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STEPStepStone Group Inc.
$40.66$5.1B
Overview & Verdict
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STEP logoStepStone Group Inc.(STEP)Earnings, Financials & Key Ratios

STEP•NASDAQ
$40.66
Price updated Jul 6, 2026
SectorFinancial ServicesIndustryAsset ManagementSub-IndustryAlternative asset managers
AboutStepStone Group Inc. is an investment firm specializing in direct, fund of funds, secondary direct, and secondary indirect investments. For direct investment, it seeks to invest in venture debt, incubation, mezzanine, distressed/vulture, seed/startup, early venture, mid venture, late venture, emerging growth, later stage, turnaround, growth capital, industry consolidation, recapitalization, and buyout investments in mature and middle market companies. It prefers to invest in natural resources, technology, healthcare, services, materials, manufacturing, consumer durables, apparel, hotels, restaurants and leisure, media, retailing, consumer staples, financials, telecommunication services, energy, infrastructure, real estate, and real asset. The firm invests globally with a focus on United States, North America, Europe, Asia, Latin America, Middle East, Africa, Brazil, Mexico, Argentina, Colombia, New Zealand, China, India, Korea, Japan, Taiwan, and Australia region. It typically invests between $15 million and $200 million in firms with enterprise value between $150 million and $25000 million. The firm invests between 5% and 40% in emerging markets. For fund of fund investment, it seeks to invest in private equity funds, venture capital funds, Special situation funds, Real estate funds, Infrastructure funds, mezzanine funds, and turnaround/distressed funds. It considers investments in both domestic and international funds. It also seeks to make co-investments and follow-on investments and considers partial interests in funds. StepStone Group Inc. was founded in 2007 and is based in New York, New York with additional offices across North America, South America, Europe, Australia, and Asia.Show more
  • EBITDA-$989M-381.9%
  • Net Income-$521M-190.3%
  • EPS (Diluted)-6.70-165.9%
  • Gross Margin51%+769.7%
  • EBITDA Margin-49.61%-184.0%
  • Operating Margin-51.33%-140.5%
  • Net Margin-26.15%-71.1%
  • ROE-39.19%-298.1%

STEP Price & Volume

StepStone Group Inc. (STEP) stock price & volume — 10-year historical chart

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Aggressive Revenue Growth Masks Structural Profitability Risks

Investment Thesis • Updated 2026Q4

VerdictNegative
Growth:Accelerating
Profitability:Negative
Financial:Vulnerable
Cash Flow:Burning
Primary Risk:Equity dilution and leverage

Key Thesis Takeaways

  • StepStone Group exhibits a complex financial profile characterized by rapid top-line expansion to $588.6 million in 2026Q4, yet this growth is heavily offset by persistent operating losses and significant equity dilution.
  • The firm's reliance on $1.1 billion in stock-based compensation to manage its talent base raises concerns regarding the sustainability of its earnings quality and long-term shareholder value.
  • Investors should monitor the firm's ability to transition toward cash-generative operations, as the current erosion of equity to a $413.6 million deficit suggests substantial balance sheet vulnerability.

Verdict Logic

the firm's fundamental health is undermined by a negative 1.1% return on equity and a massive $1.1 billion stock-based compensation charge that significantly dilutes shareholder interests.

STEP Growth Metrics

StepStone Group Inc. (STEP) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years20.41%
3 Years-
TTM-

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-198.4%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-184.39%

Return on Capital

10 Years18.2%
5 Years2.13%
3 Years-7.89%
Last Year-21.8%

STEP Recent Earnings

StepStone Group Inc. (STEP) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 11/12 qtrs (92%)
Q2 2026Latest
May 20, 2026
Metric
Actual
Est
EPS
$0.57+9.2%
$0.52
Rev
$306M+4.7%
$292M
Q1 2026
Feb 5, 2026
Metric
Actual
Est
EPS
$0.65+8.3%
$0.60
Rev
$495M+25.2%
$395M
Q4 2025
Nov 6, 2025
Metric
Actual
Est
EPS
$0.54+11.3%
$0.49
Rev
$454M+66.8%
$272M
Q3 2025
Aug 7, 2025
Metric
Actual
Est
EPS
$0.49-215.8%
$0.43
Rev
$366M+53.6%
$238M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 20, 2026
$0.57vs $0.52+9.2%
$306Mvs $292M+4.7%
Q1 2026Feb 5, 2026
$0.65vs $0.60+8.3%
$495Mvs $395M+25.2%
Q4 2025Nov 6, 2025
$0.54vs $0.49+11.3%
$454Mvs $272M+66.8%
Q3 2025Aug 7, 2025
$0.49vs $0.43-215.8%
$366Mvs $238M+53.6%
Based on last 12 quarters of dataView full earnings history →

