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StepStone Group (STEP) Financials

StepStone Group logo
$49.99 +1.15 (+2.35%)
As of 08/21/2026 04:00 PM Eastern
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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 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -20 7.05 13 18 -192 -19 -19 -366 51 -182 -116
Consolidated Net Income / (Loss)		 -23 83 48 53 -287 13 -12 -575 -162 6.66 -170
Net Income / (Loss) Continuing Operations		 -9.39 91 47 17 -362 164 -21 -695 -13 -554 -229
Total Pre-Tax Income 		-24 95 55 58 -345 9.95 -20 -676 -195 -0.34 -200
Total Operating Income		 -20 96 46 14 -434 196 -43 -842 -51 -622 -263
Total Gross Profit		 32 302 87 235 264 -586 0.00 335 0.00 1,124 320
Total Revenue		 32 302 166 235 264 -665 0.00 335 0.00 1,124 320
Operating Revenue		 32 302 166 235 264 - - 335 - - 320
Total Cost of Revenue		 0.00 - 78 0.00 0.00 -78 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 52 206 41 221 698 -782 43 1,177 51 1,746 584
Selling, General & Admin Expense		 48 54 41 50 43 43 43 45 51 48 53
Other Operating Expenses / (Income)		 3.92 - - 171 655 - - 1,132 - - 530
Total Other Income / (Expense), net		 9.62 6.89 7.69 6.91 14 -51 39 47 27 51 4.56
Interest Expense		 2.56 2.65 2.99 3.51 3.01 - 4.53 4.43 5.12 - 4.34
Interest & Investment Income		 10.00 13 4.65 13 19 -26 13 48 12 82 18
Other Income / (Expense), net		 2.19 -4.21 6.03 -2.85 -1.29 -35 5.15 3.29 -1.31 -1.49 -9.49
Income Tax Expense		 -0.72 12 6.80 4.75 -58 -3.20 -8.34 -100 -32 -7.00 -30
Net Income / (Loss) Attributable to Noncontrolling Interest		 -3.19 61 34 35 -95 32 -2.20 -210 -64 38 -55
Basic Earnings per Share		 ($0.32) $0.47 $0.20 $0.26 ($2.61) ($0.37) ($0.49) ($4.66) ($1.55) ($0.08) ($1.41)
Weighted Average Basic Shares Outstanding		 64.07M 63.49M 66.19M 68.77M 73.69M 71.14M 77.85M 78.56M 79.47M 79.04M 82.00M
Diluted Earnings per Share		 ($0.32) $0.47 $0.20 $0.26 ($2.61) ($0.37) ($0.49) ($4.66) ($1.55) ($0.08) ($1.41)
Weighted Average Diluted Shares Outstanding		 64.07M 66.54M 68.59M 69.70M 73.69M 71.14M 77.85M 78.56M 79.47M 79.04M 82.00M
Weighted Average Basic & Diluted Shares Outstanding		 110.39M 110.65M 113.82M 115.16M 115.98M 116.42M 118.06M 118.26M 119.16M 119.34M 120.68M

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 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 67 11 30 27 84 -45 -80 108 22 660 -452
Net Cash From Operating Activities		 25 7.63 50 54 28 -67 46 16 27 -23 -458
Net Cash From Continuing Operating Activities		 95 10 66 52 58 -122 12 2.40 38 -104 -494
Net Income / (Loss) Continuing Operations		 -23 83 48 53 -287 13 -12 -575 -162 6.66 -170
Consolidated Net Income / (Loss)		 -23 83 48 53 -287 13 -12 -575 -162 6.66 -170
Depreciation Expense		 12 11 11 11 11 11 11 11 11 11 11
Non-Cash Adjustments To Reconcile Net Income		 122 -78 26 -59 376 -73 23 639 263 -85 -363
Changes in Operating Assets and Liabilities, net		 -16 -6.62 -19 47 -43 -74 -10 -72 -74 -38 28
Net Cash From Investing Activities		 -11 -9.08 -13 -21 -2.58 -6.80 -12 -9.78 -67 822 21
Net Cash From Continuing Investing Activities		 -11 -9.08 -13 -21 -2.58 -6.80 -12 -9.78 -67 822 21
Purchase of Property, Plant & Equipment		 -4.09 -0.92 -0.58 -1.29 -0.57 -2.67 -1.10 -0.33 -0.43 -0.76 -0.55
