vs
Side-by-side financial comparison of StepStone Group Inc. (STEP) and Trade Desk (The) (TTD). Click either name above to swap in a different company.
Trade Desk (The) is the larger business by last-quarter revenue ($846.8M vs $586.5M, roughly 1.4× StepStone Group Inc.). Trade Desk (The) runs the higher net margin — 22.1% vs -21.0%, a 43.1% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 14.3%). Trade Desk (The) produced more free cash flow last quarter ($285.3M vs $26.7M). Over the past eight quarters, Trade Desk (The)'s revenue compounded faster (31.3% 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.
The Trade Desk, Inc. is an American multinational technology company that specializes in real-time programmatic marketing automation technologies, products, and services, designed to personalize digital content delivery to users.
STEP vs TTD — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $586.5M | $846.8M |
| Net Profit | $-123.5M | $186.9M |
| Gross Margin | — | 80.7% |
| Operating Margin | -33.2% | 30.3% |
| Net Margin | -21.0% | 22.1% |
| Revenue YoY | 73.0% | 14.3% |
| Net Profit YoY | 35.7% | 2.6% |
| EPS (diluted) | $-1.55 | $0.39 |
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 | $846.8M | ||
| Q3 25 | $454.2M | $739.4M | ||
| Q2 25 | $364.3M | $694.0M | ||
| Q1 25 | $377.7M | $616.0M | ||
| Q4 24 | $339.0M | $741.0M | ||
| Q3 24 | $271.7M | $628.0M | ||
| Q2 24 | $186.4M | $584.5M | ||
| Q1 24 | $356.8M | $491.3M |
| Q4 25 | $-123.5M | $186.9M | ||
| Q3 25 | $-366.1M | $115.5M | ||
| Q2 25 | $-38.4M | $90.1M | ||
| Q1 25 | $-18.5M | $50.7M | ||
| Q4 24 | $-192.0M | $182.2M | ||
| Q3 24 | $17.6M | $94.2M | ||
| Q2 24 | $13.3M | $85.0M | ||
| Q1 24 | $30.8M | $31.7M |
| Q4 25 | — | 80.7% | ||
| Q3 25 | — | 78.1% | ||
| Q2 25 | — | 78.2% | ||
| Q1 25 | — | 76.8% | ||
| Q4 24 | — | 81.7% | ||
| Q3 24 | — | 80.5% | ||
| Q2 24 | — | 81.1% | ||
| Q1 24 | — | 78.9% |
| Q4 25 | -33.2% | 30.3% | ||
| Q3 25 | -148.8% | 21.8% | ||
| Q2 25 | -5.6% | 16.8% | ||
| Q1 25 | 2.6% | 8.8% | ||
| Q4 24 | -101.7% | 26.4% | ||
| Q3 24 | 21.3% | 17.3% | ||
| Q2 24 | 29.4% | 16.2% | ||
| Q1 24 | 26.5% | 5.8% |
| Q4 25 | -21.0% | 22.1% | ||
| Q3 25 | -80.6% | 15.6% | ||
| Q2 25 | -10.5% | 13.0% | ||
| Q1 25 | -4.9% | 8.2% | ||
| Q4 24 | -56.6% | 24.6% | ||
| Q3 24 | 6.5% | 15.0% | ||
| Q2 24 | 7.2% | 14.5% | ||
| Q1 24 | 8.6% | 6.4% |
| Q4 25 | $-1.55 | $0.39 | ||
| Q3 25 | $-4.66 | $0.23 | ||
| Q2 25 | $-0.49 | $0.18 | ||
| Q1 25 | $-0.37 | $0.10 | ||
| Q4 24 | $-2.61 | $0.36 | ||
| Q3 24 | $0.26 | $0.19 | ||
| Q2 24 | $0.20 | $0.17 | ||
| Q1 24 | $0.47 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.3B |
| Total DebtLower is stronger | $270.2M | — |
| Stockholders' EquityBook value | $-378.8M | $2.5B |
| Total Assets | $5.2B | $6.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.4B |
| 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 | $-378.8M | $2.5B | ||
| Q3 25 | $-233.5M | $2.6B | ||
| Q2 25 | $153.9M | $2.7B | ||
| Q1 25 | $179.4M | $2.7B | ||
| Q4 24 | $209.8M | $2.9B | ||
| Q3 24 | $397.5M | $2.6B | ||
| Q2 24 | $366.9M | $2.4B | ||
| Q1 24 | $324.5M | $2.2B |
| Q4 25 | $5.2B | $6.2B | ||
| Q3 25 | $5.3B | $5.9B | ||
| Q2 25 | $4.8B | $6.0B | ||
| Q1 25 | $4.6B | $5.7B | ||
| Q4 24 | $4.3B | $6.1B | ||
| Q3 24 | $4.0B | $5.5B | ||
| Q2 24 | $3.8B | $5.2B | ||
| Q1 24 | $3.8B | $4.7B |
| 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 | $27.2M | $311.6M |
| Free Cash FlowOCF − Capex | $26.7M | $285.3M |
| FCF MarginFCF / Revenue | 4.6% | 33.7% |
| Capex IntensityCapex / Revenue | 0.1% | 3.1% |
| Cash ConversionOCF / Net Profit | — | 1.67× |
| TTM Free Cash FlowTrailing 4 quarters | $18.6M | $795.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $311.6M | ||
| Q3 25 | $16.2M | $224.7M | ||
| Q2 25 | $46.3M | $165.0M | ||
| Q1 25 | $-66.5M | $291.4M | ||
| Q4 24 | $27.6M | $199.4M | ||
| Q3 24 | $53.7M | $273.3M | ||
| Q2 24 | $50.2M | $81.3M | ||
| Q1 24 | $7.6M | $185.5M |
| Q4 25 | $26.7M | $285.3M | ||
| Q3 25 | $15.9M | $158.3M | ||
| Q2 25 | $45.2M | $119.8M | ||
| Q1 25 | $-69.2M | $232.3M | ||
| Q4 24 | $27.0M | $179.2M | ||
| Q3 24 | $52.4M | $224.6M | ||
| Q2 24 | $49.6M | $59.1M | ||
| Q1 24 | $6.7M | $178.2M |
| Q4 25 | 4.6% | 33.7% | ||
| Q3 25 | 3.5% | 21.4% | ||
| Q2 25 | 12.4% | 17.3% | ||
| Q1 25 | -18.3% | 37.7% | ||
| Q4 24 | 8.0% | 24.2% | ||
| Q3 24 | 19.3% | 35.8% | ||
| Q2 24 | 26.6% | 10.1% | ||
| Q1 24 | 1.9% | 36.3% |
| Q4 25 | 0.1% | 3.1% | ||
| Q3 25 | 0.1% | 9.0% | ||
| Q2 25 | 0.3% | 6.5% | ||
| Q1 25 | 0.7% | 9.6% | ||
| Q4 24 | 0.2% | 2.7% | ||
| Q3 24 | 0.5% | 7.8% | ||
| Q2 24 | 0.3% | 3.8% | ||
| Q1 24 | 0.3% | 1.5% |
| Q4 25 | — | 1.67× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | — | 1.83× | ||
| Q1 25 | — | 5.75× | ||
| Q4 24 | — | 1.09× | ||
| Q3 24 | 3.05× | 2.90× | ||
| Q2 24 | 3.76× | 0.96× | ||
| Q1 24 | 0.25× | 5.86× |
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% |
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
