — | ||
| Q4 24 | $63.6M | $243.5M | ||
| Q3 24 | $69.1M | — | ||
| Q2 24 | $75.7M | — |
| Q1 26 | — | — | ||
| 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 26 | — | $270.7M | ||
| Q4 25 | $30.5M | $266.0M | ||
| Q3 25 | $42.7M | $255.1M | ||
| Q2 25 | $58.2M | $240.9M | ||
| Q1 25 | $67.2M | $237.9M | ||
| Q4 24 | $80.3M | $227.9M | ||
| Q3 24 | $90.3M | $235.4M | ||
| Q2 24 | $109.4M | $223.9M |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $405.0M | $4.1B | ||
| Q3 25 | $385.2M | $4.0B | ||
| Q2 25 | $429.2M | $4.1B | ||
| Q1 25 | $419.2M | $4.0B | ||
| Q4 24 | $459.1M | $4.0B | ||
| Q3 24 | $479.3M | $4.0B | ||
| Q2 24 | $511.3M | $4.0B |
| Q1 26 | — | — | ||
| 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× | — |
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 | $12.9M |
| Free Cash FlowOCF − Capex | — | $12.4M |
| FCF MarginFCF / Revenue | — | 46.0% |
| Capex IntensityCapex / Revenue | 0.0% | 1.8% |
| Cash ConversionOCF / Net Profit | — | 1.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | $79.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.9M | ||
| Q4 25 | $-10.6M | $46.5M | ||
| Q3 25 | $-2.1M | $11.4M | ||
| Q2 25 | $24.5M | $13.5M | ||
| Q1 25 | $-15.9M | $9.7M | ||
| Q4 24 | $772.0K | $39.8M | ||
| Q3 24 | $-5.0K | $12.9M | ||
| Q2 24 | $10.0M | $10.0M |
| Q1 26 | — | $12.4M | ||
| Q4 25 | — | $43.2M | ||
| Q3 25 | — | $10.8M | ||
| Q2 25 | — | $12.8M | ||
| Q1 25 | $-16.0M | $8.3M | ||
| Q4 24 | — | $13.7M | ||
| Q3 24 | $-36.0K | $7.0M | ||
| Q2 24 | — | $2.7M |
| Q1 26 | — | 46.0% | ||
| Q4 25 | — | 178.3% | ||
| Q3 25 | — | 43.0% | ||
| Q2 25 | — | 53.6% | ||
| Q1 25 | -21.5% | 35.7% | ||
| Q4 24 | — | 65.6% | ||
| Q3 24 | -0.0% | 34.2% | ||
| Q2 24 | — | 14.0% |
| Q1 26 | — | 1.8% | ||
| Q4 25 | 0.0% | 13.7% | ||
| Q3 25 | 0.0% | 2.6% | ||
| Q2 25 | 0.0% | 3.2% | ||
| Q1 25 | 0.1% | 6.5% | ||
| Q4 24 | 0.0% | 125.3% | ||
| Q3 24 | 0.0% | 29.4% | ||
| Q2 24 | 0.0% | 37.1% |
| Q1 26 | — | 1.22× | ||
| Q4 25 | — | 6.26× | ||
| Q3 25 | — | 1.23× | ||
| Q2 25 | — | 1.70× | ||
| Q1 25 | — | 1.24× | ||
| Q4 24 | — | 5.61× | ||
| Q3 24 | — | 2.17× | ||
| Q2 24 | — | 1.93× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
