Free Trial
→ $30 stock to buy before Starlink goes public (WATCH NOW!) (From Paradigm Press) (Ad)tc pixel Free STEP Stock Alerts

StepStone Group (STEP) Financials

StepStone Group logo
$42.26 -3.81 (-8.27%)
As of 12:27 PM Eastern
Compare
Annual Income Statements for StepStone Group

Annual Income Statements for StepStone Group

This table shows StepStone Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -368 0.00 -31 194 -18 58 -75 -536
Consolidated Net Income / (Loss)		 60 145 377 484 -45 168 -173 -743
Net Income / (Loss) Continuing Operations		 -308 640 221 498 -20 210 -148 -1,278
Total Pre-Tax Income 		62 149 338 513 -41 195 -222 -891
Total Operating Income		 -296 647 235 466 24 214 -177 -1,558
Total Gross Profit		 -25 942 291 961 -28 599 0.00 1,459
Total Revenue		 256 1,074 291 961 -28 599 0.00 1,459
Operating Revenue		 256 1,074 291 961 -28 599 - 1,459
Total Cost of Revenue		 281 133 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 271 295 460 495 -53 385 177 3,017
Selling, General & Admin Expense		 48 295 48 110 147 167 177 187
Other Operating Expenses / (Income)		 223 - 7.90 385 -200 218 - 2,830
Total Other Income / (Expense), net		 -9.64 -3.20 -6.73 60 -41 24 45 132
Interest Expense		 10 10 7.36 1.11 4.19 9.33 13 19
Interest & Investment Income		 5.63 8.36 0.41 26 8.73 40 26 145
Other Income / (Expense), net		 -5.02 -1.36 0.22 35 -45 -6.63 -33 5.64
Income Tax Expense		 1.64 3.96 23 28 3.82 28 -49 -148
Net Income / (Loss) Attributable to Noncontrolling Interest		 60 145 252 290 -27 104 -73 -210
Basic Earnings per Share		 $0.00 $0.00 $2.11 $3.89 ($0.30) $0.91 ($2.52) ($6.78)
Weighted Average Basic Shares Outstanding		 0.00 0.00 29.66M 49.83M 61.88M 63.49M 71.14M 79.04M
Diluted Earnings per Share		 $0.00 $0.00 $2.06 $3.84 ($0.30) $0.91 ($2.52) ($6.78)
Weighted Average Diluted Shares Outstanding		 0.00 0.00 33.27M 53.60M 61.88M 66.54M 71.14M 79.04M
Weighted Average Basic & Diluted Shares Outstanding		 - - 94.82M 108.29M 109.25M 110.65M 116.42M 119.34M
Cash Dividends to Common per Share		 - $0.00 $0.07 $0.44 $0.80 $1.08 $1.08 $1.48

Quarterly Income Statements for StepStone Group

This table shows StepStone Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 26 -20 7.05 13 18 -192 -19 -38 -366 51 -182
Consolidated Net Income / (Loss)		 59 -23 83 48 53 -287 13 -12 -575 -162 6.66
Net Income / (Loss) Continuing Operations		 65 -9.39 91 47 17 -362 164 -16 -695 -13 -554
Total Pre-Tax Income 		67 -24 95 55 58 -345 9.95 -20 -676 -195 -0.34
Total Operating Income		 67 -20 96 46 14 -434 196 -43 -842 -51 -622
Total Gross Profit		 161 32 302 87 235 264 -586 0.00 335 0.00 1,124
Total Revenue		 161 32 302 166 235 264 -665 0.00 335 0.00 1,124
Total Operating Expenses		 94 52 206 41 221 698 -782 43 1,177 51 1,746
Selling, General & Admin Expense		 32 48 54 41 50 43 43 43 45 51 48
Total Other Income / (Expense), net		 5.88 9.62 6.89 7.69 6.91 14 -51 7.65 47 27 51
Interest & Investment Income		 13 10.00 13 4.65 13 19 -26 2.50 48 12 82
Other Income / (Expense), net		 -4.84 2.19 -4.21 6.03 -2.85 -1.29 -35 5.15 3.29 -1.31 -1.49
Income Tax Expense		 7.73 -0.72 12 6.80 4.75 -58 -3.20 -8.34 -100 -32 -7.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 33 -3.19 61 34 35 -95 32 26 -210 -64 38
Basic Earnings per Share		 $0.42 ($0.32) $0.47 $0.20 $0.26 ($2.61) ($0.37) ($0.49) ($4.66) ($1.55) ($0.08)
Weighted Average Basic Shares Outstanding		 62.86M 64.07M 63.49M 66.19M 68.77M 73.69M 71.14M 77.85M 78.56M 79.47M 79.04M
Diluted Earnings per Share		 $0.42 ($0.32) $0.47 $0.20 $0.26 ($2.61) ($0.37) ($0.49) ($4.66) ($1.55) ($0.08)
Weighted Average Diluted Shares Outstanding		 66.20M 64.07M 66.54M 68.59M 69.70M 73.69M 71.14M 77.85M 78.56M 79.47M 79.04M
Weighted Average Basic & Diluted Shares Outstanding		 110.38M 110.39M 110.65M 113.82M 115.16M 115.98M 116.42M 118.06M 118.26M 119.16M 119.34M

