StepStone Group (STEP) Financials

$54.58 -1.62 (-2.88%)

Closing price 05/13/2026 04:00 PM Eastern

Extended Trading

$54.58 0.00 (0.00%)

As of 05/13/2026 04:10 PM Eastern

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
Period end date	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-368	0.00	-31	194	-18	58	-180
Consolidated Net Income / (Loss)	60	145	377	484	-45	168	-173
Net Income / (Loss) Continuing Operations	-308	640	221	498	-20	210	-135
Total Pre-Tax Income	62	149	338	513	-41	195	-222
Total Operating Income	-296	647	235	466	24	214	-177
Total Gross Profit	-25	942	291	961	-28	599	0.00
Total Revenue	256	1,074	291	961	-28	599	0.00
Total Cost of Revenue	281	133	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	271	295	460	495	-53	385	177
Selling, General & Admin Expense	48	295	48	110	147	167	177
Total Other Income / (Expense), net	-9.64	-3.20	-6.73	60	-41	24	-22
Interest & Investment Income	5.63	8.36	0.41	26	8.73	40	11
Other Income / (Expense), net	-5.02	-1.36	0.22	35	-45	-6.63	-33
Income Tax Expense	1.64	3.96	23	28	3.82	28	-49
Other Gains / (Losses), net	-	-	16	-	-	-	15
Net Income / (Loss) Attributable to Noncontrolling Interest	60	145	252	290	-27	104	5.98
Basic Earnings per Share	$0.00	$0.00	$2.11	$3.89	($0.30)	$0.91	($2.52)
Weighted Average Basic Shares Outstanding	0.00	0.00	29.66M	49.83M	61.88M	63.49M	71.14M
Diluted Earnings per Share	$0.00	$0.00	$2.06	$3.84	($0.30)	$0.91	($2.52)
Weighted Average Diluted Shares Outstanding	0.00	0.00	33.27M	53.60M	61.88M	66.54M	71.14M
Weighted Average Basic & Diluted Shares Outstanding	-	-	94.82M	108.29M	109.25M	110.65M	116.42M
Cash Dividends to Common per Share	-	$0.00	$0.07	$0.44	$0.80	$1.08	$1.08

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	21	26	-20	7.05	13	18	-192	-19	-38	-366	51
Consolidated Net Income / (Loss)	49	59	-23	83	48	53	-287	13	-12	-575	-162
Net Income / (Loss) Continuing Operations	58	65	-9.39	91	47	17	-362	164	-16	-695	-13
Total Pre-Tax Income	58	67	-24	95	55	58	-345	9.95	-20	-676	-195
Total Operating Income	65	67	-20	96	46	14	-434	196	-43	-842	-51
Total Gross Profit	145	161	32	302	87	235	264	-586	0.00	335	0.00
Total Revenue	145	161	32	302	166	235	264	-665	0.00	335	0.00
Total Cost of Revenue	0.00	0.00	0.00	-	78	0.00	0.00	-78	0.00	0.00	0.00
Total Operating Expenses	79	94	52	206	41	221	698	-782	43	1,177	51
Selling, General & Admin Expense	33	32	48	54	41	50	43	43	43	45	51
Total Other Income / (Expense), net	1.23	5.88	9.62	6.89	7.69	6.91	14	-51	7.65	47	27
Interest Expense	2.01	2.11	2.56	2.65	2.99	3.51	3.01	-	-	4.43	5.12
Interest & Investment Income	5.88	13	10.00	13	4.65	13	19	-26	2.50	48	12
Other Income / (Expense), net	-2.64	-4.84	2.19	-4.21	6.03	-2.85	-1.29	-35	5.15	3.29	-1.31
Income Tax Expense	8.60	7.73	-0.72	12	6.80	4.75	-58	-3.20	-8.34	-100	-32
Net Income / (Loss) Attributable to Noncontrolling Interest	28	33	-3.19	61	34	35	-95	32	26	-210	-64
Basic Earnings per Share	$0.34	$0.42	($0.32)	$0.47	$0.20	$0.26	($2.61)	($0.37)	($0.49)	($4.66)	($1.55)
Weighted Average Basic Shares Outstanding	62.83M	62.86M	64.07M	63.49M	66.19M	68.77M	73.69M	71.14M	77.85M	78.56M	79.47M
Diluted Earnings per Share	$0.34	$0.42	($0.32)	$0.47	$0.20	$0.26	($2.61)	($0.37)	($0.49)	($4.66)	($1.55)
Weighted Average Diluted Shares Outstanding	65.74M	66.20M	64.07M	66.54M	68.59M	69.70M	73.69M	71.14M	77.85M	78.56M	79.47M
Weighted Average Basic & Diluted Shares Outstanding	109.26M	110.38M	110.39M	110.65M	113.82M	115.16M	115.98M	116.42M	118.06M	118.26M	119.16M

