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Side-by-side financial comparison of Compass Diversified Holdings (CODI) 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 $468.6M, roughly 1.3× Compass Diversified Holdings). Compass Diversified Holdings runs the higher net margin — -16.8% vs -21.0%, a 4.2% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs -5.1%). Compass Diversified Holdings produced more free cash flow last quarter ($36.9M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 6.8%).
Compass Diversified Holdings is a publicly traded holding firm that acquires and operates a diverse portfolio of middle-market businesses across sectors including consumer goods, industrial manufacturing, outdoor recreation, and food & beverage. It partners with portfolio company leadership teams to drive long-term operational growth and value creation, primarily serving North American 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.
CODI vs STEP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $468.6M | $586.5M |
| Net Profit | $-78.8M | $-123.5M |
| Gross Margin | 43.1% | — |
| Operating Margin | 9.8% | -33.2% |
| Net Margin | -16.8% | -21.0% |
| Revenue YoY | -5.1% | 73.0% |
| Net Profit YoY | -14.4% | 35.7% |
| EPS (diluted) | $-0.91 | $-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 | $468.6M | $586.5M | ||
| Q3 25 | $472.6M | $454.2M | ||
| Q2 25 | $478.7M | $364.3M | ||
| Q1 25 | $453.8M | $377.7M | ||
| Q4 24 | $493.9M | $339.0M | ||
| Q3 24 | $456.6M | $271.7M | ||
| Q2 24 | $426.7M | $186.4M | ||
| Q1 24 | $410.8M | $356.8M |
| Q4 25 | $-78.8M | $-123.5M | ||
| Q3 25 | $-74.0M | $-366.1M | ||
| Q2 25 | $-51.2M | $-38.4M | ||
| Q1 25 | $-30.0M | $-18.5M | ||
| Q4 24 | $-68.9M | $-192.0M | ||
| Q3 24 | $-36.0M | $17.6M | ||
| Q2 24 | $-73.1M | $13.3M | ||
| Q1 24 | $-56.2M | $30.8M |
| Q4 25 | 43.1% | — | ||
| Q3 25 | 44.0% | — | ||
| Q2 25 | 43.6% | — | ||
| Q1 25 | 43.2% | — | ||
| Q4 24 | 38.6% | — | ||
| Q3 24 | 43.1% | — | ||
| Q2 24 | 44.1% | — | ||
| Q1 24 | 42.6% | — |
| Q4 25 | 9.8% | -33.2% | ||
| Q3 25 | -2.3% | -148.8% | ||
| Q2 25 | -5.7% | -5.6% | ||
| Q1 25 | 0.8% | 2.6% | ||
| Q4 24 | -3.8% | -101.7% | ||
| Q3 24 | 1.8% | 21.3% | ||
| Q2 24 | 1.8% | 29.4% | ||
| Q1 24 | -2.9% | 26.5% |
| Q4 25 | -16.8% | -21.0% | ||
| Q3 25 | -15.7% | -80.6% | ||
| Q2 25 | -10.7% | -10.5% | ||
| Q1 25 | -6.6% | -4.9% | ||
| Q4 24 | -13.9% | -56.6% | ||
| Q3 24 | -7.9% | 6.5% | ||
| Q2 24 | -17.1% | 7.2% | ||
| Q1 24 | -13.7% | 8.6% |
| Q4 25 | $-0.91 | $-1.55 | ||
| Q3 25 | $-1.21 | $-4.66 | ||
| Q2 25 | $-0.88 | $-0.49 | ||
| Q1 25 | $-0.59 | $-0.37 | ||
| Q4 24 | $-0.57 | $-2.61 | ||
| Q3 24 | $-0.62 | $0.26 | ||
| Q2 24 | $-1.12 | $0.20 | ||
| Q1 24 | $-1.52 | $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 | $68.0M | — |
| Total DebtLower is stronger | $1.9B | $270.2M |
| Stockholders' EquityBook value | $442.0M | $-378.8M |
