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StepStone Group Inc.

STEP Financial Asset Management

StepStone Group Inc.’s revenue for fiscal 2026 (year ended March 2026) was $2.0 billion, up 69.7% from fiscal 2025.

Revenue
+4.01%
EPS
−187.8%
Free cash flow
−1,113.7%
Total debt
+438.4%

Quarter to June 2026, against a year earlier

47.54 4.73 +11.05%
Market cap
$5.2B
P/E
0.0×
Fwd P/E
3.9×
Dividend yield
4.03%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 5.59
Sold, $m 23.71
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — 1 — — — — —
Sell 2 1 — — — — 1 — — — — —
Insider Ownership 6.36%

Capital & Financial Ratios $m

Size
Market Cap 5,170.00
Revenue ttm 2,008.21
Net income ttm (901.63)
Free cash flow ttm (439.39)
Net debt Q 748.44
Valuation
P/E 0.00
Forward P/E 3.87
Price / sales 1.74
Forward P/S Powerpack
Price / FCF 0.00
Price / book 3.60
Financial health
Current ratio Q 0.19
Debt / equity Q 1.50
Interest coverage Q (47.21)
Growth
Revenue growth Q +4.01% (above 0%: growing)
Operating income growth Q −246.97% (below 0%: shrinking)
EPS, this year +14.07%
EPS, next year A +40.11% (at or above 15%: strong)
Revenue, next year A −42.24% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +21.55% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/S against its own 10 years 26.67%
10-year low 10-year high
P/B against its own 10 years 78.55%
10-year low 10-year high

Dividends raised 2 years running

Yield
4.03%
Annual rate
1.72
Payout ratio
—
Growth, 2021–25
+35.3%/yr
  1. 0.43 ’21
  2. 0.75 ’22 +74
  3. 0.62 ’23 −17
  4. 0.69 ’24 +11
  5. 1.44 ’25 +109
  6. 1.09 ’26e −24
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 182 290 1,119 703
Receivables 57 81 133 110
Inventory — — — —
Other 68 93 113 153
307 463 1,365 966
2024 2025 2026 Q'26
Payables 127 90 103 85
ST’ Debt 149 269 1,202 271
Other 213 332 363 367
1,794 2,681 5,748 5,205

Compound Annual Growth %

10y 5y 3y
Sales — 20.41% 0.00%
Cash Flow — (14.94%) (23.96%)
Earnings — 0.00% 0.00%
Book Value — 0.93% (24.86%)

Earnings Trends EPS, adjusted, against the consensus

Q1 FY27 Estimate 0.51 Actual 0.48

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY26 0.49 0.54 Beat by 0.05
Q3 FY26 0.60 0.65 Beat by 0.05
Q4 FY26 0.51 0.57 Beat by 0.06
Q1 FY27 0.51 0.48 Miss by 0.03
Q2 FY27 0.57 — Reports 5 November 2026

EPS $

Jun Sep Dec Mar Year
’26 (1.41) — — — —
’26 (0.49) (4.66) (1.55) (0.10) (6.78)
’25 0.20 0.26 (2.61) (0.24) (2.52)
’24 0.34 0.42 (0.32) 0.46 0.91
’23 (0.18) (0.48) (0.11) 0.46 (0.30)
’22 1.06 1.45 0.83 0.69 3.84
’21 (0.60) (0.03) 0.87 1.22 2.06
Fiscal quarters ending in the months shown.

