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Side-by-side financial comparison of StepStone Group Inc. (STEP) and Zeta Global Holdings Corp. (ZETA). Click either name above to swap in a different company.
StepStone Group Inc. is the larger business by last-quarter revenue ($586.5M vs $394.6M, roughly 1.5× Zeta Global Holdings Corp.). Zeta Global Holdings Corp. runs the higher net margin — 1.7% vs -21.0%, a 22.7% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 25.4%). Zeta Global Holdings Corp. produced more free cash flow last quarter ($60.9M vs $26.7M). Over the past eight quarters, Zeta Global Holdings Corp.'s revenue compounded faster (42.3% CAGR vs 28.2%).
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.
Zeta Global Holdings Corp. is an American marketing technology company which was founded in 2007. Zeta offers companies a suite of multichannel marketing tools focused on creating, maintaining, and monetizing customer relationships. The company went public on the New York Stock Exchange on June 10, 2021, at a US$1.7 billion valuation.
STEP vs ZETA — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $586.5M | $394.6M |
| Net Profit | $-123.5M | $6.5M |
| Gross Margin | — | 59.5% |
| Operating Margin | -33.2% | 4.5% |
| Net Margin | -21.0% | 1.7% |
| Revenue YoY | 73.0% | 25.4% |
| Net Profit YoY | 35.7% | -57.1% |
| EPS (diluted) | $-1.55 | $0.04 |
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 | $394.6M | ||
| Q3 25 | $454.2M | $337.2M | ||
| Q2 25 | $364.3M | $308.4M | ||
| Q1 25 | $377.7M | $264.4M | ||
| Q4 24 | $339.0M | $314.7M | ||
| Q3 24 | $271.7M | $268.3M | ||
| Q2 24 | $186.4M | $227.8M | ||
| Q1 24 | $356.8M | $194.9M |
| Q4 25 | $-123.5M | $6.5M | ||
| Q3 25 | $-366.1M | $-3.6M | ||
| Q2 25 | $-38.4M | $-12.8M | ||
| Q1 25 | $-18.5M | $-21.6M | ||
| Q4 24 | $-192.0M | $15.2M | ||
| Q3 24 | $17.6M | $-17.4M | ||
| Q2 24 | $13.3M | $-28.1M | ||
| Q1 24 | $30.8M | $-39.6M |
| Q4 25 | — | 59.5% | ||
| Q3 25 | — | 60.5% | ||
| Q2 25 | — | 62.1% | ||
| Q1 25 | — | 60.9% | ||
| Q4 24 | — | 60.0% | ||
| Q3 24 | — | 60.6% | ||
| Q2 24 | — | 60.0% | ||
| Q1 24 | — | 60.6% |
| Q4 25 | -33.2% | 4.5% | ||
| Q3 25 | -148.8% | 2.6% | ||
| Q2 25 | -5.6% | -1.7% | ||
| Q1 25 | 2.6% | -6.1% | ||
| Q4 24 | -101.7% | 2.2% | ||
| Q3 24 | 21.3% | -4.6% | ||
| Q2 24 | 29.4% | -11.7% | ||
| Q1 24 | 26.5% | -18.4% |
| Q4 25 | -21.0% | 1.7% | ||
| Q3 25 | -80.6% | -1.1% | ||
| Q2 25 | -10.5% | -4.2% | ||
| Q1 25 | -4.9% | -8.2% | ||
| Q4 24 | -56.6% | 4.8% | ||
| Q3 24 | 6.5% | -6.5% | ||
| Q2 24 | 7.2% | -12.3% | ||
| Q1 24 | 8.6% | -20.3% |
| Q4 25 | $-1.55 | $0.04 | ||
| Q3 25 | $-4.66 | $-0.02 | ||
| Q2 25 | $-0.49 | $-0.06 | ||
| Q1 25 | $-0.37 | $-0.10 | ||
| Q4 24 | $-2.61 | $0.10 | ||
| Q3 24 | $0.26 | $-0.09 | ||
| Q2 24 | $0.20 | $-0.16 | ||
| Q1 24 | $0.47 | $-0.23 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $319.8M |
