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Side-by-side financial comparison of PJT Partners Inc. (PJT) 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 $531.4M, roughly 1.1× PJT Partners Inc.). PJT Partners Inc. runs the higher net margin — 10.0% vs -21.0%, a 31.1% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 12.9%). PJT Partners Inc. produced more free cash flow last quarter ($138.6M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 27.5%).
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
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.
PJT vs STEP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $531.4M | $586.5M |
| Net Profit | $53.4M | $-123.5M |
| Gross Margin | — | — |
| Operating Margin | 23.1% | -33.2% |
| Net Margin | 10.0% | -21.0% |
| Revenue YoY | 12.9% | 73.0% |
| Net Profit YoY | 4.0% | 35.7% |
| EPS (diluted) | — | $-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 | $531.4M | $586.5M | ||
| Q3 25 | $442.3M | $454.2M | ||
| Q2 25 | $401.1M | $364.3M | ||
| Q1 25 | $321.9M | $377.7M | ||
| Q4 24 | $470.5M | $339.0M | ||
| Q3 24 | $320.3M | $271.7M | ||
| Q2 24 | $358.1M | $186.4M | ||
| Q1 24 | $327.1M | $356.8M |
| Q4 25 | $53.4M | $-123.5M | ||
| Q3 25 | $39.8M | $-366.1M | ||
| Q2 25 | $32.9M | $-38.4M | ||
| Q1 25 | $54.0M | $-18.5M | ||
| Q4 24 | $51.3M | $-192.0M | ||
| Q3 24 | $22.1M | $17.6M | ||
| Q2 24 | $28.3M | $13.3M | ||
| Q1 24 | $32.6M | $30.8M |
| Q4 25 | 23.1% | -33.2% | ||
| Q3 25 | 20.6% | -148.8% | ||
| Q2 25 | 19.1% | -5.6% | ||
| Q1 25 | 16.3% | 2.6% | ||
| Q4 24 | 21.9% | -101.7% | ||
| Q3 24 | 15.4% | 21.3% | ||
| Q2 24 | 18.0% | 29.4% | ||
| Q1 24 | 16.5% | 26.5% |
| Q4 25 | 10.0% | -21.0% | ||
| Q3 25 | 9.0% | -80.6% | ||
| Q2 25 | 8.2% | -10.5% | ||
| Q1 25 | 16.8% | -4.9% | ||
| Q4 24 | 10.9% | -56.6% | ||
| Q3 24 | 6.9% | 6.5% | ||
| Q2 24 | 7.9% | 7.2% | ||
| Q1 24 | 10.0% | 8.6% |
| Q4 25 | — | $-1.55 | ||
| Q3 25 | — | $-4.66 | ||
| Q2 25 | — | $-0.49 | ||
| Q1 25 | — | $-0.37 | ||
| Q4 24 | — | $-2.61 | ||
| Q3 24 | — | $0.26 | ||
| Q2 24 | — | $0.20 | ||
| Q1 24 | — | $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 | $538.9M | — |
| Total DebtLower is stronger | — | $270.2M |
| Stockholders' EquityBook value | $308.2M | $-378.8M |
| Total Assets | $1.8B | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $538.9M | — | ||
| Q3 25 | $400.5M | — | ||
| Q2 25 | $214.6M | — | ||
| Q1 25 | $194.3M | — | ||
| Q4 24 | $483.9M | — | ||
| Q3 24 | $148.8M | — | ||
| Q2 24 | $164.2M | — | ||
| Q1 24 | $215.5M | — |
| 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 | $308.2M | $-378.8M | ||
| Q3 25 | $228.6M | $-233.5M | ||
| Q2 25 | $167.4M | $153.9M | ||
| Q1 25 | $148.8M | $179.4M | ||
| Q4 24 | $187.0M | $209.8M | ||
| Q3 24 | $159.1M | $397.5M | ||
| Q2 24 | $133.8M | $366.9M | ||
| Q1 24 | $174.6M | $324.5M |
| Q4 25 | $1.8B | $5.2B | ||
| Q3 25 | $1.7B | $5.3B | ||
| Q2 25 | $1.5B | $4.8B | ||
| Q1 25 | $1.4B | $4.6B | ||
| Q4 24 | $1.6B | $4.3B | ||
| Q3 24 | $1.6B | $4.0B | ||
| Q2 24 | $1.4B | $3.8B | ||
| Q1 24 | $1.3B | $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 | $155.7M | $27.2M |
| Free Cash FlowOCF − Capex | $138.6M | $26.7M |
| FCF MarginFCF / Revenue | 26.1% | 4.6% |
| Capex IntensityCapex / Revenue | 3.2% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | $480.4M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $155.7M | $27.2M | ||
| Q3 25 | $256.1M | $16.2M | ||
| Q2 25 | $190.4M | $46.3M | ||
| Q1 25 | $-75.9M | $-66.5M | ||
| Q4 24 | $195.7M | $27.6M | ||
| Q3 24 | $180.5M | $53.7M | ||
| Q2 24 | $193.6M | $50.2M | ||
| Q1 24 | $-38.8M | $7.6M |
| Q4 25 | $138.6M | $26.7M | ||
| Q3 25 | $240.9M | $15.9M | ||
| Q2 25 | $178.9M | $45.2M | ||
| Q1 25 | $-77.9M | $-69.2M | ||
| Q4 24 | $195.3M | $27.0M | ||
| Q3 24 | $178.5M | $52.4M | ||
| Q2 24 | $193.0M | $49.6M | ||
| Q1 24 | $-39.2M | $6.7M |
| Q4 25 | 26.1% | 4.6% | ||
| Q3 25 | 54.5% | 3.5% | ||
| Q2 25 | 44.6% | 12.4% | ||
| Q1 25 | -24.2% | -18.3% | ||
| Q4 24 | 41.5% | 8.0% | ||
| Q3 24 | 55.7% | 19.3% | ||
| Q2 24 | 53.9% | 26.6% | ||
| Q1 24 | -12.0% | 1.9% |
| Q4 25 | 3.2% | 0.1% | ||
| Q3 25 | 3.4% | 0.1% | ||
| Q2 25 | 2.9% | 0.3% | ||
| Q1 25 | 0.6% | 0.7% | ||
| Q4 24 | 0.1% | 0.2% | ||
| Q3 24 | 0.6% | 0.5% | ||
| Q2 24 | 0.1% | 0.3% | ||
| Q1 24 | 0.1% | 0.3% |
| Q4 25 | 2.92× | — | ||
| Q3 25 | 6.43× | — | ||
| Q2 25 | 5.79× | — | ||
| Q1 25 | -1.41× | — | ||
| Q4 24 | 3.81× | — | ||
| Q3 24 | 8.15× | 3.05× | ||
| Q2 24 | 6.84× | 3.76× | ||
| Q1 24 | -1.19× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PJT
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% |
