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Side-by-side financial comparison of Paylocity Holding Corp (PCTY) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
StepStone Group Inc. is the larger business by last-quarter revenue ($586.5M vs $387.0M, roughly 1.5× Paylocity Holding Corp). Paylocity Holding Corp runs the higher net margin — 13.0% vs -21.0%, a 34.0% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 11.3%). Paylocity Holding Corp produced more free cash flow last quarter ($113.6M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 2.7%).
Paylocity Holding Corporation is an American provider of cloud-based payroll, , spend management, and human capital management (HCM) software.
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.
PCTY vs STEP — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $387.0M | $586.5M |
| Net Profit | $50.2M | $-123.5M |
| Gross Margin | 72.9% | — |
| Operating Margin | 18.2% | -33.2% |
| Net Margin | 13.0% | -21.0% |
| Revenue YoY | 11.3% | 73.0% |
| Net Profit YoY | 34.0% | 35.7% |
| EPS (diluted) | $0.92 | $-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 | $387.0M | $586.5M | ||
| Q3 25 | $378.9M | $454.2M | ||
| Q2 25 | $369.9M | $364.3M | ||
| Q1 25 | $421.1M | $377.7M | ||
| Q4 24 | $347.7M | $339.0M | ||
| Q3 24 | $333.1M | $271.7M | ||
| Q2 24 | $324.7M | $186.4M | ||
| Q1 24 | $366.8M | $356.8M |
| Q4 25 | $50.2M | $-123.5M | ||
| Q3 25 | $48.0M | $-366.1M | ||
| Q2 25 | $48.6M | $-38.4M | ||
| Q1 25 | $91.5M | $-18.5M | ||
| Q4 24 | $37.5M | $-192.0M | ||
| Q3 24 | $49.6M | $17.6M | ||
| Q2 24 | $48.8M | $13.3M | ||
| Q1 24 | $85.3M | $30.8M |
| Q4 25 | 72.9% | — | ||
| Q3 25 | 73.9% | — | ||
| Q2 25 | 73.5% | — | ||
| Q1 25 | 77.1% | — | ||
| Q4 24 | 72.6% | — | ||
| Q3 24 | 74.4% | — | ||
| Q2 24 | 74.0% | — | ||
| Q1 24 | 77.8% | — |
| Q4 25 | 18.2% | -33.2% | ||
| Q3 25 | 19.6% | -148.8% | ||
| Q2 25 | 17.9% | -5.6% | ||
| Q1 25 | 30.2% | 2.6% | ||
| Q4 24 | 13.4% | -101.7% | ||
| Q3 24 | 19.3% | 21.3% | ||
| Q2 24 | 19.4% | 29.4% | ||
| Q1 24 | 29.0% | 26.5% |
| Q4 25 | 13.0% | -21.0% | ||
| Q3 25 | 12.7% | -80.6% | ||
| Q2 25 | 13.1% | -10.5% | ||
| Q1 25 | 21.7% | -4.9% | ||
| Q4 24 | 10.8% | -56.6% | ||
| Q3 24 | 14.9% | 6.5% | ||
| Q2 24 | 15.0% | 7.2% | ||
| Q1 24 | 23.3% | 8.6% |
| Q4 25 | $0.92 | $-1.55 | ||
| Q3 25 | $0.86 | $-4.66 | ||
| Q2 25 | $0.87 | $-0.49 | ||
| Q1 25 | $1.61 | $-0.37 | ||
| Q4 24 | $0.66 | $-2.61 | ||
| Q3 24 | $0.88 | $0.26 | ||
| Q2 24 | $0.85 | $0.20 | ||
| Q1 24 | $1.50 | $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 | $162.5M | — |
| Total DebtLower is stronger | $81.3M | $270.2M |
| Stockholders' EquityBook value | $1.1B | $-378.8M |
| Total Assets | $7.0B | $5.2B |