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

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	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
Net Change in Cash & Equivalents	23	86	67	11	30	27	84	-45	-80	108	22
Net Cash From Operating Activities	58	71	25	7.63	50	54	28	-67	46	16	27
Net Cash From Continuing Operating Activities	82	109	95	10	66	52	58	-122	12	2.40	38
Net Income / (Loss) Continuing Operations	49	59	-23	83	48	53	-287	13	-12	-575	-162
Consolidated Net Income / (Loss)	49	59	-23	83	48	53	-287	13	-12	-575	-162
Depreciation Expense	12	12	12	11	11	11	11	11	11	11	11
Non-Cash Adjustments To Reconcile Net Income	-3.29	-2.48	122	-78	26	-59	376	-73	23	639	263
Changes in Operating Assets and Liabilities, net	24	40	-16	-6.62	-19	47	-43	-74	-10	-72	-74
Net Cash From Investing Activities	-14	-13	-11	-9.08	-13	-21	-2.58	-6.80	-12	-9.78	-67
Net Cash From Continuing Investing Activities	-14	-13	-11	-9.08	-13	-21	-2.58	-6.80	-12	-9.78	-67
Purchase of Property, Plant & Equipment	-7.76	-6.85	-4.09	-0.92	-0.58	-1.29	-0.57	-2.67	-1.10	-0.33	-0.43
Acquisitions	-7.64	-8.65	-8.49	-11	-19	-26	-22	-12	-18	-12	-70
Sale and/or Maturity of Investments	0.91	2.58	1.72	2.88	6.20	6.19	20	7.82	7.43	2.90	3.39
Net Cash From Financing Activities	-44	-9.46	-14	9.26	-23	-0.72	26	85	-72	116	52
Net Cash From Continuing Financing Activities	-44	-9.46	-14	9.26	-23	-0.72	26	85	-72	116	52
Repayment of Debt	0.00	-	-	-0.00	-1.81	-0.00	-179	-7.91	0.00	-0.00	-93
Repurchase of Common Equity	0.00	-	-	-	-13	-	-8.85	-9.87	-6.63	-42	-5.54
Payment of Dividends	-54	-52	-27	-42	-65	-69	-56	-53	-124	-76	-35
Issuance of Debt	0.00	25	-	25	25	-	183	100	0.00	18	75
Issuance of Common Equity	16	16	11	22	34	58	79	72	68	215	110
Other Financing Activities, net	-5.06	1.39	1.65	3.55	-2.67	10	7.56	-16	-9.55	0.45	-0.12
Effect of Exchange Rate Changes	-0.72	0.12	-3.01	0.20	-0.20	-2.88	2.92	-1.27	-7.42	-0.05	-0.37

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
Period end date	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Total Assets	681	1,321	4,188	3,497	3,789	4,587
Total Current Assets	115	212	170	340	148	217
Cash & Equivalents	90	180	136	181	0.00	0.00
Short-Term Investments	-	-	0.00	61	0.00	0.00
Accounts Receivable	25	32	34	99	148	217
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	566	1,109	4,043	3,248	3,289	3,628
Long-Term Investments	514	74	2,922	2,113	766	813
Goodwill	6.79	6.79	581	581	581	581
Intangible Assets	8.83	5.49	398	355	305	264
Noncurrent Deferred & Refundable Income Taxes	0.73	89	28	44	185	383
Other Noncurrent Operating Assets	35	933	115	156	1,453	1,588
Total Liabilities & Shareholders' Equity	681	1,321	4,188	3,497	3,789	4,587
Total Liabilities	444	661	2,364	1,844	1,916	2,812
Total Current Liabilities	36	48	89	89	127	90
Accounts Payable	36	48	89	89	127	90
Total Noncurrent Liabilities	408	613	2,283	1,755	1,787	2,705
Long-Term Debt	143	0.00	63	98	149	269
Noncurrent Employee Benefit Liabilities	23	34	46	67	101	737
Other Noncurrent Operating Liabilities	241	579	2,174	1,590	1,536	1,699
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	0.00	25	219	384
Total Equity & Noncontrolling Interests	237	660	1,824	1,629	1,655	1,390
Total Preferred & Common Equity	0.00	249	818	772	324	179
Total Common Equity	216	249	818	772	324	179
Common Stock	216	189	587	611	310	421
Retained Earnings	0.00	60	230	160	14	-243
Accumulated Other Comprehensive Income / (Loss)	0.18	0.16	0.66	0.46	0.30	0.73
Noncontrolling Interest	21	410	1,007	857	1,330	1,211

