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System1, Inc.（SST）与null（SWIM）财务数据对比。点击上方公司名可切换其他公司
null的季度营收约是System1, Inc.的1.9倍（$100.0M vs $51.9M），null净利率更高（-7.0% vs -26.0%，领先18.9%），null同比增速更快（14.5% vs -31.3%），过去两年null的营收复合增速更高（-4.9% 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。
该企业是一家源自美国的跨国律师事务所，1934年创立于加利福尼亚州洛杉矶，在诉讼业务、公司法务以及监管合规法律领域拥有深厚的行业积累与知名度，是全球颇具影响力的综合性律所之一。
SST vs SWIM — 直观对比
营收规模更大
SWIM
是对方的1.9倍
$51.9M
营收增速更快
SWIM
高出45.8%
-31.3%
净利率更高
SWIM
高出18.9%
-26.0%
两年增速更快
SWIM
近两年复合增速
-21.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $51.9M | $100.0M |
| 净利润 | $-13.5M | $-7.0M |
| 毛利率 | 41.0% | 28.0% |
| 营业利润率 | -33.6% | -10.7% |
| 净利率 | -26.0% | -7.0% |
| 营收同比 | -31.3% | 14.5% |
| 净利润同比 | 4.8% | 76.0% |
| 每股收益（稀释后） | $-3.58 | $-0.06 |
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SSTSWIM
| Q4 25 | $51.9M | $100.0M | ||
| Q3 25 | $61.6M | $161.9M | ||
| Q2 25 | $78.1M | $172.6M | ||
| Q1 25 | $74.5M | $111.4M | ||
| Q4 24 | $75.6M | $87.3M | ||
| Q3 24 | $88.8M | $150.5M | ||
| Q2 24 | $94.6M | $160.1M | ||
| Q1 24 | $84.9M | $110.6M |
净利润SSTSWIM
| Q4 25 | $-13.5M | $-7.0M | ||
| Q3 25 | $-18.5M | $8.1M | ||
| Q2 25 | $-17.5M | $16.0M | ||
| Q1 25 | $-15.9M | $-6.0M | ||
| Q4 24 | $-14.2M | $-29.2M | ||
| Q3 24 | $-23.6M | $5.9M | ||
| Q2 24 | $-26.4M | $13.3M | ||
| Q1 24 | $-10.5M | $-7.9M |
毛利率SSTSWIM
| Q4 25 | 41.0% | 28.0% | ||
| Q3 25 | 36.9% | 35.4% | ||
| Q2 25 | 35.7% | 37.1% | ||
| Q1 25 | 38.2% | 29.5% | ||
| Q4 24 | 42.1% | 24.6% | ||
| Q3 24 | 28.0% | 32.4% | ||
| Q2 24 | 27.6% | 33.1% | ||
| Q1 24 | 21.9% | 27.7% |
营业利润率SSTSWIM
| Q4 25 | -33.6% | -10.7% | ||
| Q3 25 | -25.3% | 13.3% | ||
| Q2 25 | -20.4% | 14.3% | ||
| Q1 25 | -17.6% | -4.4% | ||
| Q4 24 | -15.7% | -14.9% | ||
| Q3 24 | -24.6% | 8.9% | ||
| Q2 24 | -30.8% | 12.5% | ||
| Q1 24 | -30.4% | -1.9% |
净利率SSTSWIM
| Q4 25 | -26.0% | -7.0% | ||
| Q3 25 | -30.1% | 5.0% | ||
| Q2 25 | -22.4% | 9.3% | ||
| Q1 25 | -21.3% | -5.4% | ||
| Q4 24 | -18.7% | -33.4% | ||
| Q3 24 | -26.6% | 3.9% | ||
| Q2 24 | -27.9% | 8.3% | ||
| Q1 24 | -12.4% | -7.1% |
每股收益（稀释后）SSTSWIM
| Q4 25 | $-3.58 | $-0.06 | ||
| Q3 25 | $-2.30 | $0.07 | ||
| Q2 25 | $-2.23 | $0.13 | ||
| Q1 25 | $-0.21 | $-0.05 | ||
| Q4 24 | $-3.41 | $-0.24 | ||
| Q3 24 | $-3.37 | $0.05 | ||
| Q2 24 | $-3.80 | $0.11 | ||
| Q1 24 | $-0.16 | $-0.07 |
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 | — |
| 总债务越低越好 | $305.1M | $279.8M |
| 股东权益账面价值 | $30.5M | $405.9M |
| 总资产 | $405.0M | $823.2M |
| 负债/权益比越低杠杆越低 | 10.01× | 0.69× |
