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Side-by-side financial comparison of Soho House & Co Inc. (SHCO) 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 $370.8M, roughly 1.6× Soho House & Co Inc.). Soho House & Co Inc. runs the higher net margin — -5.0% vs -21.0%, a 16.0% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 11.2%). StepStone Group Inc. produced more free cash flow last quarter ($26.7M vs $3.5M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 13.5%).
Soho House is an international private members’ club with a focus on the media, arts and fashion industries.
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.
SHCO vs STEP — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $370.8M | $586.5M |
| Net Profit | $-18.7M | $-123.5M |
| Gross Margin | — | — |
| Operating Margin | -1.6% | -33.2% |
| Net Margin | -5.0% | -21.0% |
| Revenue YoY | 11.2% | 73.0% |
| Net Profit YoY | -10790.3% | 35.7% |
| EPS (diluted) | $-0.10 | $-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 | $370.8M | $454.2M | ||
| Q2 25 | $329.8M | $364.3M | ||
| Q1 25 | $282.9M | $377.7M | ||
| Q4 24 | $305.6M | $339.0M | ||
| Q3 24 | $333.4M | $271.7M | ||
| Q2 24 | $302.9M | $186.4M | ||
| Q1 24 | $261.9M | $356.8M |
| Q4 25 | — | $-123.5M | ||
| Q3 25 | $-18.7M | $-366.1M | ||
| Q2 25 | $24.9M | $-38.4M | ||
| Q1 25 | $8.2M | $-18.5M | ||
| Q4 24 | $-91.7M | $-192.0M | ||
| Q3 24 | $175.0K | $17.6M | ||
| Q2 24 | $-29.9M | $13.3M | ||
| Q1 24 | $-41.6M | $30.8M |
| Q4 25 | — | -33.2% | ||
| Q3 25 | -1.6% | -148.8% | ||
| Q2 25 | 18.1% | -5.6% | ||
| Q1 25 | 12.3% | 2.6% | ||
| Q4 24 | -23.1% | -101.7% | ||
| Q3 24 | 11.4% | 21.3% | ||
| Q2 24 | -4.3% | 29.4% | ||
| Q1 24 | -9.3% | 26.5% |
| Q4 25 | — | -21.0% | ||
| Q3 25 | -5.0% | -80.6% | ||
| Q2 25 | 7.5% | -10.5% | ||
| Q1 25 | 2.9% | -4.9% | ||
| Q4 24 | -30.0% | -56.6% | ||
| Q3 24 | 0.1% | 6.5% | ||
| Q2 24 | -9.9% | 7.2% | ||
| Q1 24 | -15.9% | 8.6% |
| Q4 25 | — | $-1.55 | ||
| Q3 25 | $-0.10 | $-4.66 | ||
| Q2 25 | $0.13 | $-0.49 | ||
| Q1 25 | $0.04 | $-0.37 | ||
| Q4 24 | $-0.48 | $-2.61 | ||
| Q3 24 | $0.00 | $0.26 | ||
| Q2 24 | $-0.15 | $0.20 | ||
| Q1 24 | $-0.21 | $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 | $142.5M | — |
| Total DebtLower is stronger | $735.8M | $270.2M |
| Stockholders' EquityBook value | $-351.6M | $-378.8M |
| Total Assets | $2.7B | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $142.5M | — | ||
| Q2 25 | $150.3M | — | ||
| Q1 25 | $150.1M | — | ||
| Q4 24 | $152.7M | — | ||
| Q3 24 | $142.8M | — | ||
| Q2 24 | $148.5M | — | ||
| Q1 24 | $139.8M | — |
| Q4 25 | — | $270.2M | ||
| Q3 25 | $735.8M | $269.9M | ||
| Q2 25 | $729.8M | $269.6M | ||
| Q1 25 | $705.1M | $269.3M | ||
| Q4 24 | $691.5M | $168.9M | ||
| Q3 24 | $694.8M | $172.3M | ||
| Q2 24 | $682.1M | $172.1M | ||
| Q1 24 | $671.7M | $148.8M |
| Q4 25 | — | $-378.8M | ||
| Q3 25 | $-351.6M | $-233.5M | ||
| Q2 25 | $-348.6M | $153.9M | ||
| Q1 25 | $-340.1M | $179.4M | ||
| Q4 24 | $-335.1M | $209.8M | ||
| Q3 24 | $-279.4M | $397.5M | ||
| Q2 24 | $-231.7M | $366.9M | ||
| Q1 24 | $-193.0M | $324.5M |
| Q4 25 | — | $5.2B | ||
| Q3 25 | $2.7B | $5.3B | ||
| Q2 25 | $2.6B | $4.8B | ||
| Q1 25 | $2.5B | $4.6B | ||
| Q4 24 | $2.4B | $4.3B | ||
| Q3 24 | $2.6B | $4.0B | ||
| Q2 24 | $2.6B | $3.8B | ||
| Q1 24 | $2.5B | $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 | $34.9M | $27.2M |
| Free Cash FlowOCF − Capex | $3.5M | $26.7M |
| FCF MarginFCF / Revenue | 0.9% | 4.6% |
| Capex IntensityCapex / Revenue | 8.5% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $41.9M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $27.2M | ||
| Q3 25 | $34.9M | $16.2M | ||
| Q2 25 | $41.0M | $46.3M | ||
| Q1 25 | $22.8M | $-66.5M | ||
| Q4 24 | $26.9M | $27.6M | ||
| Q3 24 | $20.6M | $53.7M | ||
| Q2 24 | $36.0M | $50.2M | ||
| Q1 24 | $6.2M | $7.6M |
| Q4 25 | — | $26.7M | ||
| Q3 25 | $3.5M | $15.9M | ||
| Q2 25 | $12.4M | $45.2M | ||
| Q1 25 | $7.5M | $-69.2M | ||
| Q4 24 | $18.5M | $27.0M | ||
| Q3 24 | $10.3M | $52.4M | ||
| Q2 24 | $10.2M | $49.6M | ||
| Q1 24 | $-13.5M | $6.7M |
| Q4 25 | — | 4.6% | ||
| Q3 25 | 0.9% | 3.5% | ||
| Q2 25 | 3.8% | 12.4% | ||
| Q1 25 | 2.7% | -18.3% | ||
| Q4 24 | 6.1% | 8.0% | ||
| Q3 24 | 3.1% | 19.3% | ||
| Q2 24 | 3.4% | 26.6% | ||
| Q1 24 | -5.2% | 1.9% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | 8.5% | 0.1% | ||
| Q2 25 | 8.7% | 0.3% | ||
| Q1 25 | 5.4% | 0.7% | ||
| Q4 24 | 2.7% | 0.2% | ||
| Q3 24 | 3.1% | 0.5% | ||
| Q2 24 | 8.5% | 0.3% | ||
| Q1 24 | 7.5% | 0.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.65× | — | ||
| Q1 25 | 2.79× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 117.70× | 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
SHCO
| Membership | $122.7M | 33% |
| Other | $122.0M | 33% |
| Membership Revenue | $58.5M | 16% |
| Other Revenue | $28.5M | 8% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $24.8M | 7% |
| Elimination Of Equity Accounted Revenue | $13.4M | 4% |
| Related Party | $2.0M | 1% |
| Soho House | $1.0M | 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% |
