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Side-by-side financial comparison of MODINE MANUFACTURING CO (MOD) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
MODINE MANUFACTURING CO is the larger business by last-quarter revenue ($805.0M vs $586.5M, roughly 1.4× StepStone Group Inc.). MODINE MANUFACTURING CO runs the higher net margin — -5.9% vs -21.0%, a 15.2% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 30.5%). StepStone Group Inc. produced more free cash flow last quarter ($26.7M vs $-17.1M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 15.5%).
Modine Manufacturing is a thermal management company established in 1916 in the United States. The company started as Modine Manufacturing Company by Arthur B Modine who patented the Spirex radiator for tractors. The Modine company manufactured the Turbotube radiator for Ford Model T cars. The company built the world's first vehicular wind tunnel in Racine, Wisconsin in 1941. During WWII, Modine manufactured aftercoolers for the P-51 Mustang fighter plane. After WWII, Modine introduced the Ai...
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.
MOD vs STEP — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $805.0M | $586.5M |
| Net Profit | $-47.4M | $-123.5M |
| Gross Margin | 23.1% | — |
| Operating Margin | 11.1% | -33.2% |
| Net Margin | -5.9% | -21.0% |
| Revenue YoY | 30.5% | 73.0% |
| Net Profit YoY | -215.6% | 35.7% |
| EPS (diluted) | $-0.90 | $-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 | $805.0M | $586.5M | ||
| Q3 25 | $738.9M | $454.2M | ||
| Q2 25 | $682.8M | $364.3M | ||
| Q1 25 | $647.2M | $377.7M | ||
| Q4 24 | $616.8M | $339.0M | ||
| Q3 24 | $658.0M | $271.7M | ||
| Q2 24 | $661.5M | $186.4M | ||
| Q1 24 | $603.5M | $356.8M |
| Q4 25 | $-47.4M | $-123.5M | ||
| Q3 25 | $44.4M | $-366.1M | ||
| Q2 25 | $51.2M | $-38.4M | ||
| Q1 25 | $49.6M | $-18.5M | ||
| Q4 24 | $41.0M | $-192.0M | ||
| Q3 24 | $46.1M | $17.6M | ||
| Q2 24 | $47.3M | $13.3M | ||
| Q1 24 | $25.8M | $30.8M |
| Q4 25 | 23.1% | — | ||
| Q3 25 | 22.3% | — | ||
| Q2 25 | 24.2% | — | ||
| Q1 25 | 25.6% | — | ||
| Q4 24 | 24.3% | — | ||
| Q3 24 | 25.2% | — | ||
| Q2 24 | 24.6% | — | ||
| Q1 24 | 22.4% | — |
| Q4 25 | 11.1% | -33.2% | ||
| Q3 25 | 9.9% | -148.8% | ||
| Q2 25 | 11.1% | -5.6% | ||
| Q1 25 | 11.5% | 2.6% | ||
| Q4 24 | 9.6% | -101.7% | ||
| Q3 24 | 11.4% | 21.3% | ||
| Q2 24 | 11.2% | 29.4% | ||
| Q1 24 | 7.8% | 26.5% |
| Q4 25 | -5.9% | -21.0% | ||
| Q3 25 | 6.0% | -80.6% | ||
| Q2 25 | 7.5% | -10.5% | ||
| Q1 25 | 7.7% | -4.9% | ||
| Q4 24 | 6.6% | -56.6% | ||
| Q3 24 | 7.0% | 6.5% | ||
| Q2 24 | 7.2% | 7.2% | ||
| Q1 24 | 4.3% | 8.6% |
| Q4 25 | $-0.90 | $-1.55 | ||
| Q3 25 | $0.83 | $-4.66 | ||
| Q2 25 | $0.95 | $-0.49 | ||
| Q1 25 | $0.92 | $-0.37 | ||
| Q4 24 | $0.76 | $-2.61 | ||
| Q3 24 | $0.86 | $0.26 | ||
| Q2 24 | $0.88 | $0.20 | ||
| Q1 24 | $0.48 | $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 | $98.7M | — |
| Total DebtLower is stronger | $570.7M | $270.2M |
| Stockholders' EquityBook value | $1.1B | $-378.8M |
