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Side-by-side financial comparison of Guidewire Software, Inc. (GWRE) 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 $332.6M, roughly 1.8× Guidewire Software, Inc.). Guidewire Software, Inc. runs the higher net margin — 9.4% vs -21.0%, a 30.5% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 26.5%). StepStone Group Inc. produced more free cash flow last quarter ($26.7M vs $-72.3M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 17.5%).
Guidewire Software, Inc., commonly Guidewire, is an American software company based in San Mateo, California. It offers an industry platform for property and casualty (P&C) insurance carriers in the U.S. and worldwide.
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.
GWRE vs STEP — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $332.6M | $586.5M |
| Net Profit | $31.3M | $-123.5M |
| Gross Margin | 63.0% | — |
| Operating Margin | 5.6% | -33.2% |
| Net Margin | 9.4% | -21.0% |
| Revenue YoY | 26.5% | 73.0% |
| Net Profit YoY | 242.6% | 35.7% |
| EPS (diluted) | $0.36 | $-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 | $332.6M | $586.5M | ||
| Q3 25 | $356.6M | $454.2M | ||
| Q2 25 | $293.5M | $364.3M | ||
| Q1 25 | $289.5M | $377.7M | ||
| Q4 24 | $262.9M | $339.0M | ||
| Q3 24 | $291.5M | $271.7M | ||
| Q2 24 | $240.7M | $186.4M | ||
| Q1 24 | $240.9M | $356.8M |
| Q4 25 | $31.3M | $-123.5M | ||
| Q3 25 | $52.0M | $-366.1M | ||
| Q2 25 | $46.0M | $-38.4M | ||
| Q1 25 | $-37.3M | $-18.5M | ||
| Q4 24 | $9.1M | $-192.0M | ||
| Q3 24 | $16.8M | $17.6M | ||
| Q2 24 | $-5.5M | $13.3M | ||
| Q1 24 | $9.7M | $30.8M |
| Q4 25 | 63.0% | — | ||
| Q3 25 | 65.0% | — | ||
| Q2 25 | 62.2% | — | ||
| Q1 25 | 61.9% | — | ||
| Q4 24 | 60.2% | — | ||
| Q3 24 | 64.0% | — | ||
| Q2 24 | 59.1% | — | ||
| Q1 24 | 59.1% | — |
| Q4 25 | 5.6% | -33.2% | ||
| Q3 25 | 8.3% | -148.8% | ||
| Q2 25 | 1.5% | -5.6% | ||
| Q1 25 | 4.0% | 2.6% | ||
| Q4 24 | -1.8% | -101.7% | ||
| Q3 24 | 3.5% | 21.3% | ||
| Q2 24 | -6.9% | 29.4% | ||
| Q1 24 | -5.2% | 26.5% |
| Q4 25 | 9.4% | -21.0% | ||
| Q3 25 | 14.6% | -80.6% | ||
| Q2 25 | 15.7% | -10.5% | ||
| Q1 25 | -12.9% | -4.9% | ||
| Q4 24 | 3.5% | -56.6% | ||
| Q3 24 | 5.7% | 6.5% | ||
| Q2 24 | -2.3% | 7.2% | ||
| Q1 24 | 4.0% | 8.6% |
| Q4 25 | $0.36 | $-1.55 | ||
| Q3 25 | $0.61 | $-4.66 | ||
| Q2 25 | $0.54 | $-0.49 | ||
| Q1 25 | $-0.45 | $-0.37 | ||
| Q4 24 | $0.11 | $-2.61 | ||
| Q3 24 | $0.21 | $0.26 | ||
| Q2 24 | $-0.07 | $0.20 | ||
| Q1 24 | $0.12 | $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 | $1.0B | — |
| Total DebtLower is stronger | — | $270.2M |
| Stockholders' EquityBook value | $1.5B | $-378.8M |
| Total Assets | $2.6B | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $920.4M | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $782.3M | — | ||
| Q1 24 | $777.6M | — |
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | $398.9M | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
| Q4 25 | $1.5B | $-378.8M | ||
| Q3 25 | $1.5B | $-233.5M | ||
| Q2 25 | $1.4B | $153.9M | ||
| Q1 25 | $1.3B | $179.4M | ||
| Q4 24 | $1.3B | $209.8M | ||
| Q3 24 | $1.3B | $397.5M | ||
| Q2 24 | $1.3B | $366.9M | ||
| Q1 24 | $1.3B | $324.5M |
| Q4 25 | $2.6B | $5.2B | ||
| Q3 25 | $2.7B | $5.3B | ||
| Q2 25 | $2.5B | $4.8B | ||
| Q1 25 | $2.5B | $4.6B | ||
| Q4 24 | $2.6B | $4.3B | ||
| Q3 24 | $2.2B | $4.0B | ||
| Q2 24 | $2.0B | $3.8B | ||
| Q1 24 | $2.0B | $3.8B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | 0.30× | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 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 | $-67.4M | $27.2M |
| Free Cash FlowOCF − Capex | $-72.3M | $26.7M |
| FCF MarginFCF / Revenue | -21.7% | 4.6% |
| Capex IntensityCapex / Revenue | 1.5% | 0.1% |
| Cash ConversionOCF / Net Profit | -2.15× | — |
| TTM Free Cash FlowTrailing 4 quarters | $286.0M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-67.4M | $27.2M | ||
| Q3 25 | $244.8M | $16.2M | ||
| Q2 25 | $32.4M | $46.3M | ||
| Q1 25 | $86.0M | $-66.5M | ||
| Q4 24 | $-62.3M | $27.6M | ||
| Q3 24 | $193.8M | $53.7M | ||
| Q2 24 | $4.8M | $50.2M | ||
| Q1 24 | $69.3M | $7.6M |
| Q4 25 | $-72.3M | $26.7M | ||
| Q3 25 | $241.4M | $15.9M | ||
| Q2 25 | $31.6M | $45.2M | ||
| Q1 25 | $85.2M | $-69.2M | ||
| Q4 24 | $-63.1M | $27.0M | ||
| Q3 24 | $192.1M | $52.4M | ||
| Q2 24 | $4.1M | $49.6M | ||
| Q1 24 | $66.3M | $6.7M |
| Q4 25 | -21.7% | 4.6% | ||
| Q3 25 | 67.7% | 3.5% | ||
| Q2 25 | 10.8% | 12.4% | ||
| Q1 25 | 29.4% | -18.3% | ||
| Q4 24 | -24.0% | 8.0% | ||
| Q3 24 | 65.9% | 19.3% | ||
| Q2 24 | 1.7% | 26.6% | ||
| Q1 24 | 27.5% | 1.9% |
| Q4 25 | 1.5% | 0.1% | ||
| Q3 25 | 1.0% | 0.1% | ||
| Q2 25 | 0.2% | 0.3% | ||
| Q1 25 | 0.3% | 0.7% | ||
| Q4 24 | 0.3% | 0.2% | ||
| Q3 24 | 0.6% | 0.5% | ||
| Q2 24 | 0.3% | 0.3% | ||
| Q1 24 | 1.2% | 0.3% |
| Q4 25 | -2.15× | — | ||
| Q3 25 | 4.71× | — | ||
| Q2 25 | 0.70× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -6.82× | — | ||
| Q3 24 | 11.56× | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | 7.15× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GWRE
| Subscription | $222.7M | 67% |
| Services | $62.4M | 19% |
| Other | $33.1M | 10% |
| Support | $14.5M | 4% |
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% |
