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Side-by-side financial comparison of StepStone Group Inc. (STEP) and TKO Group Holdings (TKO). Click either name above to swap in a different company.
TKO Group Holdings is the larger business by last-quarter revenue ($1.0B vs $586.5M, roughly 1.8× StepStone Group Inc.). TKO Group Holdings runs the higher net margin — -0.2% vs -21.0%, a 20.8% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 61.6%). Over the past eight quarters, TKO Group Holdings's revenue compounded faster (28.4% CAGR vs 28.2%).
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.
TKO Group Holdings, Inc. (TKO) is an American sports and sports entertainment company. Established on September 12, 2023, the public company was formed by a merger between Endeavor subsidiary Zuffa—the parent company of the Ultimate Fighting Championship (UFC), a mixed martial arts promotion—and the professional wrestling promotion World Wrestling Entertainment (WWE).
STEP vs TKO — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $586.5M | $1.0B |
| Net Profit | $-123.5M | $-2.4M |
| Gross Margin | — | — |
| Operating Margin | -33.2% | 5.5% |
| Net Margin | -21.0% | -0.2% |
| Revenue YoY | 73.0% | 61.6% |
| Net Profit YoY | 35.7% | -107.7% |
| EPS (diluted) | $-1.55 | $-0.07 |
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 | $1.0B | ||
| Q3 25 | $454.2M | $1.1B | ||
| Q2 25 | $364.3M | $1.3B | ||
| Q1 25 | $377.7M | $1.3B | ||
| Q4 24 | $339.0M | $642.2M | ||
| Q3 24 | $271.7M | $681.3M | ||
| Q2 24 | $186.4M | $851.2M | ||
| Q1 24 | $356.8M | $629.7M |
| Q4 25 | $-123.5M | $-2.4M | ||
| Q3 25 | $-366.1M | $41.0M | ||
| Q2 25 | $-38.4M | $98.4M | ||
| Q1 25 | $-18.5M | $58.4M | ||
| Q4 24 | $-192.0M | $31.0M | ||
| Q3 24 | $17.6M | $23.1M | ||
| Q2 24 | $13.3M | $59.1M | ||
| Q1 24 | $30.8M | $-103.8M |
| Q4 25 | -33.2% | 5.5% | ||
| Q3 25 | -148.8% | 15.4% | ||
| Q2 25 | -5.6% | 28.1% | ||
| Q1 25 | 2.6% | 18.7% | ||
| Q4 24 | -101.7% | 15.9% | ||
| Q3 24 | 21.3% | 20.0% | ||
| Q2 24 | 29.4% | 30.0% | ||
| Q1 24 | 26.5% | -33.4% |
| Q4 25 | -21.0% | -0.2% | ||
| Q3 25 | -80.6% | 3.7% | ||
| Q2 25 | -10.5% | 7.5% | ||
| Q1 25 | -4.9% | 4.6% | ||
| Q4 24 | -56.6% | 4.8% | ||
| Q3 24 | 6.5% | 3.4% | ||
| Q2 24 | 7.2% | 6.9% | ||
| Q1 24 | 8.6% | -16.5% |
| Q4 25 | $-1.55 | $-0.07 | ||
| Q3 25 | $-4.66 | $0.47 | ||
| Q2 25 | $-0.49 | $1.17 | ||
| Q1 25 | $-0.37 | $0.69 | ||
| Q4 24 | $-2.61 | $0.28 | ||
| Q3 24 | $0.26 | $0.28 | ||
| Q2 24 | $0.20 | $0.72 | ||
| Q1 24 | $0.47 | $-1.26 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $831.1M |
| Total DebtLower is stronger | $270.2M | $3.8B |
| Stockholders' EquityBook value | $-378.8M | $3.7B |
| Total Assets | $5.2B | $15.5B |
