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Side-by-side financial comparison of DONALDSON Co INC (DCI) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
DONALDSON Co INC is the larger business by last-quarter revenue ($935.4M vs $586.5M, roughly 1.6× StepStone Group Inc.). DONALDSON Co INC runs the higher net margin — 12.2% vs -21.0%, a 33.2% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 3.9%). DONALDSON Co INC produced more free cash flow last quarter ($111.2M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 3.3%).
Donaldson Company, Inc. is a filtration company engaged in the production and marketing of filtration products used in a variety of industry sectors, including commercial/industrial, aerospace, chemical, alternative energy (windmills), food & beverage, and pharmaceuticals. Also the company's research division, located in Minneapolis, Minn., participated in defense-related projects for various military applications.
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.
DCI vs STEP — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $935.4M | $586.5M |
| Net Profit | $113.9M | $-123.5M |
| Gross Margin | 35.2% | — |
| Operating Margin | 16.0% | -33.2% |
| Net Margin | 12.2% | -21.0% |
| Revenue YoY | 3.9% | 73.0% |
| Net Profit YoY | 15.1% | 35.7% |
| EPS (diluted) | $0.97 | $-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 | $935.4M | $586.5M | ||
| Q3 25 | $980.7M | $454.2M | ||
| Q2 25 | $940.1M | $364.3M | ||
| Q1 25 | $870.0M | $377.7M | ||
| Q4 24 | $900.1M | $339.0M | ||
| Q3 24 | $935.4M | $271.7M | ||
| Q2 24 | $927.9M | $186.4M | ||
| Q1 24 | $876.7M | $356.8M |
| Q4 25 | $113.9M | $-123.5M | ||
| Q3 25 | $114.3M | $-366.1M | ||
| Q2 25 | $57.8M | $-38.4M | ||
| Q1 25 | $95.9M | $-18.5M | ||
| Q4 24 | $99.0M | $-192.0M | ||
| Q3 24 | $109.7M | $17.6M | ||
| Q2 24 | $113.5M | $13.3M | ||
| Q1 24 | $98.7M | $30.8M |
| Q4 25 | 35.2% | — | ||
| Q3 25 | 34.5% | — | ||
| Q2 25 | 34.2% | — | ||
| Q1 25 | 35.2% | — | ||
| Q4 24 | 35.5% | — | ||
| Q3 24 | 35.8% | — | ||
| Q2 24 | 35.6% | — | ||
| Q1 24 | 35.2% | — |
| Q4 25 | 16.0% | -33.2% | ||
| Q3 25 | 15.5% | -148.8% | ||
| Q2 25 | 9.3% | -5.6% | ||
| Q1 25 | 14.4% | 2.6% | ||
| Q4 24 | 14.5% | -101.7% | ||
| Q3 24 | 15.6% | 21.3% | ||
| Q2 24 | 15.5% | 29.4% | ||
| Q1 24 | 14.8% | 26.5% |
| Q4 25 | 12.2% | -21.0% | ||
| Q3 25 | 11.7% | -80.6% | ||
| Q2 25 | 6.1% | -10.5% | ||
| Q1 25 | 11.0% | -4.9% | ||
| Q4 24 | 11.0% | -56.6% | ||
| Q3 24 | 11.7% | 6.5% | ||
| Q2 24 | 12.2% | 7.2% | ||
| Q1 24 | 11.3% | 8.6% |
| Q4 25 | $0.97 | $-1.55 | ||
| Q3 25 | $0.97 | $-4.66 | ||
| Q2 25 | $0.48 | $-0.49 | ||
| Q1 25 | $0.79 | $-0.37 | ||
| Q4 24 | $0.81 | $-2.61 | ||
| Q3 24 | $0.90 | $0.26 | ||
| Q2 24 | $0.92 | $0.20 | ||
| Q1 24 | $0.81 | $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 | $210.7M | — |
| Total DebtLower is stronger | $671.5M | $270.2M |
| Stockholders' EquityBook value | $1.5B | $-378.8M |
| Total Assets | $3.0B | $5.2B |