Annual Cash Flow Statements for StepStone Group

This table details how cash moves in and out of StepStone Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -66 49 94 -161 539 188 96 710
Net Cash From Operating Activities		 51 66 149 214 151 162 65 66
Net Cash From Continuing Operating Activities		 51 66 149 119 678 296 54 -52
Net Income / (Loss) Continuing Operations		 60 145 315 484 -45 168 -173 -743
Consolidated Net Income / (Loss)		 60 145 315 484 -45 168 -173 -743
Depreciation Expense		 7.89 7.08 5.50 27 47 48 45 46
Amortization Expense		 0.81 0.80 3.86 0.24 0.47 0.47 0.85 1.30
Non-Cash Adjustments To Reconcile Net Income		 -19 -80 -221 -402 713 38 270 839
Changes in Operating Assets and Liabilities, net		 1.46 -6.82 46 9.86 -37 42 -90 -195
Net Cash From Investing Activities		 -62 36 -11 -210 -31 -47 -43 733
Net Cash From Continuing Investing Activities		 -62 36 -11 -210 -31 -47 -43 733
Purchase of Property, Plant & Equipment		 -3.04 -0.84 -1.26 -2.10 -5.63 -20 -5.10 -2.62
Acquisitions		 -20 -13 -14 -221 -35 -36 -78 -95
Sale and/or Maturity of Investments		 51 77 4.13 13 9.84 8.10 40 19
Other Investing Activities, net		 0.00 0.00 0.01 0.04 0.00 0.00 0.00 812
Net Cash From Financing Activities		 -56 -52 -45 -70 -108 -58 87 37
Net Cash From Continuing Financing Activities		 -56 -52 -45 -70 -108 -58 87 37
Repayment of Debt		 -3.11 -2.85 -148 -122 -0.00 -0.00 -188 -93
Repurchase of Common Equity		 0.00 0.00 -10 -1.73 0.00 0.00 -32 -62
Payment of Dividends		 -53 -160 -231 -146 -171 -175 -242 -299
Issuance of Debt		 - 0.00 0.00 185 35 50 308 93
Issuance of Common Equity		 0.00 111 341 0.00 23 65 243 407
Other Financing Activities, net		 0.16 0.03 2.78 14 4.84 1.53 -0.68 -8.29
Effect of Exchange Rate Changes		 0.29 -0.25 1.10 -0.02 -0.29 -3.40 -1.44 -7.60
Cash Interest Paid		 9.49 9.36 3.49 0.83 3.55 8.46 7.24 16
Cash Income Taxes Paid		 1.74 2.78 3.41 12 29 14 14 42

Quarterly Cash Flow Statements for StepStone Group

This table details how cash moves in and out of StepStone Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 86 67 11 30 27 84 -45 -80 108 22 660
Net Cash From Operating Activities		 71 25 7.63 50 54 28 -67 46 16 27 -23
Net Cash From Continuing Operating Activities		 109 95 10 66 52 58 -122 12 2.40 38 -104
Net Income / (Loss) Continuing Operations		 59 -23 83 48 53 -287 13 -12 -575 -162 6.66
Consolidated Net Income / (Loss)		 59 -23 83 48 53 -287 13 -12 -575 -162 6.66
Depreciation Expense		 12 12 11 11 11 11 11 11 11 11 11
Non-Cash Adjustments To Reconcile Net Income		 -2.48 122 -78 26 -59 376 -73 23 639 263 -85
Changes in Operating Assets and Liabilities, net		 40 -16 -6.62 -19 47 -43 -74 -10 -72 -74 -38
Net Cash From Investing Activities		 -13 -11 -9.08 -13 -21 -2.58 -6.80 -12 -9.78 -67 822
Net Cash From Continuing Investing Activities		 -13 -11 -9.08 -13 -21 -2.58 -6.80 -12 -9.78 -67 822
Purchase of Property, Plant & Equipment		 -6.85 -4.09 -0.92 -0.58 -1.29 -0.57 -2.67 -1.10 -0.33 -0.43 -0.76
Acquisitions		 -8.65 -8.49 -11 -19 -26 -22 -12 -18 -12 -70 5.50
Sale and/or Maturity of Investments		 2.58 1.72 2.88 6.20 6.19 20 7.82 7.43 2.90 3.39 4.93
Other Investing Activities, net		 - - - - - - - - - - 812
Net Cash From Financing Activities		 -9.46 -14 9.26 -23 -0.72 26 85 -72 116 52 -58
Net Cash From Continuing Financing Activities		 -9.46 -14 9.26 -23 -0.72 26 85 -72 116 52 -58
Repayment of Debt		 - - -0.00 -1.81 -0.00 -179 -7.91 0.00 -0.00 -93 0.00
Repurchase of Common Equity		 - - - -13 - -8.85 -9.87 -6.63 -42 -5.54 -8.60
Payment of Dividends		 -52 -27 -42 -65 -69 -56 -53 -124 -76 -35 -64
Issuance of Common Equity		 16 11 22 34 58 79 72 68 215 110 14
Other Financing Activities, net		 1.39 1.65 3.55 -2.67 10 7.56 -16 -9.55 0.45 -0.12 0.93
Effect of Exchange Rate Changes		 0.12 -3.01 0.20 -0.20 -2.88 2.92 -1.27 -7.42 -0.05 -0.37 0.22

Annual Balance Sheets for StepStone Group

This table presents StepStone Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025 2026
Period end date 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025 3/31/2026
Total Assets		 681 1,321 4,188 3,497 3,789 4,587 6,763
Total Current Assets		 115 212 170 340 148 627 2,414
Cash & Equivalents		 90 180 136 181 0.00 410 2,114
Short-Term Investments		 - - 0.00 61 0.00 0.00 0.00
Accounts Receivable		 25 32 34 99 148 217 300
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 566 1,109 4,043 3,248 3,289 3,743 4,783
Long-Term Investments		 514 74 2,922 2,113 766 2,309 3,039
Goodwill		 6.79 6.79 581 581 581 581 581
Intangible Assets		 8.83 5.49 398 355 305 264 223
Noncurrent Deferred & Refundable Income Taxes		 0.73 89 28 44 185 383 615
Other Noncurrent Operating Assets		 35 933 115 156 1,453 207 325
Total Liabilities & Shareholders' Equity		 681 1,321 4,188 3,497 3,789 4,587 6,763
Total Liabilities		 444 661 2,364 1,844 1,916 2,812 5,877
Total Current Liabilities		 36 48 89 89 127 90 103
Accounts Payable		 36 48 89 89 127 90 103
Total Noncurrent Liabilities		 408 613 2,283 1,755 1,787 2,705 6,680
Long-Term Debt		 143 0.00 63 98 149 269 2,133
Noncurrent Employee Benefit Liabilities		 23 34 46 67 101 737 2,361
Other Noncurrent Operating Liabilities		 241 579 2,174 1,590 1,536 1,699 2,186
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - 0.00 25 219 384 195
Total Equity & Noncontrolling Interests		 237 660 1,824 1,629 1,655 1,390 691
Total Preferred & Common Equity		 0.00 249 818 772 324 179 -414
Total Common Equity		 216 249 818 772 324 179 -414
Common Stock		 216 189 587 611 310 421 482
Retained Earnings		 0.00 60 230 160 14 -243 -897
Accumulated Other Comprehensive Income / (Loss)		 0.18 0.16 0.66 0.46 0.30 0.73 1.14
Noncontrolling Interest		 21 410 1,007 857 1,330 1,211 1,105

