System1 (SST) FCF Margin (2021 - 2026)
System1 (SST) reported FCF Margin of -6.74% for Q2 2026, down 38.09 percentage points from 31.35% a year earlier but up 63.45 percentage points from the prior quarter.
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Analysis
System1 (SST) FCF Margin (2021 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, System1's FCF Margin came in at -22.58%, down 25.49 percentage points year-over-year; for FY2025, it was -1.58%, down 0.04 percentage points from FY2024.
- FCF Margin has a four-year change of -10.39 percentage points (FY2021 to FY2025).
- By year, FCF Margin came in at -1.54% in FY2024 (+5.20 pp), -6.74% in FY2023 (-6.70 pp), -0.04% in FY2022 (-8.85 pp) and 8.81% in FY2021.
- Five-year quarterly FCF Margin spans a low of -70.19% in Q1 2026 and a high of 31.35% in Q2 2025.
- Year over year, FCF Margin has now declined in each of the last four quarters, with an average year-over-year change of -7.97 percentage points over the last eight quarters.
- The high point for year-over-year FCF Margin in five years was Q4 2024 (a gain of 20.97 percentage points); the low point was Q1 2026 (a drop of 48.72 percentage points).
- Per Business Quant data, the three quarters before Q2 2026 came in at -70.19% (Q1 2026), -20.48% (Q4 2025) and -3.33% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,164.76 Bn | 3,922.28 Bn | 73.85 Bn | -4.89% |
| 2 | Meta Platforms | 1,823.40 Bn | 1,525.92 Bn | 49.47 Bn | 2.87% |
| 3 | Netflix | 288.27 Bn | 248.47 Bn | 6.52 Bn | 12.14% |
| 4 | Alibaba Group Holding | 252.72 Bn | 70.58 Bn | 15.11 Bn | 8.50% |
| 5 | Shopify | 186.52 Bn | 163.71 Bn | 1.71 Bn | 18.25% |
| 6 | Uber Technologies | 139.11 Bn | 111.09 Bn | 6.38 Bn | 19.67% |
| 7 | Booking Holdings | 123.13 Bn | 56.18 Bn | - | 49.55% |
| 8 | PDD Holdings | 111.72 Bn | -140.21 Bn | 9.45 Bn | 22.77% |
| 9 | AppLovin | 103.35 Bn | 93.38 Bn | 1.70 Bn | 45.18% |
| 10 | System1 | 27.60 Mn | -232.22 Mn | 24.27 Mn | -6.74% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -6.74% |
| Mar 31, 2026 | -70.19% |
| Dec 31, 2025 | -20.48% |
| Sep 30, 2025 | -3.33% |
| Jun 30, 2025 | 31.35% |
| Mar 31, 2025 | -21.47% |
| Dec 31, 2024 | 1.02% |
| Sep 30, 2024 | -0.04% |
| Jun 30, 2024 | 10.54% |
| Mar 31, 2024 | -18.83% |
| Dec 31, 2023 | -19.95% |
| Sep 30, 2023 | -8.76% |
| Jun 30, 2023 | 6.49% |
| Mar 31, 2023 | -5.38% |
| Dec 31, 2022 | 2.67% |
| Sep 30, 2022 | 4.24% |
| Jun 30, 2022 | 9.86% |
| Mar 31, 2022 | -19.44% |
| Dec 31, 2021 | 10.65% |
| Sep 30, 2021 | 7.03% |
API Access
System1 FCF Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=fcf-margin&ticker=SST&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-margin", "ticker": "SST", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=fcf-margin&ticker=SST&period=max&api_key=YOUR_API_KEY");
const data = await res.json();