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

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

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

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	287.20%	102.26%	624.98%	14.41%	46.07%	719.82%	-354.27%	-100.00%	42.24%	-100.00%
EBITDA Growth	413.39%	235.27%	-359.04%	0.67%	-14.67%	-69.02%	-7,771.75%	54.88%	-141.36%	-3,702.23%	90.44%
EBIT Growth	277.29%	193.42%	-75.77%	1.51%	-16.44%	-81.32%	-2,381.99%	61.20%	-172.14%	-7,326.84%	88.07%
NOPAT Growth	332.10%	267.49%	-1,335.13%	-9.57%	-27.04%	-77.60%	-2,100.52%	192.25%	-174.03%	-4,541.08%	88.34%
Net Income Growth	252.09%	188.35%	-72.77%	21.64%	-2.83%	-10.32%	-1,126.20%	-84.07%	-125.00%	-1,183.01%	43.43%
EPS Growth	288.89%	187.50%	-190.91%	0.00%	-41.18%	-38.10%	-715.63%	-178.72%	-345.00%	-1,892.31%	40.61%
Operating Cash Flow Growth	0.18%	-19.38%	320.65%	1,578.49%	-12.88%	-24.51%	9.57%	-971.98%	-7.75%	-69.75%	-1.55%
Free Cash Flow Firm Growth	-2,608.26%	-120.38%	-239.21%	94.93%	115.11%	-515.86%	85.28%	149.47%	684.01%	151.22%	611.70%
Invested Capital Growth	119.49%	37.92%	215.45%	21.87%	-3.31%	298.26%	-16.76%	-43.98%	-62.97%	-142.22%	-176.95%
Revenue Q/Q Growth	246.96%	11.26%	-80.01%	839.34%	-45.24%	42.05%	12.21%	-351.86%	100.00%	0.00%	-100.00%
EBITDA Q/Q Growth	-27.51%	-0.63%	-107.26%	2,023.55%	-38.55%	-63.92%	-1,945.81%	140.78%	-115.23%	-3,042.69%	95.10%
EBIT Q/Q Growth	-31.02%	-0.76%	-128.22%	625.39%	-43.22%	-77.82%	-3,850.55%	137.09%	-123.37%	-2,122.29%	93.81%
NOPAT Q/Q Growth	-40.26%	6.59%	-123.30%	709.47%	-51.80%	-67.27%	-2,389.03%	185.28%	-111.59%	-1,863.16%	93.99%
Net Income Q/Q Growth	-27.13%	19.83%	-139.53%	452.46%	-41.79%	10.60%	-640.41%	104.58%	-191.32%	-4,691.36%	71.77%
EPS Q/Q Growth	-27.66%	23.53%	-176.19%	246.88%	-57.45%	30.00%	-1,103.85%	85.82%	-32.43%	-851.02%	66.74%
Operating Cash Flow Q/Q Growth	11,260.27%	23.52%	-64.61%	-69.70%	557.62%	7.03%	-48.63%	-341.16%	169.57%	-64.91%	67.22%
Free Cash Flow Firm Q/Q Growth	11.39%	55.53%	-495.19%	97.84%	364.29%	-1,912.56%	85.77%	446.88%	-12.35%	18.41%	42.14%
Invested Capital Q/Q Growth	294.41%	-145.31%	251.30%	-158.63%	340.59%	-7.10%	-36.48%	-10.72%	-29.72%	-205.93%	-15.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	52.75%	100.00%	100.00%	0.00%	0.00%	100.00%	0.00%
EBITDA Margin	51.58%	46.07%	-16.74%	34.28%	38.47%	9.77%	-160.73%	0.00%	0.00%	-247.45%	0.00%
Operating Margin	45.12%	41.63%	-61.31%	31.88%	27.98%	6.15%	-164.56%	0.00%	0.00%	-251.86%	0.00%
EBIT Margin	43.30%	38.62%	-54.52%	30.49%	31.62%	4.94%	-165.04%	0.00%	0.00%	-250.87%	0.00%
Profit (Net Income) Margin	34.17%	36.80%	-72.76%	27.30%	29.02%	22.60%	-108.83%	0.00%	0.00%	-172.04%	0.00%
Tax Burden Percent	85.19%	88.46%	97.01%	87.33%	87.61%	91.79%	83.30%	132.19%	59.02%	85.15%	83.45%
Interest Burden Percent	92.65%	107.73%	137.58%	102.52%	104.77%	498.52%	79.15%	6.16%	53.89%	80.53%	374.67%
Effective Tax Rate	14.81%	11.54%	0.00%	12.67%	12.39%	8.21%	0.00%	-32.19%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	6.17%	0.00%	-356.60%	0.00%	15.52%	17.69%	-170.56%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	6.80%	0.00%	-355.99%	0.00%	14.62%	15.24%	-172.12%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-3.92%	0.00%	346.07%	0.00%	-6.69%	-13.41%	108.98%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	2.25%	9.76%	-10.53%	9.52%	8.84%	4.28%	-61.59%	-9.48%	-12.81%	-53.41%	-65.12%
Cash Return on Invested Capital (CROIC)	-62.87%	0.00%	-159.02%	0.00%	20.62%	-136.48%	-12.14%	38.81%	63.62%	0.00%	0.00%
Operating Return on Assets (OROA)	1.35%	3.91%	-5.94%	5.02%	5.32%	0.90%	-39.10%	0.00%	0.00%	0.00%	0.00%
Return on Assets (ROA)	1.07%	3.72%	-7.92%	4.49%	4.89%	4.10%	-25.78%	0.00%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	1.03%	4.55%	-4.87%	2.96%	2.77%	1.38%	-17.55%	-1.31%	-1.83%	-2.72%	4.86%
Return on Equity Simple (ROE_SIMPLE)	4.79%	20.51%	20.10%	0.00%	45.35%	40.33%	-49.29%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	56	59	-14	84	41	13	-304	259	-30	-590	-35
NOPAT Margin	38.44%	36.82%	-42.92%	27.84%	24.51%	5.65%	-115.19%	0.00%	0.00%	-176.30%	0.00%
