vs
Side-by-side financial comparison of AvalonBay Communities (AVB) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
AvalonBay Communities is the larger business by last-quarter revenue ($767.9M vs $586.5M, roughly 1.3× StepStone Group Inc.). AvalonBay Communities runs the higher net margin — 9040.6% vs -21.0%, a 9061.6% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 3.7%). AvalonBay Communities produced more free cash flow last quarter ($1.4B vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 3.8%).
AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments.
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.
AVB vs STEP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $767.9M | $586.5M |
| Net Profit | $166.0M | $-123.5M |
| Gross Margin | — | — |
| Operating Margin | 64.2% | -33.2% |
| Net Margin | 9040.6% | -21.0% |
| Revenue YoY | 3.7% | 73.0% |
| Net Profit YoY | -41.2% | 35.7% |
| EPS (diluted) | $1.18 | $-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 | $767.9M | $586.5M | ||
| Q3 25 | $766.8M | $454.2M | ||
| Q2 25 | $760.2M | $364.3M | ||
| Q1 25 | $745.9M | $377.7M | ||
| Q4 24 | $740.5M | $339.0M | ||
| Q3 24 | $734.3M | $271.7M | ||
| Q2 24 | $726.0M | $186.4M | ||
| Q1 24 | $712.9M | $356.8M |
| Q4 25 | $166.0M | $-123.5M | ||
| Q3 25 | $381.3M | $-366.1M | ||
| Q2 25 | $268.7M | $-38.4M | ||
| Q1 25 | $236.6M | $-18.5M | ||
| Q4 24 | $282.1M | $-192.0M | ||
| Q3 24 | $372.5M | $17.6M | ||
| Q2 24 | $253.9M | $13.3M | ||
| Q1 24 | $173.4M | $30.8M |
| Q4 25 | 64.2% | -33.2% | ||
| Q3 25 | 65.7% | -148.8% | ||
| Q2 25 | 67.6% | -5.6% | ||
| Q1 25 | 68.5% | 2.6% | ||
| Q4 24 | 63.1% | -101.7% | ||
| Q3 24 | 65.4% | 21.3% | ||
| Q2 24 | 66.6% | 29.4% | ||
| Q1 24 | 67.2% | 26.5% |
| Q4 25 | 9040.6% | -21.0% | ||
| Q3 25 | 49.7% | -80.6% | ||
| Q2 25 | 35.3% | -10.5% | ||
| Q1 25 | 31.7% | -4.9% | ||
| Q4 24 | 38.1% | -56.6% | ||
| Q3 24 | 50.7% | 6.5% | ||
| Q2 24 | 35.0% | 7.2% | ||
| Q1 24 | 24.3% | 8.6% |
| Q4 25 | $1.18 | $-1.55 | ||
| Q3 25 | $2.68 | $-4.66 | ||
| Q2 25 | $1.88 | $-0.49 | ||
| Q1 25 | $1.66 | $-0.37 | ||
| Q4 24 | $1.99 | $-2.61 | ||
| Q3 24 | $2.61 | $0.26 | ||
| Q2 24 | $1.78 | $0.20 | ||
| Q1 24 | $1.22 | $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 | $187.2M | — |
| Total DebtLower is stronger | $9.3B | $270.2M |
| Stockholders' EquityBook value | $11.6B | $-378.8M |
| Total Assets | $22.2B | $5.2B |
| Debt / EquityLower = less leverage | 0.80× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | — | ||
| Q3 25 | $123.3M | — | ||
| Q2 25 | $102.8M | — | ||
| Q1 25 | $53.3M | — | ||
| Q4 24 | $108.6M | — | ||