Quarterly Balance Sheets for StepStone Group

This table presents StepStone Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 9/30/2022 12/31/2022 6/30/2023 9/30/2023 12/31/2023 6/30/2024 9/30/2024 12/31/2024 6/30/2025 9/30/2025 12/31/2025
Total Assets		 3,576 3,503 3,531 3,608 3,468 3,834 4,040 4,350 4,782 5,332 5,241
Total Current Assets		 178 232 124 367 122 188 174 219 257 265 694
Cash & Equivalents		 144 175 0.00 270 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Short-Term Investments		 - 14 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable		 34 43 124 96 122 188 174 219 257 265 694
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 3,398 3,312 3,210 3,415 3,002 3,259 3,364 3,522 3,779 4,059 4,281
Long-Term Investments		 2,287 2,124 868 2,162 759 763 779 745 866 890 964
Goodwill		 581 581 581 581 581 581 581 581 581 581 581
Intangible Assets		 376 366 344 333 315 295 284 274 254 243 233
Noncurrent Deferred & Refundable Income Taxes		 40 49 39 37 45 195 245 356 403 524 584
Other Noncurrent Operating Assets		 114 192 1,379 302 1,302 1,425 1,475 1,566 1,675 1,821 1,920
Total Liabilities & Shareholders' Equity		 3,576 3,503 3,531 3,608 3,468 3,834 4,040 4,350 4,782 5,332 5,241
Total Liabilities		 1,934 1,893 1,861 1,911 1,802 1,895 2,040 2,606 3,085 4,106 4,722
Total Current Liabilities		 84 96 0.00 92 103 132 148 139 84 93 87
Accounts Payable		 84 96 0.00 92 103 132 148 139 84 93 87
Total Noncurrent Liabilities		 1,850 1,809 1,570 1,833 1,704 1,761 1,888 2,457 2,998 3,989 4,633
Long-Term Debt		 63 83 98 124 124 172 172 169 270 270 270
Noncurrent Employee Benefit Liabilities		 75 79 93 110 132 125 175 690 943 1,826 2,404
Other Noncurrent Operating Liabilities		 1,712 1,647 1,379 1,599 1,448 1,464 1,540 1,598 1,786 1,893 1,958
Commitments & Contingencies		 0.00 - 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - 4.97 42 59 76 148 212 293 467 679 180
Total Equity & Noncontrolling Interests		 1,641 1,605 1,629 1,638 1,590 1,791 1,788 1,450 1,231 547 340
Total Preferred & Common Equity		 761 752 766 795 762 367 397 210 154 -233 -379
Total Common Equity		 761 752 766 795 762 367 397 210 154 -233 -379
Common Stock		 596 607 613 629 630 364 393 415 485 486 487
Retained Earnings		 164 145 153 165 131 3.00 3.99 -206 -332 -720 -866
Accumulated Other Comprehensive Income / (Loss)		 0.67 0.61 0.44 0.34 0.19 0.30 0.24 0.34 0.94 0.94 0.88
Noncontrolling Interest		 880 854 863 844 828 1,424 1,391 1,240 1,077 780 718

