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Side-by-side financial comparison of FirstCash Holdings, Inc. (FCFS) 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 $501.3M, roughly 1.2× FirstCash Holdings, Inc.). FirstCash Holdings, Inc. runs the higher net margin — 20.8% vs -21.0%, a 41.8% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 21.2%). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 16.9%).
FirstCash Holdings, Inc. is an American pawnshop company headquartered in Fort Worth, Texas which operates retail pawn stores in the U.S. and Latin America. It is a publicly traded company listed on the Nasdaq stock exchange.
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.
FCFS vs STEP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $501.3M | $586.5M |
| Net Profit | $104.2M | $-123.5M |
| Gross Margin | — | — |
| Operating Margin | 28.5% | -33.2% |
| Net Margin | 20.8% | -21.0% |
| Revenue YoY | 21.2% | 73.0% |
| Net Profit YoY | 24.7% | 35.7% |
| EPS (diluted) | $2.35 | $-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 | $501.3M | $586.5M | ||
| Q3 25 | $411.0M | $454.2M | ||
| Q2 25 | $385.1M | $364.3M | ||
| Q1 25 | $371.1M | $377.7M | ||
| Q4 24 | $413.7M | $339.0M | ||
| Q3 24 | $363.1M | $271.7M | ||
| Q2 24 | $363.5M | $186.4M | ||
| Q1 24 | $366.8M | $356.8M |
| Q4 25 | $104.2M | $-123.5M | ||
| Q3 25 | $82.8M | $-366.1M | ||
| Q2 25 | $59.8M | $-38.4M | ||
| Q1 25 | $83.6M | $-18.5M | ||
| Q4 24 | $83.5M | $-192.0M | ||
| Q3 24 | $64.8M | $17.6M | ||
| Q2 24 | $49.1M | $13.3M | ||
| Q1 24 | $61.4M | $30.8M |
| Q4 25 | 28.5% | -33.2% | ||
| Q3 25 | 27.4% | -148.8% | ||
| Q2 25 | 21.1% | -5.6% | ||
| Q1 25 | 30.0% | 2.6% | ||
| Q4 24 | 26.5% | -101.7% | ||
| Q3 24 | 23.5% | 21.3% | ||
| Q2 24 | 18.2% | 29.4% | ||
| Q1 24 | 22.3% | 26.5% |
| Q4 25 | 20.8% | -21.0% | ||
| Q3 25 | 20.1% | -80.6% | ||
| Q2 25 | 15.5% | -10.5% | ||
| Q1 25 | 22.5% | -4.9% | ||
| Q4 24 | 20.2% | -56.6% | ||
| Q3 24 | 17.9% | 6.5% | ||
| Q2 24 | 13.5% | 7.2% | ||
| Q1 24 | 16.7% | 8.6% |
| Q4 25 | $2.35 | $-1.55 | ||
| Q3 25 | $1.86 | $-4.66 | ||
| Q2 25 | $1.34 | $-0.49 | ||
| Q1 25 | $1.87 | $-0.37 | ||
| Q4 24 | $1.86 | $-2.61 | ||
| Q3 24 | $1.44 | $0.26 | ||
| Q2 24 | $1.08 | $0.20 | ||
| Q1 24 | $1.35 | $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 | $125.2M | — |
| Total DebtLower is stronger | $2.2B | $270.2M |
| Stockholders' EquityBook value | $2.3B | $-378.8M |
| Total Assets | $5.3B | $5.2B |
| Debt / EquityLower = less leverage | 0.98× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.2M | — | ||
| Q3 25 | $130.2M | — | ||
| Q2 25 | $101.5M | — | ||
| Q1 25 | $146.0M | — | ||
| Q4 24 | $175.1M | — | ||
| Q3 24 | $106.3M | — | ||
| Q2 24 | $113.7M | — | ||
| Q1 24 | $135.1M | — |
| Q4 25 | $2.2B | $270.2M | ||
| Q3 25 | $2.2B | $269.9M | ||
| Q2 25 | $1.7B | $269.6M | ||
| Q1 25 | $1.7B | $269.3M | ||
| Q4 24 | $1.7B | $168.9M | ||
| Q3 24 | $1.7B | $172.3M | ||
| Q2 24 | $1.7B | $172.1M | ||
| Q1 24 | $1.5B | $148.8M |
| Q4 25 | $2.3B | $-378.8M | ||
| Q3 25 | $2.2B | $-233.5M | ||
| Q2 25 | $2.1B | $153.9M | ||
| Q1 25 | $2.1B | $179.4M | ||
| Q4 24 | $2.1B | $209.8M | ||
| Q3 24 | $2.0B | $397.5M | ||
| Q2 24 | $2.0B | $366.9M | ||
| Q1 24 | $2.0B | $324.5M |
| Q4 25 | $5.3B | $5.2B | ||
| Q3 25 | $5.2B | $5.3B | ||
| Q2 25 | $4.5B | $4.8B | ||
| Q1 25 | $4.4B | $4.6B | ||
| Q4 24 | $4.5B | $4.3B | ||
| Q3 24 | $4.4B | $4.0B | ||
| Q2 24 | $4.3B | $3.8B | ||
| Q1 24 | $4.2B | $3.8B |
| Q4 25 | 0.98× | — | ||
| Q3 25 | 1.01× | — | ||
| Q2 25 | 0.79× | 1.75× | ||
| Q1 25 | 0.83× | 1.50× | ||
| Q4 24 | 0.85× | 0.81× | ||
| Q3 24 | 0.87× | 0.43× | ||
| Q2 24 | 0.85× | 0.47× | ||
| Q1 24 | 0.75× | 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 | $206.6M | $27.2M |
| Free Cash FlowOCF − Capex | — | $26.7M |
| FCF MarginFCF / Revenue | — | 4.6% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | 1.98× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $206.6M | $27.2M | ||
| Q3 25 | $135.8M | $16.2M | ||
| Q2 25 | $116.9M | $46.3M | ||
| Q1 25 | $126.6M | $-66.5M | ||
| Q4 24 | $198.1M | $27.6M | ||
| Q3 24 | $113.1M | $53.7M | ||
| Q2 24 | $106.2M | $50.2M | ||
| Q1 24 | $122.5M | $7.6M |
| Q4 25 | — | $26.7M | ||
| Q3 25 | — | $15.9M | ||
| Q2 25 | — | $45.2M | ||
| Q1 25 | — | $-69.2M | ||
| Q4 24 | — | $27.0M | ||
| Q3 24 | — | $52.4M | ||
| Q2 24 | — | $49.6M | ||
| Q1 24 | — | $6.7M |
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | -18.3% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | — | 19.3% | ||
| Q2 24 | — | 26.6% | ||
| Q1 24 | — | 1.9% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
| Q4 25 | 1.98× | — | ||
| Q3 25 | 1.64× | — | ||
| Q2 25 | 1.95× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 2.37× | — | ||
| Q3 24 | 1.74× | 3.05× | ||
| Q2 24 | 2.16× | 3.76× | ||
| Q1 24 | 2.00× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FCFS
| US Pawn Segment | $292.2M | 58% |
| Retail POS Payment Solutions | $209.8M | 42% |
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% |
