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Side-by-side financial comparison of Barnes & Noble Education, Inc. (BNED) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
Barnes & Noble Education, Inc. is the larger business by last-quarter revenue ($598.2M vs $586.5M, roughly 1.0× StepStone Group Inc.). Barnes & Noble Education, Inc. runs the higher net margin — 4.2% 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 6.9%). Barnes & Noble Education, Inc. produced more free cash flow last quarter ($61.9M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 20.0%).
Barnes & Noble Booksellers is an American bookseller with the largest number of retail outlets in the United States. The company operates approximately 700+ retail stores across the United States.
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.
BNED vs STEP — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $598.2M | $586.5M |
| Net Profit | $25.0M | $-123.5M |
| Gross Margin | 21.7% | — |
| Operating Margin | 6.8% | -33.2% |
| Net Margin | 4.2% | -21.0% |
| Revenue YoY | 6.9% | 73.0% |
| Net Profit YoY | -49.7% | 35.7% |
| EPS (diluted) | $0.72 | $-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 | $598.2M | $586.5M | ||
| Q3 25 | $274.2M | $454.2M | ||
| Q2 25 | $233.0M | $364.3M | ||
| Q1 25 | $419.7M | $377.7M | ||
| Q4 24 | $559.7M | $339.0M | ||
| Q3 24 | $250.9M | $271.7M | ||
| Q2 24 | $192.7M | $186.4M | ||
| Q1 24 | $415.4M | $356.8M |
| Q4 25 | $25.0M | $-123.5M | ||
| Q3 25 | $-18.3M | $-366.1M | ||
| Q2 25 | $-23.0M | $-38.4M | ||
| Q1 25 | $17.9M | $-18.5M | ||
| Q4 24 | $43.2M | $-192.0M | ||
| Q3 24 | $-103.9M | $17.6M | ||
| Q2 24 | $-41.9M | $13.3M | ||
| Q1 24 | $-9.3M | $30.8M |
| Q4 25 | 21.7% | — | ||
| Q3 25 | 20.2% | — | ||
| Q2 25 | 30.3% | — | ||
| Q1 25 | 22.3% | — | ||
| Q4 24 | 23.0% | — | ||
| Q3 24 | 17.9% | — | ||
| Q2 24 | 28.7% | — | ||
| Q1 24 | 24.2% | — |
| Q4 25 | 6.8% | -33.2% | ||
| Q3 25 | -8.4% | -148.8% | ||
| Q2 25 | -4.9% | -5.6% | ||
| Q1 25 | 4.5% | 2.6% | ||
| Q4 24 | 8.4% | -101.7% | ||
| Q3 24 | -15.4% | 21.3% | ||
| Q2 24 | -16.3% | 29.4% | ||
| Q1 24 | 0.4% | 26.5% |
| Q4 25 | 4.2% | -21.0% | ||
| Q3 25 | -6.7% | -80.6% | ||
| Q2 25 | -9.9% | -10.5% | ||
| Q1 25 | 4.3% | -4.9% | ||
| Q4 24 | 7.7% | -56.6% | ||
| Q3 24 | -41.4% | 6.5% | ||
| Q2 24 | -21.7% | 7.2% | ||
| Q1 24 | -2.2% | 8.6% |
| Q4 25 | $0.72 | $-1.55 | ||
| Q3 25 | $-0.54 | $-4.66 | ||
| Q2 25 | $2.97 | $-0.49 | ||
| Q1 25 | $0.59 | $-0.37 | ||
| Q4 24 | $1.63 | $-2.61 | ||
| Q3 24 | $-7.69 | $0.26 | ||
| Q2 24 | $-15.68 | $0.20 | ||
| Q1 24 | $-3.49 | $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 | $11.7M | — |
| Total DebtLower is stronger | $122.5M | $270.2M |
| Stockholders' EquityBook value | $283.2M | $-378.8M |
| Total Assets | $1.1B | $5.2B |