Revenue $m

Jun Sep Dec Mar Year
’26 379 — — — —
’26 364 454 587 589 1,994
’25 186 272 339 378 1,175
’24 178 191 (15) 357 712
’23 (77) (158) (4) 172 (68)
’22 309 282 410 365 1,366
’21 (61) 243 247 359 788
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jun Sep Dec Mar Year
’26 (458) — — — —
’26 46 16 27 (23) 66
’25 50 54 28 (67) 65
’24 58 71 25 8 162
’23 57 88 6 (1) 151
’22 76 60 46 32 214
’21 29 54 37 29 149
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jun Sep Dec Mar Year
’26 (458) — — — —
’26 45 16 27 (24) 64
’25 50 52 27 (69) 60
’24 50 64 21 7 142
’23 57 86 5 (3) 146
’22 75 60 46 32 212
’21 29 54 37 29 148
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to March

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Jun ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 167 269 256 447 788 1,366 (68) 712 1,175 1,994 2,008 +31.8% 1,151 1,358 1,507 (8.9%)
Gross margin, % 0.00 0.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 +100.0 pt
EBT 43 86 62 149 338 513 (41) 195 (222) (891) (1,071) n/m
EBT margin, % 26.00 31.97 24.04 33.30 42.89 37.54 61.35 27.46 (18.90) (44.70) (53.33) (70.7) pt
Net income 40 0 60 145 315 484 (45) 168 (173) (743) (902) n/m
Per share, $
Per share, $ Revenue 5.70 9.28 8.84 15.40 26.56 27.40 (1.09) 11.21 16.51 25.22 24.49 +18.0%
Earnings 1.38 2.79 1.85 4.51 2.11 3.89 (0.30) 0.91 (2.52) (6.78) (7.72) n/m
Cash flow 1.63 1.94 1.77 2.27 5.03 4.30 2.44 2.54 0.91 0.84 (5.33) (7.1%)
Capex 0.00 0.00 (0.10) (0.03) (0.04) (0.04) (0.09) (0.31) (0.07) (0.03) (0.03) n/m
Free cash flow 1.63 1.94 1.67 2.24 4.99 4.26 2.35 2.24 0.84 0.81 (5.36) (7.5%)
Book value 0.00 4.21 0.00 8.17 22.24 36.61 26.32 26.06 19.54 8.74 11.84 n/m
Shares, m 29 29 29 29 30 50 62 63 71 79 80 +11.7%
Valuation, ×
Valuation, × P/E 833.33 833.33 833.33 833.33 23.67 8.08 0.00 37.86 0.00 0.00 0.00 340.3
P/S 8.22 8.22 8.22 8.22 1.33 1.47 0.00 3.11 3.16 1.89 1.74 4.4
P/B 17.56 17.56 17.56 17.56 1.59 1.10 0.94 1.34 2.67 5.46 3.60 8.3
EV/Sales 8.40 8.40 8.40 8.40 1.28 1.52 (25.16) 3.39 3.35 1.93 — 2.0
EV/FCF 25.86 25.86 25.86 25.86 6.79 9.79 11.68 17.02 65.73 60.36 — 27.5
Cash, $m
Cash, $m Operating cash flow 48 56 51 66 149 214 151 162 65 66 (437) +3.8%
Capex 0 (3) (3) (1) (1) (2) (6) (20) (5) (3) (2) +22.8%
Free cash flow 48 56 48 65 148 212 146 142 60 64 (439) +3.3%
Balance, $m
Balance, $m Working capital — — — (319) (438) (2,122) (1,494) (1,488) (2,218) (4,382) (4,239) +54.7%
Net debt — 38 (82) 53 (184) (55) (31) (33) (21) 83 748 +10.2%
Shareholders’ equity — 122 — 237 660 1,824 1,629 1,655 1,390 691 971 +24.2%
Returns, %
Returns, % ROA 0.00 16.93 0.00 38.78 6.26 7.04 (0.48) 1.59 (4.29) (9.44) (9.77) (9.4) pt
ROIC — 0.00 0.00 32.73 43.10 15.98 (0.02) 6.62 (12.18) (82.66) (42.51) (82.7) pt
ROE 0.00 64.54 43.03 72.14 13.97 15.61 (1.07) 3.54 (11.79) (51.49) (55.72) (51.5) pt
People
People Employees — — — 526 570 790 956 990 1,130 1,310 — +16.4%
Revenue/emp, $m 0.00 0.00 0.00 0.85 1.38 1.73 (0.07) 0.72 1.04 1.52 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Mar 2026 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

