StepStone Group Inc.
STEP Nasdaq Investment Advice Financials FY2019–FY2026
Revenue
Total sales reported in the income statement.
$2.0B
69.7%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
−$536M
Free cash flow
Cash from operations minus capital spending.
$63.9M
6.7%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$7.70 EPS (TTM)
What StepStone Group Inc. does
No business description yet.
- Legal name
- StepStone Group Inc.
- Fiscal year ends
- March 31, 2026
- Latest annual report
- 10-K · May 27, 2026
- Accession · CIK
- 0001628280-26-038446
0001796022
Revenue and margins
StepStone Group Inc. had $2.0B of revenue in fiscal 2026, up 69.7% on the year before.
FY19
Revenue $256M
FY20
Revenue $447M
FY21
Revenue $788M
FY22
Revenue $1.4B
FY23
Revenue −$67.6M
FY24
Revenue $712M
FY25
Revenue $1.2B
FY26
Revenue $2.0B
Q2 '24
Revenue $191M
Q3 '24
Revenue −$14.6M
Q4 '24
Revenue $357M
Q1 '25
Revenue $186M
Q2 '25
Revenue $272M
Q3 '25
Revenue $339M
Q4 '25
Revenue $378M
Q1 '26
Revenue $364M
Q2 '26
Revenue $454M
Q3 '26
Revenue $587M
Q4 '26
Revenue $589M
Q1 '27
Revenue $379M
FY19
Gross —
Operating —
Net 0.0%
FCF 18.9%
FY20
Gross —
Operating —
Net 0.0%
FCF 14.6%
FY21
Gross —
Operating —
Net 8.0%
FCF 18.8%
FY22
Gross —
Operating —
Net 14.2%
FCF 15.5%
FY23
Gross —
Operating —
Net 27.2%
FCF −215.4%
FY24
Gross —
Operating —
Net 8.2%
FCF 19.9%
FY25
Gross —
Operating —
Net −15.3%
FCF 5.1%
FY26
Gross —
Operating —
Net −26.9%
FCF 3.2%
Gross
Operating
Net
FCF
Q2 '24
Gross —
Operating —
Net 13.7%
FCF 33.6%
Q3 '24
Gross —
Operating —
Net 138.4%
FCF −144.3%
Q4 '24
Gross —
Operating —
Net 8.6%
FCF 1.9%
Q1 '25
Gross —
Operating —
Net 7.2%
FCF 26.6%
Q2 '25
Gross —
Operating —
Net 6.5%
FCF 19.3%
Q3 '25
Gross —
Operating —
Net −56.6%
FCF 8.0%
Q4 '25
Gross —
Operating —
Net −4.9%
FCF −18.3%
Q1 '26
Gross —
Operating —
Net −10.5%
FCF 12.4%
Q2 '26
Gross —
Operating —
Net −80.6%
FCF 3.5%
Q3 '26
Gross —
Operating —
Net −21.0%
FCF 4.6%
Q4 '26
Gross —
Operating —
Net −1.3%
FCF −4.1%
Q1 '27
Gross —
Operating —
Net −30.6%
FCF −120.9%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income $0.0M
FY20
Net income $0.0M
FY21
Net income $62.6M
FY22
Net income $194M
FY23
Net income −$18.4M
FY24
Net income $58.1M
FY25
Net income −$180M
FY26
Net income −$536M
Q2 '24
Net income $26.2M
Q3 '24
Net income −$20.2M
Q4 '24
Net income $30.8M
Q1 '25
Net income $13.3M
Q2 '25
Net income $17.6M
Q3 '25
Net income −$192M
Q4 '25
Net income −$18.5M
Q1 '26
Net income −$38.4M
Q2 '26
Net income −$366M
Q3 '26
Net income −$123M
Q4 '26
Net income −$7.8M
Q1 '27
Net income −$116M
FY19
Diluted EPS —
FY20
Diluted EPS —
FY21
Diluted EPS $2.06
FY22
Diluted EPS $3.84
FY23
Diluted EPS −$0.30
FY24
Diluted EPS $0.91
FY25
Diluted EPS −$2.52
FY26
Diluted EPS −$6.78
Q2 '24
Diluted EPS $0.42
Q3 '24
Diluted EPS −$0.32
Q4 '24
Diluted EPS $0.47