8季度趋势，按日历期对齐
现金及短期投资SSTSWIM
| 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 | — |
总债务SSTSWIM
| Q4 25 | $305.1M | $279.8M | ||
| Q3 25 | $259.2M | $281.1M | ||
| Q2 25 | $263.3M | $281.5M | ||
| Q1 25 | $267.4M | $306.9M | ||
| Q4 24 | $255.1M | $281.5M | ||
| Q3 24 | $259.2M | $282.8M | ||
| Q2 24 | $263.3M | $282.4M | ||
| Q1 24 | $268.6M | $282.8M |
股东权益SSTSWIM
| Q4 25 | $30.5M | $405.9M | ||
| Q3 25 | $42.7M | $408.4M | ||
| Q2 25 | $58.2M | $398.4M | ||
| Q1 25 | $67.2M | $381.1M | ||
| Q4 24 | $80.3M | $387.2M | ||
| Q3 24 | $90.3M | $416.6M | ||
| Q2 24 | $109.4M | $408.1M | ||
| Q1 24 | $131.7M | $391.8M |
总资产SSTSWIM
| Q4 25 | $405.0M | $823.2M | ||
| Q3 25 | $385.2M | $844.4M | ||
| Q2 25 | $429.2M | $822.1M | ||
| Q1 25 | $419.2M | $824.6M | ||
| Q4 24 | $459.1M | $794.2M | ||
| Q3 24 | $479.3M | $853.4M | ||
| Q2 24 | $511.3M | $830.0M | ||
| Q1 24 | $521.1M | $808.6M |
负债/权益比SSTSWIM
| Q4 25 | 10.01× | 0.69× | ||
| Q3 25 | 6.07× | 0.69× | ||
| Q2 25 | 4.53× | 0.71× | ||
| Q1 25 | 3.98× | 0.81× | ||
| Q4 24 | 3.18× | 0.73× | ||
| Q3 24 | 2.87× | 0.68× | ||
| Q2 24 | 2.41× | 0.69× | ||
| Q1 24 | 2.04× | 0.72× |
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 | $23.3M |
| 自由现金流经营现金流 - 资本支出 | — | $14.1M |
| 自由现金流率自由现金流/营收 | — | 14.1% |
| 资本支出强度资本支出/营收 | 0.0% | 9.2% |
| 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 | — | $38.0M |
8季度趋势，按日历期对齐
经营现金流SSTSWIM
| Q4 25 | $-10.6M | $23.3M | ||
| Q3 25 | $-2.1M | $51.0M | ||
| Q2 25 | $24.5M | $36.0M | ||
| Q1 25 | $-15.9M | $-46.9M | ||
| Q4 24 | $772.0K | $6.2M | ||
| Q3 24 | $-5.0K | $37.2M | ||
| Q2 24 | $10.0M | $52.4M | ||
| Q1 24 | $-16.0M | $-34.5M |
自由现金流SSTSWIM
| Q4 25 | — | $14.1M | ||
| Q3 25 | — | $45.2M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | $-16.0M | $-50.3M | ||
| Q4 24 | — | $-98.0K | ||
| Q3 24 | $-36.0K | $33.2M | ||
| Q2 24 | — | $47.9M | ||
| Q1 24 | — | $-39.9M |
自由现金流率SSTSWIM
| Q4 25 | — | 14.1% | ||
| Q3 25 | — | 27.9% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | -21.5% | -45.2% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | -0.0% | 22.1% | ||
| Q2 24 | — | 29.9% | ||
| Q1 24 | — | -36.0% |
资本支出强度SSTSWIM
| Q4 25 | 0.0% | 9.2% | ||
| Q3 25 | 0.0% | 3.6% | ||
| Q2 25 | 0.0% | 4.0% | ||
| Q1 25 | 0.1% | 3.1% | ||
| Q4 24 | 0.0% | 7.2% | ||
| Q3 24 | 0.0% | 2.7% | ||
| Q2 24 | 0.0% | 2.8% | ||
| Q1 24 | 0.0% | 4.8% |
现金转化率SSTSWIM
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
SST
暂无分部数据
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