Annual Metrics And Ratios for StepStone Group

This table displays calculated financial ratios and metrics derived from StepStone Group's official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - 119,161,678.00
DEI Adjusted Shares Outstanding		 - - - - - - - 119,161,678.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - -4.50
Growth Metrics		 - - - - - - - -
Revenue Growth		 0.00% 319.19% -72.92% 230.46% -102.95% 2,211.45% -100.00% 0.00%
EBITDA Growth		 0.00% 323.21% -62.64% 116.45% -94.92% 851.33% -164.04% -819.85%
EBIT Growth		 0.00% 314.15% -63.63% 113.48% -104.20% 1,085.64% -201.21% -639.29%
NOPAT Growth		 0.00% 318.24% -65.32% 101.74% -96.12% 974.85% -167.51% -778.56%
Net Income Growth		 0.00% 141.47% 160.54% 28.38% -109.35% 470.67% -202.98% -330.07%
EPS Growth		 0.00% 0.00% 0.00% 86.41% -107.81% 403.33% -376.92% -169.05%
Operating Cash Flow Growth		 0.00% 28.14% 126.45% 43.52% -29.45% 6.84% -59.80% 2.39%
Free Cash Flow Firm Growth		 0.00% 0.00% -148.15% 586.61% -131.24% 111.51% 122.22% -61.16%
Invested Capital Growth		 0.00% 0.00% 280.95% -384.71% 55.63% 21.87% -43.98% -198.48%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% -12.60% 97.49% 515.78% -100.00% 541.94%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% -56.78% 102.56% 20.71% 27.52% -108.62%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -58.44% 98.08% 26.95% 22.60% -102.32%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% -61.10% 107.33% 23.59% 34.77% -110.58%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -18.54% -124.56% 9.59% -67.08% -0.88%
EPS Q/Q Growth		 0.00% 0.00% 0.00% -15.79% -11.11% 0.00% -50.00% 4.10%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 26.12% 1.56% -17.84% 5.31% -53.32% 187.08%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -190.25% 106.39% 461.16% 31.85%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% -444.89% 13.36% -158.63% -10.72% -496.22%
Profitability Metrics		 - - - - - - - -
Gross Margin		 -9.79% 87.65% 100.00% 100.00% 0.00% 100.00% 0.00% 100.00%
EBITDA Margin		 -114.24% 60.83% 83.91% 54.96% 0.00% 42.65% 0.00% -103.20%
Operating Margin		 -115.68% 60.22% 80.62% 48.51% 0.00% 35.73% 0.00% -106.81%
EBIT Margin		 -117.64% 60.10% 80.70% 52.13% 0.00% 34.63% 0.00% -106.42%
Profit (Net Income) Margin		 23.40% 13.48% 129.66% 50.37% 0.00% 28.01% 0.00% -50.95%
Tax Burden Percent		 97.34% 97.34% 111.66% 94.48% 109.22% 85.89% 77.84% 83.40%
Interest Burden Percent		 -20.43% 23.04% 143.91% 102.27% 196.91% 94.17% 105.73% 57.40%
Effective Tax Rate		 2.66% 2.66% 6.88% 5.52% 0.00% 14.11% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 240.83% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 196.42% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% -156.69% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.00% 61.10% 84.14% 38.99% -2.60% 9.52% -9.48% -55.88%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -101.39% 0.00% 0.00% 0.00% 38.81% 0.00%
Operating Return on Assets (OROA)		 0.00% 94.82% 23.46% 18.20% 0.00% 5.70% 0.00% -27.36%
Return on Assets (ROA)		 0.00% 21.27% 37.69% 17.58% 0.00% 4.61% 0.00% -13.10%
Return on Common Equity (ROCE)		 0.00% 55.75% 43.69% 16.75% -1.19% 2.96% -1.31% 4.92%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 151.25% 59.23% -5.87% 51.72% -96.36% 0.00%
Net Operating Profit after Tax (NOPAT)		 -289 630 218 441 17 184 -124 -1,091
NOPAT Margin		 -112.60% 58.62% 75.07% 45.83% 0.00% 30.69% 0.00% -74.77%
Net Nonoperating Expense Percent (NNEP)		 0.00% -210.39% 44.41% 2.70% -2.43% -0.72% -4.36% 11.32%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - -7.48% -38.62%
Cost of Revenue to Revenue		 109.79% 12.35% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 18.85% 27.43% 16.67% 11.49% 0.00% 27.92% 0.00% 12.84%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 105.89% 27.43% 157.95% 51.49% 0.00% 64.27% 0.00% 206.81%
Earnings before Interest and Taxes (EBIT)		 -301 646 235 501 -21 207 -210 -1,553
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -293 653 244 528 27 256 -164 -1,505
Valuation Ratios		 - - - - - - - -
Price to Book Value (P/BV)		 0.00 1.46 12.45 4.09 3.30 12.16 33.77 0.00
Price to Tangible Book Value (P/TBV)		 0.00 1.57 13.10 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.23 0.29 10.68 3.48 0.00 6.58 0.00 3.90
Price to Earnings (P/E)		 0.00 0.00 0.00 17.25 0.00 67.92 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.21% 1.65% 3.43% 2.32% 2.07% 3.10%
Earnings Yield		 0.00% 0.00% 0.00% 5.80% 0.00% 1.47% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 8.05 0.00 0.00 0.00 14.01 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 11.21 1.41 0.00 4.99 0.00 2.72
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 13.36 2.57 43.67 11.71 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 13.89 2.70 0.00 14.42 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 14.93 3.08 68.57 16.27 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 21.85 6.33 7.76 18.53 109.49 59.65
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.68 0.00 41.61 25.93 6.17
Leverage & Solvency		 - - - - - - - -
Debt to Equity		 0.00 0.60 0.00 0.03 0.06 0.08 0.15 2.41
