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Side-by-side financial comparison of National Vision Holdings, Inc. (EYE) 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 $487.3M, roughly 1.2× National Vision Holdings, Inc.). National Vision Holdings, Inc. runs the higher net margin — 0.7% vs -21.0%, a 21.7% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 7.9%). National Vision Holdings, Inc. produced more free cash flow last quarter ($30.3M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 7.6%).
Vision Research is an international company that manufactures high-speed digital cameras based in Wayne, New Jersey. Their cameras are marketed under the Phantom brand, and are used in a broad variety of industries including: defense, industrial product development, manufacturing, automotive, scientific research, and entertainment. Vision Research is a business unit of the Materials Analysis Division of Ametek Inc., a global manufacturer of electronic instruments and electromechanical devices.
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.
EYE vs STEP — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $487.3M | $586.5M |
| Net Profit | $3.4M | $-123.5M |
| Gross Margin | — | — |
| Operating Margin | 2.0% | -33.2% |
| Net Margin | 0.7% | -21.0% |
| Revenue YoY | 7.9% | 73.0% |
| Net Profit YoY | 139.8% | 35.7% |
| EPS (diluted) | $0.04 | $-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 | — | $586.5M | ||
| Q3 25 | $487.3M | $454.2M | ||
| Q2 25 | $486.4M | $364.3M | ||
| Q1 25 | $510.3M | $377.7M | ||
| Q4 24 | $437.3M | $339.0M | ||
| Q3 24 | $451.5M | $271.7M | ||
| Q2 24 | $451.7M | $186.4M | ||
| Q1 24 | $482.8M | $356.8M |
| Q4 25 | — | $-123.5M | ||
| Q3 25 | $3.4M | $-366.1M | ||
| Q2 25 | $8.7M | $-38.4M | ||
| Q1 25 | $14.2M | $-18.5M | ||
| Q4 24 | $-28.6M | $-192.0M | ||
| Q3 24 | $-8.5M | $17.6M | ||
| Q2 24 | $-3.1M | $13.3M | ||
| Q1 24 | $11.7M | $30.8M |
| Q4 25 | — | -33.2% | ||
| Q3 25 | 2.0% | -148.8% | ||
| Q2 25 | 3.4% | -5.6% | ||
| Q1 25 | 5.1% | 2.6% | ||
| Q4 24 | -5.8% | -101.7% | ||
| Q3 24 | -2.0% | 21.3% | ||
| Q2 24 | 0.1% | 29.4% | ||
| Q1 24 | 4.9% | 26.5% |
| Q4 25 | — | -21.0% | ||
| Q3 25 | 0.7% | -80.6% | ||
| Q2 25 | 1.8% | -10.5% | ||
| Q1 25 | 2.8% | -4.9% | ||
| Q4 24 | -6.5% | -56.6% | ||
| Q3 24 | -1.9% | 6.5% | ||
| Q2 24 | -0.7% | 7.2% | ||
| Q1 24 | 2.4% | 8.6% |
| Q4 25 | — | $-1.55 | ||
| Q3 25 | $0.04 | $-4.66 | ||
| Q2 25 | $0.11 | $-0.49 | ||
| Q1 25 | $0.18 | $-0.37 | ||
| Q4 24 | $-0.36 | $-2.61 | ||
| Q3 24 | $-0.11 | $0.26 | ||
| Q2 24 | $-0.04 | $0.20 | ||
| Q1 24 | $0.15 | $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 | $56.0M | — |
| Total DebtLower is stronger | $236.5M | $270.2M |
| Stockholders' EquityBook value | $858.8M | $-378.8M |
