A Business at a Glance
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Our Company We are a global private markets investment firm focused on providing customized investment solutions and advisory and data services to our clients. Our clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. We partner with our clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes. These portfolios utilize several types of synergistic investment strategies with third-party fund managers, including commitments to funds (“primaries”), acquiring stakes in existing funds on the secondary market (“secondaries”) and investing directly into companies (“co-investments”).
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.8B | 1.2B | 712M | -68M | 1.4B | 788M |
| Net Income | -547M | -180M | 58M | -18M | 194M | 63M |
| EPS | $-7.01 | $-2.52 | $0.91 | $-0.30 | $3.84 | $2.06 |
| Free Cash Flow | 19M | 60M | 142M | 146M | 212M | 148M |
| ROIC | 0.0% | -39.0% | 8.6% | -2.1% | 34.3% | 25.1% |
| Gross Margin | - | - | 55.6% | - | 43.3% | 49.4% |
| Debt/Equity | 0.00 | 1.50 | 0.46 | 0.13 | 0.08 | 0.00 |
| Dividends/Share | $1.43 | $1.08 | $1.08 | $0.80 | $0.44 | $0.07 |
| Operating Income | 0 | -222M | 195M | -41M | 513M | 338M |
| Operating Margin | 0.0% | -18.9% | 27.5% | 61.3% | 37.5% | 42.9% |
| ROE | 0.0% | -71.3% | 10.6% | -2.3% | 36.3% | 25.1% |
| Shares Outstanding | 79M | 71M | 64M | 61M | 50M | 30M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 256M | 447M | 788M | 1.4B | -68M | 712M | 1.2B | 1.8B |
| Gross Margin | 51.8% | 49.6% | 49.4% | 43.3% | N/A | 55.6% | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 48M | 52M | 48M | 110M | 147M | 167M | 177M | 182M |
| EBIT | 62M | 149M | 338M | 513M | -41M | 195M | -222M | 0 |
| Op. Margin | 24.0% | 33.3% | 42.9% | 37.5% | 61.3% | 27.5% | -18.9% | 0.0% |
| Net Income | N/A | N/A | 63M | 194M | -18M | 58M | -180M | -547M |
| Net Margin | N/A | N/A | 8.0% | 14.2% | 27.2% | 8.2% | -15.3% | -30.7% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | N/A | N/A | 25.1% | 34.3% | -2.1% | 8.6% | -39.0% | 0.0% |
| ROE | N/A | N/A | 25.1% | 36.3% | -2.3% | 10.6% | -71.3% | 0.0% |
| ROA | N/A | N/A | 4.7% | 7.0% | -0.5% | 1.6% | -4.3% | -10.4% |
| Cash Flow | ||||||||
| Op. Cash Flow | 51M | 66M | 149M | 214M | 151M | 162M | 65M | 23M |
| Free Cash Flow | 48M | 65M | 148M | 212M | 146M | 142M | 60M | 19M |
| Owner Earnings | 42M | 57M | 136M | 173M | 79M | 74M | -631M | -1.6B |
| CapEx | 3.0M | 837K | 1.3M | 2.1M | 5.6M | 20M | 5.1M | 4.5M |
| Maint. CapEx | 7.9M | 7.1M | 5.5M | 27M | 47M | 48M | 45M | 46M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 7.9M | 7.1M | 5.5M | 27M | 47M | 48M | 45M | 46M |
| CapEx/OCF | N/A | N/A | 0.8% | 1.0% | 3.7% | 12.1% | 7.9% | 19.5% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 2.0M | 24M | 50M | 68M | 76M | 113M |
| Dividend Yield | N/A | N/A | 0.2% | 1.4% | 3.3% | 4.0% | 2.1% | 2.7% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.7M | 1.9M | 7.9M | 14M | 25M | 39M | 650M | 1.6B |
| Debt Repayment | 1.5M | 1.5M | 147M | 120M | 0 | 0 | 175M | 175M |
| Balance Sheet | ||||||||
| Net Debt | -128M | N/A | -180M | -54M | -31M | -33M | -21M | -108M |
| Cash & Equiv. | 41M | N/A | 180M | 116M | 130M | 182M | 290M | 378M |
| Long-Term Debt | 1.5M | N/A | 0 | 63M | 98M | 149M | 269M | 270M |