Net Nonoperating Expense Percent (NNEP)	-0.63%	0.00%	-0.60%	-0.07%	0.90%	2.45%	1.56%	-22.02%	1.56%	1.05%	-11.91%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-0.81%	-	-	-	-18.77%	15.62%	-2.00%	-72.21%	-5.81%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	47.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	23.00%	19.71%	149.13%	17.96%	24.77%	21.29%	16.34%	0.00%	0.00%	13.54%	0.00%
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	54.88%	58.37%	161.31%	68.12%	24.77%	93.85%	264.56%	0.00%	0.00%	351.86%	0.00%
Earnings before Interest and Taxes (EBIT)	63	62	-18	92	52	12	-436	162	-38	-839	-52
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	75	74	-5.39	104	64	23	-424	173	-26	-828	-41
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.44	4.23	4.51	12.16	13.84	16.27	31.77	33.77	41.97	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)	22.63	9.24	9.05	6.58	8.19	9.32	7.20	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	85.62	38.97	47.14	67.92	101.25	155.65	0.00	0.00	0.00	0.00	0.00
Dividend Yield	3.32%	2.64%	2.63%	2.32%	2.16%	1.79%	1.81%	2.07%	2.45%	2.14%	2.24%
Earnings Yield	1.17%	2.57%	2.12%	1.47%	0.99%	0.64%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.78	0.00	5.43	0.00	6.29	8.35	13.42	14.01	20.78	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	23.79	5.37	9.76	4.99	9.77	10.75	8.23	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	22.16	7.69	15.04	11.71	24.82	38.69	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	35.97	9.49	18.70	14.42	30.73	50.90	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	32.01	9.48	19.67	16.27	35.86	59.78	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	18.29	14.55	24.15	18.53	39.32	54.61	54.81	109.49	121.36	362.51	336.54
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	41.61	30.01	0.00	0.00	25.93	17.65	17.61	15.99
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.06	0.07	0.07	0.08	0.09	0.09	0.10	0.15	0.16	0.22	0.52
Long-Term Debt to Equity	0.06	0.07	0.07	0.08	0.09	0.09	0.10	0.15	0.16	0.22	0.52
Financial Leverage	-0.58	-1.35	-0.97	-1.26	-0.46	-0.88	-0.63	-0.61	-0.64	-0.84	-0.94
Leverage Ratio	2.17	2.15	2.13	2.07	2.04	2.07	2.29	2.30	2.37	2.91	4.24
Compound Leverage Factor	2.02	2.32	2.93	2.12	2.14	10.31	1.82	0.14	1.28	2.34	15.88
Debt to Total Capital	5.57%	6.79%	6.91%	7.36%	8.15%	7.93%	8.83%	13.18%	13.71%	18.05%	34.22%
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	5.57%	6.79%	6.91%	7.36%	8.15%	7.93%	8.83%	13.18%	13.71%	18.05%	34.22%
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	51.12%	49.58%	50.52%	76.59%	74.47%	73.78%	80.19%	78.05%	78.47%	97.56%	113.75%
Common Equity to Total Capital	43.31%	43.63%	42.57%	16.05%	17.38%	18.29%	10.97%	8.78%	7.83%	-15.61%	-47.97%
Debt to EBITDA	0.79	0.49	0.50	0.58	0.71	0.89	-0.75	-1.65	-1.06	-0.24	-0.37
Net Debt to EBITDA	-6.16	-9.10	-2.58	-9.79	-2.42	-3.15	2.55	3.32	2.34	0.56	0.96
Long-Term Debt to EBITDA	0.79	0.49	0.50	0.58	0.71	0.89	-0.75	-1.65	-1.06	-0.24	-0.37
Debt to NOPAT	1.14	0.60	0.66	0.81	1.02	1.38	-0.89	-2.17	-1.44	-0.34	-0.52
Net Debt to NOPAT	-8.90	-11.21	-3.37	-13.60	-3.50	-4.86	3.03	4.38	3.20	0.79	1.34
Long-Term Debt to NOPAT	1.14	0.60	0.66	0.81	1.02	1.38	-0.89	-2.17	-1.44	-0.34	-0.52
Altman Z-Score	1.04	1.37	1.30	1.65	1.83	2.09	1.37	1.37	1.14	0.44	0.78
Noncontrolling Interest Sharing Ratio	54.21%	53.40%	53.80%	68.92%	68.61%	67.76%	71.50%	86.19%	85.68%	94.92%	107.47%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	4.01	1.19	5.14	1.42	1.17	1.57	2.42	3.06	2.84	7.97
Quick Ratio	0.00	4.01	1.19	5.14	1.42	1.17	1.57	2.42	3.06	2.84	7.97
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-486	-216	-1,288	-28	74	-1,332	-190	657	576	682	970
Operating Cash Flow to CapEx	742.48%	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%
Free Cash Flow to Firm to Interest Expense	-241.78	-102.62	-502.57	-10.50	24.58	-379.36	-63.01	0.00	0.00	154.20	189.32
Operating Cash Flow to Interest Expense	28.62	33.74	9.83	2.88	16.78	15.29	9.17	0.00	0.00	3.67	5.30
Operating Cash Flow Less CapEx to Interest Expense	24.77	30.49	8.23	2.53	16.59	14.92	8.98	0.00	0.00	3.60	5.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.03	0.10	0.11	0.16	0.17	0.18	0.24	0.00	0.00	0.00	0.00
