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StepStone Group Inc. (STEP) Financials

STEP
Trailing 12 months to June 30, 2026
Revenue $2.0B +48.5% YoY
Net Income -$820.7M -265.4% YoY
EPS (Diluted) -$7.68 -152.6% YoY
Free Cash Flow -$439.4M -892.8% YoY
Market Cap $3.7B as of Oct 3, 2026
Price / Sales 1.9x on $2.0B revenue, trailing 12 months to June 30, 2026
Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026
Price / Book n/m negative shareholder equity, so no book multiple, Q1 FY2027

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2027, ended Jun 30, 2026 Reported Currency USD FYE March

Newest figures come from the 10-Q for Q1 FY2027, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the STEP SEC filings page.

StepStone Group Inc. (STEP) reported $2.0B in revenue over the twelve months to Jun 30, 2026, up 48.5% from the prior twelve months. 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

Revenue expanded sharply, but reported losses and shrinking equity show a business whose accounting results are separating from cash generation.

Between FY2025 and FY2026, revenue grew 69.7% while operating cash flow increased only 2.4%, revealing weak cash conversion of reported growth. Despite that, free cash flow remained positive at $63.9M while net loss reached $743.3M, confirming a large accounting-to-cash gap whose source is not identifiable from these totals alone.

Net margin was -37.3% in FY2026 versus -14.7% in FY2025; the loss consumed a much larger share of revenue. ROA was -11.0%, indicating the enlarged asset base was not producing accounting earnings.

By FY2026, liabilities reached $5.88B against $6.76B of assets, leaving equity negative. This balance-sheet posture is far more leveraged than FY2024's 0.5x debt-to-equity ratio and makes conventional equity-return ratios uninformative. The $732.9M investing cash inflow dwarfed $66.5M of operating cash flow, so reported cash movement was driven more by investing activity than recurring operations.

[ NOT FINANCIAL ADVICE ]

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

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Earnings & Revenue

Revenue
$378.9M
YoY+4.0%
QoQ-35.6%

StepStone Group Inc. generated $378.9M in revenue in Q1 2027. This represents an increase of 4.0% from the same quarter a year earlier. Against the prior quarter it is down 35.6%.

Net Income
-$115.8M
YoY-201.4%
QoQ+46.2%

StepStone Group Inc. reported -$115.8M in net income in Q1 2027. This represents a decrease of 201.4% from the same quarter a year earlier. Against the prior quarter it is up 46.2%.

EPS (Diluted)
-$1.41
YoY-187.8%

StepStone Group Inc. earned -$1.41 per diluted share (EPS) in Q1 2027. This represents a decrease of 187.8% from the same quarter a year earlier.

EBITDA

Not reported for Q1 2027.

Cash & Balance Sheet

Free Cash Flow
-$458.1M
YoY-1113.7%
QoQ-1811.6%

StepStone Group Inc. recorded an outflow of $458.1M in free cash flow in Q1 2027, representing a cash shortfall after capex. This represents a decrease of 1113.7% from the same quarter a year earlier. Against the prior quarter it is down 1811.6%.

Cash & Debt
$703.1M
YoY+187.4%
QoQ-37.2%
5Y CAGR+26.3%

StepStone Group Inc. held $703.1M in cash as of Q1 2027; long-term debt is not reported for that period.

Shares Outstanding
Diluted avg 82M

StepStone Group Inc. had a weighted average of 82M diluted shares in Q1 2027; the shares outstanding count is not reported for that period.

Dividends Per Share

Not reported for Q1 2027.

Margins & Returns

Net Margin
-30.6%
YoY-20.0pp
QoQ+6.0pp

StepStone Group Inc.'s net profit margin was -30.6% in Q1 2027, showing the share of revenue converted to profit. This is down 20.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.0 percentage points.

Gross Margin

Not reported for Q1 2027.

Operating Margin

Not reported for Q1 2027.

Return on Equity

Not reported for Q1 2027.

Capital Allocation

Share Buybacks
$19.2M

StepStone Group Inc. spent $19.2M on share buybacks in Q1 2027, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$549K
YoY-49.9%
QoQ-28.0%
5Y CAGR-14.4%

StepStone Group Inc. invested $549K in capex in Q1 2027, funding long-term assets and infrastructure. This represents a decrease of 49.9% from the same quarter a year earlier. Against the prior quarter it is down 28.0%.