Acquisitions		 -8.49 -11 -19 -26 -22 -12 -18 -12 -70 5.50 -11
Sale and/or Maturity of Investments		 1.72 2.88 6.20 6.19 20 7.82 7.43 2.90 3.39 4.93 5.69
Other Investing Activities, net		 - - - - - - 0.00 - - 812 28
Net Cash From Financing Activities		 -14 9.26 -23 -0.72 26 85 -72 116 52 -58 19
Net Cash From Continuing Financing Activities		 -14 9.26 -23 -0.72 26 85 -72 116 52 -58 19
Repayment of Debt		 - -0.00 -1.81 -0.00 -179 -7.91 0.00 -0.00 -93 0.00 -30
Repurchase of Common Equity		 - - -13 - -8.85 -9.87 -6.63 -42 -5.54 -8.60 -21
Payment of Dividends		 -27 -42 -65 -69 -56 -53 -124 -76 -35 -64 -409
Issuance of Debt		 - 25 25 - 183 100 0.00 18 75 - 272
Issuance of Common Equity		 11 22 34 58 79 72 70 215 110 14 223
Other Financing Activities, net		 1.65 3.55 -2.67 10 7.56 -16 -11 0.45 -0.12 0.93 -16
Effect of Exchange Rate Changes		 -3.01 0.20 -0.20 -2.88 2.92 -1.27 -7.42 -0.05 -0.37 0.22 1.13

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 4,547
Long-Term Debt		 143 0.00 63 98 149 269 0.00
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 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026 Q1 2027
Period end date 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 6/30/2026
Total Assets		 3,503 3,531 3,608 3,468 3,834 4,040 4,350 4,782 5,332 5,241 7,768
Total Current Assets		 232 124 367 122 188 174 219 257 265 694 1,652
Cash & Equivalents		 175 0.00 270 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,308
Short-Term Investments		 14 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable		 43 124 96 122 188 174 219 257 265 694 344
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		 3,312 3,210 3,415 3,002 3,259 3,364 3,522 3,779 4,059 4,281 4,805
Long-Term Investments		 2,124 868 2,162 759 763 779 745 866 890 964 3,129
Goodwill		 581 581 581 581 581 581 581 581 581 581 581
Intangible Assets		 366 344 333 315 295 284 274 254 243 233 213
Noncurrent Deferred & Refundable Income Taxes		 49 39 37 45 195 245 356 403 524 584 663
Other Noncurrent Operating Assets		 192 1,379 302 1,302 1,425 1,475 1,566 1,675 1,821 1,920 219
Total Liabilities & Shareholders' Equity		 3,503 3,531 3,608 3,468 3,834 4,040 4,350 4,782 5,332 5,241 7,768
Total Liabilities		 1,893 1,861 1,911 1,802 1,895 2,040 2,606 3,085 4,106 4,722 6,528
Total Current Liabilities		 96 0.00 92 103 132 148 139 84 93 87 85
Accounts Payable		 96 0.00 92 103 132 148 139 84 93 87 85
Total Noncurrent Liabilities		 1,809 1,570 1,833 1,704 1,761 1,888 2,457 2,998 3,989 4,633 4,966
Long-Term Debt		 83 98 124 124 172 172 169 270 270 270 0.00
Noncurrent Employee Benefit Liabilities		 79 93 110 132 125 175 690 943 1,826 2,404 2,681
Other Noncurrent Operating Liabilities		 1,647 1,379 1,599 1,448 1,464 1,540 1,598 1,786 1,893 1,958 2,284
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 76 148 212 293 467 679 180 269
Total Equity & Noncontrolling Interests		 1,605 1,629 1,638 1,590 1,791 1,788 1,450 1,231 547 340 971
Total Preferred & Common Equity		 752 766 795 762 367 397 210 154 -233 -379 -539
Total Common Equity		 752 766 795 762 367 397 210 154 -233 -379 -539
Common Stock		 607 613 629 630 364 393 415 485 486 487 542
Retained Earnings		 145 153 165 131 3.00 3.99 -206 -332 -720 -866 -1,083
Accumulated Other Comprehensive Income / (Loss)		 0.61 0.44 0.34 0.19 0.30 0.24 0.34 0.94 0.94 0.88 1.38