| Total Assets | $2.5B | $5.2B |
| Debt / EquityLower = less leverage | 0.51× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $98.7M | — | ||
| Q3 25 | $83.8M | — | ||
| Q2 25 | $124.5M | — | ||
| Q1 25 | $71.6M | — | ||
| Q4 24 | $83.8M | — | ||
| Q3 24 | $78.6M | — | ||
| Q2 24 | $72.9M | — | ||
| Q1 24 | $60.1M | — |
| Q4 25 | $570.7M | $270.2M | ||
| Q3 25 | $525.8M | $269.9M | ||
| Q2 25 | $482.1M | $269.6M | ||
| Q1 25 | $296.7M | $269.3M | ||
| Q4 24 | $330.0M | $168.9M | ||
| Q3 24 | $359.1M | $172.3M | ||
| Q2 24 | $405.7M | $172.1M | ||
| Q1 24 | $399.9M | $148.8M |
| Q4 25 | $1.1B | $-378.8M | ||
| Q3 25 | $1.1B | $-233.5M | ||
| Q2 25 | $1.0B | $153.9M | ||
| Q1 25 | $910.2M | $179.4M | ||
| Q4 24 | $855.1M | $209.8M | ||
| Q3 24 | $858.8M | $397.5M | ||
| Q2 24 | $788.4M | $366.9M | ||
| Q1 24 | $747.6M | $324.5M |
| Q4 25 | $2.5B | $5.2B | ||
| Q3 25 | $2.4B | $5.3B | ||
| Q2 25 | $2.2B | $4.8B | ||
| Q1 25 | $1.9B | $4.6B | ||
| Q4 24 | $1.8B | $4.3B | ||
| Q3 24 | $1.9B | $4.0B | ||
| Q2 24 | $1.9B | $3.8B | ||
| Q1 24 | $1.9B | $3.8B |
| Q4 25 | 0.51× | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | 0.48× | 1.75× | ||
| Q1 25 | 0.33× | 1.50× | ||
| Q4 24 | 0.39× | 0.81× | ||
| Q3 24 | 0.42× | 0.43× | ||
| Q2 24 | 0.51× | 0.47× | ||
| Q1 24 | 0.53× | 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 | $24.7M | $27.2M |
| Free Cash FlowOCF − Capex | $-17.1M | $26.7M |
| FCF MarginFCF / Revenue | -2.1% | 4.6% |
| Capex IntensityCapex / Revenue | 5.2% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-20.3M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.7M | $27.2M | ||
| Q3 25 | $1.4M | $16.2M | ||
| Q2 25 | $27.7M | $46.3M | ||
| Q1 25 | $54.8M | $-66.5M | ||
| Q4 24 | $60.7M | $27.6M | ||
| Q3 24 | $57.3M | $53.7M | ||
| Q2 24 | $40.5M | $50.2M | ||
| Q1 24 | $39.6M | $7.6M |
| Q4 25 | $-17.1M | $26.7M | ||
| Q3 25 | $-30.5M | $15.9M | ||
| Q2 25 | $200.0K | $45.2M | ||
| Q1 25 | $27.1M | $-69.2M | ||
| Q4 24 | $44.7M | $27.0M | ||
| Q3 24 | $43.8M | $52.4M | ||
| Q2 24 | $13.7M | $49.6M | ||
| Q1 24 | $-4.3M | $6.7M |
| Q4 25 | -2.1% | 4.6% | ||
| Q3 25 | -4.1% | 3.5% | ||
| Q2 25 | 0.0% | 12.4% | ||
| Q1 25 | 4.2% | -18.3% | ||
| Q4 24 | 7.2% | 8.0% | ||
| Q3 24 | 6.7% | 19.3% | ||
| Q2 24 | 2.1% | 26.6% | ||
| Q1 24 | -0.7% | 1.9% |
| Q4 25 | 5.2% | 0.1% | ||
| Q3 25 | 4.3% | 0.1% | ||
| Q2 25 | 4.0% | 0.3% | ||
| Q1 25 | 4.3% | 0.7% | ||
| Q4 24 | 2.6% | 0.2% | ||
| Q3 24 | 2.1% | 0.5% | ||
| Q2 24 | 4.1% | 0.3% | ||
| Q1 24 | 7.3% | 0.3% |
| Q4 25 | — | — | ||
| Q3 25 | 0.03× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.48× | — | ||
| Q3 24 | 1.24× | 3.05× | ||
| Q2 24 | 0.86× | 3.76× | ||
| Q1 24 | 1.53× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MOD
| Data Centers | $296.9M | 37% |
| Performance Technologies | $266.0M | 33% |
| Hvac Technologies | $107.1M | 13% |
| Air Cooled | $92.4M | 11% |
| Lb White | $25.6M | 3% |
| Climate By Design | $10.2M | 1% |
| Absolutaire | $7.0M | 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% |
