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Side-by-side financial comparison of Perion Network Ltd. (PERI) and System1, Inc. (SST), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Perion Network Ltd. is the larger business by last-quarter revenue ($368.7M vs $51.9M, roughly 7.1× System1, Inc.). Perion Network Ltd. runs the higher net margin — 2.1% vs -26.0%, a 28.0% gap on every dollar of revenue. Over the past eight quarters, Perion Network Ltd.'s revenue compounded faster (16.4% CAGR vs -21.8%).
Perion Network Ltd. is a publicly traded advertising technology company that provides digital advertising technology solutions to advertisers, agencies, retailers, and publishers. Its core offerings are delivered through Perion One, a unified omnichannel advertising platform designed to support campaign planning, activation, optimisation, and measurement across channels and verticals including connected television (CTV), digital out-of-home (DOOH), display, video advertising, as well as retai...
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.
PERI vs SST — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $368.7M | $51.9M |
| Net Profit | $7.7M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | 2.0% | -33.6% |
| Net Margin | 2.1% | -26.0% |
| Revenue YoY | — | -31.3% |
| Net Profit YoY | — | 4.8% |
| EPS (diluted) | — | $-3.58 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | — | $51.9M | ||
| Q3 25 | $368.7M | $61.6M | ||
| Q2 25 | $266.5M | $78.1M | ||
| Q1 25 | $157.8M | $74.5M | ||
| Q4 24 | — | $75.6M | ||
| Q3 24 | $508.9M | $88.8M | ||
| Q2 24 | $323.6M | $94.6M | ||
| Q1 24 | $145.2M | $84.9M |
| Q4 25 | — | $-13.5M | ||
| Q3 25 | $7.7M | $-18.5M | ||
| Q2 25 | $5.6M | $-17.5M | ||
| Q1 25 | $11.8M | $-15.9M | ||
| Q4 24 | — | $-14.2M | ||
| Q3 24 | $78.0M | $-23.6M | ||
| Q2 24 | $45.2M | $-26.4M | ||
| Q1 24 | $23.8M | $-10.5M |
| 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% | ||
| Q3 25 | 2.0% | -25.3% | ||
| Q2 25 | -1.7% | -20.4% | ||
| Q1 25 | 5.4% | -17.6% | ||
| Q4 24 | — | -15.7% | ||
| Q3 24 | 15.1% | -24.6% | ||
| Q2 24 | 13.7% | -30.8% | ||
| Q1 24 | 16.9% | -30.4% |
| Q4 25 | — | -26.0% | ||
| Q3 25 | 2.1% | -30.1% | ||
| Q2 25 | 2.1% | -22.4% | ||
| Q1 25 | 7.5% | -21.3% | ||
| Q4 24 | — | -18.7% | ||
| Q3 24 | 15.3% | -26.6% | ||
| Q2 24 | 14.0% | -27.9% | ||
| Q1 24 | 16.4% | -12.4% |
| Q4 25 | — | $-3.58 | ||
| Q3 25 | — | $-2.30 | ||
| Q2 25 | — | $-2.23 | ||
| Q1 25 | — | $-0.21 | ||
| Q4 24 | — | $-3.41 | ||
| Q3 24 | — | $-3.37 | ||
| Q2 24 | — | $-3.80 | ||
| Q1 24 | — | $-0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $156.2M | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $722.9M | $30.5M |
| Total Assets | $915.5M | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | — | $86.9M | ||
| Q3 25 | $156.2M | $54.6M | ||
| Q2 25 | $156.2M | $63.6M | ||
| Q1 25 | $156.2M | $43.9M | ||
| Q4 24 | — | $63.6M | ||
| Q3 24 | $187.6M | $69.1M | ||
| Q2 24 | $187.6M | $75.7M | ||
| Q1 24 | $187.6M | $69.9M |
| 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 | ||
| Q3 25 | $722.9M | $42.7M | ||
| Q2 25 | $722.9M | $58.2M | ||
| Q1 25 | $722.9M | $67.2M | ||
| Q4 24 | — | $80.3M | ||
| Q3 24 | $718.1M | $90.3M | ||
| Q2 24 | $718.1M | $109.4M | ||
| Q1 24 | $718.1M | $131.7M |
| Q4 25 | — | $405.0M | ||
| Q3 25 | $915.5M | $385.2M | ||
| Q2 25 | $915.5M | $429.2M | ||
| Q1 25 | $915.5M | $419.2M | ||
| Q4 24 | — | $459.1M | ||
| Q3 24 | $1.1B | $479.3M | ||
| Q2 24 | $1.1B | $511.3M | ||
| Q1 24 | $1.1B | $521.1M |
| 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. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $2.6M | $-10.6M |
| Free Cash FlowOCF − Capex | $-2.9M | — |
| FCF MarginFCF / Revenue | -0.8% | — |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 1.5% | 0.0% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 0.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | — | $-10.6M | ||
| Q3 25 | $2.6M | $-2.1M | ||
| Q2 25 | — | $24.5M | ||
| Q1 25 | — | $-15.9M | ||
| Q4 24 | — | $772.0K | ||
| Q3 24 | $105.2M | $-5.0K | ||
| Q2 24 | — | $10.0M | ||
| Q1 24 | $17.8M | $-16.0M |
| Q4 25 | — | — | ||
| Q3 25 | $-2.9M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-16.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $104.7M | $-36.0K | ||
| Q2 24 | — | — | ||
| Q1 24 | $17.6M | — |
| Q4 25 | — | — | ||
| Q3 25 | -0.8% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | 20.6% | -0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | 12.2% | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | 1.5% | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | 0.1% | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | 0.1% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | 0.34× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.75× | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
PERI
| Advertising Solutions | $231.4M | 63% |
| Search Advertising | $137.3M | 37% |
SST
Segment breakdown not available.
