What is Stepstone Group Inc.'s earnings per share (EPS)?

Stepstone Group Inc. (STEP) reported diluted earnings per share of -$6.78 for fiscal year 2026. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Stepstone Group Inc. Financials

STEP

FY2026 annual

Revenue $2.0B +69.7% YoY

Net Income -$743.3M -330.1% YoY

EPS (Diluted) -$6.78 YoY not available

Free Cash Flow $63.9M +6.7% YoY

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE March

Stepstone Group Inc. (STEP) reported $2.0B in revenue for fiscal year 2026, up 69.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI STEP FY2026 2026-08-15

Revenue expansion is accompanied by collapsing accounting profitability, while liquidity is increasingly supplied by investing cash inflows.

Revenue more than doubled from FY2024 to FY2026, yet net profit margin swung from positive to negative; scale did not translate into earnings. In FY2026, net income was -$743M while operating cash flow remained $66M, creating a wide earnings-to-cash gap rather than an equivalent cash drain.

Cash increased from $290M in FY2025 to $1.1B in FY2026, but that liquidity did not come primarily from operations. FY2026 investing cash flow of $733M dwarfed operating cash flow of $66M, indicating that the cash build was mainly outside recurring operating activity.

Equity fell from $179M in FY2025 to -$414M in FY2026, meaning accumulated losses have erased the balance sheet's book capital. The negative debt-to-equity ratio of -14.2x therefore does not indicate low leverage; it is mathematically driven by negative equity.

Financial Health Signals

Financial health score not available

Stepstone Group Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

3/5

Stepstone Group Inc. passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 2 of 4 profitability signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

N/A

Stepstone Group Inc. reported a net loss of $743.3M while generating $66.5M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$2.0B

YoY+69.7%

Stepstone Group Inc. generated $2.0B in revenue in fiscal year 2026. This represents an increase of 69.7% from the prior year.

Net Income

-$743.3M

YoY-330.1%

Stepstone Group Inc. reported -$743.3M in net income in fiscal year 2026. This represents a decrease of 330.1% from the prior year.

EPS (Diluted)

-$6.78

Stepstone Group Inc. earned -$6.78 per diluted share (EPS) in fiscal year 2026.

EBITDA

Not reported for fiscal year 2026.

Cash & Balance Sheet

Free Cash Flow

$63.9M

YoY+6.7%

5Y CAGR-15.5%

Stepstone Group Inc. generated $63.9M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 6.7% from the prior year.

Cash & Debt

$1.1B

YoY+286.1%

5Y CAGR+44.1%

Stepstone Group Inc. held $1.1B in cash as of fiscal year 2026; long-term debt is not reported for that period.

Dividends Per Share

$1.48

Stepstone Group Inc. paid $1.48 per share in dividends in fiscal year 2026.

Shares Outstanding

Not reported for fiscal year 2026.

Margins & Returns

Net Margin

-37.3%

YoY-22.6pp

Stepstone Group Inc.'s net profit margin was -37.3% in fiscal year 2026, showing the share of revenue converted to profit. This is down 22.6 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2026.

Operating Margin

Not reported for fiscal year 2026.

Return on Equity

Not reported for fiscal year 2026.

Capital Allocation

Share Buybacks

$8.7M

Stepstone Group Inc. spent $8.7M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$2.6M

YoY-48.6%

5Y CAGR+15.8%

Stepstone Group Inc. invested $2.6M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 48.6% from the prior year.

R&D Spending

Not reported for fiscal year 2026.

STEP Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

STEP annual income statement

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$2.0B	$2.0B+69.7%	$1.2B+65.1%	$711.6M	N/A	$1.4B+73.4%	$787.7M+76.4%	$446.6M+74.3%	$256.3M
SG&A Expenses	$197.8M	$187.3M+5.6%	$177.4M+6.0%	$167.3M+13.7%	$147.2M+33.2%	$110.5M+127.8%	$48.5M-7.4%	$52.4M+8.4%	$48.3M
Interest Expense	$18.3M	$18.5M+45.7%	$12.7M+36.1%	$9.3M+122.8%	$4.2M+276.4%	$1.1M-84.9%	$7.4M-27.9%	$10.2M-0.5%	$10.3M
Income Tax	-$169.4M	-$147.9M-200.5%	-$49.2M-278.4%	$27.6M+621.7%	$3.8M-86.5%	$28.3M+21.7%	$23.3M+488.0%	$4.0M+141.2%	$1.6M
Net Income	-$820.7M	-$743.3M-330.1%	-$172.8M-203.0%	$167.8M+470.7%	-$45.3M-109.3%	$484.3M+673.2%	$62.6M	$0	$0
EPS (Diluted)	—	-$6.78	-$2.52	$0.91+403.3%	-$0.30-107.8%	$3.84	$2.06	N/A	N/A

