vs
Side-by-side financial comparison of StepStone Group Inc. (STEP) and VALHI INC (VHI). Click either name above to swap in a different company.
StepStone Group Inc. is the larger business by last-quarter revenue ($586.5M vs $494.5M, roughly 1.2× VALHI INC). VALHI INC runs the higher net margin — -10.8% vs -21.0%, a 10.3% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 2.8%). VALHI INC produced more free cash flow last quarter ($89.8M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs -3.5%).
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.
Valhi, Inc. is an American holding company operating through wholly and majority-owned subsidiaries in a number of different industries. It was founded in 1987 as a result of the merger of the LLC Corporation and Amalgamated Sugar Company. The Contran Corporation owned 93% of Valhi's common stock as of December 2014. The chairman of the company was Harold Simmons until his death in 2013. As of 2014 it was a Fortune 1000 company.
STEP vs VHI — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $586.5M | $494.5M |
| Net Profit | $-123.5M | $-53.2M |
| Gross Margin | — | 6.9% |
| Operating Margin | -33.2% | -6.2% |
| Net Margin | -21.0% | -10.8% |
| Revenue YoY | 73.0% | 2.8% |
| Net Profit YoY | 35.7% | -333.3% |
| EPS (diluted) | $-1.55 | $-1.86 |
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 | $494.5M | ||
| Q3 25 | $454.2M | $503.5M | ||
| Q2 25 | $364.3M | $540.4M | ||
| Q1 25 | $377.7M | $538.6M | ||
| Q4 24 | $339.0M | $480.9M | ||
| Q3 24 | $271.7M | $533.6M | ||
| Q2 24 | $186.4M | $559.7M | ||
| Q1 24 | $356.8M | $530.6M |
| Q4 25 | $-123.5M | $-53.2M | ||
| Q3 25 | $-366.1M | $-22.2M | ||
| Q2 25 | $-38.4M | $900.0K | ||
| Q1 25 | $-18.5M | $16.9M | ||
| Q4 24 | $-192.0M | $22.8M | ||
| Q3 24 | $17.6M | $57.5M | ||
| Q2 24 | $13.3M | $19.9M | ||
| Q1 24 | $30.8M | $7.8M |
| Q4 25 | — | 6.9% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 14.5% | ||
| Q1 25 | — | 22.7% | ||
| Q4 24 | — | 20.9% | ||
| Q3 24 | — | 21.8% | ||
| Q2 24 | — | 21.7% | ||
| Q1 24 | — | 16.3% |
| Q4 25 | -33.2% | -6.2% | ||
| Q3 25 | -148.8% | 1.7% | ||
| Q2 25 | -5.6% | 6.6% | ||
| Q1 25 | 2.6% | 9.3% | ||
| Q4 24 | -101.7% | 11.8% | ||
| Q3 24 | 21.3% | 12.7% | ||
| Q2 24 | 29.4% | 9.8% | ||
| Q1 24 | 26.5% | 5.9% |
| Q4 25 | -21.0% | -10.8% | ||
| Q3 25 | -80.6% | -4.4% | ||
| Q2 25 | -10.5% | 0.2% | ||
| Q1 25 | -4.9% | 3.1% | ||
| Q4 24 | -56.6% | 4.7% | ||
| Q3 24 | 6.5% | 10.8% | ||
| Q2 24 | 7.2% | 3.6% | ||
| Q1 24 | 8.6% | 1.5% |
| Q4 25 | $-1.55 | $-1.86 | ||
| Q3 25 | $-4.66 | $-0.78 | ||
| Q2 25 | $-0.49 | $0.03 | ||
| Q1 25 | $-0.37 | $0.59 | ||
| Q4 24 | $-2.61 | $0.81 | ||
| Q3 24 | $0.26 | $2.01 | ||
| Q2 24 | $0.20 | $0.70 | ||
| Q1 24 | $0.47 | $0.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $216.9M |
| Total DebtLower is stronger | $270.2M | $590.9M |
| Stockholders' EquityBook value | $-378.8M | $1.0B |