Q1 '25
Diluted EPS $0.20
Q2 '25
Diluted EPS $0.26
Q3 '25
Diluted EPS −$2.61
Q4 '25
Diluted EPS −$0.37
Q1 '26
Diluted EPS −$0.49
Q2 '26
Diluted EPS −$4.66
Q3 '26
Diluted EPS −$1.55
Q4 '26
Diluted EPS −$0.08
Q1 '27
Diluted EPS −$1.41
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets —
FY20
Return on capital —
Return on equity —
Return on assets 0.0%
FY21
Return on capital —
Return on equity 25.1%
Return on assets 6.3%
FY22
Return on capital —
Return on equity 36.3%
Return on assets 7.0%
FY23
Return on capital —
Return on equity −2.3%
Return on assets −0.5%
FY24
Return on capital —
Return on equity 10.6%
Return on assets 1.6%
FY25
Return on capital —
Return on equity −71.3%
Return on assets −4.3%
FY26
Return on capital —
Return on equity —
Return on assets −9.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $63.9M in fiscal 2026, 3.2% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow $48.4M
FY20
Free cash flow $65.1M
FY21
Free cash flow $148M
FY22
Free cash flow $212M
FY23
Free cash flow $146M
FY24
Free cash flow $142M
FY25
Free cash flow $59.8M
FY26
Free cash flow $63.9M
Q2 '24
Free cash flow $64.3M
Q3 '24
Free cash flow $21.1M
Q4 '24
Free cash flow $6.7M
Q1 '25
Free cash flow $49.6M
Q2 '25
Free cash flow $52.4M
Q3 '25
Free cash flow $27.0M
Q4 '25
Free cash flow −$69.2M
Q1 '26
Free cash flow $45.2M
Q2 '26
Free cash flow $15.9M
Q3 '26
Free cash flow $26.7M
Q4 '26
Free cash flow −$24.0M
Q1 '27
Free cash flow −$458M
FY19
Cash from operations $51.5M
Capital spending $3.0M
FY20
Cash from operations $65.9M
Capital spending $0.8M
FY21
Cash from operations $149M
Capital spending $1.3M
FY22
Cash from operations $214M
Capital spending $2.1M
FY23
Cash from operations $151M
Capital spending $5.6M
FY24
Cash from operations $162M
Capital spending $19.6M
FY25
Cash from operations $64.9M
Capital spending $5.1M
FY26
Cash from operations $66.5M
Capital spending $2.6M
Cash from operations
Capital spending
Q2 '24
Cash from operations $71.1M
Capital spending $6.8M
Q3 '24
Cash from operations $25.2M
Capital spending $4.1M
Q4 '24
Cash from operations $7.6M
Capital spending $0.9M
Q1 '25
Cash from operations $50.2M
Capital spending $0.6M
Q2 '25
Cash from operations $53.7M
Capital spending $1.3M
Q3 '25
Cash from operations $27.6M
Capital spending $0.6M
Q4 '25
Cash from operations −$66.5M
Capital spending $2.7M
Q1 '26
Cash from operations $46.3M
Capital spending $1.1M
Q2 '26
Cash from operations $16.2M
Capital spending $0.3M
Q3 '26
Cash from operations $27.2M
Capital spending $0.4M
Q4 '26
Cash from operations −$23.2M
Capital spending $0.8M
Q1 '27
Cash from operations −$458M
Capital spending $0.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
StepStone Group Inc. returned $126M to shareholders in fiscal 2026, 198% of free cash flow. The diluted share count rose 11.1%.