| Debt/Equity | 9.55 | N/A | 0.00 | 0.08 | 0.13 | 0.46 | 1.50 | 0.00 |
| Interest Coverage | 6.0 | 14.6 | 45.9 | 460.5 | -9.9 | 20.9 | -17.5 | -17.5 |
| Equity | 157K | N/A | 249M | 818M | 772M | 324M | 179M | -379M |
| Total Assets | N/A | N/A | 1.3B | 4.2B | 3.5B | 3.8B | 4.6B | 5.2B |
| Total Liabilities | 2.5M | N/A | 661M | 2.4B | 1.8B | 1.9B | 2.8B | 4.7B |
| Intangibles | N/A | N/A | 5.5M | 398M | 355M | 305M | 264M | 233M |
| Retained Earnings | N/A | N/A | 60M | 230M | 160M | 14M | -243M | -866M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||||
| EPS | N/A | N/A | 2.06 | 3.84 | -0.30 | 0.91 | -2.52 | -7.01 |
| Owner EPS | N/A | N/A | 4.47 | 3.43 | 1.28 | 1.17 | -8.85 | -20.10 |
| Book Value | N/A | N/A | 8.20 | 16.19 | 12.58 | 5.08 | 2.52 | -4.82 |
| Cash Flow/Share | N/A | N/A | 4.91 | 4.24 | 2.47 | 2.53 | 0.91 | -6.37 |
| Dividends/Share | N/A | N/A | 0.07 | 0.44 | 0.80 | 1.08 | 1.08 | 1.43 |
| Shares Out. | N/A | N/A | 30.4M | 50.5M | 61.3M | 63.8M | 71.3M | 78.6M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | 13.7 | 7.6 | N/A | 37.5 | N/A | -7.5 |
| P/FCF | N/A | N/A | 5.8 | 6.9 | 9.3 | 15.3 | 60.1 | 222.1 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | 12.3 | 3.9 | 1.7 | 6.7 | 20.0 | N/A |
| Price/Sales | N/A | N/A | 3.8 | 2.8 | N/A | 2.4 | 3.1 | 2.3 |
| FCF Yield | N/A | N/A | 4.8% | 6.7% | 10.8% | 6.5% | 1.7% | 0.5% |
| Market Cap | 0 | N/A | 3.1B | 3.2B | 1.3B | 2.2B | 3.6B | 4.1B |
| Avg. Price | 0.00 | N/A | 27.63 | 34.57 | 24.89 | 26.71 | 50.83 | 52.63 |
| Year-End Price | 0.00 | N/A | 28.32 | 29.13 | 21.96 | 34.10 | 50.45 | 52.63 |
StepStone Group Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 226.3x vs a median of 9.3x. The company's 5-year average ROIC is 5.4% with a gross margin of 49.5%. Total shareholder yield (dividends) is 2.7%. At current prices, the estimated annualized return to fair value is -2.2%.
StepStone Group Inc. (STEP) has a 5-year average return on invested capital (ROIC) of 5.4%. This is below average and may indicate limited pricing power.
StepStone Group Inc. (STEP) has a market capitalization of $4.1B. It is classified as a mid-cap stock.
Yes, StepStone Group Inc. (STEP) pays a dividend with a trailing twelve-month yield of 2.72%.
StepStone Group Inc. (STEP) operates in the Investment Advice industry, within the Financials sector.
StepStone Group Inc. (STEP) reported annual revenue of $1.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
StepStone Group Inc. (STEP) has a net profit margin of -15.3%. The company is currently unprofitable.
StepStone Group Inc. (STEP) generated $60 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
StepStone Group Inc. (STEP) has a debt-to-equity ratio of 1.50. This indicates higher leverage, which may increase financial risk.
StepStone Group Inc. (STEP) reported earnings per share (EPS) of $-2.52 in its most recent fiscal year.
StepStone Group Inc. (STEP) has a return on equity (ROE) of -71.3%. A negative ROE may indicate losses or negative equity.
StepStone Group Inc. (STEP) has a 5-year average gross margin of 49.5%. This indicates decent pricing power.
The Ledger Terminal provides 7 years of financial data for StepStone Group Inc. (STEP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
StepStone Group Inc. (STEP) has a book value per share of $2.52, based on its most recent annual SEC filing.