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Side-by-side financial comparison of FEDERATED HERMES, INC. (FHI) 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 $482.8M, roughly 1.2× FEDERATED HERMES, INC.). FEDERATED HERMES, INC. runs the higher net margin — 22.2% vs -21.0%, a 43.2% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 13.7%). FEDERATED HERMES, INC. produced more free cash flow last quarter ($294.6M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 10.4%).
Federated Hermes is an investment manager headquartered in Pittsburgh, Pennsylvania, United States. Founded in 1955 and incorporated on October 18, 1957, the company manages $902.6 billion of customer assets, as of December 2025. The company offers investments spanning equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies, including mutual funds, exchange-traded funds (ETFs), separate accounts, closed-end funds and collective investment funds. Clie...
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.
FHI vs STEP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $482.8M | $586.5M |
| Net Profit | $107.0M | $-123.5M |
| Gross Margin | — | — |
| Operating Margin | 28.1% | -33.2% |
| Net Margin | 22.2% | -21.0% |
| Revenue YoY | 13.7% | 73.0% |
| Net Profit YoY | 26.4% | 35.7% |
| EPS (diluted) | $1.38 | $-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 | $482.8M | $586.5M | ||
| Q3 25 | $469.4M | $454.2M | ||
| Q2 25 | $424.8M | $364.3M | ||
| Q1 25 | $423.5M | $377.7M | ||
| Q4 24 | $424.7M | $339.0M | ||
| Q3 24 | $408.5M | $271.7M | ||
| Q2 24 | $402.6M | $186.4M | ||
| Q1 24 | $396.4M | $356.8M |
| Q4 25 | $107.0M | $-123.5M | ||
| Q3 25 | $104.1M | $-366.1M | ||
| Q2 25 | $91.0M | $-38.4M | ||
| Q1 25 | $101.1M | $-18.5M | ||
| Q4 24 | $84.7M | $-192.0M | ||
| Q3 24 | $87.5M | $17.6M | ||
| Q2 24 | $21.0M | $13.3M | ||
| Q1 24 | $75.0M | $30.8M |
| Q4 25 | 28.1% | -33.2% | ||
| Q3 25 | 27.6% | -148.8% | ||
| Q2 25 | 27.6% | -5.6% | ||
| Q1 25 | 31.1% | 2.6% | ||
| Q4 24 | 26.0% | -101.7% | ||
| Q3 24 | 27.4% | 21.3% | ||
| Q2 24 | 10.1% | 29.4% | ||
| Q1 24 | 24.9% | 26.5% |
| Q4 25 | 22.2% | -21.0% | ||
| Q3 25 | 22.2% | -80.6% | ||
| Q2 25 | 21.4% | -10.5% | ||
| Q1 25 | 23.9% | -4.9% | ||
| Q4 24 | 19.9% | -56.6% | ||
| Q3 24 | 21.4% | 6.5% | ||
| Q2 24 | 5.2% | 7.2% | ||
| Q1 24 | 18.9% | 8.6% |
| Q4 25 | $1.38 | $-1.55 | ||
| Q3 25 | $1.34 | $-4.66 | ||
| Q2 25 | $1.16 | $-0.49 | ||
| Q1 25 | $1.25 | $-0.37 | ||
| Q4 24 | $1.08 | $-2.61 | ||
| Q3 24 | $1.06 | $0.26 | ||
| Q2 24 | $0.20 | $0.20 | ||
| Q1 24 | $0.89 | $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 | $582.5M | — |
| Total DebtLower is stronger | $348.4M | $270.2M |
| Stockholders' EquityBook value | $1.2B | $-378.8M |
| Total Assets | $2.2B | $5.2B |
| Debt / EquityLower = less leverage | 0.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $582.5M | — | ||
| Q3 25 | $506.3M | — | ||