Accounts Receivable Turnover	1.46	5.56	4.60	5.37	3.97	5.14	5.43	0.00	0.00	0.00	0.00
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	0.00	0.65	0.65	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	249.88	65.62	79.29	67.94	92.02	71.07	67.23	0.00	0.00	0.00	0.00
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	0.00	559.86	564.26	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	249.88	65.62	79.29	67.94	92.02	-488.79	-497.03	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	996	-451	683	-400	963	894	568	507	357	-378	-437
Invested Capital Turnover	0.16	-0.62	8.31	-1.31	0.63	3.13	1.48	0.00	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	542	276	1,274	112	-33	1,346	-114	-398	-606	-1,272	-1,005
Enterprise Value (EV)	2,767	1,952	3,705	2,992	6,059	7,464	7,623	7,109	7,408	8,550	7,793
Market Capitalization	2,632	3,358	3,436	3,945	5,078	6,468	6,666	6,057	6,461	7,710	7,589
Book Value per Share	$7.01	$7.27	$6.90	$2.94	$3.32	$3.49	$1.82	$1.55	$1.32	($1.98)	($3.20)
Tangible Book Value per Share	($1.45)	($1.09)	($1.21)	($5.08)	($4.59)	($4.11)	($5.60)	($5.73)	($5.84)	($8.96)	($10.08)
Total Capital	1,769	1,821	1,790	2,022	2,112	2,173	1,912	2,044	1,967	1,496	790
Total Debt	98	124	124	149	172	172	169	269	270	270	270
Total Long-Term Debt	98	124	124	149	172	172	169	269	270	270	270
Net Debt	-769	-2,309	-636	-2,502	-591	-607	-576	-544	-597	-620	-693
Capital Expenditures (CapEx)	7.76	6.85	4.09	0.92	0.58	1.29	0.57	2.67	1.10	0.33	0.43
Debt-free, Cash-free Net Working Capital (DFCFNWC)	124	4.73	19	-3.12	56	26	80	128	173	172	607
Debt-free Net Working Capital (DFNWC)	124	275	19	527	56	26	80	128	173	172	607
Net Working Capital (NWC)	124	275	19	527	56	26	80	128	173	172	607
Net Nonoperating Expense (NNE)	6.17	0.03	9.61	1.64	-7.47	-40	-17	246	-18	-14	127
Net Nonoperating Obligations (NNO)	-674	-2,149	-983	-2,273	-977	-1,106	-1,175	-1,267	-1,341	-1,603	-957
Total Depreciation and Amortization (D&A)	12	12	12	11	11	11	11	11	11	11	11
Debt-free, Cash-free Net Working Capital to Revenue	106.92%	1.30%	5.10%	-0.52%	9.02%	3.70%	8.63%	0.00%	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	106.92%	75.74%	5.10%	87.98%	9.02%	3.70%	8.63%	0.00%	0.00%	0.00%	0.00%
Net Working Capital to Revenue	106.92%	75.74%	5.10%	87.98%	9.02%	3.70%	8.63%	0.00%	0.00%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.34	$0.42	($0.32)	$0.47	$0.20	$0.26	($2.61)	($0.37)	($0.49)	($4.66)	($1.55)
Adjusted Weighted Average Basic Shares Outstanding	62.83M	62.86M	64.07M	63.49M	66.19M	68.77M	73.69M	71.14M	77.85M	78.56M	79.47M
Adjusted Diluted Earnings per Share	$0.34	$0.42	($0.32)	$0.47	$0.20	$0.26	($2.61)	($0.37)	($0.49)	($4.66)	($1.55)
Adjusted Weighted Average Diluted Shares Outstanding	65.74M	66.20M	64.07M	66.54M	68.59M	69.70M	73.69M	71.14M	77.85M	78.56M	79.47M
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	109.26M	110.38M	110.39M	110.65M	113.82M	115.16M	115.98M	116.42M	118.06M	118.26M	119.16M
Normalized Net Operating Profit after Tax (NOPAT)	56	59	-14	84	41	13	-304	137	-30	-590	-35
Normalized NOPAT Margin	38.44%	36.82%	-42.92%	27.84%	24.51%	5.65%	-115.19%	0.00%	0.00%	-176.30%	0.00%
Pre Tax Income Margin	40.11%	41.61%	-75.01%	31.26%	33.13%	24.62%	-130.64%	0.00%	0.00%	-202.04%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	31.14	29.49	-6.85	34.80	17.51	3.31	-144.79	0.00	0.00	-189.65	-10.14
NOPAT to Interest Expense	27.64	28.12	-5.39	31.78	13.57	3.78	-101.05	0.00	0.00	-133.27	-6.92
EBIT Less CapEx to Interest Expense	27.28	26.25	-8.44	34.46	17.32	2.94	-144.97	0.00	0.00	-189.72	-10.23
NOPAT Less CapEx to Interest Expense	23.79	24.87	-6.99	31.44	13.38	3.41	-101.24	0.00	0.00	-133.35	-7.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	447.48%	106.14%	112.63%	104.16%	111.20%	125.91%	-223.42%	-140.31%	-129.48%	-35.84%	-39.05%
Augmented Payout Ratio	447.48%	106.14%	112.63%	104.16%	118.99%	134.00%	-244.51%	-158.64%	-140.36%	-43.62%	-47.69%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends from StepStone Group Inc. (STEP) quarterly statements over the last four years, focused on cash flow, income, and balance sheet dynamics. The bullets are ordered with potential positives first, then neutral observations, then negatives.

