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Side-by-side financial comparison of Federal Realty Investment Trust (FRT) 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 $336.0M, roughly 1.7× Federal Realty Investment Trust). Federal Realty Investment Trust runs the higher net margin — 38.6% vs -21.0%, a 59.7% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 8.7%). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 6.5%).
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.
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.
FRT vs STEP — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $336.0M | $586.5M |
| Net Profit | $129.7M | $-123.5M |
| Gross Margin | — | — |
| Operating Margin | 53.8% | -33.2% |
| Net Margin | 38.6% | -21.0% |
| Revenue YoY | 8.7% | 73.0% |
| Net Profit YoY | 103.5% | 35.7% |
| EPS (diluted) | $1.49 | $-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.
| Q1 26 | $336.0M | — | ||
| Q4 25 | $336.0M | $586.5M | ||
| Q3 25 | $322.3M | $454.2M | ||
| Q2 25 | $311.5M | $364.3M | ||
| Q1 25 | $309.2M | $377.7M | ||
| Q4 24 | $311.4M | $339.0M | ||
| Q3 24 | $303.6M | $271.7M | ||
| Q2 24 | $296.1M | $186.4M |
| Q1 26 | $129.7M | — | ||
| Q4 25 | $129.7M | $-123.5M | ||
| Q3 25 | $61.6M | $-366.1M | ||
| Q2 25 | $155.9M | $-38.4M | ||
| Q1 25 | $63.8M | $-18.5M | ||
| Q4 24 | $65.5M | $-192.0M | ||
| Q3 24 | $61.0M | $17.6M | ||
| Q2 24 | $112.0M | $13.3M |
| Q1 26 | 53.8% | — | ||
| Q4 25 | 53.8% | -33.2% | ||
| Q3 25 | 34.3% | -148.8% | ||
| Q2 25 | 65.1% | -5.6% | ||
| Q1 25 | 35.0% | 2.6% | ||
| Q4 24 | 35.1% | -101.7% | ||
| Q3 24 | 34.9% | 21.3% | ||
| Q2 24 | 53.0% | 29.4% |
| Q1 26 | 38.6% | — | ||
| Q4 25 | 38.6% | -21.0% | ||
| Q3 25 | 19.1% | -80.6% | ||
| Q2 25 | 50.0% | -10.5% | ||
| Q1 25 | 20.6% | -4.9% | ||
| Q4 24 | 21.0% | -56.6% | ||
| Q3 24 | 20.1% | 6.5% | ||
| Q2 24 | 37.8% | 7.2% |
| Q1 26 | $1.49 | — | ||
| Q4 25 | $1.49 | $-1.55 | ||
| Q3 25 | $0.69 | $-4.66 | ||
| Q2 25 | $1.78 | $-0.49 | ||
| Q1 25 | $0.72 | $-0.37 | ||
| Q4 24 | $0.74 | $-2.61 | ||
| Q3 24 | $0.70 | $0.26 | ||
| Q2 24 | $1.32 | $0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $107.4M | — |
| Total DebtLower is stronger | $5.0B | $270.2M |
| Stockholders' EquityBook value | $3.2B | $-378.8M |
| Total Assets | $9.1B | $5.2B |
| Debt / EquityLower = less leverage | 1.53× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $107.4M | — | ||
| Q4 25 | $107.4M | — | ||
| Q3 25 | $111.3M | — | ||
| Q2 25 | $177.0M | — | ||
| Q1 25 | $109.2M | — | ||
| Q4 24 | $123.4M | — | ||
| Q3 24 | $97.0M | — | ||
| Q2 24 | $103.2M | — |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.0B | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | $4.5B | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $-378.8M | ||
| Q3 25 | $3.2B | $-233.5M | ||
| Q2 25 | $3.2B | $153.9M | ||
| Q1 25 | $3.2B | $179.4M | ||
| Q4 24 | $3.2B | $209.8M | ||
| Q3 24 | $3.1B | $397.5M | ||
| Q2 24 | $3.0B | $366.9M |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.1B | $5.2B | ||
| Q3 25 | $8.9B | $5.3B | ||
| Q2 25 | $8.6B | $4.8B | ||
| Q1 25 | $8.6B | $4.6B | ||
| Q4 24 | $8.5B | $4.3B | ||
| Q3 24 | $8.5B | $4.0B | ||
| Q2 24 | $8.4B | $3.8B |
| Q1 26 | 1.53× | — | ||
| Q4 25 | 1.53× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | 1.42× | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× |
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 | — | $27.2M |
| Free Cash FlowOCF − Capex | — | $26.7M |
| FCF MarginFCF / Revenue | — | 4.6% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $622.4M | $27.2M | ||
| Q3 25 | $147.8M | $16.2M | ||
| Q2 25 | $150.7M | $46.3M | ||
| Q1 25 | $179.0M | $-66.5M | ||
| Q4 24 | $574.6M | $27.6M | ||
| Q3 24 | $144.1M | $53.7M | ||
| Q2 24 | $169.7M | $50.2M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 4.80× | — | ||
| Q3 25 | 2.40× | — | ||
| Q2 25 | 0.97× | — | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 8.77× | — | ||
| Q3 24 | 2.36× | 3.05× | ||
| Q2 24 | 1.52× | 3.76× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FRT
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% |
