vs
Side-by-side financial comparison of StepStone Group Inc. (STEP) and ZILLOW GROUP, INC. (ZG). Click either name above to swap in a different company.
ZILLOW GROUP, INC. is the larger business by last-quarter revenue ($654.0M vs $586.5M, roughly 1.1× StepStone Group Inc.). ZILLOW GROUP, INC. runs the higher net margin — 0.5% vs -21.0%, a 21.5% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 18.1%). ZILLOW GROUP, INC. produced more free cash flow last quarter ($44.0M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% CAGR vs 11.2%).
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.
Zillow Group, Inc., or simply Zillow, is an American tech real-estate marketplace company that was founded in 2006 by co-executive chairmen Rich Barton and Lloyd Frink, former Microsoft executives and founders of Microsoft spin-off Expedia; Spencer Rascoff, a co-founder of Hotwire.com; David Beitel, Zillow's current chief technology officer; and Kristin Acker, Zillow's current technology leadership advisor.
STEP vs ZG — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $586.5M | $654.0M |
| Net Profit | $-123.5M | $3.0M |
| Gross Margin | — | 72.8% |
| Operating Margin | -33.2% | -1.7% |
| Net Margin | -21.0% | 0.5% |
| Revenue YoY | 73.0% | 18.1% |
| Net Profit YoY | 35.7% | 105.8% |
| EPS (diluted) | $-1.55 | $0.01 |
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 | $654.0M | ||
| Q3 25 | $454.2M | $676.0M | ||
| Q2 25 | $364.3M | $655.0M | ||
| Q1 25 | $377.7M | $598.0M | ||
| Q4 24 | $339.0M | $554.0M | ||
| Q3 24 | $271.7M | $581.0M | ||
| Q2 24 | $186.4M | $572.0M | ||
| Q1 24 | $356.8M | $529.0M |
| Q4 25 | $-123.5M | $3.0M | ||
| Q3 25 | $-366.1M | $10.0M | ||
| Q2 25 | $-38.4M | $2.0M | ||
| Q1 25 | $-18.5M | $8.0M | ||
| Q4 24 | $-192.0M | $-52.0M | ||
| Q3 24 | $17.6M | $-20.0M | ||
| Q2 24 | $13.3M | $-17.0M | ||
| Q1 24 | $30.8M | $-23.0M |
| Q4 25 | — | 72.8% | ||
| Q3 25 | — | 72.6% | ||
| Q2 25 | — | 74.7% | ||
| Q1 25 | — | 76.8% | ||
| Q4 24 | — | 75.8% | ||
| Q3 24 | — | 75.9% | ||
| Q2 24 | — | 77.3% | ||
| Q1 24 | — | 76.7% |
| Q4 25 | -33.2% | -1.7% | ||
| Q3 25 | -148.8% | -0.4% | ||
| Q2 25 | -5.6% | -1.7% | ||
| Q1 25 | 2.6% | -1.5% | ||
| Q4 24 | -101.7% | -12.5% | ||
| Q3 24 | 21.3% | -7.7% | ||
| Q2 24 | 29.4% | -6.6% | ||
| Q1 24 | 26.5% | -8.5% |
| Q4 25 | -21.0% | 0.5% | ||
| Q3 25 | -80.6% | 1.5% | ||
| Q2 25 | -10.5% | 0.3% | ||
| Q1 25 | -4.9% | 1.3% | ||
| Q4 24 | -56.6% | -9.4% | ||
| Q3 24 | 6.5% | -3.4% | ||
| Q2 24 | 7.2% | -3.0% | ||
| Q1 24 | 8.6% | -4.3% |
| Q4 25 | $-1.55 | $0.01 | ||
| Q3 25 | $-4.66 | $0.04 | ||
| Q2 25 | $-0.49 | $0.01 | ||
| Q1 25 | $-0.37 | $0.03 | ||
