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Side-by-side financial comparison of Atour Lifestyle Holdings Ltd (ATAT) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
Atour Lifestyle Holdings Ltd is the larger business by last-quarter revenue ($789.6M vs $586.5M, roughly 1.3× StepStone Group Inc.). Atour Lifestyle Holdings Ltd runs the higher net margin — 17.6% vs -21.0%, a 38.7% gap on every dollar of revenue. On growth, Atour Lifestyle Holdings Ltd posted the faster year-over-year revenue change (252.5% vs 73.0%). Atour Lifestyle Holdings Ltd produced more free cash flow last quarter ($210.7M vs $26.7M).
Atour Lifestyle Holdings Ltd is a leading China-based hospitality and lifestyle enterprise. It operates a wide portfolio of mid-to-premium hotel brands for business and leisure travelers, and offers complementary lifestyle retail products and experience services, catering primarily to middle-class consumers across domestic and selected overseas markets.
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.
ATAT vs STEP — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $789.6M | $586.5M |
| Net Profit | $139.1M | $-123.5M |
| Gross Margin | — | — |
| Operating Margin | 22.5% | -33.2% |
| Net Margin | 17.6% | -21.0% |
| Revenue YoY | 252.5% | 73.0% |
| Net Profit YoY | 322.2% | 35.7% |
| EPS (diluted) | $0.33 | $-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 | — | $586.5M | ||
| Q3 25 | $789.6M | $454.2M | ||
| Q2 25 | — | $364.3M | ||
| Q1 25 | — | $377.7M | ||
| Q4 24 | — | $339.0M | ||
| Q3 24 | $224.0M | $271.7M | ||
| Q2 24 | — | $186.4M | ||
| Q1 24 | $203.4M | $356.8M |
| Q4 25 | — | $-123.5M | ||
| Q3 25 | $139.1M | $-366.1M | ||
| Q2 25 | — | $-38.4M | ||
| Q1 25 | — | $-18.5M | ||
| Q4 24 | — | $-192.0M | ||
| Q3 24 | $33.0M | $17.6M | ||
| Q2 24 | — | $13.3M | ||
| Q1 24 | $35.6M | $30.8M |
| Q4 25 | — | -33.2% | ||
| Q3 25 | 22.5% | -148.8% | ||
| Q2 25 | — | -5.6% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | -101.7% | ||
| Q3 24 | 14.7% | 21.3% | ||
| Q2 24 | — | 29.4% | ||
| Q1 24 | 22.1% | 26.5% |
| Q4 25 | — | -21.0% | ||
| Q3 25 | 17.6% | -80.6% | ||
| Q2 25 | — | -10.5% | ||
| Q1 25 | — | -4.9% | ||
| Q4 24 | — | -56.6% | ||
| Q3 24 | 14.7% | 6.5% | ||
| Q2 24 | — | 7.2% | ||
| Q1 24 | 17.5% | 8.6% |
| Q4 25 | — | $-1.55 | ||
| Q3 25 | $0.33 | $-4.66 | ||
| Q2 25 | — | $-0.49 | ||
| Q1 25 | — | $-0.37 | ||
| Q4 24 | — | $-2.61 | ||
| Q3 24 | $0.08 | $0.26 | ||
| Q2 24 | — | $0.20 | ||
| Q1 24 | $0.09 | $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 | $669.2M | — |
| Total DebtLower is stronger | — | $270.2M |
| Stockholders' EquityBook value | $405.0M | $-378.8M |
| Total Assets | $1.1B | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $669.2M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $506.0M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $520.7M | — |
| 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 | $277.0K | $148.8M |
| Q4 25 | — | $-378.8M | ||
| Q3 25 | $405.0M | $-233.5M | ||
| Q2 25 | — | $153.9M | ||
| Q1 25 | — | $179.4M | ||
| Q4 24 | — | $209.8M | ||
| Q3 24 | $291.3M | $397.5M | ||
| Q2 24 | — | $366.9M | ||
| Q1 24 | $323.5M | $324.5M |
| Q4 25 | — | $5.2B | ||
| Q3 25 | $1.1B | $5.3B | ||
| Q2 25 | — | $4.8B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | $927.8M | $4.0B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | $936.3M | $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 | 0.00× | 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 | $216.6M | $27.2M |
| Free Cash FlowOCF − Capex | $210.7M | $26.7M |
| FCF MarginFCF / Revenue | 26.7% | 4.6% |
| Capex IntensityCapex / Revenue | 0.8% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.56× | — |
| TTM Free Cash FlowTrailing 4 quarters | $359.6M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $27.2M | ||
| Q3 25 | $216.6M | $16.2M | ||
| Q2 25 | — | $46.3M | ||
| Q1 25 | — | $-66.5M | ||
| Q4 24 | — | $27.6M | ||
| Q3 24 | $84.8M | $53.7M | ||
| Q2 24 | — | $50.2M | ||
| Q1 24 | $19.8M | $7.6M |
| Q4 25 | — | $26.7M | ||
| Q3 25 | $210.7M | $15.9M | ||
| Q2 25 | — | $45.2M | ||
| Q1 25 | — | $-69.2M | ||
| Q4 24 | — | $27.0M | ||
| Q3 24 | $83.3M | $52.4M | ||
| Q2 24 | — | $49.6M | ||
| Q1 24 | $18.1M | $6.7M |
| Q4 25 | — | 4.6% | ||
| Q3 25 | 26.7% | 3.5% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | -18.3% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | 37.2% | 19.3% | ||
| Q2 24 | — | 26.6% | ||
| Q1 24 | 8.9% | 1.9% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | 0.8% | 0.1% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | 0.7% | 0.5% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | 0.9% | 0.3% |
| Q4 25 | — | — | ||
| Q3 25 | 1.56× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.57× | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | 0.56× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATAT
Segment breakdown not available.
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% |