FY19
Dividends $0.0M
Buybacks —
FY20
Dividends $0.0M
Buybacks —
FY21
Dividends $2.0M
Buybacks —
FY22
Dividends $23.9M
Buybacks —
FY23
Dividends $50.0M
Buybacks —
FY24
Dividends $68.5M
Buybacks $0.0M
FY25
Dividends $75.8M
Buybacks $0.0M
FY26
Dividends $118M
Buybacks $8.7M
Dividends
Buybacks
Q2 '24
Dividends $13.3M
Buybacks —
Q3 '24
Dividends $13.5M
Buybacks —
Q4 '24
Dividends $13.5M
Buybacks —
Q1 '25
Dividends $23.8M
Buybacks —
Q2 '25
Dividends $16.3M
Buybacks —
Q3 '25
Dividends $17.5M
Buybacks —
Q4 '25
Dividends $18.3M
Buybacks —
Q1 '26
Dividends $50.3M
Buybacks $0.0M
Q2 '26
Dividends $22.0M
Buybacks —
Q3 '26
Dividends $22.2M
Buybacks —
Q4 '26
Dividends $23.3M
Buybacks —
Q1 '27
Dividends $68.6M
Buybacks $19.2M
Dividends
Buybacks
FY19
Diluted shares —
FY20
Diluted shares —
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.05B
FY23
Diluted shares 0.06B
FY24
Diluted shares 0.07B
FY25
Diluted shares 0.07B
FY26
Diluted shares 0.08B
Balance sheet
Cash, debt and the ratios that show how comfortably StepStone Group Inc. can carry it.
FY19
Cash $40.6M
Debt —
FY20
Cash $89.9M
Debt $143M
FY21
Cash $180M
Debt $0.0M
FY22
Cash $116M
Debt $62.9M
FY23
Cash $130M
Debt $98.4M
FY24
Cash $182M
Debt $149M
FY25
Cash $290M
Debt $269M
FY26
Cash $1.1B
Debt —
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $116M | $130M | $182M | $290M | $1.1B |
| Debt incl. finance leases | $62.9M | $98.4M | $149M | $269M | — |
| Debt / equity | 0.1x | 0.1x | 0.5x | 1.5x | — |
| Total assets | $4.2B | $3.5B | $3.8B | $4.6B | $6.8B |
| Total liabilities | $2.4B | $1.8B | $1.9B | $2.8B | $5.9B |
| Shareholders' equity | $818M | $772M | $324M | $179M | −$414M |
| Net debt (− = net cash) | −$53.5M | −$31.2M | −$33.5M | −$20.5M | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✕ | ✕ | ✕ | ✕ | — |
| Current ratio rose | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | — | — | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| F-score | — / 3 | — / 3 | — / 6 | 3 / 7 | 2 / 7 | 5 / 7 | 3 / 7 | — / 6 |
| Accruals ratio | — | −9.7% | −8.7% | −0.7% | −4.4% | −2.8% | −5.8% | −10.6% |
| Altman Z'' | — | — | — | — | — | — | — | — |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $256M | $447M | $788M | $1.4B | −$67.6M | $712M | $1.2B | $2.0B |
| Interest expense | $10.3M | $10.2M | $7.4M | $1.1M | $4.2M | $9.3M | $12.7M | $18.5M |
| Pretax income | $61.6M | $149M | $338M | $513M | −$41.5M | $195M | −$222M | −$891M |
| Income tax | $1.6M | $4.0M | $23.3M | $28.3M | $3.8M | $27.6M | −$49.2M | −$148M |
| Net income | $0.0M | $0.0M | $62.6M | $194M | −$18.4M | $58.1M | −$180M | −$536M |
| Diluted EPS | — | — | $2.06 | $3.84 | −$0.30 | $0.91 | −$2.52 | −$6.78 |
| Diluted shares | — | — | 0.03B | 0.05B | 0.06B | 0.07B | 0.07B | 0.08B |
| Cash flow | ||||||||
| Cash from operations | $51.5M | $65.9M | $149M | $214M | $151M | $162M | $64.9M | $66.5M |
