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Side-by-side financial comparison of Sally Beauty Holdings, Inc. (SBH) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
Sally Beauty Holdings, Inc. is the larger business by last-quarter revenue ($943.2M vs $586.5M, roughly 1.6× StepStone Group Inc.). Sally Beauty Holdings, Inc. runs the higher net margin — 4.8% vs -21.0%, a 25.9% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 0.6%). Sally Beauty Holdings, Inc. produced more free cash flow last quarter ($57.5M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 1.9%).
Sally Beauty Holdings, Inc. is an American international specialty retailer and distributor of professional beauty supplies with revenues of more than $3.9 billion annually.
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.
SBH vs STEP — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $943.2M | $586.5M |
| Net Profit | $45.6M | $-123.5M |
| Gross Margin | 51.2% | — |
| Operating Margin | 8.1% | -33.2% |
| Net Margin | 4.8% | -21.0% |
| Revenue YoY | 0.6% | 73.0% |
| Net Profit YoY | -25.3% | 35.7% |
| EPS (diluted) | $0.45 | $-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 | $943.2M | $586.5M | ||
| Q3 25 | $947.1M | $454.2M | ||
| Q2 25 | $933.3M | $364.3M | ||
| Q1 25 | $883.1M | $377.7M | ||
| Q4 24 | $937.9M | $339.0M | ||
| Q3 24 | $935.0M | $271.7M | ||
| Q2 24 | $942.3M | $186.4M | ||
| Q1 24 | $908.4M | $356.8M |
| Q4 25 | $45.6M | $-123.5M | ||
| Q3 25 | $49.9M | $-366.1M | ||
| Q2 25 | $45.7M | $-38.4M | ||
| Q1 25 | $39.2M | $-18.5M | ||
| Q4 24 | $61.0M | $-192.0M | ||
| Q3 24 | $48.1M | $17.6M | ||
| Q2 24 | $37.7M | $13.3M | ||
| Q1 24 | $29.2M | $30.8M |
| Q4 25 | 51.2% | — | ||
| Q3 25 | 52.2% | — | ||
| Q2 25 | 51.5% | — | ||
| Q1 25 | 52.0% | — | ||
| Q4 24 | 50.8% | — | ||
| Q3 24 | 51.2% | — | ||
| Q2 24 | 51.0% | — | ||
| Q1 24 | 51.0% | — |
| Q4 25 | 8.1% | -33.2% | ||
| Q3 25 | 8.4% | -148.8% | ||
| Q2 25 | 8.4% | -5.6% | ||
| Q1 25 | 7.9% | 2.6% | ||
| Q4 24 | 10.7% | -101.7% | ||
| Q3 24 | 8.8% | 21.3% | ||
| Q2 24 | 7.6% | 29.4% | ||
| Q1 24 | 6.6% | 26.5% |
| Q4 25 | 4.8% | -21.0% | ||
| Q3 25 | 5.3% | -80.6% | ||
| Q2 25 | 4.9% | -10.5% | ||
| Q1 25 | 4.4% | -4.9% | ||
| Q4 24 | 6.5% | -56.6% | ||
| Q3 24 | 5.1% | 6.5% | ||
| Q2 24 | 4.0% | 7.2% | ||
| Q1 24 | 3.2% | 8.6% |
| Q4 25 | $0.45 | $-1.55 | ||
| Q3 25 | $0.49 | $-4.66 | ||
| Q2 25 | $0.44 | $-0.49 | ||
| Q1 25 | $0.38 | $-0.37 | ||
| Q4 24 | $0.58 | $-2.61 | ||
| Q3 24 | $0.45 | $0.26 | ||
| Q2 24 | $0.36 | $0.20 | ||
| Q1 24 | $0.27 | $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 | $157.2M | — |
| Total DebtLower is stronger | $842.5M | $270.2M |
| Stockholders' EquityBook value | $823.6M | $-378.8M |
| Total Assets | $2.9B | $5.2B |
| Debt / EquityLower = less leverage | 1.02× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $157.2M | — | ||