Noncontrolling Interest		 854 863 844 828 1,424 1,391 1,240 1,077 780 718 1,510

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 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 119,161,678.00 119,344,429.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 119,161,678.00 119,344,429.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -1.53 -0.97
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 102.26% 624.98% 14.41% 46.07% 719.82% -354.27% -100.00% 42.24% -100.00% 269.17% 0.00%
EBITDA Growth		 -359.04% 0.67% -14.67% -69.02% -7,771.75% 54.88% -141.36% -3,702.23% 90.44% -453.97% -892.78%
EBIT Growth		 -75.77% 1.51% -16.44% -81.32% -2,381.99% 61.20% -172.14% -7,326.84% 88.07% -486.03% -622.55%
NOPAT Growth		 -1,335.13% -9.57% -27.04% -77.60% -2,100.52% 192.25% -174.03% -4,541.08% 88.34% -268.01% -513.69%
Net Income Growth		 -72.77% 21.64% -2.83% -10.32% -1,126.20% -84.07% -125.00% -1,183.01% 43.43% -49.37% -1,318.42%
EPS Growth		 -190.91% 0.00% -41.18% -38.10% -715.63% -178.72% -345.00% -1,892.31% 40.61% 78.38% -187.76%
Operating Cash Flow Growth		 320.65% 1,578.49% -12.88% -24.51% 9.57% -971.98% -7.75% -69.75% -1.55% 65.12% -1,088.53%
Free Cash Flow Firm Growth		 -239.21% 94.93% 115.11% -515.86% 85.28% 149.47% 684.01% 151.22% 611.70% -36.32% 455.79%
Invested Capital Growth		 215.45% 21.87% -3.31% 298.26% -16.76% -43.98% -62.97% -142.22% -176.95% -198.48% -950.10%
Revenue Q/Q Growth		 -80.01% 839.34% -45.24% 42.05% 12.21% -351.86% 100.00% 0.00% -100.00% 0.00% -71.51%
EBITDA Q/Q Growth		 -107.26% 2,023.55% -38.55% -63.92% -1,945.81% 140.78% -115.23% -3,042.69% 95.10% -1,409.95% 57.29%
EBIT Q/Q Growth		 -128.22% 625.39% -43.22% -77.82% -3,850.55% 137.09% -123.37% -2,122.29% 93.81% -1,100.40% 56.25%
NOPAT Q/Q Growth		 -123.30% 709.47% -51.80% -67.27% -2,389.03% 185.28% -111.59% -1,863.16% 93.99% -1,128.56% 57.67%
Net Income Q/Q Growth		 -139.53% 452.46% -41.79% 10.60% -640.41% 104.58% -191.32% -4,691.36% 71.77% 104.10% -2,658.05%
EPS Q/Q Growth		 -176.19% 246.88% -57.45% 30.00% -1,103.85% 85.82% -32.43% -851.02% 66.74% 94.84% -1,662.50%
Operating Cash Flow Q/Q Growth		 -64.61% -69.70% 557.62% 7.03% -48.63% -341.16% 169.57% -64.91% 67.22% -185.43% -1,872.03%
Free Cash Flow Firm Q/Q Growth		 -495.19% 97.84% 364.29% -1,912.56% 85.77% 446.88% -12.35% 18.41% 42.14% 33.81% 146.78%
Invested Capital Q/Q Growth		 251.30% -158.63% 340.59% -7.10% -36.48% -10.72% -29.72% -205.93% -15.77% -496.22% -16.27%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 52.75% 100.00% 100.00% 0.00% 0.00% 100.00% 0.00% 100.00% 100.00%
EBITDA Margin		 -16.74% 34.28% 38.47% 9.77% -160.73% 0.00% 0.00% -247.45% 0.00% -54.45% -81.63%
Operating Margin		 -61.31% 31.88% 27.98% 6.15% -164.56% 0.00% 0.00% -251.86% 0.00% -55.34% -82.21%
EBIT Margin		 -54.52% 30.49% 31.62% 4.94% -165.04% 0.00% 0.00% -250.87% 0.00% -55.47% -85.17%
Profit (Net Income) Margin		 -72.76% 27.30% 29.02% 22.60% -108.83% 0.00% 0.00% -172.04% 0.00% 0.59% -53.18%
Tax Burden Percent		 97.01% 87.33% 87.61% 91.79% 83.30% 132.19% 59.02% 85.15% 83.45% -1,936.05% 85.08%
Interest Burden Percent		 137.58% 102.52% 104.77% 498.52% 79.15% 6.16% 53.89% 80.53% 374.67% 0.06% 73.39%