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Revenue	$378.9M-35.6%	$588.6M+0.4%	$586.5M+29.1%	$454.2M+24.7%	$364.3M-3.6%	$377.7M+11.4%	$339.0M+24.8%	$271.7M
SG&A Expenses	$53.5M+10.5%	$48.4M-4.4%	$50.6M+11.8%	$45.3M+5.5%	$42.9M-0.6%	$43.2M+0.1%	$43.1M-13.8%	$50.1M
Interest Expense	$4.3M-1.9%	$4.4M-13.7%	$5.1M+15.8%	$4.4M-2.4%	$4.5M+42.1%	$3.2M+6.1%	$3.0M-14.4%	$3.5M
Income Tax	-$29.9M-326.7%	-$7.0M+78.3%	-$32.2M+67.9%	-$100.3M-1103.2%	-$8.3M-160.3%	-$3.2M+94.4%	-$57.6M-1311.6%	$4.8M
Net Income	-$115.8M+46.2%	-$215.3M-74.4%	-$123.5M+66.3%	-$366.1M-852.9%	-$38.4M-226.4%	-$11.8M+93.9%	-$192.0M-1189.0%	$17.6M
EPS (Diluted)	-$1.41	N/A	-$1.55+66.7%	-$4.66-851.0%	-$0.49	N/A	-$2.61-1103.8%	$0.26

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.

TTM is the trailing twelve months, Q2 FY2026 through Q1 FY2027, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

STEP Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

STEP annual balance sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$6.8B+47.4%	$4.6B+21.1%	$3.8B+8.3%	$3.5B-16.5%	$4.2B+217.1%	$1.3B+94.0%	$680.8M	N/A
Cash & Equivalents	$1.1B+286.1%	$289.8M+59.0%	$182.3M+40.8%	$129.5M+11.3%	$116.4M-35.3%	$179.9M+100.0%	$89.9M+121.4%	$40.6M
Accounts Receivable	$133.3M+64.8%	$80.9M+42.5%	$56.8M+27.7%	$44.5M+30.2%	$34.1M+6.4%	$32.1M+27.8%	$25.1M	N/A
Goodwill	$580.5M0.0%	$580.5M0.0%	$580.5M0.0%	$580.5M0.0%	$580.5M+8447.4%	$6.8M0.0%	$6.8M	N/A
Total Liabilities	$5.9B+33.3%	$4.4B+27.2%	$3.5B+27.1%	$2.7B-19.1%	$3.4B+214.6%	$1.1B+141.4%	$443.9M	N/A
Long-Term Debt	N/A	$269.3M+80.9%	$148.8M+51.3%	$98.4M+56.4%	$62.9M	N/A	$143.1M	N/A
Total Equity	-$413.6M-330.6%	$179.4M-44.7%	$324.5M-57.9%	$771.6M-5.6%	$817.6M+227.8%	$249.4M+5.3%	$237.0M	N/A
Retained Earnings	-$896.9M-269.8%	-$242.5M-1861.7%	$13.8M-91.4%	$160.4M-30.1%	$229.6M+280.1%	$60.4M	$0	N/A