Latest STEP News

Recent stock market news and headlines for StepStone Group Inc. (STEP)

PRNewsWire·Jun 25, 2026
Corastone Brings Permissioned Blockchain Technology to UMB Fund Services' Alternative Investment Servicing

StepStone becomes the first UMB client to connect to Corastone's network, streamlining subscription and lifecycle operations, with recordkeeping support from Envision. NEW YORK, June 25, 2026 /PRNewswire/ -- Corastone, the hyperscaler for private-market investing, today announced a partnership with UMB Fund Services, Inc. (UMBFS), a subsidiary of UMB Financial Corporation (NASDAQ: UMBF), a national leader in registered and alternative investment fund administration services, to connect UMBFS to Corastone's private, permissioned distributed ledger technology (DLT) network.

GlobeNewsWire·Jun 17, 2026
StepStone and PitchBook Launch Deal-Level Benchmarking Solution, Adding StepStone's Institutional-Grade Fund and Deal Performance Data to PitchBook's Private Markets Intelligence

Now generally available: deal-level performance and operating metrics from SPI by StepStone, delivered directly within PitchBook workflows

Peers Comparison

Key metrics vs top competitors for StepStone Group Inc. (STEP)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
STEP logoSTEPStepStone Group Inc.Current
$40.66$5.08B-6.0769.69%-26.15%-39.19%3.61%
HLI logoHLIHoulihan Lokey, Inc.
$142.45$9.84B22.909.55%16.26%18.57%—
HLNE logoHLNEHamilton Lane Incorporated
$82.46$4.58B13.936.46%32.83%20.15%—
GCMG logoGCMGGCM Grosvenor Inc.
$13.61$2.54B32.408.04%9.04%86.52%—
ARES logoARESAres Management Corporation
$121.83$40.01B62.1666.55%9.87%7.34%—
BX logoBXBlackstone Inc.
$123.41$96.68B31.8121.58%20.38%14.25%—

Compare STEP vs Peers

StepStone Group Inc. (STEP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs HLI

Most directly comparable listed peer for STEP.

Scale Benchmark

vs BK

Larger-name benchmark to compare STEP against a more recognizable public peer.

Peer Set

Compare Top 5

vs HLI, HLNE, GCMG, ARES

STEP SEC Filings & Documents

StepStone Group Inc. (STEP) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 20, 2026·SEC

Material company update

Feb 5, 2026·SEC

Material company update

Nov 6, 2025·SEC

10-K Annual Reports

3
FY 2026

May 27, 2026·SEC

FY 2025

May 23, 2025·SEC

FY 2024

May 24, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Feb 5, 2026·SEC

FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 7, 2025·SEC

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STEP Frequently Asked Questions

StepStone Group Inc. (STEP) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is StepStone Group Inc.'s revenue?

StepStone Group Inc. (STEP) reported $1.99B in revenue for fiscal year 2026.

How fast is StepStone Group Inc. growing?

StepStone Group Inc. (STEP) grew revenue by 69.7% over the past year. This is strong growth.

Is STEP profitable?

StepStone Group Inc. (STEP) reported a net loss of $535.8M for fiscal year 2026.

Dividend & Returns
Does STEP pay dividends?

Yes, StepStone Group Inc. (STEP) pays a dividend with a yield of 3.61%. This makes it attractive for income-focused investors.

What is STEP's return on equity?

StepStone Group Inc. (STEP) has a return on equity (ROE) of -39.2%. Negative ROE indicates the company is unprofitable.

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

StepStone Group Inc. (STEP) generated $63.9M in free cash flow for fiscal year 2026. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in STEP back in 2018?

Total return calculator · dividends reinvested · 8+ years of data

See returns →