Effective Tax Rate		 0.00% 12.67% 12.39% 8.21% 0.00% -32.19% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -356.60% 0.00% 15.52% 17.69% -170.56% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 -355.99% 0.00% 14.62% 15.24% -172.12% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 346.07% 0.00% -6.69% -13.41% 108.98% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -10.53% 9.52% 8.84% 4.28% -61.59% -9.48% -12.81% -53.41% -65.12% -55.88% -61.40%
Cash Return on Invested Capital (CROIC)		 -159.02% 0.00% 20.62% -136.48% -12.14% 38.81% 63.62% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -5.94% 5.02% 5.32% 0.90% -39.10% 0.00% 0.00% 0.00% 0.00% -14.26% -24.15%
Return on Assets (ROA)		 -7.92% 4.49% 4.89% 4.10% -25.78% 0.00% 0.00% 0.00% 0.00% 0.15% -15.08%
Return on Common Equity (ROCE)		 -4.87% 2.96% 2.77% 1.38% -17.55% -1.31% -1.83% -2.72% 4.86% 4.92% 8.05%
Return on Equity Simple (ROE_SIMPLE)		 20.10% 0.00% 45.35% 40.33% -49.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -14 84 41 13 -304 259 -30 -590 -35 -436 -184
NOPAT Margin		 -42.92% 27.84% 24.51% 5.65% -115.19% 0.00% 0.00% -176.30% 0.00% -38.74% -57.55%
Net Nonoperating Expense Percent (NNEP)		 -0.60% -0.07% 0.90% 2.45% 1.56% -22.02% 1.56% 1.05% -11.91% 14.40% 0.50%
Return On Investment Capital (ROIC_SIMPLE)		 -0.81% - - - -18.77% 15.62% -2.00% -72.21% -5.81% -15.42% -18.99%
Cost of Revenue to Revenue		 0.00% 0.00% 47.25% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 149.13% 17.96% 24.77% 21.29% 16.34% 0.00% 0.00% 13.54% 0.00% 4.31% 16.69%
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		 161.31% 68.12% 24.77% 93.85% 264.56% 0.00% 0.00% 351.86% 0.00% 155.34% 182.21%
Earnings before Interest and Taxes (EBIT)		 -18 92 52 12 -436 162 -38 -839 -52 -624 -273
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -5.39 104 64 23 -424 173 -26 -828 -41 -612 -261
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.51 12.16 13.84 16.27 31.77 33.77 41.97 0.00 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)		 9.05 6.58 8.19 9.32 7.20 0.00 0.00 0.00 0.00 3.90 2.77
Price to Earnings (P/E)		 47.14 67.92 101.25 155.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 2.63% 2.32% 2.16% 1.79% 1.81% 2.07% 2.45% 2.14% 2.24% 3.10% 0.00%
Earnings Yield		 2.12% 1.47% 0.99% 0.64% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 5.43 0.00 6.29 8.35 13.42 14.01 20.78 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 9.76 4.99 9.77 10.75 8.23 0.00 0.00 0.00 0.00 2.72 1.28
Enterprise Value to EBITDA (EV/EBITDA)		 15.04 11.71 24.82 38.69 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 18.70 14.42 30.73 50.90 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 19.67 16.27 35.86 59.78 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 24.15 18.53 39.32 54.61 54.81 109.49 121.36 362.51 336.54 59.65 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 41.61 30.01 0.00 0.00 25.93 17.65 17.61 15.99 6.17 1.06
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.07 0.08 0.09 0.09 0.10 0.15 0.16 0.22 0.52 2.41 0.00
Long-Term Debt to Equity		 0.07 0.08 0.09 0.09 0.10 0.15 0.16 0.22 0.52 2.41 0.00
Financial Leverage		 -0.97 -1.26 -0.46 -0.88 -0.63 -0.61 -0.64 -0.84 -0.94 -2.31 -1.91
Leverage Ratio		 2.13 2.07 2.04 2.07 2.29 2.30 2.37 2.91 4.24 4.27 4.27
Compound Leverage Factor		 2.93 2.12 2.14 10.31 1.82 0.14 1.28 2.34 15.88 0.00 3.14