Long-Term Debt to Equity		 0.00 0.60 0.00 0.03 0.06 0.08 0.15 2.41
Financial Leverage		 0.00 -1.95 -0.80 -1.30 -1.48 -1.26 -0.61 -2.31
Leverage Ratio		 0.00 2.87 2.23 2.22 2.21 2.07 2.30 4.27
Compound Leverage Factor		 0.00 0.66 3.21 2.27 4.35 1.95 2.43 2.45
Debt to Total Capital		 0.00% 37.66% 0.00% 3.33% 5.61% 7.36% 13.18% 70.65%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 37.66% 0.00% 3.33% 5.61% 7.36% 13.18% 70.65%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 5.46% 62.19% 53.34% 50.34% 76.59% 78.05% 43.05%
Common Equity to Total Capital		 0.00% 56.89% 37.81% 43.32% 44.05% 16.05% 8.78% -13.70%
Debt to EBITDA		 0.00 0.22 0.00 0.12 3.66 0.58 -1.65 -1.42
Net Debt to EBITDA		 0.00 -0.71 0.00 -5.67 -84.00 -9.79 3.32 2.01
Long-Term Debt to EBITDA		 0.00 0.22 0.00 0.12 3.66 0.58 -1.65 -1.42
Debt to NOPAT		 0.00 0.23 0.00 0.14 5.75 0.81 -2.17 -1.96
Net Debt to NOPAT		 0.00 -0.73 0.00 -6.80 -131.87 -13.60 4.38 2.77
Long-Term Debt to NOPAT		 0.00 0.23 0.00 0.14 5.75 0.81 -2.17 -1.96
Altman Z-Score		 0.00 5.27 3.84 1.57 0.95 1.75 1.10 0.26
Noncontrolling Interest Sharing Ratio		 0.00% 8.75% 48.07% 57.04% 54.30% 68.92% 86.19% 108.80%
Liquidity Ratios		 - - - - - - - -
Current Ratio		 0.00 3.18 4.44 1.91 3.81 5.14 2.42 23.51
Quick Ratio		 0.00 3.18 4.44 1.91 3.81 5.14 2.42 23.51
Cash Flow Metrics		 - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 854 -411 2,000 -625 72 274 643
Operating Cash Flow to CapEx		 1,691.35% 7,876.94% 11,867.97% 10,189.30% 2,686.74% 823.80% 1,273.10% 2,537.44%
Free Cash Flow to Firm to Interest Expense		 0.00 83.62 -55.85 1,797.23 -149.19 7.71 0.00 34.73
Operating Cash Flow to Interest Expense		 5.01 6.46 20.29 192.53 36.09 17.31 0.00 3.59
Operating Cash Flow Less CapEx to Interest Expense		 4.72 6.37 20.11 190.64 34.75 15.21 0.00 3.45
Efficiency Ratios		 - - - - - - - -
Asset Turnover		 0.00 1.58 0.29 0.35 0.00 0.16 0.00 0.26
Accounts Receivable Turnover		 0.00 42.76 10.17 29.03 0.00 5.37 0.00 5.64
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 3.66 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 8.54 35.89 12.57 0.00 67.94 0.00 64.68
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 99.67 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 -91.14 35.89 12.57 0.00 67.94 0.00 64.68
Capital & Investment Metrics		 - - - - - - - -
Invested Capital		 0.00 -224 405 -1,154 -512 -400 507 -2,607
Invested Capital Turnover		 0.00 -9.59 3.21 -2.57 0.00 -1.31 0.00 -0.84
Increase / (Decrease) in Invested Capital		 0.00 -224 629 -1,560 642 112 -398 -1,733
Enterprise Value (EV)		 0.00 -125 3,262 1,355 1,173 2,992 7,109 3,966
Market Capitalization		 315 315 3,106 3,344 2,548 3,945 6,057 5,686
Book Value per Share		 $0.00 $12.36 $2.63 $7.55 $7.07 $2.94 $1.55 ($3.47)
Tangible Book Value per Share		 $0.00 $11.46 $2.50 ($1.49) ($1.50) ($5.08) ($5.73) ($10.21)
Total Capital		 0.00 380 660 1,887 1,752 2,022 2,044 3,019
Total Debt		 0.00 143 0.00 63 98 149 269 2,133
Total Long-Term Debt		 0.00 143 0.00 63 98 149 269 2,133
Net Debt		 0.00 -461 -254 -2,995 -2,256 -2,502 -544 -3,020
Capital Expenditures (CapEx)		 3.04 0.84 1.26 2.10 5.63 20 5.10 2.62
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -11 -16 -55 9.38 -3.12 128 197
Debt-free Net Working Capital (DFNWC)		 0.00 79 164 81 251 527 128 2,311
Net Working Capital (NWC)		 0.00 79 164 81 251 527 128 2,311
Net Nonoperating Expense (NNE)		 -349 485 -159 -44 62 16 49 -347
Net Nonoperating Obligations (NNO)		 0.00 -461 -254 -2,979 -2,166 -2,273 -1,267 -3,493
Total Depreciation and Amortization (D&A)		 8.70 7.87 9.35 27 48 48 46 47
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -1.03% -5.37% -5.72% 0.00% -0.52% 0.00% 13.50%
Debt-free Net Working Capital to Revenue		 0.00% 7.34% 56.46% 8.41% 0.00% 87.98% 0.00% 158.42%
Net Working Capital to Revenue		 0.00% 7.34% 56.46% 8.41% 0.00% 87.98% 0.00% 158.42%
Earnings Adjustments		 - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $2.11 $3.89 ($0.30) $0.91 ($2.52) ($6.78)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 29.66M 49.83M 61.88M 63.49M 71.14M 79.04M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $2.06 $3.84 ($0.30) $0.91 ($2.52) ($6.78)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 33.27M 53.60M 61.88M 66.54M 71.14M 79.04M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 94.82M 108.29M 109.25M 110.65M 116.42M 119.34M
Normalized Net Operating Profit after Tax (NOPAT)		 -289 630 218 441 17 184 -124 -1,091
Normalized NOPAT Margin		 -112.60% 58.62% 75.07% 45.83% 0.00% 30.69% 0.00% -74.77%
Pre Tax Income Margin		 24.04% 13.85% 116.12% 53.32% 0.00% 32.61% 0.00% -61.09%
Debt Service Ratios		 - - - - - - - -
EBIT to Interest Expense		 -29.38 63.23 31.90 450.31 -5.03 22.24 0.00 -83.91
NOPAT to Interest Expense		 -28.12 61.67 29.67 395.88 4.08 19.71 0.00 -58.95
EBIT Less CapEx to Interest Expense		 -29.68 63.14 31.73 448.42 -6.37 20.14 0.00 -84.05
NOPAT Less CapEx to Interest Expense		 -28.42 61.59 29.50 393.99 2.74 17.61 0.00 -59.09
Payout Ratios		 - - - - - - - -
Dividend Payout Ratio		 87.67% 110.58% 61.24% 30.09% -376.84% 104.16% -140.31% -40.21%
Augmented Payout Ratio		 87.67% 110.58% 63.93% 30.45% -376.84% 104.16% -158.64% -48.61%