R&D Spending

Not reported for Q1 2027.

STEP Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

STEP quarterly income statement
MetricQ1'2710-QQ4'2610-QQ3'2610-QQ2'2610-QQ1'2610-QQ4'2510-KQ3'2510-QQ2'2510-Q
Revenue$378.9M+4.0%$588.6M+55.8%$586.5M+73.0%$454.2M+67.2%$364.3M+95.4%$377.7M+5.9%$339.0M$271.7M+41.9%
SG&A Expenses$53.5M+24.6%$48.4M+12.2%$50.6M+17.4%$45.3M-9.5%$42.9M+4.6%$43.2M-20.5%$43.1M-10.1%$50.1M+57.8%
Interest Expense$4.3M-4.3%$4.4M+38.5%$5.1M+70.3%$4.4M+26.0%$4.5M+51.6%$3.2M+20.5%$3.0M+17.4%$3.5M+66.6%
Income Tax-$29.9M-258.4%-$7.0M-118.7%-$32.2M+44.0%-$100.3M-2212.3%-$8.3M-222.7%-$3.2M-126.8%-$57.6M-7860.2%$4.8M-38.5%
Net Income-$115.8M-201.4%-$215.3M-1728.6%-$123.5M+35.7%-$366.1M-2176.6%-$38.4M-388.3%-$11.8M-108.4%-$192.0M-849.3%$17.6M-32.8%
EPS (Basic)-$1.41-187.8%-$0.06+70.0%-$1.55+40.6%-$4.66-1892.3%-$0.49-345.0%-$0.20-141.7%-$2.61-715.6%$0.26-38.1%
EPS (Diluted)-$1.41-187.8%-$0.06-$1.55+40.6%-$4.66-1892.3%-$0.49-345.0%-$0.20-$2.61-715.6%$0.26-38.1%
Diluted Shares (Avg)82M+5.3%N/A79M+7.8%79M+12.7%78M+13.5%N/A74M+15.0%70M+5.3%

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

STEP Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

STEP quarterly balance sheet
MetricQ1'2710-QQ4'2610-QQ3'2610-QQ2'2610-QQ1'2610-QQ4'2510-KQ3'2510-QQ2'2510-Q
Total Assets$7.8B+62.4%$6.8B+47.4%$5.2B+20.5%$5.3B+32.0%$4.8B+24.7%$4.6B+21.1%$4.3B+25.4%$4.0B+12.0%
Cash & Equivalents$703.1M+187.4%$1.1B+286.1%$378.0M+35.2%$366.7M+62.7%$244.7M+24.7%$289.8M+59.0%$279.5M+60.3%$225.4M+27.5%
Short-Term Investments$0$0$0$0$0$0$0$0
Accounts Receivable$109.7M+21.2%$133.3M+64.8%$79.7M+25.4%$81.4M+19.6%$90.5M+55.2%$80.9M+42.5%$63.5M+9.3%$68.1M+50.5%
Long-Term Investments$0$0$0$0$0$0$0$0
Goodwill$580.5M0.0%$580.5M0.0%$580.5M0.0%$580.5M0.0%$580.5M0.0%$580.5M0.0%$580.5M0.0%$580.5M0.0%
Total Liabilities$8.3B+79.5%$5.9B+33.3%$4.7B+14.1%$5.6B+52.8%$4.6B+33.5%$4.4B+27.2%$4.1B+53.0%$3.6B+29.5%
Long-Term DebtN/AN/A$270.2M+60.0%$269.9M+56.7%$269.6M+56.6%$269.3M+80.9%$168.9M+36.6%$172.3M+39.4%
Total Equity-$539.2M-450.3%-$413.6M-330.6%-$378.8M-280.5%-$233.5M-158.7%$153.9M-58.0%$179.4M-44.7%$209.8M-72.5%$397.5M-50.0%
Retained Earnings-$1.1B-226.1%-$896.9M-269.8%-$866.3M-321.2%-$720.4M-18146.9%-$332.0M-11184.8%-$242.5M-1861.7%-$205.7M-256.6%$4.0M-97.6%

Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities, Non-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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