| Total DebtLower is stronger | $270.2M | $197.1M |
| Stockholders' EquityBook value | $-378.8M | $804.6M |
| Total Assets | $5.2B | $1.5B |
| Debt / EquityLower = less leverage | — | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $319.8M | ||
| Q3 25 | — | $385.2M | ||
| Q2 25 | — | $365.3M | ||
| Q1 25 | — | $364.4M | ||
| Q4 24 | — | $366.2M | ||
| Q3 24 | — | $418.5M | ||
| Q2 24 | — | $154.7M | ||
| Q1 24 | — | $141.6M |
| Q4 25 | $270.2M | $197.1M | ||
| Q3 25 | $269.9M | $196.9M | ||
| Q2 25 | $269.6M | $196.7M | ||
| Q1 25 | $269.3M | $196.5M | ||
| Q4 24 | $168.9M | $196.3M | ||
| Q3 24 | $172.3M | $196.1M | ||
| Q2 24 | $172.1M | $184.4M | ||
| Q1 24 | $148.8M | $184.2M |
| Q4 25 | $-378.8M | $804.6M | ||
| Q3 25 | $-233.5M | $689.2M | ||
| Q2 25 | $153.9M | $673.3M | ||
| Q1 25 | $179.4M | $676.6M | ||
| Q4 24 | $209.8M | $676.8M | ||
| Q3 24 | $397.5M | $474.9M | ||
| Q2 24 | $366.9M | $217.0M | ||
| Q1 24 | $324.5M | $191.6M |
| Q4 25 | $5.2B | $1.5B | ||
| Q3 25 | $5.3B | $1.2B | ||
| Q2 25 | $4.8B | $1.1B | ||
| Q1 25 | $4.6B | $1.1B | ||
| Q4 24 | $4.3B | $1.1B | ||
| Q3 24 | $4.0B | $869.1M | ||
| Q2 24 | $3.8B | $583.9M | ||
| Q1 24 | $3.8B | $550.3M |
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.29× | ||
| Q2 25 | 1.75× | 0.29× | ||
| Q1 25 | 1.50× | 0.29× | ||
| Q4 24 | 0.81× | 0.29× | ||
| Q3 24 | 0.43× | 0.41× | ||
| Q2 24 | 0.47× | 0.85× | ||
| Q1 24 | 0.46× | 0.96× |
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 | $64.1M |
| Free Cash FlowOCF − Capex | $26.7M | $60.9M |
| FCF MarginFCF / Revenue | 4.6% | 15.4% |
| Capex IntensityCapex / Revenue | 0.1% | 0.8% |
| Cash ConversionOCF / Net Profit | — | 9.81× |
| TTM Free Cash FlowTrailing 4 quarters | $18.6M | $185.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $64.1M | ||
| Q3 25 | $16.2M | $57.9M | ||
| Q2 25 | $46.3M | $42.0M | ||
| Q1 25 | $-66.5M | $34.8M | ||
| Q4 24 | $27.6M | $43.7M | ||
| Q3 24 | $53.7M | $34.4M | ||
| Q2 24 | $50.2M | $31.1M | ||
| Q1 24 | $7.6M | $24.7M |
| Q4 25 | $26.7M | $60.9M | ||
| Q3 25 | $15.9M | $52.4M | ||
| Q2 25 | $45.2M | $39.7M | ||
| Q1 25 | $-69.2M | $32.1M | ||
| Q4 24 | $27.0M | $35.4M | ||
| Q3 24 | $52.4M | $29.5M | ||
| Q2 24 | $49.6M | $24.4M | ||
| Q1 24 | $6.7M | $18.9M |
| Q4 25 | 4.6% | 15.4% | ||
| Q3 25 | 3.5% | 15.6% | ||
| Q2 25 | 12.4% | 12.9% | ||
| Q1 25 | -18.3% | 12.1% | ||
| Q4 24 | 8.0% | 11.3% | ||
| Q3 24 | 19.3% | 11.0% | ||
| Q2 24 | 26.6% | 10.7% | ||
| Q1 24 | 1.9% | 9.7% |
| Q4 25 | 0.1% | 0.8% | ||
| Q3 25 | 0.1% | 1.6% | ||
| Q2 25 | 0.3% | 0.8% | ||
| Q1 25 | 0.7% | 1.0% | ||
| Q4 24 | 0.2% | 2.6% | ||
| Q3 24 | 0.5% | 1.8% | ||
| Q2 24 | 0.3% | 3.0% | ||
| Q1 24 | 0.3% | 3.0% |
| Q4 25 | — | 9.81× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.87× | ||
| Q3 24 | 3.05× | — | ||
| 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% |
ZETA
Segment breakdown not available.
