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Side-by-side financial comparison of Cloudflare, Inc. (NET) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $586.5M, roughly 1.0× StepStone Group Inc.). Cloudflare, Inc. runs the higher net margin — -2.0% vs -21.0%, a 19.1% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 33.6%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 27.4%).
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
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.
NET vs STEP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $586.5M |
| Net Profit | $-12.1M | $-123.5M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | -33.2% |
| Net Margin | -2.0% | -21.0% |
| Revenue YoY | 33.6% | 73.0% |
| Net Profit YoY | 6.0% | 35.7% |
| EPS (diluted) | $-0.03 | $-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 | $614.5M | $586.5M | ||
| Q3 25 | $562.0M | $454.2M | ||
| Q2 25 | $512.3M | $364.3M | ||
| Q1 25 | $479.1M | $377.7M | ||
| Q4 24 | $459.9M | $339.0M | ||
| Q3 24 | $430.1M | $271.7M | ||
| Q2 24 | $401.0M | $186.4M | ||
| Q1 24 | $378.6M | $356.8M |
| Q4 25 | $-12.1M | $-123.5M | ||
| Q3 25 | $-1.3M | $-366.1M | ||
| Q2 25 | $-50.4M | $-38.4M | ||
| Q1 25 | $-38.5M | $-18.5M | ||
| Q4 24 | $-12.8M | $-192.0M | ||
| Q3 24 | $-15.3M | $17.6M | ||
| Q2 24 | $-15.1M | $13.3M | ||
| Q1 24 | $-35.5M | $30.8M |
| Q4 25 | 73.6% | — | ||
| Q3 25 | 74.0% | — | ||
| Q2 25 | 74.9% | — | ||
| Q1 25 | 75.9% | — | ||
| Q4 24 | 76.4% | — | ||
| Q3 24 | 77.7% | — | ||
| Q2 24 | 77.8% | — | ||
| Q1 24 | 77.5% | — |
| Q4 25 | -8.0% | -33.2% | ||
| Q3 25 | -6.7% | -148.8% | ||
| Q2 25 | -13.1% | -5.6% | ||
| Q1 25 | -11.1% | 2.6% | ||
| Q4 24 | -7.5% | -101.7% | ||
| Q3 24 | -7.2% | 21.3% | ||
| Q2 24 | -8.7% | 29.4% | ||
| Q1 24 | -14.4% | 26.5% |
| Q4 25 | -2.0% | -21.0% | ||
| Q3 25 | -0.2% | -80.6% | ||
| Q2 25 | -9.8% | -10.5% | ||
| Q1 25 | -8.0% | -4.9% | ||
| Q4 24 | -2.8% | -56.6% | ||
| Q3 24 | -3.6% | 6.5% | ||
| Q2 24 | -3.8% | 7.2% | ||
| Q1 24 | -9.4% | 8.6% |
| Q4 25 | $-0.03 | $-1.55 | ||
| Q3 25 | $0.00 | $-4.66 | ||
| Q2 25 | $-0.15 | $-0.49 | ||
| Q1 25 | $-0.11 | $-0.37 | ||
| Q4 24 | $-0.05 | $-2.61 | ||
| Q3 24 | $-0.04 | $0.26 | ||
| Q2 24 | $-0.04 | $0.20 | ||
| Q1 24 | $-0.10 | $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 | $943.5M | — |
| Total DebtLower is stronger | — | $270.2M |
| Stockholders' EquityBook value | $1.5B | $-378.8M |
| Total Assets | $6.0B | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $204.5M | — | ||
| Q4 24 | $147.7M | — | ||
| Q3 24 | $182.9M | — | ||
| Q2 24 | $157.0M | — | ||
| Q1 24 | $254.4M | — |
| 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 | $1.5B | $-378.8M | ||
| Q3 25 | $1.3B | $-233.5M | ||
| Q2 25 | $1.2B | $153.9M | ||
| Q1 25 | $1.4B | $179.4M | ||
| Q4 24 | $1.0B | $209.8M | ||
| Q3 24 | $973.1M | $397.5M | ||
| Q2 24 | $881.5M | $366.9M | ||
| Q1 24 | $797.2M | $324.5M |
| Q4 25 | $6.0B | $5.2B | ||
| Q3 25 | $5.8B | $5.3B | ||
| Q2 25 | $5.6B | $4.8B | ||
| Q1 25 | $3.7B | $4.6B | ||
| Q4 24 | $3.3B | $4.3B | ||
| Q3 24 | $3.1B | $4.0B | ||
| Q2 24 | $2.9B | $3.8B | ||
| Q1 24 | $2.8B | $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 | $190.4M | $27.2M |
| Free Cash FlowOCF − Capex | $105.2M | $26.7M |
| FCF MarginFCF / Revenue | 17.1% | 4.6% |
| Capex IntensityCapex / Revenue | 13.9% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $27.2M | ||
| Q3 25 | $167.1M | $16.2M | ||
| Q2 25 | $99.8M | $46.3M | ||
| Q1 25 | $145.8M | $-66.5M | ||
| Q4 24 | $127.3M | $27.6M | ||
| Q3 24 | $104.7M | $53.7M | ||
| Q2 24 | $74.8M | $50.2M | ||
| Q1 24 | $73.6M | $7.6M |
| Q4 25 | $105.2M | $26.7M | ||
| Q3 25 | $82.5M | $15.9M | ||
| Q2 25 | $39.9M | $45.2M | ||
| Q1 25 | $59.9M | $-69.2M | ||
| Q4 24 | $54.2M | $27.0M | ||
| Q3 24 | $54.5M | $52.4M | ||
| Q2 24 | $45.2M | $49.6M | ||
| Q1 24 | $41.5M | $6.7M |
| Q4 25 | 17.1% | 4.6% | ||
| Q3 25 | 14.7% | 3.5% | ||
| Q2 25 | 7.8% | 12.4% | ||
| Q1 25 | 12.5% | -18.3% | ||
| Q4 24 | 11.8% | 8.0% | ||
| Q3 24 | 12.7% | 19.3% | ||
| Q2 24 | 11.3% | 26.6% | ||
| Q1 24 | 11.0% | 1.9% |
| Q4 25 | 13.9% | 0.1% | ||
| Q3 25 | 15.1% | 0.1% | ||
| Q2 25 | 11.7% | 0.3% | ||
| Q1 25 | 17.9% | 0.7% | ||
| Q4 24 | 15.9% | 0.2% | ||
| Q3 24 | 11.7% | 0.5% | ||
| Q2 24 | 7.4% | 0.3% | ||
| Q1 24 | 8.5% | 0.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | — | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
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% |
