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Side-by-side financial comparison of ESAB Corp (ESAB) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
ESAB Corp is the larger business by last-quarter revenue ($727.8M vs $586.5M, roughly 1.2× StepStone Group Inc.). ESAB Corp runs the higher net margin — 7.5% vs -21.0%, a 28.6% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 8.5%). ESAB Corp produced more free cash flow last quarter ($70.3M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 2.8%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
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.
ESAB vs STEP — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $727.8M | $586.5M |
| Net Profit | $54.8M | $-123.5M |
| Gross Margin | 37.0% | — |
| Operating Margin | 14.6% | -33.2% |
| Net Margin | 7.5% | -21.0% |
| Revenue YoY | 8.5% | 73.0% |
| Net Profit YoY | 2.1% | 35.7% |
| EPS (diluted) | $0.90 | $-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 | $727.8M | $586.5M | ||
| Q3 25 | $715.6M | $454.2M | ||
| Q2 25 | $678.1M | $364.3M | ||
| Q1 25 | — | $377.7M | ||
| Q4 24 | $670.8M | $339.0M | ||
| Q3 24 | $673.3M | $271.7M | ||
| Q2 24 | $707.1M | $186.4M | ||
| Q1 24 | $689.7M | $356.8M |
| Q4 25 | $54.8M | $-123.5M | ||
| Q3 25 | $66.9M | $-366.1M | ||
| Q2 25 | $67.4M | $-38.4M | ||
| Q1 25 | — | $-18.5M | ||
| Q4 24 | $53.7M | $-192.0M | ||
| Q3 24 | $68.2M | $17.6M | ||
| Q2 24 | $82.9M | $13.3M | ||
| Q1 24 | $60.0M | $30.8M |
| Q4 25 | 37.0% | — | ||
| Q3 25 | 37.2% | — | ||
| Q2 25 | 37.6% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 38.5% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 38.2% | — | ||
| Q1 24 | 37.0% | — |
| Q4 25 | 14.6% | -33.2% | ||
| Q3 25 | 15.2% | -148.8% | ||
| Q2 25 | 16.2% | -5.6% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | 16.6% | -101.7% | ||
| Q3 24 | 15.7% | 21.3% | ||
| Q2 24 | 16.9% | 29.4% | ||
| Q1 24 | 16.0% | 26.5% |
| Q4 25 | 7.5% | -21.0% | ||
| Q3 25 | 9.3% | -80.6% | ||
| Q2 25 | 9.9% | -10.5% | ||
| Q1 25 | — | -4.9% | ||
| Q4 24 | 8.0% | -56.6% | ||
| Q3 24 | 10.1% | 6.5% | ||
| Q2 24 | 11.7% | 7.2% | ||
| Q1 24 | 8.7% | 8.6% |
| Q4 25 | $0.90 | $-1.55 | ||
| Q3 25 | $1.09 | $-4.66 | ||
| Q2 25 | $1.10 | $-0.49 | ||
| Q1 25 | — | $-0.37 | ||
| Q4 24 | $0.87 | $-2.61 | ||
| Q3 24 | $1.11 | $0.26 | ||
| Q2 24 | $1.35 | $0.20 | ||
| Q1 24 | $0.98 | $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 | $218.2M | — |
| Total DebtLower is stronger | $1.3B | $270.2M |
| Stockholders' EquityBook value | $2.1B | $-378.8M |
| Total Assets | $4.9B | $5.2B |
| Debt / EquityLower = less leverage | 0.63× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $218.2M | — | ||
| Q3 25 | $258.2M | — | ||
| Q2 25 | $291.3M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $249.4M | — | ||
| Q3 24 | $253.7M | — | ||
| Q2 24 | $228.5M | — | ||
| Q1 24 | $76.5M | — |
| Q4 25 | $1.3B | $270.2M | ||
| Q3 25 | $1.1B | $269.9M | ||
| Q2 25 | $1.1B | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | $1.1B | $168.9M | ||
| Q3 24 | $1.1B | $172.3M | ||
| Q2 24 | $1.1B | $172.1M | ||
| Q1 24 | $992.8M | $148.8M |
| Q4 25 | $2.1B | $-378.8M | ||
| Q3 25 | $2.1B | $-233.5M | ||
| Q2 25 | $1.9B | $153.9M | ||
| Q1 25 | — | $179.4M | ||
| Q4 24 | $1.8B | $209.8M | ||
| Q3 24 | $1.8B | $397.5M | ||
| Q2 24 | $1.7B | $366.9M | ||
| Q1 24 | $1.6B | $324.5M |
| Q4 25 | $4.9B | $5.2B | ||
| Q3 25 | $4.4B | $5.3B | ||
| Q2 25 | $4.2B | $4.8B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | $4.0B | $4.3B | ||
| Q3 24 | $4.1B | $4.0B | ||
| Q2 24 | $4.0B | $3.8B | ||
| Q1 24 | $3.8B | $3.8B |
| Q4 25 | 0.63× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.55× | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | 0.60× | 0.81× | ||
| Q3 24 | 0.59× | 0.43× | ||
| Q2 24 | 0.63× | 0.47× | ||
| Q1 24 | 0.61× | 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 | $81.5M | $27.2M |
| Free Cash FlowOCF − Capex | $70.3M | $26.7M |
| FCF MarginFCF / Revenue | 9.7% | 4.6% |
| Capex IntensityCapex / Revenue | 1.5% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.49× | — |
| TTM Free Cash FlowTrailing 4 quarters | $238.0M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.5M | $27.2M | ||
| Q3 25 | $46.6M | $16.2M | ||
| Q2 25 | $35.4M | $46.3M | ||
| Q1 25 | — | $-66.5M | ||
| Q4 24 | $126.9M | $27.6M | ||
| Q3 24 | $101.0M | $53.7M | ||
| Q2 24 | $83.0M | $50.2M | ||
| Q1 24 | $44.5M | $7.6M |
| Q4 25 | $70.3M | $26.7M | ||
| Q3 25 | $37.4M | $15.9M | ||
| Q2 25 | $28.1M | $45.2M | ||
| Q1 25 | — | $-69.2M | ||
| Q4 24 | $102.2M | $27.0M | ||
| Q3 24 | $90.4M | $52.4M | ||
| Q2 24 | $74.0M | $49.6M | ||
| Q1 24 | $37.1M | $6.7M |
| Q4 25 | 9.7% | 4.6% | ||
| Q3 25 | 5.2% | 3.5% | ||
| Q2 25 | 4.1% | 12.4% | ||
| Q1 25 | — | -18.3% | ||
| Q4 24 | 15.2% | 8.0% | ||
| Q3 24 | 13.4% | 19.3% | ||
| Q2 24 | 10.5% | 26.6% | ||
| Q1 24 | 5.4% | 1.9% |
| Q4 25 | 1.5% | 0.1% | ||
| Q3 25 | 1.3% | 0.1% | ||
| Q2 25 | 1.1% | 0.3% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | 3.7% | 0.2% | ||
| Q3 24 | 1.6% | 0.5% | ||
| Q2 24 | 1.3% | 0.3% | ||
| Q1 24 | 1.1% | 0.3% |
| Q4 25 | 1.49× | — | ||
| Q3 25 | 0.70× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.36× | — | ||
| Q3 24 | 1.48× | 3.05× | ||
| Q2 24 | 1.00× | 3.76× | ||
| Q1 24 | 0.74× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
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% |