STEP quarterly cash flow statement
MetricQ1'2710-QQ4'2610-QQ3'2610-QQ2'2610-QQ1'2610-QQ4'2510-KQ3'2510-QQ2'2510-Q
Operating Cash Flow-$457.5M-1088.5%-$23.2M+65.1%$27.2M-1.5%$16.2M-69.8%$46.3M-7.7%-$66.5M-972.0%$27.6M+9.6%$53.7M-24.5%
Depreciation & Amortization$11.4M-0.5%$11.4M+0.3%$11.4M+0.2%$11.5M+0.8%$11.4M+0.8%$11.4M-0.4%$11.4M-6.4%$11.4M-5.2%
Stock-Based Compensation$292.8M+61.2%N/A$468.8M-3.6%$884.5M+2269.2%$181.7M+879.4%N/A$486.4M+3366.5%$37.3M+531.0%
Capital Expenditures$549K-49.9%$762K-71.4%$432K-23.7%$331K-74.4%$1.1M+90.4%$2.7M+191.3%$566K-86.2%$1.3M-81.1%
Free Cash Flow-$458.1M-1113.7%-$24.0M+65.4%$26.7M-1.1%$15.9M-69.6%$45.2M-8.9%-$69.2M-1130.5%$27.0M+28.1%$52.4M-18.5%
Investing Cash Flow$21.4M+281.5%$821.7M+12177.0%-$67.3M-2505.2%-$9.8M+53.1%-$11.8M+10.7%-$6.8M+25.1%-$2.6M+76.2%-$20.9M-61.6%
Financing Cash Flow$19.1M+126.4%-$57.8M-168.0%$51.8M+97.6%$115.6M+16072.5%-$72.2M-215.4%$84.9M+817.0%$26.2M+289.8%-$724K+92.3%
Dividends Paid$68.6M+36.5%$23.3M+27.8%$22.2M+26.9%$22.0M+34.9%$50.3M+111.2%$18.3M+35.4%$17.5M+29.9%$16.3M+23.0%
Share Buybacks$19.2MN/AN/AN/A$0N/AN/AN/A

STEP Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

STEP quarterly financial ratios
MetricQ1'2710-QQ4'2610-QQ3'2610-QQ2'2610-QQ1'2610-QQ4'2510-KQ3'2510-QQ2'2510-Q
Net Margin-30.6%-20.0pp-36.6%-33.5pp-21.1%+35.6pp-80.6%-87.1pp-10.5%-17.7pp-3.1%-42.5pp-56.6%6.5%-7.2pp
Return on EquityN/AN/AN/AN/A-25.0%-28.6pp-6.6%-49.9pp-91.5%-88.9pp4.4%+1.1pp
Return on Assets-1.5%-0.7pp-3.2%-2.9pp-2.4%+2.1pp-6.9%-7.3pp-0.8%-1.1pp-0.3%-4.0pp-4.4%-3.8pp0.4%-0.3pp
Debt-to-EquityN/AN/AN/AN/A1.75+1.3x1.50+1.0x0.81+0.6x0.43+0.3x
Asset Turnover0.050.0x0.090.0x0.110.0x0.090.0x0.080.0x0.080.0x0.08+0.1x0.070.0x
FCF Margin-120.9%-4.1%+14.3pp4.6%-3.4pp3.5%-15.8pp12.4%-14.2pp-18.3%-20.2pp8.0%19.3%-14.3pp

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

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.

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.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company Fiscal year Revenue Net income Net margin Market cap Health score
StepStone Group Inc. STEP FY2026 $2.0B -$743.3M -37.3% $3.7B —
Hamilton Lane Incorporated HLNE FY2026 $759.0M $249.2M 32.8% $4.8B 41/100
Janus Henderson Group plc JHG FY2025 $3.1B $815.9M 26.3% $8.0B 87/100
Blue Owl Capital Corporation OBDC FY2025 N/A $627.4M N/A $5.1B —
Affiliated Managers Group AMG FY2025 $2.1B $716.6M 34.5% $9.6B 30/100
Blackstone Secured Lending Fund BXSL FY2025 N/A $563.5M N/A $5.5B —

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%.

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

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

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.

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

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

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

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

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.

StepStone Group Inc. (STEP) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $3.7B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

StepStone Group Inc. (STEP) trades at 1.9x sales, its market capitalization divided by revenue of $2.0B revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.7B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

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.

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.

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.

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