| Debt / EquityLower = less leverage | 0.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.7M | — | ||
| Q3 25 | $180.4M | — | ||
| Q2 25 | $178.5M | — | ||
| Q1 25 | $189.1M | — | ||
| Q4 24 | $221.2M | — | ||
| Q3 24 | $232.7M | — | ||
| Q2 24 | $223.7M | — | ||
| Q1 24 | $193.8M | — |
| Q4 25 | $671.5M | $270.2M | ||
| Q3 25 | $630.4M | $269.9M | ||
| Q2 25 | $638.8M | $269.6M | ||
| Q1 25 | $514.7M | $269.3M | ||
| Q4 24 | $538.6M | $168.9M | ||
| Q3 24 | $483.4M | $172.3M | ||
| Q2 24 | $481.8M | $172.1M | ||
| Q1 24 | $352.0M | $148.8M |
| Q4 25 | $1.5B | $-378.8M | ||
| Q3 25 | $1.5B | $-233.5M | ||
| Q2 25 | $1.5B | $153.9M | ||
| Q1 25 | $1.5B | $179.4M | ||
| Q4 24 | $1.5B | $209.8M | ||
| Q3 24 | $1.5B | $397.5M | ||
| Q2 24 | $1.5B | $366.9M | ||
| Q1 24 | $1.4B | $324.5M |
| Q4 25 | $3.0B | $5.2B | ||
| Q3 25 | $3.0B | $5.3B | ||
| Q2 25 | $3.0B | $4.8B | ||
| Q1 25 | $3.0B | $4.6B | ||
| Q4 24 | $3.0B | $4.3B | ||
| Q3 24 | $2.9B | $4.0B | ||
| Q2 24 | $2.9B | $3.8B | ||
| Q1 24 | $2.8B | $3.8B |
| Q4 25 | 0.44× | — | ||
| Q3 25 | 0.43× | — | ||
| Q2 25 | 0.44× | 1.75× | ||
| Q1 25 | 0.33× | 1.50× | ||
| Q4 24 | 0.35× | 0.81× | ||
| Q3 24 | 0.32× | 0.43× | ||
| Q2 24 | 0.32× | 0.47× | ||
| Q1 24 | 0.26× | 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 | $125.4M | $27.2M |
| Free Cash FlowOCF − Capex | $111.2M | $26.7M |
| FCF MarginFCF / Revenue | 11.9% | 4.6% |
| Capex IntensityCapex / Revenue | 1.5% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $403.2M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.4M | $27.2M | ||
| Q3 25 | $167.8M | $16.2M | ||
| Q2 25 | $87.7M | $46.3M | ||
| Q1 25 | $90.4M | $-66.5M | ||
| Q4 24 | $72.9M | $27.6M | ||
| Q3 24 | $126.0M | $53.7M | ||
| Q2 24 | $141.5M | $50.2M | ||
| Q1 24 | $87.0M | $7.6M |
| Q4 25 | $111.2M | $26.7M | ||
| Q3 25 | $147.5M | $15.9M | ||
| Q2 25 | $73.0M | $45.2M | ||
| Q1 25 | $71.5M | $-69.2M | ||
| Q4 24 | $47.9M | $27.0M | ||
| Q3 24 | $106.2M | $52.4M | ||
| Q2 24 | $120.2M | $49.6M | ||
| Q1 24 | $65.7M | $6.7M |
| Q4 25 | 11.9% | 4.6% | ||
| Q3 25 | 15.0% | 3.5% | ||
| Q2 25 | 7.8% | 12.4% | ||
| Q1 25 | 8.2% | -18.3% | ||
| Q4 24 | 5.3% | 8.0% | ||
| Q3 24 | 11.4% | 19.3% | ||
| Q2 24 | 13.0% | 26.6% | ||
| Q1 24 | 7.5% | 1.9% |
| Q4 25 | 1.5% | 0.1% | ||
| Q3 25 | 2.1% | 0.1% | ||
| Q2 25 | 1.6% | 0.3% | ||
| Q1 25 | 2.2% | 0.7% | ||
| Q4 24 | 2.8% | 0.2% | ||
| Q3 24 | 2.1% | 0.5% | ||
| Q2 24 | 2.3% | 0.3% | ||
| Q1 24 | 2.4% | 0.3% |
| Q4 25 | 1.10× | — | ||
| Q3 25 | 1.47× | — | ||
| Q2 25 | 1.52× | — | ||
| Q1 25 | 0.94× | — | ||
| Q4 24 | 0.74× | — | ||
| Q3 24 | 1.15× | 3.05× | ||
| Q2 24 | 1.25× | 3.76× | ||
| Q1 24 | 0.88× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DCI
| Aftermarket Products | $447.1M | 48% |
| Industrial Filtration Solutions Products | $222.6M | 24% |
| Off Road Products | $86.5M | 9% |
| Life Sciences Segment | $80.0M | 9% |
| Other | $39.1M | 4% |
| Aerospace And Defense Products | $37.1M | 4% |
| On Road Products | $23.0M | 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% |
