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Side-by-side financial comparison of Liberty Energy Inc. (LBRT) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
Liberty Energy Inc. is the larger business by last-quarter revenue ($1.0B vs $586.5M, roughly 1.7× StepStone Group Inc.). Liberty Energy Inc. runs the higher net margin — 2.2% vs -21.0%, a 23.3% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 4.5%). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs -6.2%).
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
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.
LBRT vs STEP — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $586.5M |
| Net Profit | $22.6M | $-123.5M |
| Gross Margin | — | — |
| Operating Margin | 2.2% | -33.2% |
| Net Margin | 2.2% | -21.0% |
| Revenue YoY | 4.5% | 73.0% |
| Net Profit YoY | — | 35.7% |
| EPS (diluted) | $0.14 | $-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 | $1.0B | — | ||
| Q4 25 | $1.0B | $586.5M | ||
| Q3 25 | $947.4M | $454.2M | ||
| Q2 25 | $1.0B | $364.3M | ||
| Q1 25 | $977.5M | $377.7M | ||
| Q4 24 | $943.6M | $339.0M | ||
| Q3 24 | $1.1B | $271.7M | ||
| Q2 24 | $1.2B | $186.4M |
| Q1 26 | $22.6M | — | ||
| Q4 25 | $13.7M | $-123.5M | ||
| Q3 25 | $43.1M | $-366.1M | ||
| Q2 25 | $71.0M | $-38.4M | ||
| Q1 25 | $20.1M | $-18.5M | ||
| Q4 24 | $51.9M | $-192.0M | ||
| Q3 24 | $73.8M | $17.6M | ||
| Q2 24 | $108.4M | $13.3M |
| Q1 26 | — | — | ||
| Q4 25 | 20.6% | — | ||
| Q3 25 | 18.7% | — | ||
| Q2 25 | 22.1% | — | ||
| Q1 25 | 22.1% | — | ||
| Q4 24 | 21.4% | — | ||
| Q3 24 | 26.2% | — | ||
| Q2 24 | 27.9% | — |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.9% | -33.2% | ||
| Q3 25 | -0.3% | -148.8% | ||
| Q2 25 | 3.6% | -5.6% | ||
| Q1 25 | 1.9% | 2.6% | ||
| Q4 24 | 2.6% | -101.7% | ||
| Q3 24 | 9.4% | 21.3% | ||
| Q2 24 | 12.2% | 29.4% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.3% | -21.0% | ||
| Q3 25 | 4.5% | -80.6% | ||
| Q2 25 | 6.8% | -10.5% | ||
| Q1 25 | 2.1% | -4.9% | ||
| Q4 24 | 5.5% | -56.6% | ||
| Q3 24 | 6.5% | 6.5% | ||
| Q2 24 | 9.3% | 7.2% |
| Q1 26 | $0.14 | — | ||
| Q4 25 | $0.08 | $-1.55 | ||
| Q3 25 | $0.26 | $-4.66 | ||
| Q2 25 | $0.43 | $-0.49 | ||
| Q1 25 | $0.12 | $-0.37 | ||
| Q4 24 | $0.31 | $-2.61 | ||
| Q3 24 | $0.44 | $0.26 | ||
| Q2 24 | $0.64 | $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 | $699.1M | — |
| Total DebtLower is stronger | $7.1M | $270.2M |
| Stockholders' EquityBook value | $1.9B | $-378.8M |
| Total Assets | $4.4B | $5.2B |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $699.1M | — | ||
| Q4 25 | $27.6M | — | ||
| Q3 25 | $13.5M | — | ||
| Q2 25 | $19.6M | — | ||
| Q1 25 | $24.1M | — | ||
| Q4 24 | $20.0M | — | ||
| Q3 24 | $23.0M | — | ||
| Q2 24 | $30.0M | — |
| Q1 26 | $7.1M | — | ||
| Q4 25 | $246.6M | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | $190.5M | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M |
| Q1 26 | $1.9B | — | ||
| Q4 25 | $2.1B | $-378.8M | ||
| Q3 25 | $2.1B | $-233.5M | ||
| Q2 25 | $2.0B | $153.9M | ||
| Q1 25 | $2.0B | $179.4M | ||
| Q4 24 | $2.0B | $209.8M | ||
| Q3 24 | $2.0B | $397.5M | ||
| Q2 24 | $1.9B | $366.9M |
| Q1 26 | $4.4B | — | ||
| Q4 25 | $3.6B | $5.2B | ||
| Q3 25 | $3.5B | $5.3B | ||
| Q2 25 | $3.4B | $4.8B | ||
| Q1 25 | $3.4B | $4.6B | ||
| Q4 24 | $3.3B | $4.3B | ||
| Q3 24 | $3.3B | $4.0B | ||
| Q2 24 | $3.2B | $3.8B |
| Q1 26 | 0.00× | — | ||
| Q4 25 | 0.12× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | 0.10× | 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 | 13.1% | 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 | $195.4M | $27.2M | ||
| Q3 25 | $51.5M | $16.2M | ||
| Q2 25 | $170.6M | $46.3M | ||
| Q1 25 | $192.1M | $-66.5M | ||
| Q4 24 | $177.3M | $27.6M | ||
| Q3 24 | $244.5M | $53.7M | ||
| Q2 24 | $248.2M | $50.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-10.0M | $26.7M | ||
| Q3 25 | $-67.2M | $15.9M | ||
| Q2 25 | $33.1M | $45.2M | ||
| Q1 25 | $58.2M | $-69.2M | ||
| Q4 24 | $-26.2M | $27.0M | ||
| Q3 24 | $77.9M | $52.4M | ||
| Q2 24 | $112.2M | $49.6M |
| Q1 26 | — | — | ||
| Q4 25 | -1.0% | 4.6% | ||
| Q3 25 | -7.1% | 3.5% | ||
| Q2 25 | 3.2% | 12.4% | ||
| Q1 25 | 6.0% | -18.3% | ||
| Q4 24 | -2.8% | 8.0% | ||
| Q3 24 | 6.8% | 19.3% | ||
| Q2 24 | 9.7% | 26.6% |
| Q1 26 | 13.1% | — | ||
| Q4 25 | 19.8% | 0.1% | ||
| Q3 25 | 12.5% | 0.1% | ||
| Q2 25 | 13.2% | 0.3% | ||
| Q1 25 | 13.7% | 0.7% | ||
| Q4 24 | 21.6% | 0.2% | ||
| Q3 24 | 14.6% | 0.5% | ||
| Q2 24 | 11.7% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 14.28× | — | ||
| Q3 25 | 1.20× | — | ||
| Q2 25 | 2.40× | — | ||
| Q1 25 | 9.55× | — | ||
| Q4 24 | 3.42× | — | ||
| Q3 24 | 3.31× | 3.05× | ||
| Q2 24 | 2.29× | 3.76× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LBRT
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% |
