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Side-by-side financial comparison of Elanco Animal Health Inc (ELAN) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
Elanco Animal Health Inc is the larger business by last-quarter revenue ($1.1B vs $586.5M, roughly 2.0× StepStone Group Inc.). StepStone Group Inc. runs the higher net margin — -21.0% vs -24.1%, a 3.1% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 12.2%). Elanco Animal Health Inc produced more free cash flow last quarter ($46.0M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs -2.6%).
Elanco Animal Health Incorporated is an American pharmaceutical company which produces medicines and vaccinations for pets and livestock. Until 2019, the company was a subsidiary of Eli Lilly and Company, before being divested. It is the third-largest animal health company in the world.
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.
ELAN vs STEP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $586.5M |
| Net Profit | $-276.0M | $-123.5M |
| Gross Margin | 51.5% | — |
| Operating Margin | -22.6% | -33.2% |
| Net Margin | -24.1% | -21.0% |
| Revenue YoY | 12.2% | 73.0% |
| Net Profit YoY | -3350.0% | 35.7% |
| EPS (diluted) | $-0.55 | $-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 | $1.1B | $586.5M | ||
| Q3 25 | $1.1B | $454.2M | ||
| Q2 25 | $1.2B | $364.3M | ||
| Q1 25 | $1.2B | $377.7M | ||
| Q4 24 | $1.0B | $339.0M | ||
| Q3 24 | $1.0B | $271.7M | ||
| Q2 24 | $1.2B | $186.4M | ||
| Q1 24 | $1.2B | $356.8M |
| Q4 25 | $-276.0M | $-123.5M | ||
| Q3 25 | $-34.0M | $-366.1M | ||
| Q2 25 | $11.0M | $-38.4M | ||
| Q1 25 | $67.0M | $-18.5M | ||
| Q4 24 | $-8.0M | $-192.0M | ||
| Q3 24 | $364.0M | $17.6M | ||
| Q2 24 | $-50.0M | $13.3M | ||
| Q1 24 | $32.0M | $30.8M |
| Q4 25 | 51.5% | — | ||
| Q3 25 | 53.4% | — | ||
| Q2 25 | 57.5% | — | ||
| Q1 25 | 57.3% | — | ||
| Q4 24 | 50.9% | — | ||
| Q3 24 | 52.2% | — | ||
| Q2 24 | 58.2% | — | ||
| Q1 24 | 57.3% | — |
| Q4 25 | -22.6% | -33.2% | ||
| Q3 25 | -4.4% | -148.8% | ||
| Q2 25 | 2.0% | -5.6% | ||
| Q1 25 | 5.0% | 2.6% | ||
| Q4 24 | -5.0% | -101.7% | ||
| Q3 24 | 54.3% | 21.3% | ||
| Q2 24 | -2.7% | 29.4% | ||
| Q1 24 | 1.0% | 26.5% |
| Q4 25 | -24.1% | -21.0% | ||
| Q3 25 | -3.0% | -80.6% | ||
| Q2 25 | 0.9% | -10.5% | ||
| Q1 25 | 5.6% | -4.9% | ||
| Q4 24 | -0.8% | -56.6% | ||
| Q3 24 | 35.3% | 6.5% | ||
| Q2 24 | -4.2% | 7.2% | ||
| Q1 24 | 2.7% | 8.6% |
| Q4 25 | $-0.55 | $-1.55 | ||
| Q3 25 | $-0.07 | $-4.66 | ||
| Q2 25 | $0.02 | $-0.49 | ||
| Q1 25 | $0.13 | $-0.37 | ||
| Q4 24 | $-0.01 | $-2.61 | ||
| Q3 24 | $0.73 | $0.26 | ||
| Q2 24 | $-0.10 | $0.20 | ||
| Q1 24 | $0.06 | $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 | $545.0M | — |
| Total DebtLower is stronger | $3.9B | $270.2M |
| Stockholders' EquityBook value | $6.5B | $-378.8M |
| Total Assets | $13.4B | $5.2B |
