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Side-by-side financial comparison of Arhaus, Inc. (ARHS) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
StepStone Group Inc. is the larger business by last-quarter revenue ($586.5M vs $364.8M, roughly 1.6× Arhaus, Inc.). Arhaus, Inc. runs the higher net margin — 4.1% vs -21.0%, a 25.2% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 5.1%). StepStone Group Inc. produced more free cash flow last quarter ($26.7M vs $-8.8M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 11.2%).
Arhaus, Inc.ARHSEarnings & Financial Report
Arhaus, Inc. is an upscale American home furnishings company headquartered in Boston Heights, Ohio. Founded in 1986 with a focus on sustainability and artisanship in product quality, Arhaus provides a diversified assortment of specialty goods and services addressing omnichannel direct-to-consumer and business-to-business residential and commercial operations.
Rosetta Stone Inc. is an American education technology software company that develops language, literacy and brain-fitness software. Best known for its language-learning products, in 2013, the company expanded beyond language into education-technology with its acquisitions of Livemocha, Lexia Learning, Fit Brains, and Tell Me More. In 2021, it became a subsidiary of IXL Learning.
ARHS vs STEP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $364.8M | $586.5M |
| Net Profit | $15.1M | $-123.5M |
| Gross Margin | 38.1% | — |
| Operating Margin | 5.6% | -33.2% |
| Net Margin | 4.1% | -21.0% |
| Revenue YoY | 5.1% | 73.0% |
| Net Profit YoY | -29.1% | 35.7% |
| EPS (diluted) | $0.11 | $-1.55 |
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.
| Q4 25 | $364.8M | $586.5M | ||
| Q3 25 | $344.6M | $454.2M | ||
| Q2 25 | $358.4M | $364.3M | ||
| Q1 25 | $311.4M | $377.7M | ||
| Q4 24 | $347.0M | $339.0M | ||
| Q3 24 | $319.1M | $271.7M | ||
| Q2 24 | $309.8M | $186.4M | ||
| Q1 24 | $295.2M | $356.8M |
| Q4 25 | $15.1M | $-123.5M | ||
| Q3 25 | $12.2M | $-366.1M | ||
| Q2 25 | $35.1M | $-38.4M | ||
| Q1 25 | $4.9M | $-18.5M | ||
| Q4 24 | $21.3M | $-192.0M | ||
| Q3 24 | $9.9M | $17.6M | ||
| Q2 24 | $22.2M | $13.3M | ||
| Q1 24 | $15.1M | $30.8M |
| Q4 25 | 38.1% | — | ||
| Q3 25 | 38.7% | — | ||
| Q2 25 | 41.4% | — | ||
| Q1 25 | 37.1% | — | ||
| Q4 24 | 40.0% | — | ||
| Q3 24 | 38.6% | — | ||
| Q2 24 | 40.1% | — | ||
| Q1 24 | 39.0% | — |
| Q4 25 | 5.6% | -33.2% | ||
| Q3 25 | 4.8% | -148.8% | ||
| Q2 25 | 13.0% | -5.6% | ||
| Q1 25 | 1.7% | 2.6% | ||
| Q4 24 | 8.2% | -101.7% | ||
| Q3 24 | 3.3% | 21.3% | ||
| Q2 24 | 9.5% | 29.4% | ||
| Q1 24 | 6.2% | 26.5% |
| Q4 25 | 4.1% | -21.0% | ||
| Q3 25 | 3.5% | -80.6% | ||
| Q2 25 | 9.8% | -10.5% | ||
| Q1 25 | 1.6% | -4.9% | ||
| Q4 24 | 6.1% | -56.6% | ||
| Q3 24 | 3.1% | 6.5% | ||
| Q2 24 | 7.2% | 7.2% | ||
| Q1 24 | 5.1% | 8.6% |
| Q4 25 | $0.11 | $-1.55 | ||
| Q3 25 | $0.09 | $-4.66 | ||
