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Side-by-side financial comparison of QuidelOrtho Corp (QDEL) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
QuidelOrtho Corp is the larger business by last-quarter revenue ($699.9M vs $586.5M, roughly 1.2× StepStone Group Inc.). StepStone Group Inc. runs the higher net margin — -21.0% vs -104.7%, a 83.7% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs -3.7%). StepStone Group Inc. produced more free cash flow last quarter ($26.7M vs $-94.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs -2.9%).
QuidelOrtho Corporation is an American manufacturer of diagnostic healthcare products that are sold worldwide.
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.
QDEL vs STEP — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $699.9M | $586.5M |
| Net Profit | $-733.0M | $-123.5M |
| Gross Margin | — | — |
| Operating Margin | -100.7% | -33.2% |
| Net Margin | -104.7% | -21.0% |
| Revenue YoY | -3.7% | 73.0% |
| Net Profit YoY | -3583.4% | 35.7% |
| EPS (diluted) | $-10.78 | $-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 | — | $586.5M | ||
| Q3 25 | $699.9M | $454.2M | ||
| Q2 25 | $613.9M | $364.3M | ||
| Q1 25 | $692.8M | $377.7M | ||
| Q4 24 | $707.8M | $339.0M | ||
| Q3 24 | $727.1M | $271.7M | ||
| Q2 24 | $637.0M | $186.4M | ||
| Q1 24 | $711.0M | $356.8M |
| Q4 25 | — | $-123.5M | ||
| Q3 25 | $-733.0M | $-366.1M | ||
| Q2 25 | $-255.4M | $-38.4M | ||
| Q1 25 | $-12.7M | $-18.5M | ||
| Q4 24 | $-178.4M | $-192.0M | ||
| Q3 24 | $-19.9M | $17.6M | ||
| Q2 24 | $-147.7M | $13.3M | ||
| Q1 24 | $-1.7B | $30.8M |
| Q4 25 | — | -33.2% | ||
| Q3 25 | -100.7% | -148.8% | ||
| Q2 25 | -29.4% | -5.6% | ||
| Q1 25 | 4.7% | 2.6% | ||
| Q4 24 | -14.2% | -101.7% | ||
| Q3 24 | 2.1% | 21.3% | ||
| Q2 24 | -18.4% | 29.4% | ||
| Q1 24 | -247.3% | 26.5% |
| Q4 25 | — | -21.0% | ||
| Q3 25 | -104.7% | -80.6% | ||
| Q2 25 | -41.6% | -10.5% | ||
| Q1 25 | -1.8% | -4.9% | ||
| Q4 24 | -25.2% | -56.6% | ||
| Q3 24 | -2.7% | 6.5% | ||
| Q2 24 | -23.2% | 7.2% | ||
| Q1 24 | -239.9% | 8.6% |
| Q4 25 | — | $-1.55 | ||
| Q3 25 | $-10.78 | $-4.66 | ||
| Q2 25 | $-3.77 | $-0.49 | ||
| Q1 25 | $-0.19 | $-0.37 | ||
| Q4 24 | $-2.54 | $-2.61 | ||
| Q3 24 | $-0.30 | $0.26 | ||
| Q2 24 | $-2.20 | $0.20 | ||
| Q1 24 | $-25.50 | $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 | $98.1M | — |
| Total DebtLower is stronger | $2.5B | $270.2M |
| Stockholders' EquityBook value | $2.0B | $-378.8M |
| Total Assets | $5.7B | $5.2B |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $98.1M | — | ||
| Q2 25 | $151.7M | — | ||
| Q1 25 | $127.1M | — | ||
