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Side-by-side financial comparison of StepStone Group Inc. (STEP) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
StepStone Group Inc. is the larger business by last-quarter revenue ($586.5M vs $566.0M, roughly 1.0× WillScot Holdings Corp). StepStone Group Inc. runs the higher net margin — -21.0% vs -33.1%, a 12.0% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs -6.1%). WillScot Holdings Corp produced more free cash flow last quarter ($149.7M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs -1.8%).
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.
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
STEP vs WSC — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $586.5M | $566.0M |
| Net Profit | $-123.5M | $-187.3M |
| Gross Margin | — | 50.4% |
| Operating Margin | -33.2% | -32.5% |
| Net Margin | -21.0% | -33.1% |
| Revenue YoY | 73.0% | -6.1% |
| Net Profit YoY | 35.7% | -310.0% |
| EPS (diluted) | $-1.55 | $-1.02 |
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 | $566.0M | ||
| Q3 25 | $454.2M | $566.8M | ||
| Q2 25 | $364.3M | $589.1M | ||
| Q1 25 | $377.7M | $559.6M | ||
| Q4 24 | $339.0M | $602.5M | ||
| Q3 24 | $271.7M | $601.4M | ||
| Q2 24 | $186.4M | $604.6M | ||
| Q1 24 | $356.8M | $587.2M |
| Q4 25 | $-123.5M | $-187.3M | ||
| Q3 25 | $-366.1M | $43.3M | ||
| Q2 25 | $-38.4M | $47.9M | ||
| Q1 25 | $-18.5M | $43.1M | ||
| Q4 24 | $-192.0M | $89.2M | ||
| Q3 24 | $17.6M | $-70.5M | ||
| Q2 24 | $13.3M | $-46.9M | ||
| Q1 24 | $30.8M | $56.2M |
| Q4 25 | — | 50.4% | ||
| Q3 25 | — | 49.7% | ||
| Q2 25 | — | 50.3% | ||
| Q1 25 | — | 53.7% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 53.5% | ||
| Q2 24 | — | 54.1% | ||
| Q1 24 | — | 54.0% |
| Q4 25 | -33.2% | -32.5% | ||
| Q3 25 | -148.8% | 21.0% | ||
| Q2 25 | -5.6% | 21.5% | ||
| Q1 25 | 2.6% | 21.3% | ||
| Q4 24 | -101.7% | 28.9% | ||
| Q3 24 | 21.3% | -5.9% | ||
| Q2 24 | 29.4% | -0.9% | ||
| Q1 24 | 26.5% | 22.1% |
| Q4 25 | -21.0% | -33.1% | ||
| Q3 25 | -80.6% | 7.6% | ||
| Q2 25 | -10.5% | 8.1% | ||
| Q1 25 | -4.9% | 7.7% | ||
| Q4 24 | -56.6% | 14.8% | ||
| Q3 24 | 6.5% | -11.7% | ||
| Q2 24 | 7.2% | -7.7% | ||
| Q1 24 | 8.6% | 9.6% |
| Q4 25 | $-1.55 | $-1.02 | ||
| Q3 25 | $-4.66 | $0.24 | ||
| Q2 25 | $-0.49 | $0.26 | ||
| Q1 25 | $-0.37 | $0.23 | ||
| Q4 24 | $-2.61 | $0.48 | ||
| Q3 24 | $0.26 | $-0.37 | ||
| Q2 24 | $0.20 | $-0.25 | ||
| Q1 24 | $0.47 | $0.29 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $14.6M |
| Total DebtLower is stronger | $270.2M | $3.6B |
| Stockholders' EquityBook value | $-378.8M | $856.3M |
| Total Assets | $5.2B | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $14.6M | ||