| Q2 25 | $0.25 | $-0.49 | ||
| Q1 25 | $0.03 | $-0.37 | ||
| Q4 24 | $0.15 | $-2.61 | ||
| Q3 24 | $0.07 | $0.26 | ||
| Q2 24 | $0.16 | $0.20 | ||
| Q1 24 | $0.11 | $0.47 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $253.4M | — |
| Total DebtLower is stronger | — | $270.2M |
| Stockholders' EquityBook value | $418.2M | $-378.8M |
| Total Assets | $1.4B | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $253.4M | — | ||
| Q3 25 | $262.2M | — | ||
| Q2 25 | $234.8M | — | ||
| Q1 25 | $214.4M | — | ||
| Q4 24 | $197.5M | — | ||
| Q3 24 | $177.7M | — | ||
| Q2 24 | $174.2M | — | ||
| Q1 24 | $233.2M | — |
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
| Q4 25 | $418.2M | $-378.8M | ||
| Q3 25 | $400.4M | $-233.5M | ||
| Q2 25 | $385.6M | $153.9M | ||
| Q1 25 | $348.8M | $179.4M | ||
| Q4 24 | $343.7M | $209.8M | ||
| Q3 24 | $320.6M | $397.5M | ||
| Q2 24 | $309.3M | $366.9M | ||
| Q1 24 | $285.6M | $324.5M |
| Q4 25 | $1.4B | $5.2B | ||
| Q3 25 | $1.4B | $5.3B | ||
| Q2 25 | $1.3B | $4.8B | ||
| Q1 25 | $1.3B | $4.6B | ||
| Q4 24 | $1.2B | $4.3B | ||
| Q3 24 | $1.2B | $4.0B | ||
| Q2 24 | $1.2B | $3.8B | ||
| Q1 24 | $1.2B | $3.8B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.46× |
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 | $9.3M | $27.2M |
| Free Cash FlowOCF − Capex | $-8.8M | $26.7M |
| FCF MarginFCF / Revenue | -2.4% | 4.6% |
| Capex IntensityCapex / Revenue | 5.0% | 0.1% |
| Cash ConversionOCF / Net Profit | 0.62× | — |
| TTM Free Cash FlowTrailing 4 quarters | $59.0M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $9.3M | $27.2M | ||
| Q3 25 | $46.1M | $16.2M | ||
| Q2 25 | $34.9M | $46.3M | ||
| Q1 25 | $46.5M | $-66.5M | ||
| Q4 24 | $31.7M | $27.6M | ||
| Q3 24 | $31.1M | $53.7M | ||
| Q2 24 | $47.5M | $50.2M | ||
| Q1 24 | $36.8M | $7.6M |
| Q4 25 | $-8.8M | $26.7M | ||
| Q3 25 | $28.0M | $15.9M | ||
| Q2 25 | $20.9M | $45.2M | ||
| Q1 25 | $18.9M | $-69.2M | ||
| Q4 24 | $13.0M | $27.0M | ||
| Q3 24 | $4.6M | $52.4M | ||
| Q2 24 | $11.3M | $49.6M | ||
| Q1 24 | $10.9M | $6.7M |
| Q4 25 | -2.4% | 4.6% | ||
| Q3 25 | 8.1% | 3.5% | ||
| Q2 25 | 5.8% | 12.4% | ||
| Q1 25 | 6.1% | -18.3% | ||
| Q4 24 | 3.7% | 8.0% | ||
| Q3 24 | 1.4% | 19.3% | ||
| Q2 24 | 3.6% | 26.6% | ||
| Q1 24 | 3.7% | 1.9% |
| Q4 25 | 5.0% | 0.1% | ||
| Q3 25 | 5.3% | 0.1% | ||
| Q2 25 | 3.9% | 0.3% | ||
| Q1 25 | 8.9% | 0.7% | ||
| Q4 24 | 5.4% | 0.2% | ||
| Q3 24 | 8.3% | 0.5% | ||
| Q2 24 | 11.7% | 0.3% | ||
| Q1 24 | 8.8% | 0.3% |
| Q4 25 | 0.62× | — | ||
| Q3 25 | 3.77× | — | ||
| Q2 25 | 1.00× | — | ||
| Q1 25 | 9.53× | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 3.14× | 3.05× | ||
| Q2 24 | 2.14× | 3.76× | ||
| Q1 24 | 2.44× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARHS
| Sales Channel Retail | $305.7M | 84% |
| Sales Channel E Commerce | $59.2M | 16% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
