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Side-by-side financial comparison of Natera, Inc. (NTRA) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
Natera, Inc. is the larger business by last-quarter revenue ($665.5M vs $586.5M, roughly 1.1× StepStone Group Inc.). Natera, Inc. runs the higher net margin — 7.1% vs -21.0%, a 28.1% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 39.8%). Natera, Inc. produced more free cash flow last quarter ($37.8M vs $26.7M). Over the past eight quarters, Natera, Inc.'s revenue compounded faster (34.5% CAGR vs 28.2%).
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
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.
NTRA vs STEP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $665.5M | $586.5M |
| Net Profit | $47.3M | $-123.5M |
| Gross Margin | — | — |
| Operating Margin | -3.4% | -33.2% |
| Net Margin | 7.1% | -21.0% |
| Revenue YoY | 39.8% | 73.0% |
| Net Profit YoY | 187.9% | 35.7% |
| EPS (diluted) | $0.36 | $-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 | $665.5M | $586.5M | ||
| Q3 25 | $592.2M | $454.2M | ||
| Q2 25 | $546.6M | $364.3M | ||
| Q1 25 | $501.8M | $377.7M | ||
| Q4 24 | $476.1M | $339.0M | ||
| Q3 24 | $439.8M | $271.7M | ||
| Q2 24 | $413.4M | $186.4M | ||
| Q1 24 | $367.7M | $356.8M |
| Q4 25 | $47.3M | $-123.5M | ||
| Q3 25 | $-87.5M | $-366.1M | ||
| Q2 25 | $-100.9M | $-38.4M | ||
| Q1 25 | $-66.9M | $-18.5M | ||
| Q4 24 | $-53.8M | $-192.0M | ||
| Q3 24 | $-31.6M | $17.6M | ||
| Q2 24 | $-37.5M | $13.3M | ||
| Q1 24 | $-67.6M | $30.8M |
| Q4 25 | -3.4% | -33.2% | ||
| Q3 25 | -16.5% | -148.8% | ||
| Q2 25 | -20.2% | -5.6% | ||
| Q1 25 | -15.8% | 2.6% | ||
| Q4 24 | -13.6% | -101.7% | ||
| Q3 24 | -8.9% | 21.3% | ||
| Q2 24 | -10.6% | 29.4% | ||
| Q1 24 | -20.2% | 26.5% |
| Q4 25 | 7.1% | -21.0% | ||
| Q3 25 | -14.8% | -80.6% | ||
| Q2 25 | -18.5% | -10.5% | ||
| Q1 25 | -13.3% | -4.9% | ||
| Q4 24 | -11.3% | -56.6% | ||
| Q3 24 | -7.2% | 6.5% | ||
| Q2 24 | -9.1% | 7.2% | ||
| Q1 24 | -18.4% | 8.6% |
| Q4 25 | $0.36 | $-1.55 | ||
| Q3 25 | $-0.64 | $-4.66 | ||
| Q2 25 | $-0.74 | $-0.49 | ||
| Q1 25 | $-0.50 | $-0.37 | ||
| Q4 24 | $-0.41 | $-2.61 | ||
| Q3 24 | $-0.26 | $0.26 | ||
| Q2 24 | $-0.30 | $0.20 | ||
| Q1 24 | $-0.56 | $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 | $1.7B | $-378.8M |
| Total Assets | $2.4B | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $1.0M | — | ||
| Q2 25 | $16.0M | — | ||
| Q1 25 | $17.8M | — | ||
| Q4 24 | $22.7M | — | ||
| Q3 24 | $29.5M | — | ||
| Q2 24 | $90.3M | — | ||
| Q1 24 | $69.1M | — |
| 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 | $1.7B | $-378.8M | ||
| Q3 25 | $1.3B | $-233.5M | ||
| Q2 25 | $1.2B | $153.9M | ||
| Q1 25 | $1.2B | $179.4M | ||
| Q4 24 | $1.2B | $209.8M | ||
| Q3 24 | $878.5M | $397.5M | ||
| Q2 24 | $836.5M | $366.9M | ||
| Q1 24 | $794.1M | $324.5M |
| Q4 25 | $2.4B | $5.2B | ||
| Q3 25 | $1.8B | $5.3B | ||
| Q2 25 | $1.8B | $4.8B | ||
| Q1 25 | $1.7B | $4.6B | ||
| Q4 24 | $1.7B | $4.3B | ||
| Q3 24 | $1.6B | $4.0B | ||
| Q2 24 | $1.5B | $3.8B | ||
| Q1 24 | $1.5B | $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 | $73.9M | $27.2M |
| Free Cash FlowOCF − Capex | $37.8M | $26.7M |
| FCF MarginFCF / Revenue | 5.7% | 4.6% |
| Capex IntensityCapex / Revenue | 5.4% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.56× | — |
| TTM Free Cash FlowTrailing 4 quarters | $109.1M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $73.9M | $27.2M | ||
| Q3 25 | $59.4M | $16.2M | ||
| Q2 25 | $37.6M | $46.3M | ||
| Q1 25 | $44.5M | $-66.5M | ||
| Q4 24 | $52.9M | $27.6M | ||
| Q3 24 | $51.8M | $53.7M | ||
| Q2 24 | $4.0M | $50.2M | ||
| Q1 24 | $27.0M | $7.6M |
| Q4 25 | $37.8M | $26.7M | ||
| Q3 25 | $37.0M | $15.9M | ||
| Q2 25 | $11.7M | $45.2M | ||
| Q1 25 | $22.6M | $-69.2M | ||
| Q4 24 | $34.8M | $27.0M | ||
| Q3 24 | $35.5M | $52.4M | ||
| Q2 24 | $-7.7M | $49.6M | ||
| Q1 24 | $6.7M | $6.7M |
| Q4 25 | 5.7% | 4.6% | ||
| Q3 25 | 6.2% | 3.5% | ||
| Q2 25 | 2.1% | 12.4% | ||
| Q1 25 | 4.5% | -18.3% | ||
| Q4 24 | 7.3% | 8.0% | ||
| Q3 24 | 8.1% | 19.3% | ||
| Q2 24 | -1.9% | 26.6% | ||
| Q1 24 | 1.8% | 1.9% |
| Q4 25 | 5.4% | 0.1% | ||
| Q3 25 | 3.8% | 0.1% | ||
| Q2 25 | 4.7% | 0.3% | ||
| Q1 25 | 4.3% | 0.7% | ||
| Q4 24 | 3.8% | 0.2% | ||
| Q3 24 | 3.7% | 0.5% | ||
| Q2 24 | 2.8% | 0.3% | ||
| Q1 24 | 5.5% | 0.3% |
| Q4 25 | 1.56× | — | ||
| 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
NTRA
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% |
