vs
Side-by-side financial comparison of StepStone Group Inc. (STEP) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
UL Solutions Inc. is the larger business by last-quarter revenue ($789.0M vs $586.5M, roughly 1.3× StepStone Group Inc.). UL Solutions Inc. runs the higher net margin — 8.5% vs -21.0%, a 29.5% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 6.8%). UL Solutions Inc. produced more free cash flow last quarter ($86.0M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 8.5%).
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 UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
STEP vs ULS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $586.5M | $789.0M |
| Net Profit | $-123.5M | $67.0M |
| Gross Margin | — | 49.7% |
| Operating Margin | -33.2% | 15.0% |
| Net Margin | -21.0% | 8.5% |
| Revenue YoY | 73.0% | 6.8% |
| Net Profit YoY | 35.7% | -17.3% |
| EPS (diluted) | $-1.55 | $0.33 |
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 | $789.0M | ||
| Q3 25 | $454.2M | $783.0M | ||
| Q2 25 | $364.3M | $776.0M | ||
| Q1 25 | $377.7M | $705.0M | ||
| Q4 24 | $339.0M | $739.0M | ||
| Q3 24 | $271.7M | $731.0M | ||
| Q2 24 | $186.4M | $730.0M | ||
| Q1 24 | $356.8M | $670.0M |
| Q4 25 | $-123.5M | $67.0M | ||
| Q3 25 | $-366.1M | $100.0M | ||
| Q2 25 | $-38.4M | $91.0M | ||
| Q1 25 | $-18.5M | $67.0M | ||
| Q4 24 | $-192.0M | $81.0M | ||
| Q3 24 | $17.6M | $88.0M | ||
| Q2 24 | $13.3M | $101.0M | ||
| Q1 24 | $30.8M | $56.0M |
| Q4 25 | — | 49.7% | ||
| Q3 25 | — | 50.3% | ||
| Q2 25 | — | 49.4% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 49.0% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 47.6% |
| Q4 25 | -33.2% | 15.0% | ||
| Q3 25 | -148.8% | 19.9% | ||
| Q2 25 | -5.6% | 17.9% | ||
| Q1 25 | 2.6% | 15.5% | ||
| Q4 24 | -101.7% | 15.6% | ||
| Q3 24 | 21.3% | 17.8% | ||
| Q2 24 | 29.4% | 17.3% | ||
| Q1 24 | 26.5% | 13.6% |
| Q4 25 | -21.0% | 8.5% | ||
| Q3 25 | -80.6% | 12.8% | ||
| Q2 25 | -10.5% | 11.7% | ||
| Q1 25 | -4.9% | 9.5% | ||
| Q4 24 | -56.6% | 11.0% | ||
| Q3 24 | 6.5% | 12.0% | ||
| Q2 24 | 7.2% | 13.8% | ||
| Q1 24 | 8.6% | 8.4% |
| Q4 25 | $-1.55 | $0.33 | ||
| Q3 25 | $-4.66 | $0.49 | ||
| Q2 25 | $-0.49 | $0.45 | ||
| Q1 25 | $-0.37 | $0.33 | ||
| Q4 24 | $-2.61 | $0.40 | ||
| Q3 24 | $0.26 | $0.44 | ||
| Q2 24 | $0.20 | $0.50 | ||
| Q1 24 | $0.47 | $0.28 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $295.0M |
| Total DebtLower is stronger | $270.2M | $491.0M |
| Stockholders' EquityBook value | $-378.8M | $1.3B |
| Total Assets | $5.2B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $295.0M | ||
| Q3 25 | — | $255.0M | ||
| Q2 25 | — | $272.0M | ||