| Total Assets | $5.2B | $2.6B |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $216.9M | ||
| Q3 25 | — | $186.6M | ||
| Q2 25 | — | $190.9M | ||
| Q1 25 | — | $196.4M | ||
| Q4 24 | — | $350.2M | ||
| Q3 24 | — | $316.7M | ||
| Q2 24 | — | $386.9M | ||
| Q1 24 | — | $372.7M |
| Q4 25 | $270.2M | $590.9M | ||
| Q3 25 | $269.9M | $661.5M | ||
| Q2 25 | $269.6M | $544.8M | ||
| Q1 25 | $269.3M | $525.9M | ||
| Q4 24 | $168.9M | $484.4M | ||
| Q3 24 | $172.3M | $526.6M | ||
| Q2 24 | $172.1M | $497.4M | ||
| Q1 24 | $148.8M | $511.2M |
| Q4 25 | $-378.8M | $1.0B | ||
| Q3 25 | $-233.5M | $1.0B | ||
| Q2 25 | $153.9M | $1.1B | ||
| Q1 25 | $179.4M | $1.1B | ||
| Q4 24 | $209.8M | $1.0B | ||
| Q3 24 | $397.5M | $1.0B | ||
| Q2 24 | $366.9M | $962.6M | ||
| Q1 24 | $324.5M | $928.2M |
| Q4 25 | $5.2B | $2.6B | ||
| Q3 25 | $5.3B | $2.7B | ||
| Q2 25 | $4.8B | $2.8B | ||
| Q1 25 | $4.6B | $2.8B | ||
| Q4 24 | $4.3B | $2.8B | ||
| Q3 24 | $4.0B | $2.8B | ||
| Q2 24 | $3.8B | $2.5B | ||
| Q1 24 | $3.8B | $2.6B |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.63× | ||
| Q2 25 | 1.75× | 0.51× | ||
| Q1 25 | 1.50× | 0.49× | ||
| Q4 24 | 0.81× | 0.47× | ||
| Q3 24 | 0.43× | 0.52× | ||
| Q2 24 | 0.47× | 0.52× | ||
| Q1 24 | 0.46× | 0.55× |
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 | $100.6M |
| Free Cash FlowOCF − Capex | $26.7M | $89.8M |
| FCF MarginFCF / Revenue | 4.6% | 18.2% |
| Capex IntensityCapex / Revenue | 0.1% | 2.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $18.6M | $-82.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $100.6M | ||
| Q3 25 | $16.2M | $-1.9M | ||
| Q2 25 | $46.3M | $21.7M | ||
| Q1 25 | $-66.5M | $-155.9M | ||
| Q4 24 | $27.6M | $45.8M | ||
| Q3 24 | $53.7M | $13.5M | ||
| Q2 24 | $50.2M | $33.5M | ||
| Q1 24 | $7.6M | $-48.8M |
| Q4 25 | $26.7M | $89.8M | ||
| Q3 25 | $15.9M | $-12.3M | ||
| Q2 25 | $45.2M | $9.1M | ||
| Q1 25 | $-69.2M | $-168.7M | ||
| Q4 24 | $27.0M | $33.3M | ||
| Q3 24 | $52.4M | $3.9M | ||
| Q2 24 | $49.6M | $29.7M | ||
| Q1 24 | $6.7M | $-53.8M |
| Q4 25 | 4.6% | 18.2% | ||
| Q3 25 | 3.5% | -2.4% | ||
| Q2 25 | 12.4% | 1.7% | ||
| Q1 25 | -18.3% | -31.3% | ||
| Q4 24 | 8.0% | 6.9% | ||
| Q3 24 | 19.3% | 0.7% | ||
| Q2 24 | 26.6% | 5.3% | ||
| Q1 24 | 1.9% | -10.1% |
| Q4 25 | 0.1% | 2.2% | ||
| Q3 25 | 0.1% | 2.1% | ||
| Q2 25 | 0.3% | 2.3% | ||
| Q1 25 | 0.7% | 2.4% | ||
| Q4 24 | 0.2% | 2.6% | ||
| Q3 24 | 0.5% | 1.8% | ||
| Q2 24 | 0.3% | 0.7% | ||
| Q1 24 | 0.3% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 24.11× | ||
| Q1 25 | — | -9.22× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | 3.05× | 0.23× | ||
| Q2 24 | 3.76× | 1.68× | ||
| Q1 24 | 0.25× | -6.26× |
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% |
VHI
| Chemicals | $418.3M | 85% |
| Real Estate Management And Development | $38.5M | 8% |
| Security Products | $29.5M | 6% |
| Marine Components | $8.2M | 2% |