Debt to Total Capital		 6.91% 7.36% 8.15% 7.93% 8.83% 13.18% 13.71% 18.05% 34.22% 70.65% 0.00%
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		 6.91% 7.36% 8.15% 7.93% 8.83% 13.18% 13.71% 18.05% 34.22% 70.65% 0.00%
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		 50.52% 76.59% 74.47% 73.78% 80.19% 78.05% 78.47% 97.56% 113.75% 43.05% 143.50%
Common Equity to Total Capital		 42.57% 16.05% 17.38% 18.29% 10.97% 8.78% 7.83% -15.61% -47.97% -13.70% -43.50%
Debt to EBITDA		 0.50 0.58 0.71 0.89 -0.75 -1.65 -1.06 -0.24 -0.37 -1.42 0.00
Net Debt to EBITDA		 -2.58 -9.79 -2.42 -3.15 2.55 3.32 2.34 0.56 0.96 2.01 0.00
Long-Term Debt to EBITDA		 0.50 0.58 0.71 0.89 -0.75 -1.65 -1.06 -0.24 -0.37 -1.42 0.00
Debt to NOPAT		 0.66 0.81 1.02 1.38 -0.89 -2.17 -1.44 -0.34 -0.52 -1.96 0.00
Net Debt to NOPAT		 -3.37 -13.60 -3.50 -4.86 3.03 4.38 3.20 0.79 1.34 2.77 0.00
Long-Term Debt to NOPAT		 0.66 0.81 1.02 1.38 -0.89 -2.17 -1.44 -0.34 -0.52 -1.96 0.00
Altman Z-Score		 1.30 1.65 1.83 2.09 1.37 1.37 1.14 0.44 0.78 0.72 0.61
Noncontrolling Interest Sharing Ratio		 53.80% 68.92% 68.61% 67.76% 71.50% 86.19% 85.68% 94.92% 107.47% 108.80% 113.12%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.19 5.14 1.42 1.17 1.57 2.42 3.06 2.84 7.97 23.51 19.46
Quick Ratio		 1.19 5.14 1.42 1.17 1.57 2.42 3.06 2.84 7.97 23.51 19.46
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,288 -28 74 -1,332 -190 657 576 682 970 1,298 3,203
Operating Cash Flow to CapEx		 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% -83,335.34%
Free Cash Flow to Firm to Interest Expense		 -502.57 -10.50 24.58 -379.36 -63.01 0.00 0.00 154.20 189.32 0.00 738.32
Operating Cash Flow to Interest Expense		 9.83 2.88 16.78 15.29 9.17 0.00 0.00 3.67 5.30 0.00 -105.47
Operating Cash Flow Less CapEx to Interest Expense		 8.23 2.53 16.59 14.92 8.98 0.00 0.00 3.60 5.22 0.00 -105.59
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.11 0.16 0.17 0.18 0.24 0.00 0.00 0.00 0.00 0.26 0.28
Accounts Receivable Turnover		 4.60 5.37 3.97 5.14 5.43 0.00 0.00 0.00 0.00 5.64 5.92
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 0.65 0.65 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 79.29 67.94 92.02 71.07 67.23 0.00 0.00 0.00 0.00 64.68 61.65
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 0.00 559.86 564.26 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 79.29 67.94 92.02 -488.79 -497.03 0.00 0.00 0.00 0.00 64.68 61.65
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 683 -400 963 894 568 507 357 -378 -437 -2,607 -3,031
Invested Capital Turnover		 8.31 -1.31 0.63 3.13 1.48 0.00 0.00 0.00 0.00 -0.84 -1.33
Increase / (Decrease) in Invested Capital		 1,274 112 -33 1,346 -114 -398 -606 -1,272 -1,005 -1,733 -3,387
Enterprise Value (EV)		 3,705 2,992 6,059 7,464 7,623 7,109 7,408 8,550 7,793 3,966 2,278
Market Capitalization		 3,436 3,945 5,078 6,468 6,666 6,057 6,461 7,710 7,589 5,686 4,936
Book Value per Share		 $6.90 $2.94 $3.32 $3.49 $1.82 $1.55 $1.32 ($1.98) ($3.20) ($3.47) ($4.52)
Tangible Book Value per Share		 ($1.21) ($5.08) ($4.59) ($4.11) ($5.60) ($5.73) ($5.84) ($8.96) ($10.08) ($10.21) ($11.17)
Total Capital		 1,790 2,022 2,112 2,173 1,912 2,044 1,967 1,496 790 3,019 1,240
Total Debt		 124 149 172 172 169 269 270 270 270 2,133 0.00