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Total Assets	$7.8B+14.9%	$6.8B+29.0%	$5.2B-1.7%	$5.3B+11.5%	$4.8B+4.3%	$4.6B+5.4%	$4.3B+7.7%	$4.0B
Cash & Equivalents	$703.1M-37.2%	$1.1B+196.0%	$378.0M+3.1%	$366.7M+49.9%	$244.7M-15.6%	$289.8M+3.7%	$279.5M+24.0%	$225.4M
Accounts Receivable	$109.7M-17.7%	$133.3M+67.3%	$79.7M-2.2%	$81.4M-10.0%	$90.5M+11.9%	$80.9M+27.3%	$63.5M-6.7%	$68.1M
Goodwill	$580.5M0.0%	$580.5M0.0%	$580.5M0.0%	$580.5M0.0%	$580.5M0.0%	$580.5M0.0%	$580.5M0.0%	$580.5M
Total Liabilities	$8.3B+41.4%	$5.9B+24.5%	$4.7B-15.2%	$5.6B+20.2%	$4.6B+5.0%	$4.4B+6.5%	$4.1B+13.7%	$3.6B
Long-Term Debt	N/A	N/A	$270.2M+0.1%	$269.9M+0.1%	$269.6M+0.1%	$269.3M+59.4%	$168.9M-1.9%	$172.3M
Total Equity	-$539.2M-30.4%	-$413.6M-9.2%	-$378.8M-62.3%	-$233.5M-251.7%	$153.9M-14.2%	$179.4M-14.5%	$209.8M-47.2%	$397.5M
Retained Earnings	-$1.1B-20.7%	-$896.9M-3.5%	-$866.3M-20.3%	-$720.4M-117.0%	-$332.0M-36.9%	-$242.5M-17.9%	-$205.7M-5252.2%	$4.0M

Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities.

STEP Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

STEP annual cash flow statement

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$437.3M	$66.5M+2.4%	$64.9M-59.8%	$161.5M+6.8%	$151.2M-29.4%	$214.3M+43.5%	$149.3M+126.5%	$65.9M+28.1%	$51.5M
Capital Expenditures	$2.1M	$2.6M-48.6%	$5.1M-74.0%	$19.6M+248.4%	$5.6M+167.6%	$2.1M+67.2%	$1.3M+50.3%	$837K-72.5%	$3.0M
Free Cash Flow	-$439.4M	$63.9M+6.7%	$59.8M-57.8%	$141.9M-2.5%	$145.6M-31.4%	$212.2M+43.3%	$148.0M+127.4%	$65.1M+34.5%	$48.4M
Investing Cash Flow	$766.1M	$732.9M+1785.8%	-$43.5M+8.2%	-$47.3M-53.7%	-$30.8M+85.3%	-$210.2M-1782.9%	-$11.2M-131.2%	$35.8M+157.9%	-$61.9M
Financing Cash Flow	$128.7M	$37.4M-57.2%	$87.5M+250.9%	-$58.0M+46.3%	-$108.0M-53.4%	-$70.4M-55.5%	-$45.3M+13.2%	-$52.2M+6.0%	-$55.5M
Dividends Paid	$136.1M	$117.8M+55.3%	$75.8M+10.8%	$68.5M+37.0%	$50.0M+109.3%	$23.9M+1066.3%	$2.0M	$0	$0
Share Buybacks	N/A	$8.7M	$0	$0	N/A	N/A	N/A	N/A	N/A

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Operating Cash Flow	-$457.5M-1872.0%	-$23.2M-185.4%	$27.2M+67.2%	$16.2M-64.9%	$46.3M+169.6%	-$66.5M-341.2%	$27.6M-48.6%	$53.7M
Capital Expenditures	$549K-28.0%	$762K+76.4%	$432K+30.5%	$331K-69.8%	$1.1M-58.9%	$2.7M+370.8%	$566K-56.3%	$1.3M
Free Cash Flow	-$458.1M-1811.6%	-$24.0M-189.7%	$26.7M+68.0%	$15.9M-64.8%	$45.2M+165.3%	-$69.2M-356.1%	$27.0M-48.4%	$52.4M
Investing Cash Flow	$21.4M-97.4%	$821.7M+1321.6%	-$67.3M-587.6%	-$9.8M+17.1%	-$11.8M-73.3%	-$6.8M-163.5%	-$2.6M+87.6%	-$20.9M
Financing Cash Flow	$19.1M+133.0%	-$57.8M-211.5%	$51.8M-55.2%	$115.6M+260.1%	-$72.2M-185.1%	$84.9M+224.0%	$26.2M+3719.2%	-$724K
Dividends Paid	$68.6M+194.0%	$23.3M+5.3%	$22.2M+0.8%	$22.0M-56.3%	$50.3M+175.3%	$18.3M+4.5%	$17.5M+7.2%	$16.3M
Share Buybacks	$19.2M	N/A	N/A	N/A	$0	N/A	N/A	N/A

