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STEP

StepStone Group Inc.

STEP

StepStone Group Inc. • NASDAQ
$63.16 ▲ 1.32% (+0.82)
Market Cap $7.85 B
52w High $68.41
52w Low $40.07
Dividend Yield 1.12%
P/E -7.75
Volume 295.38K
Outstanding Shares 124.35M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $454.225M ▲ $929.762M ▲ $-366.142M ▼ -80.608% ▼ $-4.66 ▼ $-659.941M ▼
Q1-2026 $364.287M ▼ $231.632M ▲ $-38.424M ▼ -10.548% ▼ $-0.49 ▼ $-4.392M ▼
Q4-2025 $377.729M ▲ $43.114M ▲ $-18.508M ▲ -4.9% ▲ $-0.24 ▲ $5.171M ▲
Q3-2025 $339.023M ▲ $40.734M ▲ $-192.015M ▼ -56.638% ▼ $-2.61 ▼ $-345.702M ▼
Q2-2025 $271.677M $39.258M $17.632M 6.49% $0.26 $73.15M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $366.177M ▲ $5.332B ▲ $4.106B ▲ $-233.459M ▼
Q1-2026 $244.131M ▼ $4.782B ▲ $3.085B ▲ $153.932M ▼
Q4-2025 $289.302M ▲ $4.587B ▲ $2.812B ▲ $179.356M ▼
Q3-2025 $278.784M ▲ $4.35B ▲ $2.606B ▲ $209.842M ▼
Q2-2025 $224.618M $4.04B $2.04B $397.459M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $-575.49M ▼ $16.241M ▼ $-9.782M ▲ $115.641M ▲ $122.053M ▲ $15.91M ▼
Q1-2026 $-12.011M ▼ $46.282M ▲ $-11.793M ▼ $-72.222M ▼ $-45.149M ▼ $45.187M ▲
Q4-2025 $0 ▲ $-66.523M ▼ $-6.804M ▼ $84.901M ▲ $10.3M ▼ $-69.188M ▼
Q3-2025 $-287.163M ▼ $27.585M ▼ $-2.582M ▲ $26.203M ▲ $54.123M ▲ $27.019M ▼
Q2-2025 $53.138M $53.696M $-20.877M $-724K $29.211M $52.402M

Revenue by Products

Product Q3-2025Q4-2025Q1-2026Q2-2026
Carried Interest Allocation
Carried Interest Allocation
 $0 ▲$0 ▲$110.00M ▲$210.00M ▲
Carried Interest Allocation Realized
Carried Interest Allocation Realized
 $0 ▲$0 ▲$20.00M ▲$60.00M ▲
Carried Interest Allocation Unrealized
Carried Interest Allocation Unrealized
 $0 ▲$0 ▲$90.00M ▲$150.00M ▲
Incentive Fees
Incentive Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Legacy Carried Interest Allocation
Legacy Carried Interest Allocation
 $0 ▲$0 ▲$40.00M ▲$30.00M ▼
Management And Advisory Fees Net
Management And Advisory Fees Net
 $190.00M ▲$210.00M ▲$210.00M ▲$220.00M ▲
Performance Fees
Performance Fees
 $150.00M ▲$160.00M ▲$150.00M ▼$240.00M ▲

Five-Year Company Overview

Income Statement

Income Statement StepStone’s revenue has grown over time, but its profits swing meaningfully from year to year. The firm moved from solid profitability a few years ago, to a softer period, then back to profit, and most recently into loss despite higher revenue. That pattern suggests a business heavily influenced by market cycles, performance fees, and investment marks. The most recent year shows pressure on margins, with costs and investment spending outpacing revenue growth. Overall, this is a classic private-markets profile: attractive earnings power in good environments, but lumpy and sometimes weak results when market conditions or performance fees turn against it.

Balance Sheet

Balance Sheet The balance sheet has expanded notably, reflecting growth in the business and its investment footprint. Assets have climbed over time, but equity has not kept pace recently, partly because of earnings volatility and possibly shareholder distributions. Debt, which was once negligible, has increased, though it still appears manageable relative to the overall asset base. Cash is modest compared with total assets, meaning StepStone likely relies more on steady fee income and credit facilities than on a large cash buffer. Overall, the balance sheet looks growth-oriented but somewhat more leveraged and less cushioned than in its earlier years.

Cash Flow

Cash Flow Despite swings in reported profit, StepStone’s cash flow from operations has been consistently positive and relatively stable, which is a key strength for an asset manager. Capital spending needs are low, so most operating cash turns into free cash flow. This combination suggests the underlying fee-based engine remains solid even when accounting earnings move around. However, the scale of cash generation is not huge versus the size of the balance sheet, so funding growth, dividends, or buybacks may still require a careful balance between cash retention and borrowing.

Competitive Edge

Competitive Edge StepStone occupies an attractive niche in private markets, focusing on advisory, customized solutions, and data-driven investing. Its breadth across private equity, real estate, infrastructure, and credit, plus its global footprint, gives it access to a wide range of managers, deals, and clients. Deep relationships with both fund managers and institutional investors help it see a large share of market opportunities and maintain recurring fee streams. Competition is intense—from large alternative managers and specialized boutiques—but StepStone’s specialization, multi-asset capabilities, and advisory orientation form a differentiated position. Its main challenge is to maintain that edge as other players ramp up their own data and technology capabilities and push aggressively into similar client segments, including private wealth.

Innovation and R&D

Innovation and R&D The firm’s core innovation is its proprietary SPI data and analytics platform, which underpins research, portfolio construction, pacing, benchmarking, and client reporting. This gives StepStone a detailed, structured view of private markets that many rivals cannot easily match, creating an information advantage in a traditionally opaque asset class. It has also pushed into AI, both within investment processes and via its recruitment technology business, supported by acquisitions like Mya Systems. New products—such as evergreen funds for wealth clients and daily private market indices with FTSE Russell—show a culture of experimentation and product development. Ongoing investment in data, AI, and ESG analytics will be crucial to keep this moat strong, but it also means continued spending that can weigh on short-term profitability.

Summary

StepStone combines a strong strategic position in private markets with financial results that can be quite volatile. Its revenue base and cash generation point to a solid, fee-driven franchise, but swings in performance-related income and investment marks can quickly shift it from profitable to loss-making. The balance sheet has grown and become somewhat more leveraged, reflecting ambition and expansion, while cash flows remain generally healthy and capital-light. Competitively, its data and technology platform, global relationships, and customized solutions give it a real edge, especially as it expands into private wealth and new index products. The main things to watch are how well it converts these advantages into more stable, less cyclical earnings and how disciplined it remains with leverage and investment spending as it grows.

NEWS

November 17, 2025 · 5:05 AM UTC

StepStone Group Opens Office in Madrid, Ninth in Europe

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November 13, 2025 · 8:05 AM UTC

StepStone Private Wealth Solutions Launches StepStone Private Equity Strategies Fund

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November 6, 2025 · 4:05 PM UTC

StepStone Group Reports Second Quarter Fiscal Year 2026 Results

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November 5, 2025 · 6:02 PM UTC

STEP Energy Services Ltd. Reports Third Quarter 2025 Results

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November 3, 2025 · 9:32 PM UTC

STEP Energy Services Ltd. Announces Commencement of Sending and Filing of Circular for Special Meeting of Shareholders to Approve Arrangement

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