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System1, Inc.（SST）与STEM, INC.（STEM）财务数据对比。点击上方公司名可切换其他公司
System1, Inc.的季度营收约是STEM, INC.的1.1倍（$51.9M vs $47.1M），System1, Inc.净利率更高（-26.0% vs -33.9%，领先7.9%），STEM, INC.同比增速更快（-15.6% vs -31.3%），过去两年STEM, INC.的营收复合增速更高（36.1% vs -21.8%）
System1是一家美国互联网广告企业，成立于2013年，前身为OpenMail，总部位于加利福尼亚州玛丽娜德尔雷。该公司主打获客响应营销平台业务，将隐私保护作为核心经营重点之一，但也曾因对Startpage.com等主打隐私的平台的影响受到批评。
该公司是一家公开上市的生物制药企业，总部位于加利福尼亚州纽瓦克，专注研发纯化人类神经干细胞，旨在治疗中枢神经系统疾病与瘫痪，其所研发的神经干细胞可分化为中枢神经系统的神经元、星形胶质细胞与少突胶质细胞这三大主要细胞类型。
SST vs STEM — 直观对比
营收规模更大
SST
是对方的1.1倍
$47.1M
营收增速更快
STEM
高出15.7%
-31.3%
净利率更高
SST
高出7.9%
-33.9%
两年增速更快
STEM
近两年复合增速
-21.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $51.9M | $47.1M |
| 净利润 | $-13.5M | $-16.0M |
| 毛利率 | 41.0% | 48.9% |
| 营业利润率 | -33.6% | -17.7% |
| 净利率 | -26.0% | -33.9% |
| 营收同比 | -31.3% | -15.6% |
| 净利润同比 | 4.8% | 68.8% |
| 每股收益（稀释后） | $-3.58 | $-4.40 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收SSTSTEM
| Q4 25 | $51.9M | $47.1M | ||
| Q3 25 | $61.6M | $38.2M | ||
| Q2 25 | $78.1M | $38.4M | ||
| Q1 25 | $74.5M | $32.5M | ||
| Q4 24 | $75.6M | $55.8M | ||
| Q3 24 | $88.8M | $29.3M | ||
| Q2 24 | $94.6M | $34.0M | ||
| Q1 24 | $84.9M | $25.5M |
净利润SSTSTEM
| Q4 25 | $-13.5M | $-16.0M | ||
| Q3 25 | $-18.5M | $-23.8M | ||
| Q2 25 | $-17.5M | $202.5M | ||
| Q1 25 | $-15.9M | $-25.0M | ||
| Q4 24 | $-14.2M | $-51.1M | ||
| Q3 24 | $-23.6M | $-148.3M | ||
| Q2 24 | $-26.4M | $-582.3M | ||
| Q1 24 | $-10.5M | $-72.3M |
毛利率SSTSTEM
| Q4 25 | 41.0% | 48.9% | ||
| Q3 25 | 36.9% | 35.5% | ||
| Q2 25 | 35.7% | 33.4% | ||
| Q1 25 | 38.2% | 32.4% | ||
| Q4 24 | 42.1% | -4.4% | ||
| Q3 24 | 28.0% | 21.2% | ||
| Q2 24 | 27.6% | 27.6% | ||
| Q1 24 | 21.9% | -95.0% |
营业利润率SSTSTEM
| Q4 25 | -33.6% | -17.7% | ||
| Q3 25 | -25.3% | -33.6% | ||
| Q2 25 | -20.4% | -34.8% | ||
| Q1 25 | -17.6% | -65.0% | ||
| Q4 24 | -15.7% | -84.4% | ||
| Q3 24 | -24.6% | -493.2% | ||
| Q2 24 | -30.8% | -1705.5% | ||
| Q1 24 | -30.4% | -267.0% |
净利率SSTSTEM
| Q4 25 | -26.0% | -33.9% | ||
| Q3 25 | -30.1% | -62.2% | ||
| Q2 25 | -22.4% | 527.8% | ||
| Q1 25 | -21.3% | -76.9% | ||
| Q4 24 | -18.7% | -91.6% | ||
| Q3 24 | -26.6% | -506.3% | ||
| Q2 24 | -27.9% | -1712.6% | ||
| Q1 24 | -12.4% | -283.9% |
每股收益（稀释后）SSTSTEM
| Q4 25 | $-3.58 | $-4.40 | ||
| Q3 25 | $-2.30 | $-2.84 | ||
| Q2 25 | $-2.23 | $-1.79 | ||
| Q1 25 | $-0.21 | $-0.15 | ||
| Q4 24 | $-3.41 | $-15.29 | ||
| Q3 24 | $-3.37 | $-18.24 | ||
| Q2 24 | $-3.80 | $-71.81 | ||
| Q1 24 | $-0.16 | $-0.46 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $86.9M | $48.9M |
| 总债务越低越好 | $305.1M | — |
| 股东权益账面价值 | $30.5M | $-249.4M |
| 总资产 | $405.0M | $308.9M |
| 负债/权益比越低杠杆越低 | 10.01× | — |
8季度趋势，按日历期对齐
现金及短期投资SSTSTEM
| Q4 25 | $86.9M | $48.9M | ||
| Q3 25 | $54.6M | $43.1M | ||
| Q2 25 | $63.6M | $40.8M | ||
| Q1 25 | $43.9M | $58.6M | ||
| Q4 24 | $63.6M | $56.3M | ||
| Q3 24 | $69.1M | $75.4M | ||
| Q2 24 | $75.7M | $89.6M | ||
| Q1 24 | $69.9M | $112.8M |
总债务SSTSTEM
| 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 | — |
股东权益SSTSTEM
| Q4 25 | $30.5M | $-249.4M | ||
| Q3 25 | $42.7M | $-235.7M | ||
| Q2 25 | $58.2M | $-214.1M | ||
| Q1 25 | $67.2M | $-417.5M | ||
| Q4 24 | $80.3M | $-398.4M | ||
| Q3 24 | $90.3M | $-344.1M | ||
| Q2 24 | $109.4M | $-203.2M | ||
| Q1 24 | $131.7M | $371.6M |
总资产SSTSTEM
| Q4 25 | $405.0M | $308.9M | ||
| Q3 25 | $385.2M | $362.6M | ||
| Q2 25 | $429.2M | $379.2M | ||
| Q1 25 | $419.2M | $405.1M | ||
| Q4 24 | $459.1M | $437.4M | ||
| Q3 24 | $479.3M | $537.8M | ||
| Q2 24 | $511.3M | $691.5M | ||
| Q1 24 | $521.1M | $1.3B |
负债/权益比SSTSTEM
| 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× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-10.6M | $8.2M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 0.0% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流SSTSTEM
| Q4 25 | $-10.6M | $8.2M | ||
| Q3 25 | $-2.1M | $11.4M | ||
| Q2 25 | $24.5M | $-21.3M | ||
| Q1 25 | $-15.9M | $8.5M | ||
| Q4 24 | $772.0K | $-14.7M | ||
| Q3 24 | $-5.0K | $-9.4M | ||
| Q2 24 | $10.0M | $-11.9M | ||
| Q1 24 | $-16.0M | $-621.0K |
自由现金流SSTSTEM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $-16.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-36.0K | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率SSTSTEM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -21.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度SSTSTEM
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.0% | — |
现金转化率SSTSTEM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.11× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
