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Side-by-side financial comparison of StepStone Group Inc. (STEP) and Frontier Group Holdings, Inc. (ULCC). Click either name above to swap in a different company.
Frontier Group Holdings, Inc. is the larger business by last-quarter revenue ($997.0M vs $586.5M, roughly 1.7× StepStone Group Inc.). Frontier Group Holdings, Inc. runs the higher net margin — 5.3% vs -21.0%, a 26.4% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs -0.5%). StepStone Group Inc. produced more free cash flow last quarter ($26.7M vs $-113.0M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 7.4%).
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.
Frontier Communications Parent, Inc. is an American telecommunications company with a fiber-optic network and cloud-based services owned by Verizon. It was previously known as Citizens Utilities Co., Citizens Communications Co., and Frontier Communications Corp.
STEP vs ULCC — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $586.5M | $997.0M |
| Net Profit | $-123.5M | $53.0M |
| Gross Margin | — | — |
| Operating Margin | -33.2% | 4.9% |
| Net Margin | -21.0% | 5.3% |
| Revenue YoY | 73.0% | -0.5% |
| Net Profit YoY | 35.7% | -1.9% |
| EPS (diluted) | $-1.55 | $0.24 |
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 | $997.0M | ||
| Q3 25 | $454.2M | $886.0M | ||
| Q2 25 | $364.3M | $929.0M | ||
| Q1 25 | $377.7M | $912.0M | ||
| Q4 24 | $339.0M | $1.0B | ||
| Q3 24 | $271.7M | $935.0M | ||
| Q2 24 | $186.4M | $973.0M | ||
| Q1 24 | $356.8M | $865.0M |
| Q4 25 | $-123.5M | $53.0M | ||
| Q3 25 | $-366.1M | $-77.0M | ||
| Q2 25 | $-38.4M | $-70.0M | ||
| Q1 25 | $-18.5M | $-43.0M | ||
| Q4 24 | $-192.0M | $54.0M | ||
| Q3 24 | $17.6M | $26.0M | ||
| Q2 24 | $13.3M | $31.0M | ||
| Q1 24 | $30.8M | $-26.0M |
| Q4 25 | -33.2% | 4.9% | ||
| Q3 25 | -148.8% | -8.7% | ||
| Q2 25 | -5.6% | -8.1% | ||
| Q1 25 | 2.6% | -5.0% | ||
| Q4 24 | -101.7% | 4.5% | ||
| Q3 24 | 21.3% | 2.0% | ||
| Q2 24 | 29.4% | 2.6% | ||
| Q1 24 | 26.5% | -3.6% |
| Q4 25 | -21.0% | 5.3% | ||
| Q3 25 | -80.6% | -8.7% | ||
| Q2 25 | -10.5% | -7.5% | ||
| Q1 25 | -4.9% | -4.7% | ||
| Q4 24 | -56.6% | 5.4% | ||
| Q3 24 | 6.5% | 2.8% | ||
| Q2 24 | 7.2% | 3.2% | ||
| Q1 24 | 8.6% | -3.0% |
| Q4 25 | $-1.55 | $0.24 | ||
| Q3 25 | $-4.66 | $-0.34 | ||
| Q2 25 | $-0.49 | $-0.31 | ||
| Q1 25 | $-0.37 | $-0.19 | ||
| Q4 24 | $-2.61 | $0.24 | ||
| Q3 24 | $0.26 | $0.11 | ||
| Q2 24 | $0.20 | $0.14 | ||
| Q1 24 | $0.47 | $-0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $671.0M |
| Total DebtLower is stronger | $270.2M | $620.0M |
| Stockholders' EquityBook value | $-378.8M | $491.0M |
| Total Assets | $5.2B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.26× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $671.0M | ||