| Q3 25 | — | $14.8M | ||
| Q2 25 | — | $12.8M | ||
| Q1 25 | — | $10.7M | ||
| Q4 24 | — | $9.0M | ||
| Q3 24 | — | $11.0M | ||
| Q2 24 | — | $5.9M | ||
| Q1 24 | — | $13.1M |
| Q4 25 | $270.2M | $3.6B | ||
| Q3 25 | $269.9M | $3.6B | ||
| Q2 25 | $269.6M | $3.7B | ||
| Q1 25 | $269.3M | $3.6B | ||
| Q4 24 | $168.9M | $3.7B | ||
| Q3 24 | $172.3M | $3.6B | ||
| Q2 24 | $172.1M | $3.5B | ||
| Q1 24 | $148.8M | $3.5B |
| Q4 25 | $-378.8M | $856.3M | ||
| Q3 25 | $-233.5M | $1.1B | ||
| Q2 25 | $153.9M | $1.0B | ||
| Q1 25 | $179.4M | $1.0B | ||
| Q4 24 | $209.8M | $1.0B | ||
| Q3 24 | $397.5M | $1.1B | ||
| Q2 24 | $366.9M | $1.2B | ||
| Q1 24 | $324.5M | $1.3B |
| Q4 25 | $5.2B | $5.8B | ||
| Q3 25 | $5.3B | $6.1B | ||
| Q2 25 | $4.8B | $6.1B | ||
| Q1 25 | $4.6B | $6.0B | ||
| Q4 24 | $4.3B | $6.0B | ||
| Q3 24 | $4.0B | $6.0B | ||
| Q2 24 | $3.8B | $6.0B | ||
| Q1 24 | $3.8B | $6.2B |
| Q4 25 | — | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | 1.75× | 3.55× | ||
| Q1 25 | 1.50× | 3.56× | ||
| Q4 24 | 0.81× | 3.62× | ||
| Q3 24 | 0.43× | 3.42× | ||
| Q2 24 | 0.47× | 2.88× | ||
| Q1 24 | 0.46× | 2.63× |
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 | $158.9M |
| Free Cash FlowOCF − Capex | $26.7M | $149.7M |
| FCF MarginFCF / Revenue | 4.6% | 26.5% |
| Capex IntensityCapex / Revenue | 0.1% | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $18.6M | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $158.9M | ||
| Q3 25 | $16.2M | $191.2M | ||
| Q2 25 | $46.3M | $205.3M | ||
| Q1 25 | $-66.5M | $206.6M | ||
| Q4 24 | $27.6M | $178.9M | ||
| Q3 24 | $53.7M | $-1.6M | ||
| Q2 24 | $50.2M | $175.6M | ||
| Q1 24 | $7.6M | $208.7M |
| Q4 25 | $26.7M | $149.7M | ||
| Q3 25 | $15.9M | $186.9M | ||
| Q2 25 | $45.2M | $199.0M | ||
| Q1 25 | $-69.2M | $202.0M | ||
| Q4 24 | $27.0M | $176.6M | ||
| Q3 24 | $52.4M | $-4.9M | ||
| Q2 24 | $49.6M | $169.4M | ||
| Q1 24 | $6.7M | $202.1M |
| Q4 25 | 4.6% | 26.5% | ||
| Q3 25 | 3.5% | 33.0% | ||
| Q2 25 | 12.4% | 33.8% | ||
| Q1 25 | -18.3% | 36.1% | ||
| Q4 24 | 8.0% | 29.3% | ||
| Q3 24 | 19.3% | -0.8% | ||
| Q2 24 | 26.6% | 28.0% | ||
| Q1 24 | 1.9% | 34.4% |
| Q4 25 | 0.1% | 1.6% | ||
| Q3 25 | 0.1% | 0.7% | ||
| Q2 25 | 0.3% | 1.1% | ||
| Q1 25 | 0.7% | 0.8% | ||
| Q4 24 | 0.2% | 0.4% | ||
| Q3 24 | 0.5% | 0.6% | ||
| Q2 24 | 0.3% | 1.0% | ||
| Q1 24 | 0.3% | 1.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.41× | ||
| Q2 25 | — | 4.28× | ||
| Q1 25 | — | 4.80× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | 3.05× | — | ||
| Q2 24 | 3.76× | — | ||
| Q1 24 | 0.25× | 3.71× |
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