| Debt / EquityLower = less leverage | 0.60× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $545.0M | — | ||
| Q3 25 | $505.0M | — | ||
| Q2 25 | $539.0M | — | ||
| Q1 25 | $487.0M | — | ||
| Q4 24 | $468.0M | — | ||
| Q3 24 | $490.0M | — | ||
| Q2 24 | $416.0M | — | ||
| Q1 24 | $345.0M | — |
| Q4 25 | $3.9B | $270.2M | ||
| Q3 25 | $4.0B | $269.9M | ||
| Q2 25 | $4.1B | $269.6M | ||
| Q1 25 | $4.4B | $269.3M | ||
| Q4 24 | $4.3B | $168.9M | ||
| Q3 24 | $4.4B | $172.3M | ||
| Q2 24 | $5.7B | $172.1M | ||
| Q1 24 | $5.8B | $148.8M |
| Q4 25 | $6.5B | $-378.8M | ||
| Q3 25 | $6.7B | $-233.5M | ||
| Q2 25 | $6.8B | $153.9M | ||
| Q1 25 | $6.4B | $179.4M | ||
| Q4 24 | $6.1B | $209.8M | ||
| Q3 24 | $6.5B | $397.5M | ||
| Q2 24 | $5.9B | $366.9M | ||
| Q1 24 | $6.1B | $324.5M |
| Q4 25 | $13.4B | $5.2B | ||
| Q3 25 | $13.6B | $5.3B | ||
| Q2 25 | $13.7B | $4.8B | ||
| Q1 25 | $12.9B | $4.6B | ||
| Q4 24 | $12.6B | $4.3B | ||
| Q3 24 | $13.3B | $4.0B | ||
| Q2 24 | $13.8B | $3.8B | ||
| Q1 24 | $14.0B | $3.8B |
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.59× | — | ||
| Q2 25 | 0.61× | 1.75× | ||
| Q1 25 | 0.69× | 1.50× | ||
| Q4 24 | 0.70× | 0.81× | ||
| Q3 24 | 0.67× | 0.43× | ||
| Q2 24 | 0.96× | 0.47× | ||
| Q1 24 | 0.95× | 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 | $108.0M | $27.2M |
| Free Cash FlowOCF − Capex | $46.0M | $26.7M |
| FCF MarginFCF / Revenue | 4.0% | 4.6% |
| Capex IntensityCapex / Revenue | 5.4% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $284.0M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.0M | $27.2M | ||
| Q3 25 | $219.0M | $16.2M | ||
| Q2 25 | $237.0M | $46.3M | ||
| Q1 25 | $-4.0M | $-66.5M | ||
| Q4 24 | $177.0M | $27.6M | ||
| Q3 24 | $162.0M | $53.7M | ||
| Q2 24 | $200.0M | $50.2M | ||
| Q1 24 | $2.0M | $7.6M |
| Q4 25 | $46.0M | $26.7M | ||
| Q3 25 | $127.0M | $15.9M | ||
| Q2 25 | $180.0M | $45.2M | ||
| Q1 25 | $-69.0M | $-69.2M | ||
| Q4 24 | $130.0M | $27.0M | ||
| Q3 24 | $120.0M | $52.4M | ||
| Q2 24 | $166.0M | $49.6M | ||
| Q1 24 | $-22.0M | $6.7M |
| Q4 25 | 4.0% | 4.6% | ||
| Q3 25 | 11.2% | 3.5% | ||
| Q2 25 | 14.5% | 12.4% | ||
| Q1 25 | -5.8% | -18.3% | ||
| Q4 24 | 12.7% | 8.0% | ||
| Q3 24 | 11.7% | 19.3% | ||
| Q2 24 | 14.0% | 26.6% | ||
| Q1 24 | -1.8% | 1.9% |
| Q4 25 | 5.4% | 0.1% | ||
| Q3 25 | 8.1% | 0.1% | ||
| Q2 25 | 4.6% | 0.3% | ||
| Q1 25 | 5.4% | 0.7% | ||
| Q4 24 | 4.6% | 0.2% | ||
| Q3 24 | 4.1% | 0.5% | ||
| Q2 24 | 2.9% | 0.3% | ||
| Q1 24 | 2.0% | 0.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 21.55× | — | ||
| Q1 25 | -0.06× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.45× | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | 0.06× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ELAN
| Pet Health | $489.0M | 43% |
| Cattle | $296.0M | 26% |
| Poultry | $237.0M | 21% |
| Swine | $107.0M | 9% |
| Contract Manufacturing | $15.0M | 1% |
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% |