StepStone Group Inc. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VCTR Victory Capital Holdings, Inc. $7.0B 20.5× 18.0× +9.79% (above 0%: growing) 0.00% +34.94% (above 0%: growing) 100.00% 34.73% Compare
BXSL Blackstone Secured Lending Fund $5.6B 20.1× 14.3× −12.10% (below 0%: shrinking) −12.28% (below 0%: shrinking) +210.81% (above 0%: growing) 100.00% 81.57% Compare
OBDC Blue Owl Capital Corporation $5.3B 15.9× 14.2× −13.47% (below 0%: shrinking) +48.00% (above 0%: growing) +147.77% (above 0%: growing) 100.00% 75.02% Compare
MAIN Main Street Capital Corporation $5.3B 11.5× 13.3× +3.89% (above 0%: growing) +15.33% (above 0%: growing) +13.70% (above 0%: growing) 100.00% 87.20% Compare
STEP StepStone Group Inc. $5.2B — (loss-making) 3.9× +4.01% (above 0%: growing) n/m −1,113.70% (below 0%: shrinking) 100.00% (54.06%)
HASI HA Sustainable Infrastructure Capital, Inc. $5.1B 60.4× 24.0× +40.97% (above 0%: growing) +25.00% (above 0%: growing) −14.48% (below 0%: shrinking) 100.00% 80.56% Compare
HLNE Hamilton Lane Inc. $5.0B 10.6× 11.3× +7.10% (above 0%: growing) +111.53% (above 0%: growing) +130.39% (above 0%: growing) 100.00% 42.23% Compare
FHI Federated Hermes, Inc. $4.7B 11.6× 10.4× +8.07% (above 0%: growing) +11.94% (above 0%: growing) +18.31% (above 0%: growing) 100.00% 30.22% Compare
OTF Blue Owl Technology Finance Corp. $4.4B 12.2× 20.5× +5.80% (above 0%: growing) −4.00% (below 0%: shrinking) +14.45% (above 0%: growing) 100.00% 0.00% Compare
Median of peers $5.2B 14.1× 14.3× +6.45% +13.64% +26.63% 100.00% 58.62%

All 121 Asset Management stocks →

Pay and ownership Proxy statement filed 21 July 2026

Ownership

Directors and executive officers, together 15.60% of the votes
BlackRock, Inc. 8.10% of the votes
Millennium Management LLC 5.90% of the votes
Wellington Management Group 4.70% of the votes
Jose A. Fernandez 3.80% of the votes
Vanguard Portfolio Management 3.80% of the votes
Thomas Keck 3.60% of the votes
T. Rowe Price Associates, Inc. 3.60% of the votes
Vanguard Capital Management 3.40% of the votes
ARGO Holdings, LLC 3.00% of the votes
Sanford Energy, Inc. 3.00% of the votes
Thomas Alcott Bradley 2.90% of the votes
Michael I. McCabe 2.80% of the votes
Mark T. Maruszewski 2.80% of the votes
Scott W. Hart 2.60% of the votes
David T. Jeffrey 2.60% of the votes
Monte M. Brem 1.90% of the votes
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

StepStone Group Inc. (STEP) Latest News

6 Nov

Impact 3 · · MarketBeat
Impact 3 · · The Motley Fool transcript
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5 Nov

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Impact 5 · · Business Wire

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Impact 4 · · GlobeNewswire

9 Oct

Impact 3 · · Benzinga
Impact 3 · · StockStory

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Impact 4 · · Business Wire

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30 Sep

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29 Sep

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

28 Sep

Impact 3 · · TechCrunch

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14 Sep

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10 Sep

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26 Aug

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15 Aug

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13 Aug

Impact 4 · · The Motley Fool transcript

11 Aug

Impact 4 ·

7 Aug

Impact 3 ·
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STEP metrics, ten years each

stockrow.com/STEP · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com