Quarterly Metrics And Ratios for StepStone Group

This table displays calculated financial ratios and metrics derived from StepStone Group's official financial filings.

Metric Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 119,161,678.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 119,161,678.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -1.53
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 287.20% 102.26% 624.98% 14.41% 46.07% 719.82% -354.27% -100.00% 42.24% -100.00% 269.17%
EBITDA Growth		 235.27% -359.04% 0.67% -14.67% -69.02% -7,771.75% 54.88% -141.36% -3,702.23% 90.44% -453.97%
EBIT Growth		 193.42% -75.77% 1.51% -16.44% -81.32% -2,381.99% 61.20% -172.14% -7,326.84% 88.07% -486.03%
NOPAT Growth		 267.49% -1,335.13% -9.57% -27.04% -77.60% -2,100.52% 192.25% -174.03% -4,541.08% 88.34% -268.01%
Net Income Growth		 188.35% -72.77% 21.64% -2.83% -10.32% -1,126.20% -84.07% -125.00% -1,183.01% 43.43% -49.37%
EPS Growth		 187.50% -190.91% 0.00% -41.18% -38.10% -715.63% -178.72% -345.00% -1,892.31% 40.61% 78.38%
Operating Cash Flow Growth		 -19.38% 320.65% 1,578.49% -12.88% -24.51% 9.57% -971.98% -7.75% -69.75% -1.55% 65.12%
Free Cash Flow Firm Growth		 -120.38% -239.21% 94.93% 115.11% -515.86% 85.28% 149.47% 684.01% 151.22% 611.70% -36.32%
Invested Capital Growth		 37.92% 215.45% 21.87% -3.31% 298.26% -16.76% -43.98% -62.97% -142.22% -176.95% -198.48%
Revenue Q/Q Growth		 11.26% -80.01% 839.34% -45.24% 42.05% 12.21% -351.86% 100.00% 0.00% -100.00% 0.00%
EBITDA Q/Q Growth		 -0.63% -107.26% 2,023.55% -38.55% -63.92% -1,945.81% 140.78% -115.23% -3,042.69% 95.10% -1,409.95%
EBIT Q/Q Growth		 -0.76% -128.22% 625.39% -43.22% -77.82% -3,850.55% 137.09% -123.37% -2,122.29% 93.81% -1,100.40%
NOPAT Q/Q Growth		 6.59% -123.30% 709.47% -51.80% -67.27% -2,389.03% 185.28% -111.59% -1,863.16% 93.99% -1,128.56%
Net Income Q/Q Growth		 19.83% -139.53% 452.46% -41.79% 10.60% -640.41% 104.58% -191.32% -4,691.36% 71.77% 104.10%
EPS Q/Q Growth		 23.53% -176.19% 246.88% -57.45% 30.00% -1,103.85% 85.82% -32.43% -851.02% 66.74% 94.84%
Operating Cash Flow Q/Q Growth		 23.52% -64.61% -69.70% 557.62% 7.03% -48.63% -341.16% 169.57% -64.91% 67.22% -185.43%
Free Cash Flow Firm Q/Q Growth		 55.53% -495.19% 97.84% 364.29% -1,912.56% 85.77% 446.88% -12.35% 18.41% 42.14% 33.81%
Invested Capital Q/Q Growth		 -145.31% 251.30% -158.63% 340.59% -7.10% -36.48% -10.72% -29.72% -205.93% -15.77% -496.22%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 52.75% 100.00% 100.00% 0.00% 0.00% 100.00% 0.00% 100.00%
EBITDA Margin		 46.07% -16.74% 34.28% 38.47% 9.77% -160.73% 0.00% 0.00% -247.45% 0.00% -54.45%
Operating Margin		 41.63% -61.31% 31.88% 27.98% 6.15% -164.56% 0.00% 0.00% -251.86% 0.00% -55.34%
EBIT Margin		 38.62% -54.52% 30.49% 31.62% 4.94% -165.04% 0.00% 0.00% -250.87% 0.00% -55.47%
Profit (Net Income) Margin		 36.80% -72.76% 27.30% 29.02% 22.60% -108.83% 0.00% 0.00% -172.04% 0.00% 0.59%
Tax Burden Percent		 88.46% 97.01% 87.33% 87.61% 91.79% 83.30% 132.19% 59.02% 85.15% 83.45% -1,936.05%
Interest Burden Percent		 107.73% 137.58% 102.52% 104.77% 498.52% 79.15% 6.16% 53.89% 80.53% 374.67% 0.06%
Effective Tax Rate		 11.54% 0.00% 12.67% 12.39% 8.21% 0.00% -32.19% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -356.60% 0.00% 15.52% 17.69% -170.56% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -355.99% 0.00% 14.62% 15.24% -172.12% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 346.07% 0.00% -6.69% -13.41% 108.98% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 9.76% -10.53% 9.52% 8.84% 4.28% -61.59% -9.48% -12.81% -53.41% -65.12% -55.88%
Cash Return on Invested Capital (CROIC)		 0.00% -159.02% 0.00% 20.62% -136.48% -12.14% 38.81% 63.62% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 3.91% -5.94% 5.02% 5.32% 0.90% -39.10% 0.00% 0.00% 0.00% 0.00% -14.26%
Return on Assets (ROA)		 3.72% -7.92% 4.49% 4.89% 4.10% -25.78% 0.00% 0.00% 0.00% 0.00% 0.15%
Return on Common Equity (ROCE)		 4.55% -4.87% 2.96% 2.77% 1.38% -17.55% -1.31% -1.83% -2.72% 4.86% 4.92%
Return on Equity Simple (ROE_SIMPLE)		 20.51% 20.10% 0.00% 45.35% 40.33% -49.29% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 59 -14 84 41 13 -304 259 -30 -590 -35 -436
NOPAT Margin		 36.82% -42.92% 27.84% 24.51% 5.65% -115.19% 0.00% 0.00% -176.30% 0.00% -38.74%
Net Nonoperating Expense Percent (NNEP)		 0.00% -0.60% -0.07% 0.90% 2.45% 1.56% -22.02% 1.56% 1.05% -11.91% 14.40%
Return On Investment Capital (ROIC_SIMPLE)		 - -0.81% - - - -18.77% 15.62% -2.00% -72.21% -5.81% -15.42%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 47.25% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 19.71% 149.13% 17.96% 24.77% 21.29% 16.34% 0.00% 0.00% 13.54% 0.00% 4.31%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 58.37% 161.31% 68.12% 24.77% 93.85% 264.56% 0.00% 0.00% 351.86% 0.00% 155.34%
Earnings before Interest and Taxes (EBIT)		 62 -18 92 52 12 -436 162 -38 -839 -52 -624
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 74 -5.39 104 64 23 -424 173 -26 -828 -41 -612
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.23 4.51 12.16 13.84 16.27 31.77 33.77 41.97 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 9.24 9.05 6.58 8.19 9.32 7.20 0.00 0.00 0.00 0.00 3.90
Price to Earnings (P/E)		 38.97 47.14 67.92 101.25 155.65 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 2.64% 2.63% 2.32% 2.16% 1.79% 1.81% 2.07% 2.45% 2.14% 2.24% 3.10%
Earnings Yield		 2.57% 2.12% 1.47% 0.99% 0.64% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 5.43 0.00 6.29 8.35 13.42 14.01 20.78 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 5.37 9.76 4.99 9.77 10.75 8.23 0.00 0.00 0.00 0.00 2.72
Enterprise Value to EBITDA (EV/EBITDA)		 7.69 15.04 11.71 24.82 38.69 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 9.49 18.70 14.42 30.73 50.90 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 9.48 19.67 16.27 35.86 59.78 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 14.55 24.15 18.53 39.32 54.61 54.81 109.49 121.36 362.51 336.54 59.65
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 41.61 30.01 0.00 0.00 25.93 17.65 17.61 15.99 6.17
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.07 0.07 0.08 0.09 0.09 0.10 0.15 0.16 0.22 0.52 2.41