Total Long-Term Debt		 124 149 172 172 169 269 270 270 270 2,133 0.00
Net Debt		 -636 -2,502 -591 -607 -576 -544 -597 -620 -693 -3,020 -4,437
Capital Expenditures (CapEx)		 4.09 0.92 0.58 1.29 0.57 2.67 1.10 0.33 0.43 0.76 0.55
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 19 -3.12 56 26 80 128 173 172 607 197 259
Debt-free Net Working Capital (DFNWC)		 19 527 56 26 80 128 173 172 607 2,311 1,567
Net Working Capital (NWC)		 19 527 56 26 80 128 173 172 607 2,311 1,567
Net Nonoperating Expense (NNE)		 9.61 1.64 -7.47 -40 -17 246 -18 -14 127 -442 -14
Net Nonoperating Obligations (NNO)		 -983 -2,273 -977 -1,106 -1,175 -1,267 -1,341 -1,603 -957 -3,493 -4,270
Total Depreciation and Amortization (D&A)		 12 11 11 11 11 11 11 11 11 11 11
Debt-free, Cash-free Net Working Capital to Revenue		 5.10% -0.52% 9.02% 3.70% 8.63% 0.00% 0.00% 0.00% 0.00% 13.50% 14.56%
Debt-free Net Working Capital to Revenue		 5.10% 87.98% 9.02% 3.70% 8.63% 0.00% 0.00% 0.00% 0.00% 158.42% 88.09%
Net Working Capital to Revenue		 5.10% 87.98% 9.02% 3.70% 8.63% 0.00% 0.00% 0.00% 0.00% 158.42% 88.09%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.32) $0.47 $0.20 $0.26 ($2.61) ($0.37) ($0.49) ($4.66) ($1.55) ($0.08) ($1.41)
Adjusted Weighted Average Basic Shares Outstanding		 64.07M 63.49M 66.19M 68.77M 73.69M 71.14M 77.85M 78.56M 79.47M 79.04M 82.00M
Adjusted Diluted Earnings per Share		 ($0.32) $0.47 $0.20 $0.26 ($2.61) ($0.37) ($0.49) ($4.66) ($1.55) ($0.08) ($1.41)
Adjusted Weighted Average Diluted Shares Outstanding		 64.07M 66.54M 68.59M 69.70M 73.69M 71.14M 77.85M 78.56M 79.47M 79.04M 82.00M
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		 110.39M 110.65M 113.82M 115.16M 115.98M 116.42M 118.06M 118.26M 119.16M 119.34M 120.68M
Normalized Net Operating Profit after Tax (NOPAT)		 -14 84 41 13 -304 137 -30 -590 -35 -436 -184
Normalized NOPAT Margin		 -42.92% 27.84% 24.51% 5.65% -115.19% 0.00% 0.00% -176.30% 0.00% -38.74% -57.55%
Pre Tax Income Margin		 -75.01% 31.26% 33.13% 24.62% -130.64% 0.00% 0.00% -202.04% 0.00% -0.03% -62.51%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -6.85 34.80 17.51 3.31 -144.79 0.00 0.00 -189.65 -10.14 0.00 -62.90
NOPAT to Interest Expense		 -5.39 31.78 13.57 3.78 -101.05 0.00 0.00 -133.27 -6.92 0.00 -42.50
EBIT Less CapEx to Interest Expense		 -8.44 34.46 17.32 2.94 -144.97 0.00 0.00 -189.72 -10.23 0.00 -63.02
NOPAT Less CapEx to Interest Expense		 -6.99 31.44 13.38 3.41 -101.24 0.00 0.00 -133.35 -7.00 0.00 -42.62
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 112.63% 104.16% 111.20% 125.91% -223.42% -140.31% -129.48% -35.84% -39.05% -40.21% -64.80%
Augmented Payout Ratio		 112.63% 104.16% 118.99% 134.00% -244.51% -158.64% -140.36% -43.62% -47.69% -48.61% -73.34%

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.

08/23/26 06:28 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 fiscal year ends in March. Their fiscal 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. Find out what analysts predict for StepStone Group in the coming months.

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%.


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Financial statements for NASDAQ:STEP last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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