| Q1 25 | — | $267.0M | ||
| Q4 24 | — | $298.0M | ||
| Q3 24 | — | $327.0M | ||
| Q2 24 | — | $295.0M | ||
| Q1 24 | — | $344.0M |
| Q4 25 | $270.2M | $491.0M | ||
| Q3 25 | $269.9M | $544.0M | ||
| Q2 25 | $269.6M | $608.0M | ||
| Q1 25 | $269.3M | $653.0M | ||
| Q4 24 | $168.9M | $742.0M | ||
| Q3 24 | $172.3M | $797.0M | ||
| Q2 24 | $172.1M | $810.0M | ||
| Q1 24 | $148.8M | $879.0M |
| Q4 25 | $-378.8M | $1.3B | ||
| Q3 25 | $-233.5M | $1.2B | ||
| Q2 25 | $153.9M | $1.1B | ||
| Q1 25 | $179.4M | $970.0M | ||
| Q4 24 | $209.8M | $904.0M | ||
| Q3 24 | $397.5M | $872.0M | ||
| Q2 24 | $366.9M | $769.0M | ||
| Q1 24 | $324.5M | $671.0M |
| Q4 25 | $5.2B | $2.9B | ||
| Q3 25 | $5.3B | $2.9B | ||
| Q2 25 | $4.8B | $2.9B | ||
| Q1 25 | $4.6B | $2.9B | ||
| Q4 24 | $4.3B | $2.8B | ||
| Q3 24 | $4.0B | $2.9B | ||
| Q2 24 | $3.8B | $2.7B | ||
| Q1 24 | $3.8B | $2.8B |
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | 1.75× | 0.56× | ||
| Q1 25 | 1.50× | 0.67× | ||
| Q4 24 | 0.81× | 0.82× | ||
| Q3 24 | 0.43× | 0.91× | ||
| Q2 24 | 0.47× | 1.05× | ||
| Q1 24 | 0.46× | 1.31× |
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 | $144.0M |
| Free Cash FlowOCF − Capex | $26.7M | $86.0M |
| FCF MarginFCF / Revenue | 4.6% | 10.9% |
| Capex IntensityCapex / Revenue | 0.1% | 7.4% |
| Cash ConversionOCF / Net Profit | — | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | $18.6M | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $144.0M | ||
| Q3 25 | $16.2M | $155.0M | ||
| Q2 25 | $46.3M | $147.0M | ||
| Q1 25 | $-66.5M | $154.0M | ||
| Q4 24 | $27.6M | $130.0M | ||
| Q3 24 | $53.7M | $150.0M | ||
| Q2 24 | $50.2M | $103.0M | ||
| Q1 24 | $7.6M | $141.0M |
| Q4 25 | $26.7M | $86.0M | ||
| Q3 25 | $15.9M | $109.0M | ||
| Q2 25 | $45.2M | $105.0M | ||
| Q1 25 | $-69.2M | $103.0M | ||
| Q4 24 | $27.0M | $72.0M | ||
| Q3 24 | $52.4M | $84.0M | ||
| Q2 24 | $49.6M | $47.0M | ||
| Q1 24 | $6.7M | $84.0M |
| Q4 25 | 4.6% | 10.9% | ||
| Q3 25 | 3.5% | 13.9% | ||
| Q2 25 | 12.4% | 13.5% | ||
| Q1 25 | -18.3% | 14.6% | ||
| Q4 24 | 8.0% | 9.7% | ||
| Q3 24 | 19.3% | 11.5% | ||
| Q2 24 | 26.6% | 6.4% | ||
| Q1 24 | 1.9% | 12.5% |
| Q4 25 | 0.1% | 7.4% | ||
| Q3 25 | 0.1% | 5.9% | ||
| Q2 25 | 0.3% | 5.4% | ||
| Q1 25 | 0.7% | 7.2% | ||
| Q4 24 | 0.2% | 7.8% | ||
| Q3 24 | 0.5% | 9.0% | ||
| Q2 24 | 0.3% | 7.7% | ||
| Q1 24 | 0.3% | 8.5% |
| Q4 25 | — | 2.15× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.62× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | 3.05× | 1.70× | ||
| Q2 24 | 3.76× | 1.02× | ||
| Q1 24 | 0.25× | 2.52× |
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% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
