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Side-by-side financial comparison of StepStone Group Inc. (STEP) and NCR Voyix Corp (VYX). Click either name above to swap in a different company.
NCR Voyix Corp is the larger business by last-quarter revenue ($720.0M vs $586.5M, roughly 1.2× StepStone Group Inc.). NCR Voyix Corp runs the higher net margin — 13.6% vs -21.0%, a 34.7% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 6.2%). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 0.7%).
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.
NCR Voyix Corporation, previously known as NCR Corporation and National Cash Register, is a global software, consulting and technology company providing several professional services and electronic products. It manufactured self-service kiosks, point-of-sale terminals, automated teller machines, check processing systems, and barcode scanners.
STEP vs VYX — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $586.5M | $720.0M |
| Net Profit | $-123.5M | $98.0M |
| Gross Margin | — | — |
| Operating Margin | -33.2% | 2.4% |
| Net Margin | -21.0% | 13.6% |
| Revenue YoY | 73.0% | 6.2% |
| Net Profit YoY | 35.7% | 990.9% |
| EPS (diluted) | $-1.55 | $0.64 |
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 | $720.0M | ||
| Q3 25 | $454.2M | $684.0M | ||
| Q2 25 | $364.3M | $666.0M | ||
| Q1 25 | $377.7M | $617.0M | ||
| Q4 24 | $339.0M | $678.0M | ||
| Q3 24 | $271.7M | $708.0M | ||
| Q2 24 | $186.4M | $722.0M | ||
| Q1 24 | $356.8M | $710.0M |
| Q4 25 | $-123.5M | $98.0M | ||
| Q3 25 | $-366.1M | $-19.0M | ||
| Q2 25 | $-38.4M | $0 | ||
| Q1 25 | $-18.5M | $-17.0M | ||
| Q4 24 | $-192.0M | $-11.0M | ||
| Q3 24 | $17.6M | $1.1B | ||
| Q2 24 | $13.3M | $-73.0M | ||
| Q1 24 | $30.8M | $-40.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.4% | ||
| Q2 24 | — | 17.5% | ||
| Q1 24 | — | 19.4% |
| Q4 25 | -33.2% | 2.4% | ||
| Q3 25 | -148.8% | 2.2% | ||
| Q2 25 | -5.6% | 2.1% | ||
| Q1 25 | 2.6% | -3.2% | ||
| Q4 24 | -101.7% | -0.1% | ||
| Q3 24 | 21.3% | 2.3% | ||
| Q2 24 | 29.4% | -4.7% | ||
| Q1 24 | 26.5% | -2.7% |
| Q4 25 | -21.0% | 13.6% | ||
| Q3 25 | -80.6% | -2.8% | ||
| Q2 25 | -10.5% | — | ||
| Q1 25 | -4.9% | -2.8% | ||
| Q4 24 | -56.6% | -1.6% | ||
| Q3 24 | 6.5% | 152.8% | ||
| Q2 24 | 7.2% | -10.1% | ||
| Q1 24 | 8.6% | -5.6% |
| Q4 25 | $-1.55 | $0.64 | ||
| Q3 25 | $-4.66 | $-0.16 | ||
| Q2 25 | $-0.49 | $-0.03 | ||
| Q1 25 | $-0.37 | $-0.15 | ||
| Q4 24 | $-2.61 | $-0.05 | ||
| Q3 24 | $0.26 | $7.41 | ||
| Q2 24 | $0.20 | $-0.53 | ||
| Q1 24 | $0.47 | $-0.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $231.0M |
| Total DebtLower is stronger | $270.2M | $1.1B |