| Q3 24 | $552.4M | — | ||
| Q2 24 | $545.8M | — | ||
| Q1 24 | $287.9M | — |
| Q4 25 | $9.3B | $270.2M | ||
| Q3 25 | $8.7B | $269.9M | ||
| Q2 25 | $8.7B | $269.6M | ||
| Q1 25 | $8.3B | $269.3M | ||
| Q4 24 | $8.1B | $168.9M | ||
| Q3 24 | $8.4B | $172.3M | ||
| Q2 24 | $8.4B | $172.1M | ||
| Q1 24 | $8.0B | $148.8M |
| Q4 25 | $11.6B | $-378.8M | ||
| Q3 25 | $11.9B | $-233.5M | ||
| Q2 25 | $11.9B | $153.9M | ||
| Q1 25 | $11.9B | $179.4M | ||
| Q4 24 | $11.9B | $209.8M | ||
| Q3 24 | $11.9B | $397.5M | ||
| Q2 24 | $11.7B | $366.9M | ||
| Q1 24 | $11.7B | $324.5M |
| Q4 25 | $22.2B | $5.2B | ||
| Q3 25 | $21.9B | $5.3B | ||
| Q2 25 | $21.8B | $4.8B | ||
| Q1 25 | $21.2B | $4.6B | ||
| Q4 24 | $21.0B | $4.3B | ||
| Q3 24 | $21.3B | $4.0B | ||
| Q2 24 | $21.0B | $3.8B | ||
| Q1 24 | $20.6B | $3.8B |
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.72× | 1.75× | ||
| Q1 25 | 0.70× | 1.50× | ||
| Q4 24 | 0.68× | 0.81× | ||
| Q3 24 | 0.70× | 0.43× | ||
| Q2 24 | 0.71× | 0.47× | ||
| Q1 24 | 0.68× | 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 | $1.7B | $27.2M |
| Free Cash FlowOCF − Capex | $1.4B | $26.7M |
| FCF MarginFCF / Revenue | 183.5% | 4.6% |
| Capex IntensityCapex / Revenue | 34.1% | 0.1% |
| Cash ConversionOCF / Net Profit | 10.07× | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.5B | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $27.2M | ||
| Q3 25 | $477.0M | $16.2M | ||
| Q2 25 | $377.8M | $46.3M | ||
| Q1 25 | $415.9M | $-66.5M | ||
| Q4 24 | $1.6B | $27.6M | ||
| Q3 24 | $486.2M | $53.7M | ||
| Q2 24 | $380.0M | $50.2M | ||
| Q1 24 | $412.9M | $7.6M |
| Q4 25 | $1.4B | $26.7M | ||
| Q3 25 | $402.2M | $15.9M | ||
| Q2 25 | $317.1M | $45.2M | ||
| Q1 25 | $367.5M | $-69.2M | ||
| Q4 24 | $1.4B | $27.0M | ||
| Q3 24 | $434.2M | $52.4M | ||
| Q2 24 | $333.0M | $49.6M | ||
| Q1 24 | $375.4M | $6.7M |
| Q4 25 | 183.5% | 4.6% | ||
| Q3 25 | 52.5% | 3.5% | ||
| Q2 25 | 41.7% | 12.4% | ||
| Q1 25 | 49.3% | -18.3% | ||
| Q4 24 | 191.0% | 8.0% | ||
| Q3 24 | 59.1% | 19.3% | ||
| Q2 24 | 45.9% | 26.6% | ||
| Q1 24 | 52.7% | 1.9% |
| Q4 25 | 34.1% | 0.1% | ||
| Q3 25 | 9.8% | 0.1% | ||
| Q2 25 | 8.0% | 0.3% | ||
| Q1 25 | 6.5% | 0.7% | ||
| Q4 24 | 26.1% | 0.2% | ||
| Q3 24 | 7.1% | 0.5% | ||
| Q2 24 | 6.5% | 0.3% | ||
| Q1 24 | 5.3% | 0.3% |
| Q4 25 | 10.07× | — | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 1.76× | — | ||
| Q4 24 | 5.70× | — | ||
| Q3 24 | 1.31× | 3.05× | ||
| Q2 24 | 1.50× | 3.76× | ||
| Q1 24 | 2.38× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVB
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% |