| Q3 25 | — | $566.0M | ||
| Q2 25 | — | $563.0M | ||
| Q1 25 | — | $686.0M | ||
| Q4 24 | — | $740.0M | ||
| Q3 24 | — | $576.0M | ||
| Q2 24 | — | $658.0M | ||
| Q1 24 | — | $622.0M |
| Q4 25 | $270.2M | $620.0M | ||
| Q3 25 | $269.9M | $673.0M | ||
| Q2 25 | $269.6M | $565.0M | ||
| Q1 25 | $269.3M | $512.0M | ||
| Q4 24 | $168.9M | $507.0M | ||
| Q3 24 | $172.3M | $474.0M | ||
| Q2 24 | $172.1M | $455.0M | ||
| Q1 24 | $148.8M | $469.0M |
| Q4 25 | $-378.8M | $491.0M | ||
| Q3 25 | $-233.5M | $434.0M | ||
| Q2 25 | $153.9M | $506.0M | ||
| Q1 25 | $179.4M | $570.0M | ||
| Q4 24 | $209.8M | $604.0M | ||
| Q3 24 | $397.5M | $549.0M | ||
| Q2 24 | $366.9M | $520.0M | ||
| Q1 24 | $324.5M | $484.0M |
| Q4 25 | $5.2B | $7.2B | ||
| Q3 25 | $5.3B | $6.7B | ||
| Q2 25 | $4.8B | $6.5B | ||
| Q1 25 | $4.6B | $6.5B | ||
| Q4 24 | $4.3B | $6.2B | ||
| Q3 24 | $4.0B | $5.8B | ||
| Q2 24 | $3.8B | $5.7B | ||
| Q1 24 | $3.8B | $5.2B |
| Q4 25 | — | 1.26× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | 1.75× | 1.12× | ||
| Q1 25 | 1.50× | 0.90× | ||
| Q4 24 | 0.81× | 0.84× | ||
| Q3 24 | 0.43× | 0.86× | ||
| Q2 24 | 0.47× | 0.88× | ||
| Q1 24 | 0.46× | 0.97× |
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 | $-91.0M |
| Free Cash FlowOCF − Capex | $26.7M | $-113.0M |
| FCF MarginFCF / Revenue | 4.6% | -11.3% |
| Capex IntensityCapex / Revenue | 0.1% | 2.2% |
| Cash ConversionOCF / Net Profit | — | -1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $18.6M | $-600.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $-91.0M | ||
| Q3 25 | $16.2M | $-215.0M | ||
| Q2 25 | $46.3M | $-133.0M | ||
| Q1 25 | $-66.5M | $-86.0M | ||
| Q4 24 | $27.6M | $87.0M | ||
| Q3 24 | $53.7M | $-156.0M | ||
| Q2 24 | $50.2M | $9.0M | ||
| Q1 24 | $7.6M | $-22.0M |
| Q4 25 | $26.7M | $-113.0M | ||
| Q3 25 | $15.9M | $-217.0M | ||
| Q2 25 | $45.2M | $-166.0M | ||
| Q1 25 | $-69.2M | $-104.0M | ||
| Q4 24 | $27.0M | $73.0M | ||
| Q3 24 | $52.4M | $-170.0M | ||
| Q2 24 | $49.6M | $-22.0M | ||
| Q1 24 | $6.7M | $-39.0M |
| Q4 25 | 4.6% | -11.3% | ||
| Q3 25 | 3.5% | -24.5% | ||
| Q2 25 | 12.4% | -17.9% | ||
| Q1 25 | -18.3% | -11.4% | ||
| Q4 24 | 8.0% | 7.3% | ||
| Q3 24 | 19.3% | -18.2% | ||
| Q2 24 | 26.6% | -2.3% | ||
| Q1 24 | 1.9% | -4.5% |
| Q4 25 | 0.1% | 2.2% | ||
| Q3 25 | 0.1% | 0.2% | ||
| Q2 25 | 0.3% | 3.6% | ||
| Q1 25 | 0.7% | 2.0% | ||
| Q4 24 | 0.2% | 1.4% | ||
| Q3 24 | 0.5% | 1.5% | ||
| Q2 24 | 0.3% | 3.2% | ||
| Q1 24 | 0.3% | 2.0% |
| Q4 25 | — | -1.72× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | 3.05× | -6.00× | ||
| Q2 24 | 3.76× | 0.29× | ||
| 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% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