| Total Assets | $3.0B | $5.2B |
| Debt / EquityLower = less leverage | 4.25× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $68.0M | — | ||
| Q3 25 | $61.1M | — | ||
| Q2 25 | $73.8M | — | ||
| Q1 25 | $146.2M | — | ||
| Q4 24 | $59.7M | — | ||
| Q3 24 | $64.9M | — | ||
| Q2 24 | $61.5M | — | ||
| Q1 24 | $59.5M | — |
| Q4 25 | $1.9B | $270.2M | ||
| Q3 25 | $1.9B | $269.9M | ||
| Q2 25 | $1.9B | $269.6M | ||
| Q1 25 | $1.9B | $269.3M | ||
| Q4 24 | $1.8B | $168.9M | ||
| Q3 24 | $1.8B | $172.3M | ||
| Q2 24 | $1.7B | $172.1M | ||
| Q1 24 | $1.7B | $148.8M |
| Q4 25 | $442.0M | $-378.8M | ||
| Q3 25 | $519.2M | $-233.5M | ||
| Q2 25 | $601.9M | $153.9M | ||
| Q1 25 | $680.7M | $179.4M | ||
| Q4 24 | $678.6M | $209.8M | ||
| Q3 24 | $672.2M | $397.5M | ||
| Q2 24 | $711.3M | $366.9M | ||
| Q1 24 | $799.7M | $324.5M |
| Q4 25 | $3.0B | $5.2B | ||
| Q3 25 | $3.2B | $5.3B | ||
| Q2 25 | $3.3B | $4.8B | ||
| Q1 25 | $3.4B | $4.6B | ||
| Q4 24 | $3.3B | $4.3B | ||
| Q3 24 | $3.3B | $4.0B | ||
| Q2 24 | $3.2B | $3.8B | ||
| Q1 24 | $3.3B | $3.8B |
| Q4 25 | 4.25× | — | ||
| Q3 25 | 3.62× | — | ||
| Q2 25 | 3.09× | 1.75× | ||
| Q1 25 | 2.73× | 1.50× | ||
| Q4 24 | 2.61× | 0.81× | ||
| Q3 24 | 2.64× | 0.43× | ||
| Q2 24 | 2.42× | 0.47× | ||
| Q1 24 | 2.15× | 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 | $47.0M | $27.2M |
| Free Cash FlowOCF − Capex | $36.9M | $26.7M |
| FCF MarginFCF / Revenue | 7.9% | 4.6% |
| Capex IntensityCapex / Revenue | 2.2% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-51.1M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.0M | $27.2M | ||
| Q3 25 | $10.7M | $16.2M | ||
| Q2 25 | $-35.2M | $46.3M | ||
| Q1 25 | $-29.3M | $-66.5M | ||
| Q4 24 | $-16.1M | $27.6M | ||
| Q3 24 | $-48.4M | $53.7M | ||
| Q2 24 | $-61.3M | $50.2M | ||
| Q1 24 | $-25.4M | $7.6M |
| Q4 25 | $36.9M | $26.7M | ||
| Q3 25 | $481.0K | $15.9M | ||
| Q2 25 | $-46.0M | $45.2M | ||
| Q1 25 | $-42.4M | $-69.2M | ||
| Q4 24 | $-39.0M | $27.0M | ||
| Q3 24 | $-63.5M | $52.4M | ||
| Q2 24 | $-72.2M | $49.6M | ||
| Q1 24 | $-33.1M | $6.7M |
| Q4 25 | 7.9% | 4.6% | ||
| Q3 25 | 0.1% | 3.5% | ||
| Q2 25 | -9.6% | 12.4% | ||
| Q1 25 | -9.4% | -18.3% | ||
| Q4 24 | -7.9% | 8.0% | ||
| Q3 24 | -13.9% | 19.3% | ||
| Q2 24 | -16.9% | 26.6% | ||
| Q1 24 | -8.1% | 1.9% |
| Q4 25 | 2.2% | 0.1% | ||
| Q3 25 | 2.2% | 0.1% | ||
| Q2 25 | 2.3% | 0.3% | ||
| Q1 25 | 2.9% | 0.7% | ||
| Q4 24 | 4.6% | 0.2% | ||
| Q3 24 | 3.3% | 0.5% | ||
| Q2 24 | 2.6% | 0.3% | ||
| Q1 24 | 1.9% | 0.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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
CODI
| Other | $119.5M | 26% |
| A5.11Tactical | $113.9M | 24% |
| Sterno Products | $85.9M | 18% |
| Altor | $60.8M | 13% |
| The Honey Pot | $36.0M | 8% |
| Arnold | $25.4M | 5% |
| Velocity Outdoor | $18.7M | 4% |
| Lugano | $8.3M | 2% |
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% |