STEP Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

STEP annual financial ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Net Margin	-37.3%-22.6pp	-14.7%-38.3pp	23.6%	N/A	35.5%+27.5pp	8.0%+8.0pp	0.0%0.0pp	0.0%
Return on Equity	N/A	-96.4%-148.1pp	51.7%+57.6pp	-5.9%-65.1pp	59.2%+34.1pp	25.1%+25.1pp	0.0%	N/A
Return on Assets	-11.0%-7.2pp	-3.8%-8.2pp	4.4%+5.7pp	-1.3%-12.8pp	11.6%+6.8pp	4.7%+4.7pp	0.0%	N/A
Debt-to-Equity	N/A	1.50+1.0x	0.46+0.3x	0.13+0.1x	0.08-4.2x	4.30+3.7x	0.60	N/A
FCF Margin	3.2%-1.9pp	5.1%-14.8pp	19.9%	N/A	15.5%-3.3pp	18.8%+4.2pp	14.6%-4.3pp	18.9%

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Net Margin	-30.6%+6.0pp	-36.6%-15.5pp	-21.1%+59.6pp	-80.6%-70.1pp	-10.5%-7.4pp	-3.1%+53.5pp	-56.6%-63.1pp	6.5%
Return on Equity	N/A	N/A	N/A	N/A	-25.0%-18.4pp	-6.6%+84.9pp	-91.5%-95.9pp	4.4%
Return on Assets	-1.5%+1.7pp	-3.2%-0.8pp	-2.4%+4.5pp	-6.9%-6.1pp	-0.8%-0.5pp	-0.3%+4.2pp	-4.4%-4.9pp	0.4%
Debt-to-Equity	N/A	N/A	N/A	N/A	1.75+0.3x	1.50+0.7x	0.81+0.4x	0.43
FCF Margin	-120.9%	-4.1%-8.6pp	4.6%+1.1pp	3.5%-8.9pp	12.4%+30.7pp	-18.3%-26.3pp	8.0%-11.3pp	19.3%

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.

Note: Shareholder equity is negative (-$413.6M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Where Stepstone Group Inc. Ranks

Frequently Asked Questions

What is Stepstone Group Inc.'s annual revenue?

Stepstone Group Inc. (STEP) reported $2.0B in total revenue for fiscal year 2026. This represents a 69.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Stepstone Group Inc.'s revenue growing?

Stepstone Group Inc. (STEP) revenue grew by 69.7% year-over-year, from $1.2B to $2.0B in fiscal year 2026.

Is Stepstone Group Inc. profitable?

No, Stepstone Group Inc. (STEP) reported a net income of -$743.3M in fiscal year 2026, with a net profit margin of -37.3%.

What is Stepstone Group Inc.'s net profit margin?

Stepstone Group Inc. (STEP) had a net profit margin of -37.3% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

Does Stepstone Group Inc. pay dividends?

Yes, Stepstone Group Inc. (STEP) paid $1.48 per share in dividends during fiscal year 2026.

What is Stepstone Group Inc.'s free cash flow?

Stepstone Group Inc. (STEP) generated $63.9M in free cash flow during fiscal year 2026. This represents a 6.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Stepstone Group Inc.'s operating cash flow?

Stepstone Group Inc. (STEP) generated $66.5M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Stepstone Group Inc.'s total assets?

Stepstone Group Inc. (STEP) had $6.8B in total assets as of fiscal year 2026, including both current and long-term assets.

What are Stepstone Group Inc.'s capital expenditures?

Stepstone Group Inc. (STEP) invested $2.6M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Does Stepstone Group Inc. buy back shares?

Yes, Stepstone Group Inc. (STEP) spent $8.7M on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

What is Stepstone Group Inc.'s return on assets (ROA)?

Stepstone Group Inc. (STEP) had a return on assets of -11.0% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

Why is Stepstone Group Inc.'s debt-to-equity ratio negative or not reported?

Stepstone Group Inc. (STEP) has negative shareholder equity of -$413.6M as of fiscal year 2026, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Stepstone Group Inc.'s Piotroski F-Score?

Stepstone Group Inc. (STEP) has a Piotroski F-Score of 3 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Stepstone Group Inc.'s earnings high quality?

Stepstone Group Inc. (STEP) reported a net loss of $743.3M while generating $66.5M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.