Positive: Operating cash flow turned positive in Q3 2026 and trended higher through 2026, indicating improving cash generation from the core business.
Positive: Financing activity showed a positive net cash flow in Q3 2026, signaling access to capital markets and liquidity to fund activities.
Positive: Q3 2026 financing included meaningful equity and debt proceeds (Issuance of Common Equity around $109.8M and Issuance of Debt around $75.0M), boosting liquidity.
Positive: The balance sheet shows a sizable asset base, with Long-Term Investments (~$963.6M) and Total Noncurrent Assets (~$4.28B) at Q3 2026, underscoring scale.
Positive: Accounts receivable was robust (~$694.5M in Q3 2026), consistent with ongoing activity and a broad asset base tied to the company’s financial services model.
Neutral: Noncash adjustments to reconcile net income in Q3 2026 were large (+$262.7M), suggesting significant one-off or non-cash items affecting earnings quality.
Neutral: Cash and equivalents at quarter-end were very low or zero in some periods (e.g., Cash & Equivalents of 0 in Q3 2026), indicating liquidity depends on receivables and financing runs.
Neutral: Net income per share remained negative in several quarters (e.g., Basic and Diluted EPS of -1.55 in Q3 2026), reflecting profitability challenges despite cash-flow support.
Negative: Net income attributable to common shareholders was negative in Q3 2026 (-$50.969M) and showed ongoing losses in multiple quarters, pointing to profitability headwinds.
Negative: Investing activities consistently produced cash outflows across quarters (e.g., net cash from investing activities around -$67M in Q3 2026), indicating ongoing capital deployment that reduces near-term cash.

