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Side-by-side financial comparison of M/I HOMES, INC. (MHO) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
M/I HOMES, INC. is the larger business by last-quarter revenue ($1.1B vs $586.5M, roughly 2.0× StepStone Group Inc.). M/I HOMES, INC. runs the higher net margin — 5.6% vs -21.0%, a 26.6% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs -4.8%). StepStone Group Inc. produced more free cash flow last quarter ($26.7M vs $-13.0M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 4.7%).
M/I Homes, Inc. is a leading U.S. residential construction company that designs, builds and sells single-family homes, townhomes and duplexes across multiple U.S. states. It caters to entry-level, move-up and luxury homebuyers, offering energy-efficient designs, flexible floor plans and personalized customization options.
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.
MHO vs STEP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $586.5M |
| Net Profit | $64.0M | $-123.5M |
| Gross Margin | 17.4% | — |
| Operating Margin | 6.5% | -33.2% |
| Net Margin | 5.6% | -21.0% |
| Revenue YoY | -4.8% | 73.0% |
| Net Profit YoY | -52.1% | 35.7% |
| EPS (diluted) | $2.42 | $-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 | $1.1B | $586.5M | ||
| Q3 25 | $1.1B | $454.2M | ||
| Q2 25 | $1.2B | $364.3M | ||
| Q1 25 | $976.1M | $377.7M | ||
| Q4 24 | $1.2B | $339.0M | ||
| Q3 24 | $1.1B | $271.7M | ||
| Q2 24 | $1.1B | $186.4M | ||
| Q1 24 | $1.0B | $356.8M |
| Q4 25 | $64.0M | $-123.5M | ||
| Q3 25 | $106.5M | $-366.1M | ||
| Q2 25 | $121.2M | $-38.4M | ||
| Q1 25 | $111.2M | $-18.5M | ||
| Q4 24 | $133.5M | $-192.0M | ||
| Q3 24 | $145.4M | $17.6M | ||
| Q2 24 | $146.7M | $13.3M | ||
| Q1 24 | $138.1M | $30.8M |
| Q4 25 | 17.4% | — | ||
| Q3 25 | 24.5% | — | ||
| Q2 25 | 24.7% | — | ||
| Q1 25 | 25.9% | — | ||
| Q4 24 | 24.6% | — | ||
| Q3 24 | 27.1% | — | ||
| Q2 24 | 27.9% | — | ||
| Q1 24 | 27.1% | — |
| Q4 25 | 6.5% | -33.2% | ||
| Q3 25 | 12.0% | -148.8% | ||
| Q2 25 | 13.4% | -5.6% | ||
| Q1 25 | 14.4% | 2.6% | ||
| Q4 24 | 13.6% | -101.7% | ||
| Q3 24 | 15.9% | 21.3% | ||
| Q2 24 | 16.8% | 29.4% | ||
| Q1 24 | 16.6% | 26.5% |
| Q4 25 | 5.6% | -21.0% | ||
| Q3 25 | 9.4% | -80.6% | ||
| Q2 25 | 10.4% | -10.5% | ||
| Q1 25 | 11.4% | -4.9% | ||
| Q4 24 | 11.1% | -56.6% | ||
| Q3 24 | 12.7% | 6.5% | ||
| Q2 24 | 13.2% | 7.2% | ||
| Q1 24 | 13.2% | 8.6% |
| Q4 25 | $2.42 | $-1.55 | ||
| Q3 25 | $3.92 | $-4.66 | ||
| Q2 25 | $4.42 | $-0.49 | ||
| Q1 25 | $3.98 | $-0.37 | ||
| Q4 24 | $4.71 | $-2.61 | ||
| Q3 24 | $5.10 | $0.26 | ||
| Q2 24 | $5.12 | $0.20 | ||
| Q1 24 | $4.78 | $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 | — | — |
| Total DebtLower is stronger | — | $270.2M |
| Stockholders' EquityBook value | $3.2B | $-378.8M |
| Total Assets | $4.8B | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| 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 | $3.2B | $-378.8M | ||
| Q3 25 | $3.1B | $-233.5M | ||
| Q2 25 | $3.1B | $153.9M | ||
| Q1 25 | $3.0B | $179.4M | ||
| Q4 24 | $2.9B | $209.8M | ||
| Q3 24 | $2.8B | $397.5M | ||
| Q2 24 | $2.7B | $366.9M | ||
| Q1 24 | $2.6B | $324.5M |
| Q4 25 | $4.8B | $5.2B | ||
| Q3 25 | $4.8B | $5.3B | ||
| Q2 25 | $4.7B | $4.8B | ||
| Q1 25 | $4.6B | $4.6B | ||
| Q4 24 | $4.5B | $4.3B | ||
| Q3 24 | $4.5B | $4.0B | ||
| Q2 24 | $4.3B | $3.8B | ||
| Q1 24 | $4.2B | $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 | $-8.7M | $27.2M |
| Free Cash FlowOCF − Capex | $-13.0M | $26.7M |
| FCF MarginFCF / Revenue | -1.1% | 4.6% |
| Capex IntensityCapex / Revenue | 0.4% | 0.1% |
| Cash ConversionOCF / Net Profit | -0.14× | — |
| TTM Free Cash FlowTrailing 4 quarters | $127.7M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.7M | $27.2M | ||
| Q3 25 | $43.4M | $16.2M | ||
| Q2 25 | $37.8M | $46.3M | ||
| Q1 25 | $64.9M | $-66.5M | ||
| Q4 24 | $104.4M | $27.6M | ||
| Q3 24 | $-67.9M | $53.7M | ||
| Q2 24 | $27.5M | $50.2M | ||
| Q1 24 | $115.8M | $7.6M |
| Q4 25 | $-13.0M | $26.7M | ||
| Q3 25 | $42.0M | $15.9M | ||
| Q2 25 | $35.1M | $45.2M | ||
| Q1 25 | $63.5M | $-69.2M | ||
| Q4 24 | $102.3M | $27.0M | ||
| Q3 24 | $-68.5M | $52.4M | ||
| Q2 24 | $22.0M | $49.6M | ||
| Q1 24 | $115.5M | $6.7M |
| Q4 25 | -1.1% | 4.6% | ||
| Q3 25 | 3.7% | 3.5% | ||
| Q2 25 | 3.0% | 12.4% | ||
| Q1 25 | 6.5% | -18.3% | ||
| Q4 24 | 8.5% | 8.0% | ||
| Q3 24 | -6.0% | 19.3% | ||
| Q2 24 | 2.0% | 26.6% | ||
| Q1 24 | 11.0% | 1.9% |
| Q4 25 | 0.4% | 0.1% | ||
| Q3 25 | 0.1% | 0.1% | ||
| Q2 25 | 0.2% | 0.3% | ||
| Q1 25 | 0.1% | 0.7% | ||
| Q4 24 | 0.2% | 0.2% | ||
| Q3 24 | 0.1% | 0.5% | ||
| Q2 24 | 0.5% | 0.3% | ||
| Q1 24 | 0.0% | 0.3% |
| Q4 25 | -0.14× | — | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | 0.78× | — | ||
| Q3 24 | -0.47× | 3.05× | ||
| Q2 24 | 0.19× | 3.76× | ||
| Q1 24 | 0.84× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MHO
| Southern Homebuilding | $615.6M | 54% |
| Northern Homebuilding | $503.9M | 44% |
| Financial Service | $27.8M | 2% |
| Land | $4.7M | 0% |
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% |