| Debt / EquityLower = less leverage | — | 1.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $831.1M | ||
| Q3 25 | — | $861.4M | ||
| Q2 25 | — | $535.1M | ||
| Q1 25 | — | $470.9M | ||
| Q4 24 | — | $525.6M | ||
| Q3 24 | — | $457.4M | ||
| Q2 24 | — | $277.5M | ||
| Q1 24 | — | $245.8M |
| Q4 25 | $270.2M | $3.8B | ||
| Q3 25 | $269.9M | $3.7B | ||
| Q2 25 | $269.6M | $2.7B | ||
| Q1 25 | $269.3M | $2.8B | ||
| Q4 24 | $168.9M | $2.8B | ||
| Q3 24 | $172.3M | $2.7B | ||
| Q2 24 | $172.1M | $2.7B | ||
| Q1 24 | $148.8M | $2.7B |
| Q4 25 | $-378.8M | $3.7B | ||
| Q3 25 | $-233.5M | $3.8B | ||
| Q2 25 | $153.9M | $4.3B | ||
| Q1 25 | $179.4M | $4.2B | ||
| Q4 24 | $209.8M | $4.1B | ||
| Q3 24 | $397.5M | $4.0B | ||
| Q2 24 | $366.9M | $4.0B | ||
| Q1 24 | $324.5M | $4.0B |
| Q4 25 | $5.2B | $15.5B | ||
| Q3 25 | $5.3B | $15.5B | ||
| Q2 25 | $4.8B | $15.3B | ||
| Q1 25 | $4.6B | $15.0B | ||
| Q4 24 | $4.3B | $12.7B | ||
| Q3 24 | $4.0B | $12.8B | ||
| Q2 24 | $3.8B | $12.7B | ||
| Q1 24 | $3.8B | $12.7B |
| Q4 25 | — | 1.01× | ||
| Q3 25 | — | 0.98× | ||
| Q2 25 | 1.75× | 0.64× | ||
| Q1 25 | 1.50× | 0.66× | ||
| Q4 24 | 0.81× | 0.67× | ||
| Q3 24 | 0.43× | 0.67× | ||
| Q2 24 | 0.47× | 0.68× | ||
| Q1 24 | 0.46× | 0.68× |
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 | $27.2M | $309.9M |
| Free Cash FlowOCF − Capex | $26.7M | — |
| FCF MarginFCF / Revenue | 4.6% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $18.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $309.9M | ||
| Q3 25 | $16.2M | $416.8M | ||
| Q2 25 | $46.3M | $396.2M | ||
| Q1 25 | $-66.5M | $162.8M | ||
| Q4 24 | $27.6M | $56.8M | ||
| Q3 24 | $53.7M | $236.5M | ||
| Q2 24 | $50.2M | $230.7M | ||
| Q1 24 | $7.6M | $59.3M |
| Q4 25 | $26.7M | — | ||
| Q3 25 | $15.9M | — | ||
| Q2 25 | $45.2M | — | ||
| Q1 25 | $-69.2M | — | ||
| Q4 24 | $27.0M | — | ||
| Q3 24 | $52.4M | — | ||
| Q2 24 | $49.6M | — | ||
| Q1 24 | $6.7M | — |
| Q4 25 | 4.6% | — | ||
| Q3 25 | 3.5% | — | ||
| Q2 25 | 12.4% | — | ||
| Q1 25 | -18.3% | — | ||
| Q4 24 | 8.0% | — | ||
| Q3 24 | 19.3% | — | ||
| Q2 24 | 26.6% | — | ||
| Q1 24 | 1.9% | — |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 0.3% | — | ||
| Q1 24 | 0.3% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 10.16× | ||
| Q2 25 | — | 4.03× | ||
| Q1 25 | — | 2.79× | ||
| Q4 24 | — | 1.83× | ||
| Q3 24 | 3.05× | 10.22× | ||
| Q2 24 | 3.76× | 3.90× | ||
| Q1 24 | 0.25× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
TKO
| World Wrestling Entertainment Segment | $359.6M | 35% |
| IMG Segment | $247.6M | 24% |
| Media Rights Production And Content | $222.6M | 21% |
| Partnerships And Marketing | $93.3M | 9% |
| Live Events And Hospitality | $72.2M | 7% |
| Other | $29.4M | 3% |
| Consumer Products Licensing And Other | $13.2M | 1% |