| Capital expenditure | $3.0M | $0.8M | $1.3M | $2.1M | $5.6M | $19.6M | $5.1M | $2.6M |
| Free cash flow | $48.4M | $65.1M | $148M | $212M | $146M | $142M | $59.8M | $63.9M |
| Depreciation and amortization | $7.9M | $7.1M | $5.5M | $27.0M | $47.4M | $47.6M | $45.5M | $45.7M |
| Stock-based compensation | $1.7M | $1.9M | $7.9M | $14.0M | $24.9M | $39.4M | $650M | $1.6B |
| Acquisitions | $9.0M | $0.0M | $0.0M | $182M | $0.0M | $0.0M | — | — |
| Share buybacks | — | — | — | — | — | $0.0M | $0.0M | $8.7M |
| Dividends paid | $0.0M | $0.0M | $2.0M | $23.9M | $50.0M | $68.5M | $75.8M | $118M |
| Dividends and buybacks | $0.0M | $0.0M | $2.0M | $23.9M | $50.0M | $68.5M | $75.8M | $126M |
| Balance sheet | ||||||||
| Cash and short-term investments | $40.6M | $89.9M | $180M | $116M | $130M | $182M | $290M | $1.1B |
| Total debt | — | $143M | $0.0M | $62.9M | $98.4M | $149M | $269M | — |
| Property and equipment, net | — | $11.0M | $10.2M | $12.8M | $15.8M | $29.6M | $29.8M | $26.3M |
| Goodwill | — | $6.8M | $6.8M | $581M | $581M | $581M | $581M | $581M |
| Intangible assets | — | $8.8M | $5.5M | $398M | $355M | $305M | $264M | $223M |
| Total assets | — | $681M | $1.3B | $4.2B | $3.5B | $3.8B | $4.6B | $6.8B |
| Total liabilities | — | $444M | $661M | $2.4B | $1.8B | $1.9B | $2.8B | $5.9B |
| Shareholders' equity | — | — | $249M | $818M | $772M | $324M | $179M | −$414M |
| Margins | ||||||||
| Net margin | 0.0% | 0.0% | 8.0% | 14.2% | 27.2% | 8.2% | −15.3% | −26.9% |
| FCF margin | 18.9% | 14.6% | 18.8% | 15.5% | −215.4% | 19.9% | 5.1% | 3.2% |
| Returns | ||||||||
| Return on equity | — | — | 25.1% | 36.3% | −2.3% | 10.6% | −71.3% | — |
| Return on assets | — | 0.0% | 6.3% | 7.0% | −0.5% | 1.6% | −4.3% | −9.4% |
| Return on tangible equity | — | — | 26.4% | — | — | — | — | — |
| Growth | ||||||||
| Revenue growth | — | 74.3% | 76.4% | 73.4% | −104.9% | — | 65.1% | 69.7% |
| Net income growth | — | — | — | 209.6% | −109.5% | — | −409.1% | — |
| EPS growth | — | — | — | 86.4% | −107.8% | — | −376.9% | — |
| FCF growth | — | 34.5% | 127.4% | 43.3% | −31.4% | −2.5% | −57.8% | 6.7% |
| Share count change | — | — | — | 61.1% | 15.5% | 7.5% | 6.9% | 11.1% |
| Financial health | ||||||||
| Debt / equity | — | — | 0.0x | 0.1x | 0.1x | 0.5x | 1.5x | — |
| Capital allocation | ||||||||
| Capex / revenue | 1.2% | 0.2% | 0.2% | 0.2% | −8.3% | 2.8% | 0.4% | 0.1% |
| Stock comp / revenue | 0.7% | 0.4% | 1.0% | 1.0% | −36.9% | 5.5% | 55.3% | 81.1% |
| Payouts / FCF | 0.0% | 0.0% | 1.4% | 11.3% | 34.3% | 48.3% | 126.8% | 198.1% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | — | 3.0 | 2.0 | 5.0 | 3.0 | — |
| Accruals ratio | — | −9.7% | −8.7% | −0.7% | −4.4% | −2.8% | −5.8% | −10.6% |
Source: SEC EDGAR XBRL filings (CIK 0001796022). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.