05/14/26 03:37 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 2025 ended on March 31, 2025.

StepStone Group's net income appears to be on a downward trend, with a most recent value of -$172.83 million in 2025, falling from $59.96 million in 2019. The previous period was $167.82 million in 2024. View StepStone Group's forecast to see where analysts expect StepStone Group to go next.

StepStone Group's total operating income in 2025 was -$177.35 million, based on the following breakdown:

Total Gross Profit: $0.00
Total Operating Expenses: $177.35 million

Over the last 6 years, StepStone Group's total revenue changed from $256.27 million in 2019 to $0.00 in 2025, a change of -100.0%.

StepStone Group's total liabilities were at $2.81 billion at the end of 2025, a 46.8% increase from 2024, and a 533.6% increase since 2020.

In the past 5 years, StepStone Group's cash and equivalents has ranged from $0.00 in 2024 to $180.52 million in 2023, and is currently $0.00 as of their latest financial filing in 2025.

Over the last 6 years, StepStone Group's book value per share changed from 0.00 in 2019 to 1.55 in 2025, a change of 154.7%.

Related Companies

Financial statements for NASDAQ:STEP last updated on 2/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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StepStone Group (STEP) Financials

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StepStone Group (STEP) Financials

Annual Income Statements for StepStone Group

Quarterly Income Statements for StepStone Group

Annual Cash Flow Statements for StepStone Group

Quarterly Cash Flow Statements for StepStone Group

Annual Balance Sheets for StepStone Group

Quarterly Balance Sheets for StepStone Group

Annual Metrics And Ratios for StepStone Group

Quarterly Metrics And Ratios for StepStone Group

Financials Breakdown Chart

Key Financial Trends

StepStone Group Financials - Frequently Asked Questions

When does StepStone Group's fiscal year end?

How has StepStone Group's net income changed over the last 6 years?

What is StepStone Group's operating income?

How has StepStone Group's revenue changed over the last 6 years?

How much debt does StepStone Group have?

How much cash does StepStone Group have?

How has StepStone Group's book value per share changed over the last 6 years?

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