Long-Term Debt to Equity		 0.07 0.07 0.08 0.09 0.09 0.10 0.15 0.16 0.22 0.52 2.41
Financial Leverage		 -1.35 -0.97 -1.26 -0.46 -0.88 -0.63 -0.61 -0.64 -0.84 -0.94 -2.31
Leverage Ratio		 2.15 2.13 2.07 2.04 2.07 2.29 2.30 2.37 2.91 4.24 4.27
Compound Leverage Factor		 2.32 2.93 2.12 2.14 10.31 1.82 0.14 1.28 2.34 15.88 0.00
Debt to Total Capital		 6.79% 6.91% 7.36% 8.15% 7.93% 8.83% 13.18% 13.71% 18.05% 34.22% 70.65%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 6.79% 6.91% 7.36% 8.15% 7.93% 8.83% 13.18% 13.71% 18.05% 34.22% 70.65%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 49.58% 50.52% 76.59% 74.47% 73.78% 80.19% 78.05% 78.47% 97.56% 113.75% 43.05%
Common Equity to Total Capital		 43.63% 42.57% 16.05% 17.38% 18.29% 10.97% 8.78% 7.83% -15.61% -47.97% -13.70%
Debt to EBITDA		 0.49 0.50 0.58 0.71 0.89 -0.75 -1.65 -1.06 -0.24 -0.37 -1.42
Net Debt to EBITDA		 -9.10 -2.58 -9.79 -2.42 -3.15 2.55 3.32 2.34 0.56 0.96 2.01
Long-Term Debt to EBITDA		 0.49 0.50 0.58 0.71 0.89 -0.75 -1.65 -1.06 -0.24 -0.37 -1.42
Debt to NOPAT		 0.60 0.66 0.81 1.02 1.38 -0.89 -2.17 -1.44 -0.34 -0.52 -1.96
Net Debt to NOPAT		 -11.21 -3.37 -13.60 -3.50 -4.86 3.03 4.38 3.20 0.79 1.34 2.77
Long-Term Debt to NOPAT		 0.60 0.66 0.81 1.02 1.38 -0.89 -2.17 -1.44 -0.34 -0.52 -1.96
Altman Z-Score		 1.37 1.30 1.65 1.83 2.09 1.37 1.37 1.14 0.44 0.78 0.72
Noncontrolling Interest Sharing Ratio		 53.40% 53.80% 68.92% 68.61% 67.76% 71.50% 86.19% 85.68% 94.92% 107.47% 108.80%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.01 1.19 5.14 1.42 1.17 1.57 2.42 3.06 2.84 7.97 23.51
Quick Ratio		 4.01 1.19 5.14 1.42 1.17 1.57 2.42 3.06 2.84 7.97 23.51
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -216 -1,288 -28 74 -1,332 -190 657 576 682 970 1,298
Operating Cash Flow to CapEx		 1,038.55% 616.00% 833.77% 8,725.22% 4,149.61% 4,873.67% -2,496.17% 4,226.67% 4,906.65% 6,286.57% -3,044.62%
Free Cash Flow to Firm to Interest Expense		 -102.62 -502.57 -10.50 24.58 -379.36 -63.01 0.00 0.00 154.20 189.32 0.00
Operating Cash Flow to Interest Expense		 33.74 9.83 2.88 16.78 15.29 9.17 0.00 0.00 3.67 5.30 0.00
Operating Cash Flow Less CapEx to Interest Expense		 30.49 8.23 2.53 16.59 14.92 8.98 0.00 0.00 3.60 5.22 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.10 0.11 0.16 0.17 0.18 0.24 0.00 0.00 0.00 0.00 0.26
Accounts Receivable Turnover		 5.56 4.60 5.37 3.97 5.14 5.43 0.00 0.00 0.00 0.00 5.64
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.65 0.65 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 65.62 79.29 67.94 92.02 71.07 67.23 0.00 0.00 0.00 0.00 64.68
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 559.86 564.26 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 65.62 79.29 67.94 92.02 -488.79 -497.03 0.00 0.00 0.00 0.00 64.68
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -451 683 -400 963 894 568 507 357 -378 -437 -2,607
Invested Capital Turnover		 -0.62 8.31 -1.31 0.63 3.13 1.48 0.00 0.00 0.00 0.00 -0.84
Increase / (Decrease) in Invested Capital		 276 1,274 112 -33 1,346 -114 -398 -606 -1,272 -1,005 -1,733
Enterprise Value (EV)		 1,952 3,705 2,992 6,059 7,464 7,623 7,109 7,408 8,550 7,793 3,966
Market Capitalization		 3,358 3,436 3,945 5,078 6,468 6,666 6,057 6,461 7,710 7,589 5,686
Book Value per Share		 $7.27 $6.90 $2.94 $3.32 $3.49 $1.82 $1.55 $1.32 ($1.98) ($3.20) ($3.47)
Tangible Book Value per Share		 ($1.09) ($1.21) ($5.08) ($4.59) ($4.11) ($5.60) ($5.73) ($5.84) ($8.96) ($10.08) ($10.21)
Total Capital		 1,821 1,790 2,022 2,112 2,173 1,912 2,044 1,967 1,496 790 3,019
Total Debt		 124 124 149 172 172 169 269 270 270 270 2,133
Total Long-Term Debt		 124 124 149 172 172 169 269 270 270 270 2,133
Net Debt		 -2,309 -636 -2,502 -591 -607 -576 -544 -597 -620 -693 -3,020
Capital Expenditures (CapEx)		 6.85 4.09 0.92 0.58 1.29 0.57 2.67 1.10 0.33 0.43 0.76
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 4.73 19 -3.12 56 26 80 128 173 172 607 197
Debt-free Net Working Capital (DFNWC)		 275 19 527 56 26 80 128 173 172 607 2,311
Net Working Capital (NWC)		 275 19 527 56 26 80 128 173 172 607 2,311
Net Nonoperating Expense (NNE)		 0.03 9.61 1.64 -7.47 -40 -17 246 -18 -14 127 -442
Net Nonoperating Obligations (NNO)		 -2,149 -983 -2,273 -977 -1,106 -1,175 -1,267 -1,341 -1,603 -957 -3,493
Total Depreciation and Amortization (D&A)		 12 12 11 11 11 11 11 11 11 11 11
Debt-free, Cash-free Net Working Capital to Revenue		 1.30% 5.10% -0.52% 9.02% 3.70% 8.63% 0.00% 0.00% 0.00% 0.00% 13.50%
Debt-free Net Working Capital to Revenue		 75.74% 5.10% 87.98% 9.02% 3.70% 8.63% 0.00% 0.00% 0.00% 0.00% 158.42%
Net Working Capital to Revenue		 75.74% 5.10% 87.98% 9.02% 3.70% 8.63% 0.00% 0.00% 0.00% 0.00% 158.42%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.42 ($0.32) $0.47 $0.20 $0.26 ($2.61) ($0.37) ($0.49) ($4.66) ($1.55) ($0.08)
Adjusted Weighted Average Basic Shares Outstanding		 62.86M 64.07M 63.49M 66.19M 68.77M 73.69M 71.14M 77.85M 78.56M 79.47M 79.04M
Adjusted Diluted Earnings per Share		 $0.42 ($0.32) $0.47 $0.20 $0.26 ($2.61) ($0.37) ($0.49) ($4.66) ($1.55) ($0.08)
Adjusted Weighted Average Diluted Shares Outstanding		 66.20M 64.07M 66.54M 68.59M 69.70M 73.69M 71.14M 77.85M 78.56M 79.47M 79.04M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 110.38M 110.39M 110.65M 113.82M 115.16M 115.98M 116.42M 118.06M 118.26M 119.16M 119.34M
Normalized Net Operating Profit after Tax (NOPAT)		 59 -14 84 41 13 -304 137 -30 -590 -35 -436
Normalized NOPAT Margin		 36.82% -42.92% 27.84% 24.51% 5.65% -115.19% 0.00% 0.00% -176.30% 0.00% -38.74%
Pre Tax Income Margin		 41.61% -75.01% 31.26% 33.13% 24.62% -130.64% 0.00% 0.00% -202.04% 0.00% -0.03%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 29.49 -6.85 34.80 17.51 3.31 -144.79 0.00 0.00 -189.65 -10.14 0.00
NOPAT to Interest Expense		 28.12 -5.39 31.78 13.57 3.78 -101.05 0.00 0.00 -133.27 -6.92 0.00
EBIT Less CapEx to Interest Expense		 26.25 -8.44 34.46 17.32 2.94 -144.97 0.00 0.00 -189.72 -10.23 0.00
NOPAT Less CapEx to Interest Expense		 24.87 -6.99 31.44 13.38 3.41 -101.24 0.00 0.00 -133.35 -7.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 106.14% 112.63% 104.16% 111.20% 125.91% -223.42% -140.31% -129.48% -35.84% -39.05% -40.21%
Augmented Payout Ratio		 106.14% 112.63% 104.16% 118.99% 134.00% -244.51% -158.64% -140.36% -43.62% -47.69% -48.61%