| Total Assets | $2.0B | $5.2B |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $56.0M | — | ||
| Q2 25 | $48.5M | — | ||
| Q1 25 | $80.0M | — | ||
| Q4 24 | $73.9M | — | ||
| Q3 24 | $81.2M | — | ||
| Q2 24 | $179.5M | — | ||
| Q1 24 | $150.1M | — |
| Q4 25 | — | $270.2M | ||
| Q3 25 | $236.5M | $269.9M | ||
| Q2 25 | $255.6M | $269.6M | ||
| Q1 25 | $244.7M | $269.3M | ||
| Q4 24 | $248.6M | $168.9M | ||
| Q3 24 | $252.8M | $172.3M | ||
| Q2 24 | $143.9M | $172.1M | ||
| Q1 24 | $448.6M | $148.8M |
| Q4 25 | — | $-378.8M | ||
| Q3 25 | $858.8M | $-233.5M | ||
| Q2 25 | $850.6M | $153.9M | ||
| Q1 25 | $836.2M | $179.4M | ||
| Q4 24 | $816.3M | $209.8M | ||
| Q3 24 | $840.0M | $397.5M | ||
| Q2 24 | $843.4M | $366.9M | ||
| Q1 24 | $841.3M | $324.5M |
| Q4 25 | — | $5.2B | ||
| Q3 25 | $2.0B | $5.3B | ||
| Q2 25 | $2.0B | $4.8B | ||
| Q1 25 | $2.0B | $4.6B | ||
| Q4 24 | $2.0B | $4.3B | ||
| Q3 24 | $2.0B | $4.0B | ||
| Q2 24 | $2.1B | $3.8B | ||
| Q1 24 | $2.2B | $3.8B |
| Q4 25 | — | — | ||
| Q3 25 | 0.28× | — | ||
| Q2 25 | 0.30× | 1.75× | ||
| Q1 25 | 0.29× | 1.50× | ||
| Q4 24 | 0.30× | 0.81× | ||
| Q3 24 | 0.30× | 0.43× | ||
| Q2 24 | 0.17× | 0.47× | ||
| Q1 24 | 0.53× | 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 | $46.6M | $27.2M |
| Free Cash FlowOCF − Capex | $30.3M | $26.7M |
| FCF MarginFCF / Revenue | 6.2% | 4.6% |
| Capex IntensityCapex / Revenue | 3.4% | 0.1% |
| Cash ConversionOCF / Net Profit | 13.83× | — |
| TTM Free Cash FlowTrailing 4 quarters | $83.0M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $27.2M | ||
| Q3 25 | $46.6M | $16.2M | ||
| Q2 25 | $54.3M | $46.3M | ||
| Q1 25 | $32.2M | $-66.5M | ||
| Q4 24 | $30.3M | $27.6M | ||
| Q3 24 | $27.9M | $53.7M | ||
| Q2 24 | $51.5M | $50.2M | ||
| Q1 24 | $24.0M | $7.6M |
| Q4 25 | — | $26.7M | ||
| Q3 25 | $30.3M | $15.9M | ||
| Q2 25 | $42.4M | $45.2M | ||
| Q1 25 | $12.0M | $-69.2M | ||
| Q4 24 | $-1.7M | $27.0M | ||
| Q3 24 | $4.1M | $52.4M | ||
| Q2 24 | $31.9M | $49.6M | ||
| Q1 24 | $4.0M | $6.7M |
| Q4 25 | — | 4.6% | ||
| Q3 25 | 6.2% | 3.5% | ||
| Q2 25 | 8.7% | 12.4% | ||
| Q1 25 | 2.4% | -18.3% | ||
| Q4 24 | -0.4% | 8.0% | ||
| Q3 24 | 0.9% | 19.3% | ||
| Q2 24 | 7.1% | 26.6% | ||
| Q1 24 | 0.8% | 1.9% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | 3.4% | 0.1% | ||
| Q2 25 | 2.4% | 0.3% | ||
| Q1 25 | 4.0% | 0.7% | ||
| Q4 24 | 7.3% | 0.2% | ||
| Q3 24 | 5.3% | 0.5% | ||
| Q2 24 | 4.3% | 0.3% | ||
| Q1 24 | 4.1% | 0.3% |
| Q4 25 | — | — | ||
| Q3 25 | 13.83× | — | ||
| Q2 25 | 6.22× | — | ||
| Q1 25 | 2.27× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | 2.05× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EYE
Segment breakdown not available.
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% |