| Q4 24 | $98.3M | — | ||
| Q3 24 | $143.7M | — | ||
| Q2 24 | $107.0M | — | ||
| Q1 24 | $78.5M | — |
| Q4 25 | — | $270.2M | ||
| Q3 25 | $2.5B | $269.9M | ||
| Q2 25 | $2.1B | $269.6M | ||
| Q1 25 | $2.1B | $269.3M | ||
| Q4 24 | $2.1B | $168.9M | ||
| Q3 24 | $2.2B | $172.3M | ||
| Q2 24 | $2.2B | $172.1M | ||
| Q1 24 | $2.2B | $148.8M |
| Q4 25 | — | $-378.8M | ||
| Q3 25 | $2.0B | $-233.5M | ||
| Q2 25 | $2.8B | $153.9M | ||
| Q1 25 | $3.0B | $179.4M | ||
| Q4 24 | $3.0B | $209.8M | ||
| Q3 24 | $3.2B | $397.5M | ||
| Q2 24 | $3.2B | $366.9M | ||
| Q1 24 | $3.3B | $324.5M |
| Q4 25 | — | $5.2B | ||
| Q3 25 | $5.7B | $5.3B | ||
| Q2 25 | $6.4B | $4.8B | ||
| Q1 25 | $6.5B | $4.6B | ||
| Q4 24 | $6.4B | $4.3B | ||
| Q3 24 | $6.8B | $4.0B | ||
| Q2 24 | $6.7B | $3.8B | ||
| Q1 24 | $6.7B | $3.8B |
| Q4 25 | — | — | ||
| Q3 25 | 1.23× | — | ||
| Q2 25 | 0.74× | 1.75× | ||
| Q1 25 | 0.70× | 1.50× | ||
| Q4 24 | 0.72× | 0.81× | ||
| Q3 24 | 0.68× | 0.43× | ||
| Q2 24 | 0.70× | 0.47× | ||
| Q1 24 | 0.68× | 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 | $-45.5M | $27.2M |
| Free Cash FlowOCF − Capex | $-94.7M | $26.7M |
| FCF MarginFCF / Revenue | -13.5% | 4.6% |
| Capex IntensityCapex / Revenue | 7.0% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-153.1M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $27.2M | ||
| Q3 25 | $-45.5M | $16.2M | ||
| Q2 25 | $-46.8M | $46.3M | ||
| Q1 25 | $65.6M | $-66.5M | ||
| Q4 24 | $63.7M | $27.6M | ||
| Q3 24 | $117.9M | $53.7M | ||
| Q2 24 | $-97.9M | $50.2M | ||
| Q1 24 | $-700.0K | $7.6M |
| Q4 25 | — | $26.7M | ||
| Q3 25 | $-94.7M | $15.9M | ||
| Q2 25 | $-84.3M | $45.2M | ||
| Q1 25 | $9.4M | $-69.2M | ||
| Q4 24 | $16.5M | $27.0M | ||
| Q3 24 | $71.4M | $52.4M | ||
| Q2 24 | $-133.2M | $49.6M | ||
| Q1 24 | $-66.8M | $6.7M |
| Q4 25 | — | 4.6% | ||
| Q3 25 | -13.5% | 3.5% | ||
| Q2 25 | -13.7% | 12.4% | ||
| Q1 25 | 1.4% | -18.3% | ||
| Q4 24 | 2.3% | 8.0% | ||
| Q3 24 | 9.8% | 19.3% | ||
| Q2 24 | -20.9% | 26.6% | ||
| Q1 24 | -9.4% | 1.9% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | 7.0% | 0.1% | ||
| Q2 25 | 6.1% | 0.3% | ||
| Q1 25 | 8.1% | 0.7% | ||
| Q4 24 | 6.7% | 0.2% | ||
| Q3 24 | 6.4% | 0.5% | ||
| Q2 24 | 5.5% | 0.3% | ||
| Q1 24 | 9.3% | 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
QDEL
| Labs | $373.8M | 53% |
| Point Of Care | $164.6M | 24% |
| Immunohematology | $142.0M | 20% |
| Donor Screening | $14.7M | 2% |
| Molecular Diagnostics | $4.8M | 1% |
| Collaborative Arrangement Transaction With Party To Collaborative Arrangement | $2.1M | 0% |
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% |