Financials Breakdown Chart

Key Financial Trends

StepStone Group (NASDAQ: STEP) showed a sharp rebound in Q4 2026 after a very weak prior quarter, but the broader multi-year picture still looks uneven. Revenue in Q4 2026 reached $1.12 billion, up sharply from the prior comparable quarter’s $0 reported revenue figure in the data set, while operating income improved to a loss of $622.1 million from a much larger loss in Q2 2026. The company also generated strong cash from investing activity and ended the quarter with a sizable increase in net cash. That said, common shareholders still reported a loss, and the balance sheet remains highly leveraged with negative common equity.

Over the last several years, StepStone’s results have been volatile: revenue has swung from strong quarters above $200 million to some periods showing zero or negative reported revenue in the provided data, operating income has been inconsistent, and earnings have often been driven by non-operating items and noncontrolling interests. Cash generation has been mixed but generally better than reported earnings, which suggests the underlying business can produce cash even when GAAP earnings are pressured.

  • Q4 2026 revenue surged to $1.12 billion, a major improvement versus recent quarters in the dataset.
  • Operating cash flow improved sequentially, with Q4 2026 net cash from operating activities at a loss of only $23.2 million versus a positive $27.2 million in Q3 2026 and much weaker levels earlier in the year.
  • Net change in cash & equivalents was strong in Q4 2026 at $660.2 million, helped by investing-related inflows.
  • Interest and investment income remained meaningful at $82.2 million in Q4 2026, helping offset operating losses.
  • Depreciation and other non-cash items continue to support cash generation, which is important for an asset-light investment manager.
  • GAAP earnings remain noisy and heavily influenced by non-operating items, making the income statement harder to interpret quarter to quarter.
  • Accounts receivable rose from $257.1 million in Q1 2026 to $694.5 million in Q3 2026, indicating a large build in short-term assets tied to business activity.
  • Long-term investments remain a major balance sheet component, which can add volatility to asset values and reported equity.
  • Common shares outstanding have drifted higher over time, which can dilute per-share results.
  • Q4 2026 operating income was still negative at $622.1 million, despite the revenue rebound.
  • Common shareholders posted a net loss of $182.2 million in Q4 2026, so profitability at the shareholder level remains under pressure.
  • Common equity is negative at $(378.8 million) in Q3 2026, a sign of a strained balance sheet structure.
  • Total liabilities are very high at $4.72 billion versus $5.24 billion in assets, leaving little room for error.
  • Dividends and buybacks continue to absorb cash, even in quarters when operating performance is weak.

Bottom line: StepStone appears capable of producing strong cash inflows and occasional earnings upside, but the overall financial profile is still volatile and balance-sheet leverage remains a concern. For retail investors, this looks more like a stock to monitor closely for consistency in operating income and cash flow rather than one that has yet established a clean, steady earnings trend.

06/03/26 11:22 AM ETAI Generated. May Contain Errors.

StepStone Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, StepStone Group's financial year ends in March. Their financial year 2026 ended on March 31, 2026.

StepStone Group's net income appears to be on a downward trend, with a most recent value of -$743.28 million in 2026, falling from $59.96 million in 2019. The previous period was -$172.83 million in 2025. See StepStone Group's forecast for analyst expectations on what's next for the company.

StepStone Group's total operating income in 2026 was -$1.56 billion, based on the following breakdown:
  • Total Gross Profit: $1.46 billion
  • Total Operating Expenses: $3.02 billion

Over the last 7 years, StepStone Group's total revenue changed from $256.27 million in 2019 to $1.46 billion in 2026, a change of 469.2%.

StepStone Group's total liabilities were at $5.88 billion at the end of 2026, a 109.0% increase from 2025, and a 1,224.0% increase since 2020.

In the past 6 years, StepStone Group's cash and equivalents has ranged from $0.00 in 2024 to $2.11 billion in 2026, and is currently $2.11 billion as of their latest financial filing in 2026.

Over the last 7 years, StepStone Group's book value per share changed from 0.00 in 2019 to -3.47 in 2026, a change of -347.1%.


Related Companies

Financial statements for NASDAQ:STEP last updated on 5/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners
Your book attached
Bill Poulos is giving away his 'Safe Trade Options Formula' book for free - but only for a limited time throug...
Profits Run | Sponsoredtc pixel
June 12: $100 Turns Into $100,000?
The SpaceX IPO is scheduled for June 12, and former tech executive Jeff Brown - who identified Bitcoin, Tesla,...
Brownstone Research | Sponsoredtc pixel
My feud with Zohran Mamdani
Emmy-winning analyst releases his next big story Whitney Tilson shocked the nation on 60 Minutes when he ac...
Stansberry Research | Sponsoredtc pixel
SpaceX just filed. The clock is ticking.
Reuters reports Elon Musk filed secretly. Barron's says it's being finalized behind closed doors. CNBC just re...
The Oxford Club | Sponsoredtc pixel
SpaceX will mint billionaires. You won't be one of them.
By the time a company goes public, 95% of profits have already been made. Insiders bought SpaceX at $20 billio...
Behind the Markets | Sponsoredtc pixel
SpaceX IPO hides a much bigger story
The SpaceX IPO could be the biggest in history at $1.75 trillion - but the real story isn't the IPO itself. ...
Weiss Ratings | Sponsoredtc pixel
Hey, it's Jon Najarian. The SpaceX IPO is right around the corner. But I discovered Elon may have something BIGGER planned. Check this out before June 9th...
After being invited to the SpaceX launch headquarters in Cape Canaveral from one of Elon's top lobbyists… Hall...
Banyan Hill Publishing | Sponsoredtc pixel
Elon’s AI supercomputer just went live. Here’s my #1 stock.
Is Elon about to trigger another 315X opportunity? Elon gave Tesla investors the chance to make more than 3...
InvestorPlace | Sponsoredtc pixel