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Side-by-side financial comparison of Medpace Holdings, Inc. (MEDP) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
Medpace Holdings, Inc. is the larger business by last-quarter revenue ($708.5M vs $586.5M, roughly 1.2× StepStone Group Inc.). Medpace Holdings, Inc. runs the higher net margin — 19.1% vs -21.0%, a 40.1% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 32.0%). Medpace Holdings, Inc. produced more free cash flow last quarter ($188.1M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 17.7%).
Medpace Holdings, Inc. is a global clinical research organization (CRO) based in Cincinnati, Ohio, employing approximately 6,000 people. Operating under a full-service model, the company also offers global central laboratory, imaging core laboratory, and bioanalytical laboratory services, as well as a Phase I unit located on its headquarters and clinical research campus in Cincinnati, Ohio.
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.
MEDP vs STEP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $708.5M | $586.5M |
| Net Profit | $135.1M | $-123.5M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | -33.2% |
| Net Margin | 19.1% | -21.0% |
| Revenue YoY | 32.0% | 73.0% |
| Net Profit YoY | 15.5% | 35.7% |
| EPS (diluted) | $4.65 | $-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 | $708.5M | $586.5M | ||
| Q3 25 | $659.9M | $454.2M | ||
| Q2 25 | $603.3M | $364.3M | ||
| Q1 25 | $558.6M | $377.7M | ||
| Q4 24 | $536.6M | $339.0M | ||
| Q3 24 | $533.3M | $271.7M | ||
| Q2 24 | $528.1M | $186.4M | ||
| Q1 24 | $511.0M | $356.8M |
| Q4 25 | $135.1M | $-123.5M | ||
| Q3 25 | $111.1M | $-366.1M | ||
| Q2 25 | $90.3M | $-38.4M | ||
| Q1 25 | $114.6M | $-18.5M | ||
| Q4 24 | $117.0M | $-192.0M | ||
| Q3 24 | $96.4M | $17.6M | ||
| Q2 24 | $88.4M | $13.3M | ||
| Q1 24 | $102.6M | $30.8M |
| Q4 25 | 21.6% | -33.2% | ||
| Q3 25 | 21.5% | -148.8% | ||
| Q2 25 | 20.9% | -5.6% | ||
| Q1 25 | 20.3% | 2.6% | ||
| Q4 24 | 23.4% | -101.7% | ||
| Q3 24 | 21.1% | 21.3% | ||
| Q2 24 | 19.9% | 29.4% | ||
| Q1 24 | 20.4% | 26.5% |
| Q4 25 | 19.1% | -21.0% | ||
| Q3 25 | 16.8% | -80.6% | ||
| Q2 25 | 15.0% | -10.5% | ||
| Q1 25 | 20.5% | -4.9% | ||
| Q4 24 | 21.8% | -56.6% | ||
| Q3 24 | 18.1% | 6.5% | ||
| Q2 24 | 16.7% | 7.2% | ||
| Q1 24 | 20.1% | 8.6% |
| Q4 25 | $4.65 | $-1.55 | ||
| Q3 25 | $3.86 | $-4.66 | ||
| Q2 25 | $3.10 | $-0.49 | ||
| Q1 25 | $3.67 | $-0.37 | ||
| Q4 24 | $3.67 | $-2.61 | ||
| Q3 24 | $3.01 | $0.26 | ||
| Q2 24 | $2.75 | $0.20 | ||
| Q1 24 | $3.20 | $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 | $497.0M | — |
| Total DebtLower is stronger | — | $270.2M |
| Stockholders' EquityBook value | $459.1M | $-378.8M |
| Total Assets | $2.0B | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $497.0M | — | ||
| Q3 25 | $285.4M | — | ||
| Q2 25 | $46.3M | — | ||
| Q1 25 | $441.4M | — | ||
| Q4 24 | $669.4M | — | ||
| Q3 24 | $656.9M | — | ||
| Q2 24 | $510.9M | — | ||
| Q1 24 | $407.0M | — |
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
| Q4 25 | $459.1M | $-378.8M | ||
| Q3 25 | $293.6M | $-233.5M | ||
| Q2 25 | $172.4M | $153.9M | ||
| Q1 25 | $593.6M | $179.4M | ||
| Q4 24 | $825.5M | $209.8M | ||
| Q3 24 | $881.4M | $397.5M | ||
| Q2 24 | $763.6M | $366.9M | ||
| Q1 24 | $671.5M | $324.5M |
| Q4 25 | $2.0B | $5.2B | ||
| Q3 25 | $1.8B | $5.3B | ||
| Q2 25 | $1.6B | $4.8B | ||
| Q1 25 | $1.9B | $4.6B | ||
| Q4 24 | $2.1B | $4.3B | ||
| Q3 24 | $2.1B | $4.0B | ||
| Q2 24 | $1.9B | $3.8B | ||
| Q1 24 | $1.8B | $3.8B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 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 | $192.7M | $27.2M |
| Free Cash FlowOCF − Capex | $188.1M | $26.7M |
| FCF MarginFCF / Revenue | 26.6% | 4.6% |
| Capex IntensityCapex / Revenue | 0.6% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.43× | — |
| TTM Free Cash FlowTrailing 4 quarters | $681.9M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $192.7M | $27.2M | ||
| Q3 25 | $246.2M | $16.2M | ||
| Q2 25 | $148.5M | $46.3M | ||
| Q1 25 | $125.8M | $-66.5M | ||
| Q4 24 | $190.7M | $27.6M | ||
| Q3 24 | $149.1M | $53.7M | ||
| Q2 24 | $116.4M | $50.2M | ||
| Q1 24 | $152.7M | $7.6M |
| Q4 25 | $188.1M | $26.7M | ||
| Q3 25 | $235.5M | $15.9M | ||
| Q2 25 | $142.4M | $45.2M | ||
| Q1 25 | $115.8M | $-69.2M | ||
| Q4 24 | $183.0M | $27.0M | ||
| Q3 24 | $138.5M | $52.4M | ||
| Q2 24 | $103.5M | $49.6M | ||
| Q1 24 | $147.2M | $6.7M |
| Q4 25 | 26.6% | 4.6% | ||
| Q3 25 | 35.7% | 3.5% | ||
| Q2 25 | 23.6% | 12.4% | ||
| Q1 25 | 20.7% | -18.3% | ||
| Q4 24 | 34.1% | 8.0% | ||
| Q3 24 | 26.0% | 19.3% | ||
| Q2 24 | 19.6% | 26.6% | ||
| Q1 24 | 28.8% | 1.9% |
| Q4 25 | 0.6% | 0.1% | ||
| Q3 25 | 1.6% | 0.1% | ||
| Q2 25 | 1.0% | 0.3% | ||
| Q1 25 | 1.8% | 0.7% | ||
| Q4 24 | 1.4% | 0.2% | ||
| Q3 24 | 2.0% | 0.5% | ||
| Q2 24 | 2.4% | 0.3% | ||
| Q1 24 | 1.1% | 0.3% |
| Q4 25 | 1.43× | — | ||
| Q3 25 | 2.22× | — | ||
| Q2 25 | 1.65× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.63× | — | ||
| Q3 24 | 1.55× | 3.05× | ||
| Q2 24 | 1.32× | 3.76× | ||
| Q1 24 | 1.49× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MEDP
| Metabolic | $249.8M | 35% |
| Oncology | $195.9M | 28% |
| Other | $88.3M | 12% |
| Central Nervous System | $73.2M | 10% |
| Cardiology | $63.0M | 9% |
| Antiviral And Anti Infective | $38.3M | 5% |
| Related Party | $10.3M | 1% |
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% |
