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Side-by-side financial comparison of StepStone Group Inc. (STEP) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
StepStone Group Inc. is the larger business by last-quarter revenue ($586.5M vs $382.7M, roughly 1.5× INNOVATE Corp.). INNOVATE Corp. runs the higher net margin — -1.9% vs -21.0%, a 19.1% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 61.7%). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 10.2%).
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.
Innovate Corp. is an American public financial services company founded in 1994.
STEP vs VATE — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $586.5M | $382.7M |
| Net Profit | $-123.5M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | -33.2% | 3.7% |
| Net Margin | -21.0% | -1.9% |
| Revenue YoY | 73.0% | 61.7% |
| Net Profit YoY | 35.7% | 55.4% |
| EPS (diluted) | $-1.55 | $-0.57 |
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 | $382.7M | ||
| Q3 25 | $454.2M | $347.1M | ||
| Q2 25 | $364.3M | $242.0M | ||
| Q1 25 | $377.7M | $274.2M | ||
| Q4 24 | $339.0M | $236.6M | ||
| Q3 24 | $271.7M | $242.2M | ||
| Q2 24 | $186.4M | $313.1M | ||
| Q1 24 | $356.8M | $315.2M |
| Q4 25 | $-123.5M | $-7.4M | ||
| Q3 25 | $-366.1M | $-8.9M | ||
| Q2 25 | $-38.4M | $-19.8M | ||
| Q1 25 | $-18.5M | $-24.5M | ||
| Q4 24 | $-192.0M | $-16.6M | ||
| Q3 24 | $17.6M | $-15.0M | ||
| Q2 24 | $13.3M | $14.4M | ||
| Q1 24 | $30.8M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | -33.2% | 3.7% | ||
| Q3 25 | -148.8% | 1.8% | ||
| Q2 25 | -5.6% | 2.0% | ||
| Q1 25 | 2.6% | 1.2% | ||
| Q4 24 | -101.7% | 1.1% | ||
| Q3 24 | 21.3% | 2.4% | ||
| Q2 24 | 29.4% | 9.2% | ||
| Q1 24 | 26.5% | 0.9% |
| Q4 25 | -21.0% | -1.9% | ||
| Q3 25 | -80.6% | -2.6% | ||
| Q2 25 | -10.5% | -8.2% | ||
| Q1 25 | -4.9% | -8.9% | ||
| Q4 24 | -56.6% | -7.0% | ||
| Q3 24 | 6.5% | -6.2% | ||
| Q2 24 | 7.2% | 4.6% | ||
| Q1 24 | 8.6% | -5.5% |
| Q4 25 | $-1.55 | $-0.57 | ||
| Q3 25 | $-4.66 | $-0.71 | ||
| Q2 25 | $-0.49 | $-1.67 | ||
| Q1 25 | $-0.37 | $-1.89 | ||
| Q4 24 | $-2.61 | $-0.72 | ||
| Q3 24 | $0.26 | $-1.18 | ||
| Q2 24 | $0.20 | $1.03 | ||
| Q1 24 | $0.47 | $-2.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $112.1M |
| Total DebtLower is stronger | $270.2M | $80.3M |
| Stockholders' EquityBook value | $-378.8M | $-240.1M |
| Total Assets | $5.2B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $112.1M | ||
| Q3 25 | — | $35.5M | ||
| Q2 25 | — | $33.4M | ||
| Q1 25 | — | $33.3M | ||
| Q4 24 | — | $48.8M | ||
| Q3 24 | — | $51.0M | ||
| Q2 24 | — | $80.2M | ||
| Q1 24 | — | $38.4M |
| Q4 25 | $270.2M | $80.3M | ||
| Q3 25 | $269.9M | $97.3M | ||
| Q2 25 | $269.6M | $160.1M | ||
| Q1 25 | $269.3M | $139.9M | ||
| Q4 24 | $168.9M | $500.6M | ||
| Q3 24 | $172.3M | $502.4M | ||
| Q2 24 | $172.1M | $638.3M | ||
| Q1 24 | $148.8M | $641.5M |
| Q4 25 | $-378.8M | $-240.1M | ||
| Q3 25 | $-233.5M | $-233.3M | ||
| Q2 25 | $153.9M | $-224.8M | ||
| Q1 25 | $179.4M | $-204.2M | ||
| Q4 24 | $209.8M | $-180.4M | ||
| Q3 24 | $397.5M | $-163.1M | ||
| Q2 24 | $366.9M | $-149.0M | ||
| Q1 24 | $324.5M | $-184.4M |
| Q4 25 | $5.2B | $950.1M | ||
| Q3 25 | $5.3B | $913.2M | ||
| Q2 25 | $4.8B | $890.9M | ||
| Q1 25 | $4.6B | $868.0M | ||
| Q4 24 | $4.3B | $891.1M | ||
| Q3 24 | $4.0B | $897.2M | ||
| Q2 24 | $3.8B | $898.9M | ||
| Q1 24 | $3.8B | $943.5M |
| 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 | $101.1M |
| 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 | $101.1M | ||
| Q3 25 | $16.2M | $19.2M | ||
| Q2 25 | $46.3M | $40.4M | ||
| Q1 25 | $-66.5M | $-14.1M | ||
| Q4 24 | $27.6M | $41.4M | ||
| Q3 24 | $53.7M | $-28.4M | ||
| Q2 24 | $50.2M | $21.5M | ||
| Q1 24 | $7.6M | $-25.4M |
| Q4 25 | $26.7M | — | ||
| Q3 25 | $15.9M | $19.0M | ||
| Q2 25 | $45.2M | — | ||
| Q1 25 | $-69.2M | $-18.8M | ||
| Q4 24 | $27.0M | $34.2M | ||
| Q3 24 | $52.4M | $-31.5M | ||
| Q2 24 | $49.6M | $18.4M | ||
| Q1 24 | $6.7M | $-31.0M |
| Q4 25 | 4.6% | — | ||
| Q3 25 | 3.5% | 5.5% | ||
| Q2 25 | 12.4% | — | ||
| Q1 25 | -18.3% | -6.9% | ||
| Q4 24 | 8.0% | 14.5% | ||
| Q3 24 | 19.3% | -13.0% | ||
| Q2 24 | 26.6% | 5.9% | ||
| Q1 24 | 1.9% | -9.8% |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.1% | 0.1% | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | 0.7% | 1.7% | ||
| Q4 24 | 0.2% | 3.0% | ||
| Q3 24 | 0.5% | 1.3% | ||
| Q2 24 | 0.3% | 1.0% | ||
| Q1 24 | 0.3% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.05× | — | ||
| Q2 24 | 3.76× | 1.49× | ||
| 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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