| Q4 24 | $-2.61 | $-0.23 | ||
| Q3 24 | $0.26 | $-0.08 | ||
| Q2 24 | $0.20 | $-0.07 | ||
| Q1 24 | $0.47 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $768.0M |
| Total DebtLower is stronger | $270.2M | — |
| Stockholders' EquityBook value | $-378.8M | $4.9B |
| Total Assets | $5.2B | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $768.0M | ||
| Q3 25 | — | $874.0M | ||
| Q2 25 | — | $587.0M | ||
| Q1 25 | — | $914.0M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.4B |
| 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 | $4.9B | ||
| Q3 25 | $-233.5M | $5.0B | ||
| Q2 25 | $153.9M | $4.7B | ||
| Q1 25 | $179.4M | $4.8B | ||
| Q4 24 | $209.8M | $4.8B | ||
| Q3 24 | $397.5M | $4.7B | ||
| Q2 24 | $366.9M | $4.5B | ||
| Q1 24 | $324.5M | $4.7B |
| Q4 25 | $5.2B | $5.7B | ||
| Q3 25 | $5.3B | $5.7B | ||
| Q2 25 | $4.8B | $5.4B | ||
| Q1 25 | $4.6B | $5.7B | ||
| Q4 24 | $4.3B | $5.8B | ||
| Q3 24 | $4.0B | $6.2B | ||
| Q2 24 | $3.8B | $6.6B | ||
| Q1 24 | $3.8B | $6.8B |
| 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 | $72.0M |
| Free Cash FlowOCF − Capex | $26.7M | $44.0M |
| FCF MarginFCF / Revenue | 4.6% | 6.7% |
| Capex IntensityCapex / Revenue | 0.1% | 4.3% |
| Cash ConversionOCF / Net Profit | — | 24.00× |
| TTM Free Cash FlowTrailing 4 quarters | $18.6M | $235.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $72.0M | ||
| Q3 25 | $16.2M | $105.0M | ||
| Q2 25 | $46.3M | $87.0M | ||
| Q1 25 | $-66.5M | $104.0M | ||
| Q4 24 | $27.6M | $122.0M | ||
| Q3 24 | $53.7M | $171.0M | ||
| Q2 24 | $50.2M | $55.0M | ||
| Q1 24 | $7.6M | $80.0M |
| Q4 25 | $26.7M | $44.0M | ||
| Q3 25 | $15.9M | $73.0M | ||
| Q2 25 | $45.2M | $50.0M | ||
| Q1 25 | $-69.2M | $68.0M | ||
| Q4 24 | $27.0M | $88.0M | ||
| Q3 24 | $52.4M | $138.0M | ||
| Q2 24 | $49.6M | $18.0M | ||
| Q1 24 | $6.7M | $41.0M |
| Q4 25 | 4.6% | 6.7% | ||
| Q3 25 | 3.5% | 10.8% | ||
| Q2 25 | 12.4% | 7.6% | ||
| Q1 25 | -18.3% | 11.4% | ||
| Q4 24 | 8.0% | 15.9% | ||
| Q3 24 | 19.3% | 23.8% | ||
| Q2 24 | 26.6% | 3.1% | ||
| Q1 24 | 1.9% | 7.8% |
| Q4 25 | 0.1% | 4.3% | ||
| Q3 25 | 0.1% | 4.7% | ||
| Q2 25 | 0.3% | 5.6% | ||
| Q1 25 | 0.7% | 6.0% | ||
| Q4 24 | 0.2% | 6.1% | ||
| Q3 24 | 0.5% | 5.7% | ||
| Q2 24 | 0.3% | 6.5% | ||
| Q1 24 | 0.3% | 7.4% |
| Q4 25 | — | 24.00× | ||
| Q3 25 | — | 10.50× | ||
| Q2 25 | — | 43.50× | ||
| Q1 25 | — | 13.00× | ||
| Q4 24 | — | — | ||
| 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% |
ZG
| Residential Revenue | $418.0M | 64% |
| Rental Revenue | $168.0M | 26% |
| Mortgage Revenue | $57.0M | 9% |
| Display Advertising And Other Revenue | $11.0M | 2% |