| Q2 25 | $371.0M | — | ||
| Q1 25 | $387.6M | — | ||
| Q4 24 | $504.4M | — | ||
| Q3 24 | $375.0M | — | ||
| Q2 24 | $307.4M | — | ||
| Q1 24 | $359.8M | — |
| Q4 25 | $348.4M | $270.2M | ||
| Q3 25 | $348.3M | $269.9M | ||
| Q2 25 | $348.2M | $269.6M | ||
| Q1 25 | $348.2M | $269.3M | ||
| Q4 24 | $348.1M | $168.9M | ||
| Q3 24 | $348.0M | $172.3M | ||
| Q2 24 | $348.0M | $172.1M | ||
| Q1 24 | $347.9M | $148.8M |
| Q4 25 | $1.2B | $-378.8M | ||
| Q3 25 | $1.2B | $-233.5M | ||
| Q2 25 | $1.1B | $153.9M | ||
| Q1 25 | $1.1B | $179.4M | ||
| Q4 24 | $1.1B | $209.8M | ||
| Q3 24 | $1.1B | $397.5M | ||
| Q2 24 | $1.0B | $366.9M | ||
| Q1 24 | $1.1B | $324.5M |
| Q4 25 | $2.2B | $5.2B | ||
| Q3 25 | $2.2B | $5.3B | ||
| Q2 25 | $2.2B | $4.8B | ||
| Q1 25 | $2.0B | $4.6B | ||
| Q4 24 | $2.1B | $4.3B | ||
| Q3 24 | $2.0B | $4.0B | ||
| Q2 24 | $1.9B | $3.8B | ||
| Q1 24 | $2.1B | $3.8B |
| Q4 25 | 0.29× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | 0.31× | 1.75× | ||
| Q1 25 | 0.32× | 1.50× | ||
| Q4 24 | 0.32× | 0.81× | ||
| Q3 24 | 0.32× | 0.43× | ||
| Q2 24 | 0.34× | 0.47× | ||
| Q1 24 | 0.30× | 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 | $297.3M | $27.2M |
| Free Cash FlowOCF − Capex | $294.6M | $26.7M |
| FCF MarginFCF / Revenue | 61.0% | 4.6% |
| Capex IntensityCapex / Revenue | 0.6% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.78× | — |
| TTM Free Cash FlowTrailing 4 quarters | $427.5M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $297.3M | $27.2M | ||
| Q3 25 | $103.1M | $16.2M | ||
| Q2 25 | $18.8M | $46.3M | ||
| Q1 25 | $14.3M | $-66.5M | ||
| Q4 24 | $346.6M | $27.6M | ||
| Q3 24 | $117.1M | $53.7M | ||
| Q2 24 | $88.7M | $50.2M | ||
| Q1 24 | $14.0M | $7.6M |
| Q4 25 | $294.6M | $26.7M | ||
| Q3 25 | $101.6M | $15.9M | ||
| Q2 25 | $18.0M | $45.2M | ||
| Q1 25 | $13.3M | $-69.2M | ||
| Q4 24 | $342.5M | $27.0M | ||
| Q3 24 | $114.1M | $52.4M | ||
| Q2 24 | $82.7M | $49.6M | ||
| Q1 24 | $13.5M | $6.7M |
| Q4 25 | 61.0% | 4.6% | ||
| Q3 25 | 21.6% | 3.5% | ||
| Q2 25 | 4.2% | 12.4% | ||
| Q1 25 | 3.1% | -18.3% | ||
| Q4 24 | 80.7% | 8.0% | ||
| Q3 24 | 27.9% | 19.3% | ||
| Q2 24 | 20.5% | 26.6% | ||
| Q1 24 | 3.4% | 1.9% |
| Q4 25 | 0.6% | 0.1% | ||
| Q3 25 | 0.3% | 0.1% | ||
| Q2 25 | 0.2% | 0.3% | ||
| Q1 25 | 0.2% | 0.7% | ||
| Q4 24 | 0.9% | 0.2% | ||
| Q3 24 | 0.7% | 0.5% | ||
| Q2 24 | 1.5% | 0.3% | ||
| Q1 24 | 0.1% | 0.3% |
| Q4 25 | 2.78× | — | ||
| Q3 25 | 0.99× | — | ||
| Q2 25 | 0.21× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 4.09× | — | ||
| Q3 24 | 1.34× | 3.05× | ||
| Q2 24 | 4.22× | 3.76× | ||
| Q1 24 | 0.19× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FHI
| Investment Advisory Management And Administrative Service | $314.0M | 65% |
| Separateaccounts | $63.9M | 13% |
| Other | $61.2M | 13% |
| Distribution Service | $43.7M | 9% |
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% |
