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Side-by-side financial comparison of BELDEN INC. (BDC) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
BELDEN INC. is the larger business by last-quarter revenue ($720.1M vs $586.5M, roughly 1.2× StepStone Group Inc.). BELDEN INC. runs the higher net margin — 9.4% vs -21.0%, a 30.5% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 8.1%). BELDEN INC. produced more free cash flow last quarter ($121.3M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 15.9%).
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G 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.
BDC vs STEP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $720.1M | $586.5M |
| Net Profit | $67.9M | $-123.5M |
| Gross Margin | 36.6% | — |
| Operating Margin | 12.2% | -33.2% |
| Net Margin | 9.4% | -21.0% |
| Revenue YoY | 8.1% | 73.0% |
| Net Profit YoY | 16.3% | 35.7% |
| EPS (diluted) | $1.70 | $-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 | $720.1M | $586.5M | ||
| Q3 25 | $698.2M | $454.2M | ||
| Q2 25 | $672.0M | $364.3M | ||
| Q1 25 | $624.9M | $377.7M | ||
| Q4 24 | $666.0M | $339.0M | ||
| Q3 24 | $654.9M | $271.7M | ||
| Q2 24 | $604.3M | $186.4M | ||
| Q1 24 | $535.7M | $356.8M |
| Q4 25 | $67.9M | $-123.5M | ||
| Q3 25 | $56.7M | $-366.1M | ||
| Q2 25 | $61.0M | $-38.4M | ||
| Q1 25 | $51.9M | $-18.5M | ||
| Q4 24 | $58.4M | $-192.0M | ||
| Q3 24 | $53.7M | $17.6M | ||
| Q2 24 | $49.0M | $13.3M | ||
| Q1 24 | $37.3M | $30.8M |
| Q4 25 | 36.6% | — | ||
| Q3 25 | 37.7% | — | ||
| Q2 25 | 38.5% | — | ||
| Q1 25 | 39.3% | — | ||
| Q4 24 | 37.5% | — | ||
| Q3 24 | 37.3% | — | ||
| Q2 24 | 37.5% | — | ||
| Q1 24 | 37.6% | — |
| Q4 25 | 12.2% | -33.2% | ||
| Q3 25 | 10.9% | -148.8% | ||
| Q2 25 | 11.8% | -5.6% | ||
| Q1 25 | 11.6% | 2.6% | ||
| Q4 24 | 10.4% | -101.7% | ||
| Q3 24 | 11.5% | 21.3% | ||
| Q2 24 | 11.4% | 29.4% | ||
| Q1 24 | 9.9% | 26.5% |
| Q4 25 | 9.4% | -21.0% | ||
| Q3 25 | 8.1% | -80.6% | ||
| Q2 25 | 9.1% | -10.5% | ||
| Q1 25 | 8.3% | -4.9% | ||
| Q4 24 | 8.8% | -56.6% | ||
| Q3 24 | 8.2% | 6.5% | ||
| Q2 24 | 8.1% | 7.2% | ||
| Q1 24 | 7.0% | 8.6% |
| Q4 25 | $1.70 | $-1.55 | ||
| Q3 25 | $1.41 | $-4.66 | ||
| Q2 25 | $1.53 | $-0.49 | ||
| Q1 25 | $1.27 | $-0.37 | ||
| Q4 24 | $1.41 | $-2.61 | ||
| Q3 24 | $1.30 | $0.26 | ||
| Q2 24 | $1.19 | $0.20 | ||
| Q1 24 | $0.90 | $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 | $389.9M | — |
| Total DebtLower is stronger | — | $270.2M |
| Stockholders' EquityBook value | $1.3B | $-378.8M |
| Total Assets | $3.5B | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $389.9M | — | ||
| Q3 25 | $314.3M | — | ||
| Q2 25 | $301.5M | — | ||
| Q1 25 | $259.0M | — | ||
| Q4 24 | $370.3M | — | ||
| Q3 24 | $323.0M | — | ||
| Q2 24 | $564.8M | — | ||
| Q1 24 | $506.8M | — |
| 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 | $1.3B | $-378.8M | ||
| Q3 25 | $1.2B | $-233.5M | ||
| Q2 25 | $1.2B | $153.9M | ||
| Q1 25 | $1.2B | $179.4M | ||
| Q4 24 | $1.3B | $209.8M | ||
| Q3 24 | $1.2B | $397.5M | ||
| Q2 24 | $1.2B | $366.9M | ||
| Q1 24 | $1.2B | $324.5M |
| Q4 25 | $3.5B | $5.2B | ||
| Q3 25 | $3.4B | $5.3B | ||
| Q2 25 | $3.4B | $4.8B | ||
| Q1 25 | $3.3B | $4.6B | ||
| Q4 24 | $3.3B | $4.3B | ||
| Q3 24 | $3.3B | $4.0B | ||
| Q2 24 | $3.5B | $3.8B | ||
| Q1 24 | $3.1B | $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 | $160.4M | $27.2M |
| Free Cash FlowOCF − Capex | $121.3M | $26.7M |
| FCF MarginFCF / Revenue | 16.8% | 4.6% |
| Capex IntensityCapex / Revenue | 5.4% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.36× | — |
| TTM Free Cash FlowTrailing 4 quarters | $218.7M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $160.4M | $27.2M | ||
| Q3 25 | $105.0M | $16.2M | ||
| Q2 25 | $82.0M | $46.3M | ||
| Q1 25 | $7.4M | $-66.5M | ||
| Q4 24 | $174.7M | $27.6M | ||
| Q3 24 | $91.7M | $53.7M | ||
| Q2 24 | $83.0M | $50.2M | ||
| Q1 24 | $2.7M | $7.6M |
| Q4 25 | $121.3M | $26.7M | ||
| Q3 25 | $65.3M | $15.9M | ||
| Q2 25 | $56.9M | $45.2M | ||
| Q1 25 | $-24.8M | $-69.2M | ||
| Q4 24 | $116.4M | $27.0M | ||
| Q3 24 | $67.2M | $52.4M | ||
| Q2 24 | $61.0M | $49.6M | ||
| Q1 24 | $-21.5M | $6.7M |
| Q4 25 | 16.8% | 4.6% | ||
| Q3 25 | 9.4% | 3.5% | ||
| Q2 25 | 8.5% | 12.4% | ||
| Q1 25 | -4.0% | -18.3% | ||
| Q4 24 | 17.5% | 8.0% | ||
| Q3 24 | 10.3% | 19.3% | ||
| Q2 24 | 10.1% | 26.6% | ||
| Q1 24 | -4.0% | 1.9% |
| Q4 25 | 5.4% | 0.1% | ||
| Q3 25 | 5.7% | 0.1% | ||
| Q2 25 | 3.7% | 0.3% | ||
| Q1 25 | 5.2% | 0.7% | ||
| Q4 24 | 8.8% | 0.2% | ||
| Q3 24 | 3.7% | 0.5% | ||
| Q2 24 | 3.6% | 0.3% | ||
| Q1 24 | 4.5% | 0.3% |
| Q4 25 | 2.36× | — | ||
| Q3 25 | 1.85× | — | ||
| Q2 25 | 1.34× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 2.99× | — | ||
| Q3 24 | 1.71× | 3.05× | ||
| Q2 24 | 1.69× | 3.76× | ||
| Q1 24 | 0.07× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDC
| Automation Solutions Segment | $397.7M | 55% |
| Broadband Solutions | $164.8M | 23% |
| Smart Buildings Solutions | $157.7M | 22% |
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% |