| Debt / EquityLower = less leverage | 0.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.7M | — | ||
| Q3 25 | $7.3M | — | ||
| Q2 25 | $9.1M | — | ||
| Q1 25 | $9.2M | — | ||
| Q4 24 | $11.6M | — | ||
| Q3 24 | $8.2M | — | ||
| Q2 24 | $10.5M | — | ||
| Q1 24 | $8.1M | — |
| Q4 25 | $122.5M | $270.2M | ||
| Q3 25 | $170.0M | $269.9M | ||
| Q2 25 | $103.1M | $269.6M | ||
| Q1 25 | $141.2M | $269.3M | ||
| Q4 24 | $177.6M | $168.9M | ||
| Q3 24 | $221.9M | $172.3M | ||
| Q2 24 | $196.3M | $172.1M | ||
| Q1 24 | $30.2M | $148.8M |
| Q4 25 | $283.2M | $-378.8M | ||
| Q3 25 | $256.5M | $-233.5M | ||
| Q2 25 | $272.2M | $153.9M | ||
| Q1 25 | $292.9M | $179.4M | ||
| Q4 24 | $211.4M | $209.8M | ||
| Q3 24 | $149.8M | $397.5M | ||
| Q2 24 | $80.4M | $366.9M | ||
| Q1 24 | $121.5M | $324.5M |
| Q4 25 | $1.1B | $5.2B | ||
| Q3 25 | $950.8M | $5.3B | ||
| Q2 25 | $790.3M | $4.8B | ||
| Q1 25 | $1.1B | $4.6B | ||
| Q4 24 | $1.0B | $4.3B | ||
| Q3 24 | $973.2M | $4.0B | ||
| Q2 24 | $909.9M | $3.8B | ||
| Q1 24 | $1.2B | $3.8B |
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.38× | 1.75× | ||
| Q1 25 | 0.48× | 1.50× | ||
| Q4 24 | 0.84× | 0.81× | ||
| Q3 24 | 1.48× | 0.43× | ||
| Q2 24 | 2.44× | 0.47× | ||
| Q1 24 | 0.25× | 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 | $66.2M | $27.2M |
| Free Cash FlowOCF − Capex | $61.9M | $26.7M |
| FCF MarginFCF / Revenue | 10.4% | 4.6% |
| Capex IntensityCapex / Revenue | 0.7% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-4.6M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.2M | $27.2M | ||
| Q3 25 | $-67.6M | $16.2M | ||
| Q2 25 | $52.6M | $46.3M | ||
| Q1 25 | $-41.9M | $-66.5M | ||
| Q4 24 | $47.4M | $27.6M | ||
| Q3 24 | $-143.5M | $53.7M | ||
| Q2 24 | $81.7M | $50.2M | ||
| Q1 24 | $-35.8M | $7.6M |
| Q4 25 | $61.9M | $26.7M | ||
| Q3 25 | $-71.3M | $15.9M | ||
| Q2 25 | $49.5M | $45.2M | ||
| Q1 25 | $-44.7M | $-69.2M | ||
| Q4 24 | $44.4M | $27.0M | ||
| Q3 24 | $-147.5M | $52.4M | ||
| Q2 24 | $79.1M | $49.6M | ||
| Q1 24 | $-39.0M | $6.7M |
| Q4 25 | 10.4% | 4.6% | ||
| Q3 25 | -26.0% | 3.5% | ||
| Q2 25 | 21.3% | 12.4% | ||
| Q1 25 | -10.7% | -18.3% | ||
| Q4 24 | 7.9% | 8.0% | ||
| Q3 24 | -58.8% | 19.3% | ||
| Q2 24 | 41.1% | 26.6% | ||
| Q1 24 | -9.4% | 1.9% |
| Q4 25 | 0.7% | 0.1% | ||
| Q3 25 | 1.4% | 0.1% | ||
| Q2 25 | 1.3% | 0.3% | ||
| Q1 25 | 0.7% | 0.7% | ||
| Q4 24 | 0.5% | 0.2% | ||
| Q3 24 | 1.6% | 0.5% | ||
| Q2 24 | 1.4% | 0.3% | ||
| Q1 24 | 0.8% | 0.3% |
| Q4 25 | 2.65× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -2.34× | — | ||
| Q4 24 | 1.10× | — | ||
| Q3 24 | — | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | — | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNED
| Course Materials Product | $459.3M | 77% |
| General Merchandise Product | $112.9M | 19% |
| Serviceand Other | $26.1M | 4% |
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% |