| Debt / EquityLower = less leverage | 0.07× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $162.5M | — | ||
| Q3 25 | $165.2M | — | ||
| Q2 25 | $398.1M | — | ||
| Q1 25 | $477.8M | — | ||
| Q4 24 | $482.4M | — | ||
| Q3 24 | $778.5M | — | ||
| Q2 24 | $401.8M | — | ||
| Q1 24 | $492.7M | — |
| Q4 25 | $81.3M | $270.2M | ||
| Q3 25 | $81.3M | $269.9M | ||
| Q2 25 | $162.5M | $269.6M | ||
| Q1 25 | $243.8M | $269.3M | ||
| Q4 24 | $325.0M | $168.9M | ||
| Q3 24 | $325.0M | $172.3M | ||
| Q2 24 | $0 | $172.1M | ||
| Q1 24 | — | $148.8M |
| Q4 25 | $1.1B | $-378.8M | ||
| Q3 25 | $1.1B | $-233.5M | ||
| Q2 25 | $1.2B | $153.9M | ||
| Q1 25 | $1.2B | $179.4M | ||
| Q4 24 | $1.2B | $209.8M | ||
| Q3 24 | $1.1B | $397.5M | ||
| Q2 24 | $1.0B | $366.9M | ||
| Q1 24 | $1.1B | $324.5M |
| Q4 25 | $7.0B | $5.2B | ||
| Q3 25 | $4.2B | $5.3B | ||
| Q2 25 | $4.4B | $4.8B | ||
| Q1 25 | $5.2B | $4.6B | ||
| Q4 24 | $5.3B | $4.3B | ||
| Q3 24 | $4.0B | $4.0B | ||
| Q2 24 | $4.2B | $3.8B | ||
| Q1 24 | $5.0B | $3.8B |
| Q4 25 | 0.07× | — | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | 0.13× | 1.75× | ||
| Q1 25 | 0.20× | 1.50× | ||
| Q4 24 | 0.28× | 0.81× | ||
| Q3 24 | 0.29× | 0.43× | ||
| Q2 24 | 0.00× | 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 | $117.0M | $27.2M |
| Free Cash FlowOCF − Capex | $113.6M | $26.7M |
| FCF MarginFCF / Revenue | 29.4% | 4.6% |
| Capex IntensityCapex / Revenue | 0.9% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | $461.1M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $117.0M | $27.2M | ||
| Q3 25 | $86.5M | $16.2M | ||
| Q2 25 | $86.6M | $46.3M | ||
| Q1 25 | $186.0M | $-66.5M | ||
| Q4 24 | $54.2M | $27.6M | ||
| Q3 24 | $91.5M | $53.7M | ||
| Q2 24 | $79.9M | $50.2M | ||
| Q1 24 | $167.5M | $7.6M |
| Q4 25 | $113.6M | $26.7M | ||
| Q3 25 | $82.7M | $15.9M | ||
| Q2 25 | $81.1M | $45.2M | ||
| Q1 25 | $183.7M | $-69.2M | ||
| Q4 24 | $51.2M | $27.0M | ||
| Q3 24 | $89.1M | $52.4M | ||
| Q2 24 | $73.6M | $49.6M | ||
| Q1 24 | $162.0M | $6.7M |
| Q4 25 | 29.4% | 4.6% | ||
| Q3 25 | 21.8% | 3.5% | ||
| Q2 25 | 21.9% | 12.4% | ||
| Q1 25 | 43.6% | -18.3% | ||
| Q4 24 | 14.7% | 8.0% | ||
| Q3 24 | 26.8% | 19.3% | ||
| Q2 24 | 22.7% | 26.6% | ||
| Q1 24 | 44.2% | 1.9% |
| Q4 25 | 0.9% | 0.1% | ||
| Q3 25 | 1.0% | 0.1% | ||
| Q2 25 | 1.5% | 0.3% | ||
| Q1 25 | 0.5% | 0.7% | ||
| Q4 24 | 0.9% | 0.2% | ||
| Q3 24 | 0.7% | 0.5% | ||
| Q2 24 | 1.9% | 0.3% | ||
| Q1 24 | 1.5% | 0.3% |
| Q4 25 | 2.33× | — | ||
| Q3 25 | 1.80× | — | ||
| Q2 25 | 1.78× | — | ||
| Q1 25 | 2.03× | — | ||
| Q4 24 | 1.45× | — | ||
| Q3 24 | 1.84× | 3.05× | ||
| Q2 24 | 1.64× | 3.76× | ||
| Q1 24 | 1.96× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
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% |
