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Side-by-side financial comparison of StepStone Group Inc. (STEP) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
WATTS WATER TECHNOLOGIES INC is the larger business by last-quarter revenue ($625.1M vs $586.5M, roughly 1.1× StepStone Group Inc.). WATTS WATER TECHNOLOGIES INC runs the higher net margin — 13.4% vs -21.0%, a 34.4% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 15.7%). WATTS WATER TECHNOLOGIES INC produced more free cash flow last quarter ($140.3M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 4.6%).
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.
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
STEP vs WTS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $586.5M | $625.1M |
| Net Profit | $-123.5M | $83.7M |
| Gross Margin | — | 49.5% |
| Operating Margin | -33.2% | 18.2% |
| Net Margin | -21.0% | 13.4% |
| Revenue YoY | 73.0% | 15.7% |
| Net Profit YoY | 35.7% | 24.0% |
| EPS (diluted) | $-1.55 | $2.50 |
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 | $625.1M | ||
| Q3 25 | $454.2M | $611.7M | ||
| Q2 25 | $364.3M | $643.7M | ||
| Q1 25 | $377.7M | $558.0M | ||
| Q4 24 | $339.0M | $540.4M | ||
| Q3 24 | $271.7M | $543.6M | ||
| Q2 24 | $186.4M | $597.3M | ||
| Q1 24 | $356.8M | $570.9M |
| Q4 25 | $-123.5M | $83.7M | ||
| Q3 25 | $-366.1M | $82.2M | ||
| Q2 25 | $-38.4M | $100.9M | ||
| Q1 25 | $-18.5M | $74.0M | ||
| Q4 24 | $-192.0M | $67.5M | ||
| Q3 24 | $17.6M | $69.1M | ||
| Q2 24 | $13.3M | $82.0M | ||
| Q1 24 | $30.8M | $72.6M |
| Q4 25 | — | 49.5% | ||
| Q3 25 | — | 48.8% | ||
| Q2 25 | — | 50.6% | ||
| Q1 25 | — | 48.8% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | — | 47.3% | ||
| Q2 24 | — | 47.7% | ||
| Q1 24 | — | 46.9% |
| Q4 25 | -33.2% | 18.2% | ||
| Q3 25 | -148.8% | 18.2% | ||
| Q2 25 | -5.6% | 21.0% | ||
| Q1 25 | 2.6% | 15.7% | ||
| Q4 24 | -101.7% | 16.5% | ||
| Q3 24 | 21.3% | 17.1% | ||
| Q2 24 | 29.4% | 18.7% | ||
| Q1 24 | 26.5% | 16.9% |
| Q4 25 | -21.0% | 13.4% | ||
| Q3 25 | -80.6% | 13.4% | ||
| Q2 25 | -10.5% | 15.7% | ||
| Q1 25 | -4.9% | 13.3% | ||
| Q4 24 | -56.6% | 12.5% | ||
| Q3 24 | 6.5% | 12.7% | ||
| Q2 24 | 7.2% | 13.7% | ||
| Q1 24 | 8.6% | 12.7% |
| Q4 25 | $-1.55 | $2.50 | ||
| Q3 25 | $-4.66 | $2.45 | ||
| Q2 25 | $-0.49 | $3.01 | ||
| Q1 25 | $-0.37 | $2.21 | ||
| Q4 24 | $-2.61 | $2.02 | ||
| Q3 24 | $0.26 | $2.06 | ||
| Q2 24 | $0.20 | $2.44 | ||
| Q1 24 | $0.47 | $2.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $405.5M |
| Total DebtLower is stronger | $270.2M | — |
| Stockholders' EquityBook value | $-378.8M | $2.0B |
| Total Assets | $5.2B | $2.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $405.5M | ||
| Q3 25 | — | $457.7M | ||
| Q2 25 | — | $369.3M | ||
| Q1 25 | — | $336.8M | ||
| Q4 24 | — | $386.9M | ||
| Q3 24 | — | $303.9M | ||
| Q2 24 | — | $279.4M | ||
| Q1 24 | — | $237.1M |
| Q4 25 | $270.2M | — | ||
| Q3 25 | $269.9M | — | ||
| Q2 25 | $269.6M | — | ||
| Q1 25 | $269.3M | — | ||
| Q4 24 | $168.9M | — | ||
| Q3 24 | $172.3M | — | ||
| Q2 24 | $172.1M | — | ||
| Q1 24 | $148.8M | — |
| Q4 25 | $-378.8M | $2.0B | ||
| Q3 25 | $-233.5M | $2.0B | ||
| Q2 25 | $153.9M | $1.9B | ||
| Q1 25 | $179.4M | $1.8B | ||
| Q4 24 | $209.8M | $1.7B | ||
| Q3 24 | $397.5M | $1.7B | ||
| Q2 24 | $366.9M | $1.6B | ||
| Q1 24 | $324.5M | $1.6B |
| Q4 25 | $5.2B | $2.9B | ||
| Q3 25 | $5.3B | $2.7B | ||
| Q2 25 | $4.8B | $2.6B | ||
| Q1 25 | $4.6B | $2.5B | ||
| Q4 24 | $4.3B | $2.4B | ||
| Q3 24 | $4.0B | $2.4B | ||
| Q2 24 | $3.8B | $2.4B | ||
| Q1 24 | $3.8B | $2.3B |
| 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 | $154.7M |
| Free Cash FlowOCF − Capex | $26.7M | $140.3M |
| FCF MarginFCF / Revenue | 4.6% | 22.4% |
| Capex IntensityCapex / Revenue | 0.1% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | $18.6M | $356.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $154.7M | ||
| Q3 25 | $16.2M | $122.4M | ||
| Q2 25 | $46.3M | $69.7M | ||
| Q1 25 | $-66.5M | $55.2M | ||
| Q4 24 | $27.6M | $139.5M | ||
| Q3 24 | $53.7M | $90.7M | ||
| Q2 24 | $50.2M | $85.3M | ||
| Q1 24 | $7.6M | $45.6M |
| Q4 25 | $26.7M | $140.3M | ||
| Q3 25 | $15.9M | $110.9M | ||
| Q2 25 | $45.2M | $59.5M | ||
| Q1 25 | $-69.2M | $45.6M | ||
| Q4 24 | $27.0M | $127.5M | ||
| Q3 24 | $52.4M | $84.3M | ||
| Q2 24 | $49.6M | $78.5M | ||
| Q1 24 | $6.7M | $35.5M |
| Q4 25 | 4.6% | 22.4% | ||
| Q3 25 | 3.5% | 18.1% | ||
| Q2 25 | 12.4% | 9.2% | ||
| Q1 25 | -18.3% | 8.2% | ||
| Q4 24 | 8.0% | 23.6% | ||
| Q3 24 | 19.3% | 15.5% | ||
| Q2 24 | 26.6% | 13.1% | ||
| Q1 24 | 1.9% | 6.2% |
| Q4 25 | 0.1% | 2.3% | ||
| Q3 25 | 0.1% | 1.9% | ||
| Q2 25 | 0.3% | 1.6% | ||
| Q1 25 | 0.7% | 1.7% | ||
| Q4 24 | 0.2% | 2.2% | ||
| Q3 24 | 0.5% | 1.2% | ||
| Q2 24 | 0.3% | 1.1% | ||
| Q1 24 | 0.3% | 1.8% |
| Q4 25 | — | 1.85× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | — | 0.69× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | 3.05× | 1.31× | ||
| Q2 24 | 3.76× | 1.04× | ||
| Q1 24 | 0.25× | 0.63× |
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% |
WTS
Segment breakdown not available.