| Q3 25 | $149.2M | — | ||
| Q2 25 | $112.8M | — | ||
| Q1 25 | $92.2M | — | ||
| Q4 24 | $105.5M | — | ||
| Q3 24 | $108.0M | — | ||
| Q2 24 | $97.4M | — | ||
| Q1 24 | $97.2M | — |
| Q4 25 | $842.5M | $270.2M | ||
| Q3 25 | $862.0M | $269.9M | ||
| Q2 25 | $882.4M | $269.6M | ||
| Q1 25 | $902.8M | $269.3M | ||
| Q4 24 | $938.1M | $168.9M | ||
| Q3 24 | $978.3M | $172.3M | ||
| Q2 24 | $978.9M | $172.1M | ||
| Q1 24 | $978.4M | $148.8M |
| Q4 25 | $823.6M | $-378.8M | ||
| Q3 25 | $794.2M | $-233.5M | ||
| Q2 25 | $762.9M | $153.9M | ||
| Q1 25 | $699.8M | $179.4M | ||
| Q4 24 | $656.5M | $209.8M | ||
| Q3 24 | $628.5M | $397.5M | ||
| Q2 24 | $577.7M | $366.9M | ||
| Q1 24 | $550.9M | $324.5M |
| Q4 25 | $2.9B | $5.2B | ||
| Q3 25 | $2.9B | $5.3B | ||
| Q2 25 | $2.7B | $4.8B | ||
| Q1 25 | $2.7B | $4.6B | ||
| Q4 24 | $2.7B | $4.3B | ||
| Q3 24 | $2.8B | $4.0B | ||
| Q2 24 | $2.7B | $3.8B | ||
| Q1 24 | $2.7B | $3.8B |
| Q4 25 | 1.02× | — | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 1.16× | 1.75× | ||
| Q1 25 | 1.29× | 1.50× | ||
| Q4 24 | 1.43× | 0.81× | ||
| Q3 24 | 1.56× | 0.43× | ||
| Q2 24 | 1.69× | 0.47× | ||
| Q1 24 | 1.78× | 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 | $93.2M | $27.2M |
| Free Cash FlowOCF − Capex | $57.5M | $26.7M |
| FCF MarginFCF / Revenue | 6.1% | 4.6% |
| Capex IntensityCapex / Revenue | 3.8% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $216.8M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $93.2M | $27.2M | ||
| Q3 25 | $120.9M | $16.2M | ||
| Q2 25 | $69.4M | $46.3M | ||
| Q1 25 | $51.1M | $-66.5M | ||
| Q4 24 | $33.5M | $27.6M | ||
| Q3 24 | $110.7M | $53.7M | ||
| Q2 24 | $47.9M | $50.2M | ||
| Q1 24 | $36.9M | $7.6M |
| Q4 25 | $57.5M | $26.7M | ||
| Q3 25 | $78.0M | $15.9M | ||
| Q2 25 | $49.1M | $45.2M | ||
| Q1 25 | $32.2M | $-69.2M | ||
| Q4 24 | $13.4M | $27.0M | ||
| Q3 24 | $73.3M | $52.4M | ||
| Q2 24 | $28.7M | $49.6M | ||
| Q1 24 | $22.8M | $6.7M |
| Q4 25 | 6.1% | 4.6% | ||
| Q3 25 | 8.2% | 3.5% | ||
| Q2 25 | 5.3% | 12.4% | ||
| Q1 25 | 3.6% | -18.3% | ||
| Q4 24 | 1.4% | 8.0% | ||
| Q3 24 | 7.8% | 19.3% | ||
| Q2 24 | 3.1% | 26.6% | ||
| Q1 24 | 2.5% | 1.9% |
| Q4 25 | 3.8% | 0.1% | ||
| Q3 25 | 4.5% | 0.1% | ||
| Q2 25 | 2.2% | 0.3% | ||
| Q1 25 | 2.1% | 0.7% | ||
| Q4 24 | 2.1% | 0.2% | ||
| Q3 24 | 4.0% | 0.5% | ||
| Q2 24 | 2.0% | 0.3% | ||
| Q1 24 | 1.6% | 0.3% |
| Q4 25 | 2.05× | — | ||
| Q3 25 | 2.42× | — | ||
| Q2 25 | 1.52× | — | ||
| Q1 25 | 1.30× | — | ||
| Q4 24 | 0.55× | — | ||
| Q3 24 | 2.30× | 3.05× | ||
| Q2 24 | 1.27× | 3.76× | ||
| Q1 24 | 1.26× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SBH
| Sally Beauty Supply | $531.6M | 56% |
| Beauty Systems Group | $411.6M | 44% |
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% |
