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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) 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 $414.7M, roughly 1.4× BILL Holdings, Inc.). BILL Holdings, Inc. runs the higher net margin — -0.6% vs -21.0%, a 20.4% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 14.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 13.3%).
BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.
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.
BILL vs STEP — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $586.5M |
| Net Profit | $-2.6M | $-123.5M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | -33.2% |
| Net Margin | -0.6% | -21.0% |
| Revenue YoY | 14.4% | 73.0% |
| Net Profit YoY | -107.7% | 35.7% |
| EPS (diluted) | $-0.03 | $-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 | $414.7M | $586.5M | ||
| Q3 25 | $395.7M | $454.2M | ||
| Q2 25 | $383.3M | $364.3M | ||
| Q1 25 | $358.2M | $377.7M | ||
| Q4 24 | $362.6M | $339.0M | ||
| Q3 24 | $358.4M | $271.7M | ||
| Q2 24 | $343.7M | $186.4M | ||
| Q1 24 | $323.0M | $356.8M |
| Q4 25 | $-2.6M | $-123.5M | ||
| Q3 25 | $-3.0M | $-366.1M | ||
| Q2 25 | $-7.1M | $-38.4M | ||
| Q1 25 | $-11.6M | $-18.5M | ||
| Q4 24 | $33.5M | $-192.0M | ||
| Q3 24 | $8.9M | $17.6M | ||
| Q2 24 | $7.6M | $13.3M | ||
| Q1 24 | $31.8M | $30.8M |
| Q4 25 | 79.8% | — | ||
| Q3 25 | 80.5% | — | ||
| Q2 25 | 80.8% | — | ||
| Q1 25 | 81.2% | — | ||
| Q4 24 | 81.6% | — | ||
| Q3 24 | 82.0% | — | ||
| Q2 24 | 81.0% | — | ||
| Q1 24 | 83.0% | — |
| Q4 25 | -4.4% | -33.2% | ||
| Q3 25 | -5.2% | -148.8% | ||
| Q2 25 | -5.8% | -5.6% | ||
| Q1 25 | -8.1% | 2.6% | ||
| Q4 24 | -6.0% | -101.7% | ||
| Q3 24 | -2.1% | 21.3% | ||
| Q2 24 | -6.5% | 29.4% | ||
| Q1 24 | -8.6% | 26.5% |
| Q4 25 | -0.6% | -21.0% | ||
| Q3 25 | -0.7% | -80.6% | ||
| Q2 25 | -1.8% | -10.5% | ||
| Q1 25 | -3.2% | -4.9% | ||
| Q4 24 | 9.3% | -56.6% | ||
| Q3 24 | 2.5% | 6.5% | ||
| Q2 24 | 2.2% | 7.2% | ||
| Q1 24 | 9.8% | 8.6% |
| Q4 25 | $-0.03 | $-1.55 | ||
| Q3 25 | $-0.03 | $-4.66 | ||
| Q2 25 | $0.02 | $-0.49 | ||
| Q1 25 | $-0.11 | $-0.37 | ||
| Q4 24 | $-0.06 | $-2.61 | ||
| Q3 24 | $0.08 | $0.26 | ||
| Q2 24 | $0.37 | $0.20 | ||
| Q1 24 | $0.00 | $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 | $1.1B | — |
| Total DebtLower is stronger | $1.8B | $270.2M |
| Stockholders' EquityBook value | $3.8B | $-378.8M |
| Total Assets | $10.1B | $5.2B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $853.5M | — | ||
| Q2 24 | $985.9M | — | ||
| Q1 24 | $952.5M | — |
| Q4 25 | $1.8B | $270.2M | ||
| Q3 25 | $1.9B | $269.9M | ||
| Q2 25 | $1.7B | $269.6M | ||
| Q1 25 | $1.7B | $269.3M | ||
| Q4 24 | $1.7B | $168.9M | ||
| Q3 24 | $914.8M | $172.3M | ||
| Q2 24 | $914.0M | $172.1M | ||
| Q1 24 | $1.1B | $148.8M |
| Q4 25 | $3.8B | $-378.8M | ||
| Q3 25 | $3.9B | $-233.5M | ||
| Q2 25 | $3.9B | $153.9M | ||
| Q1 25 | $3.9B | $179.4M | ||
| Q4 24 | $3.8B | $209.8M | ||
| Q3 24 | $4.0B | $397.5M | ||
| Q2 24 | $4.1B | $366.9M | ||
| Q1 24 | $4.1B | $324.5M |
| Q4 25 | $10.1B | $5.2B | ||
| Q3 25 | $10.2B | $5.3B | ||
| Q2 25 | $10.1B | $4.8B | ||
| Q1 25 | $9.6B | $4.6B | ||
| Q4 24 | $9.7B | $4.3B | ||
| Q3 24 | $9.0B | $4.0B | ||
| Q2 24 | $9.2B | $3.8B | ||
| Q1 24 | $9.1B | $3.8B |
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.44× | 1.75× | ||
| Q1 25 | 0.43× | 1.50× | ||
| Q4 24 | 0.44× | 0.81× | ||
| Q3 24 | 0.23× | 0.43× | ||
| Q2 24 | 0.22× | 0.47× | ||
| Q1 24 | 0.28× | 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 | $105.3M | $27.2M |
| Free Cash FlowOCF − Capex | $103.8M | $26.7M |
| FCF MarginFCF / Revenue | 25.0% | 4.6% |
| Capex IntensityCapex / Revenue | 0.4% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $27.2M | ||
| Q3 25 | $96.9M | $16.2M | ||
| Q2 25 | $83.8M | $46.3M | ||
| Q1 25 | $99.5M | $-66.5M | ||
| Q4 24 | $78.7M | $27.6M | ||
| Q3 24 | $88.6M | $53.7M | ||
| Q2 24 | $78.6M | $50.2M | ||
| Q1 24 | $66.8M | $7.6M |
| Q4 25 | $103.8M | $26.7M | ||
| Q3 25 | $95.6M | $15.9M | ||
| Q2 25 | $81.0M | $45.2M | ||
| Q1 25 | $98.4M | $-69.2M | ||
| Q4 24 | $78.3M | $27.0M | ||
| Q3 24 | $88.6M | $52.4M | ||
| Q2 24 | $78.4M | $49.6M | ||
| Q1 24 | $66.8M | $6.7M |
| Q4 25 | 25.0% | 4.6% | ||
| Q3 25 | 24.1% | 3.5% | ||
| Q2 25 | 21.1% | 12.4% | ||
| Q1 25 | 27.5% | -18.3% | ||
| Q4 24 | 21.6% | 8.0% | ||
| Q3 24 | 24.7% | 19.3% | ||
| Q2 24 | 22.8% | 26.6% | ||
| Q1 24 | 20.7% | 1.9% |
| Q4 25 | 0.4% | 0.1% | ||
| Q3 25 | 0.3% | 0.1% | ||
| Q2 25 | 0.7% | 0.3% | ||
| Q1 25 | 0.3% | 0.7% | ||
| Q4 24 | 0.1% | 0.2% | ||
| Q3 24 | 0.0% | 0.5% | ||
| Q2 24 | 0.1% | 0.3% | ||
| Q1 24 | 0.0% | 0.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | 3.05× | ||
| Q2 24 | 10.35× | 3.76× | ||
| Q1 24 | 2.10× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
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% |