| Stockholders' EquityBook value | $-378.8M | $948.0M |
| Total Assets | $5.2B | $3.9B |
| Debt / EquityLower = less leverage | — | 1.17× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $231.0M | ||
| Q3 25 | — | $282.0M | ||
| Q2 25 | — | $276.0M | ||
| Q1 25 | — | $573.0M | ||
| Q4 24 | — | $722.0M | ||
| Q3 24 | — | $792.0M | ||
| Q2 24 | — | $203.0M | ||
| Q1 24 | — | $241.0M |
| Q4 25 | $270.2M | $1.1B | ||
| Q3 25 | $269.9M | — | ||
| Q2 25 | $269.6M | — | ||
| Q1 25 | $269.3M | — | ||
| Q4 24 | $168.9M | $1.1B | ||
| Q3 24 | $172.3M | — | ||
| Q2 24 | $172.1M | — | ||
| Q1 24 | $148.8M | — |
| Q4 25 | $-378.8M | $948.0M | ||
| Q3 25 | $-233.5M | $848.0M | ||
| Q2 25 | $153.9M | $867.0M | ||
| Q1 25 | $179.4M | $857.0M | ||
| Q4 24 | $209.8M | $933.0M | ||
| Q3 24 | $397.5M | $1.0B | ||
| Q2 24 | $366.9M | $-85.0M | ||
| Q1 24 | $324.5M | $-34.0M |
| Q4 25 | $5.2B | $3.9B | ||
| Q3 25 | $5.3B | $4.0B | ||
| Q2 25 | $4.8B | $4.0B | ||
| Q1 25 | $4.6B | $4.3B | ||
| Q4 24 | $4.3B | $4.5B | ||
| Q3 24 | $4.0B | $4.7B | ||
| Q2 24 | $3.8B | $4.8B | ||
| Q1 24 | $3.8B | $5.0B |
| Q4 25 | — | 1.17× | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 1.50× | — | ||
| Q4 24 | 0.81× | 1.18× | ||
| 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 | $60.0M |
| Free Cash FlowOCF − Capex | $26.7M | — |
| FCF MarginFCF / Revenue | 4.6% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | — | 0.61× |
| TTM Free Cash FlowTrailing 4 quarters | $18.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $60.0M | ||
| Q3 25 | $16.2M | $14.0M | ||
| Q2 25 | $46.3M | $-242.0M | ||
| Q1 25 | $-66.5M | $-42.0M | ||
| Q4 24 | $27.6M | $-170.0M | ||
| Q3 24 | $53.7M | $11.0M | ||
| Q2 24 | $50.2M | $62.0M | ||
| Q1 24 | $7.6M | $-35.0M |
| Q4 25 | $26.7M | — | ||
| Q3 25 | $15.9M | $10.0M | ||
| Q2 25 | $45.2M | $-249.0M | ||
| Q1 25 | $-69.2M | $-50.0M | ||
| Q4 24 | $27.0M | $-177.0M | ||
| Q3 24 | $52.4M | $9.0M | ||
| Q2 24 | $49.6M | $49.0M | ||
| Q1 24 | $6.7M | $-43.0M |
| Q4 25 | 4.6% | — | ||
| Q3 25 | 3.5% | 1.5% | ||
| Q2 25 | 12.4% | -37.4% | ||
| Q1 25 | -18.3% | -8.1% | ||
| Q4 24 | 8.0% | -26.1% | ||
| Q3 24 | 19.3% | 1.3% | ||
| Q2 24 | 26.6% | 6.8% | ||
| Q1 24 | 1.9% | -6.1% |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.1% | 0.6% | ||
| Q2 25 | 0.3% | 1.1% | ||
| Q1 25 | 0.7% | 1.3% | ||
| Q4 24 | 0.2% | 1.0% | ||
| Q3 24 | 0.5% | 0.3% | ||
| Q2 24 | 0.3% | 1.8% | ||
| Q1 24 | 0.3% | 1.1% |
| Q4 25 | — | 0.61× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.05× | 0.01× | ||
| Q2 24 | 3.76× | — | ||
| 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% |
VYX
| Services | $484.0M | 67% |
| Products | $236.0M | 33% |
