Stocks STEP Financial statements
Financial statementsStepStone Group Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data StepStone Group Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 256 | 447 | 788 | 1,366 | -67.6 | 712 | 1,175 | 1,994 |
| General and administrative | 48.3 | 52.4 | 48.5 | 110 | 147 | 167 | 177 | 187 |
| Interest expense | 10.3 | 10.2 | 7.36 | 1.11 | 4.19 | 9.33 | 12.7 | 18.5 |
| Interest income | 1.51 | 1.44 | 0.41 | 0.34 | 1.92 | 3.66 | 10.9 | 11.8 |
| Other non-operating income | -4.82 | -3.2 | 9.68 | 60.2 | -41 | 23.6 | 44.8 | 132 |
| Pre-tax income | 61.6 | 149 | 338 | 513 | -41.5 | 195 | -222 | -891 |
| Income tax | 1.64 | 3.96 | 23.3 | 28.3 | 3.82 | 27.6 | -49.2 | -148 |
| Net income | 0 | 0 | 62.6 | 194 | -18.4 | 58.1 | -180 | -536 |
| EPS, basic | 2.11 | 3.89 | -0.30 | 0.91 | -2.52 | -6.78 | ||
| EPS, diluted | 2.06 | 3.84 | -0.30 | 0.91 | -2.52 | -6.78 | ||
| Shares, basic (weighted) | 29.7 | 49.8 | 61.9 | 63.5 | 71.1 | 79 | ||
| Shares, diluted (weighted) | 33.3 | 53.6 | 61.9 | 66.5 | 71.1 | 79 | ||
| Dividend per share | 0.07 | 0.44 | 0.80 | 1.08 | 1.08 | 1.48 |
Balance sheet
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 40.6 | 89.9 | 180 | 116 | 130 | 182 | 290 | 1,119 |
| Property, plant and equipment | 11 | 10.2 | 12.8 | 15.8 | 29.6 | 29.8 | 26.3 | |
| Lease right-of-use assets | 0 | 61.1 | 101 | 97.8 | 91.8 | 81.6 | ||
| Goodwill | 6.79 | 6.79 | 581 | 581 | 581 | 581 | 581 | |
| Intangible assets | 8.83 | 5.49 | 398 | 355 | 305 | 264 | 223 | |
| Total assets | 681 | 1,321 | 4,188 | 3,497 | 3,789 | 4,587 | 6,763 | |
| Total liabilities | 444 | 661 | 2,364 | 1,844 | 1,916 | 2,812 | 5,877 | |
| Total debt | 143 | 0 | 62.9 | 98.4 | 149 | 269 | ||
| Paid-in capital | 189 | 587 | 611 | 310 | 421 | 482 | ||
| Retained earnings | 0 | 60.4 | 230 | 160 | 13.8 | -243 | -897 | |
| Other comprehensive income | 0.18 | 0.16 | 0.66 | 0.46 | 0.3 | 0.73 | 1.14 | |
| Shareholders' equity | 249 | 818 | 772 | 324 | 179 | -414 | ||
| Total equity | 660 | 1,824 | 1,629 | 1,655 | 1,390 | 691 | ||
| Total liabilities and equity | 681 | 1,321 | 4,188 | 3,497 | 3,789 | 4,587 | 6,763 |
Cash flow statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|---|---|---|
| Net income | 60 | 145 | 315 | 484 | -45.3 | 168 | -173 | -743 |
| Depreciation and amortization | 7.89 | 7.08 | 5.5 | 27 | 47.4 | 47.6 | 45.5 | 45.7 |
| Stock-based compensation | 1.73 | 1.92 | 7.9 | 14 | 24.9 | 39.4 | 650 | 1,618 |
| Deferred income tax | -0.13 | -0.17 | 15.8 | 5.86 | -12.5 | 9.18 | -75.3 | -195 |
| Change in receivables | 0.97 | -0.85 | -6.98 | -1.77 | -10.3 | -12.3 | -24.1 | -64.4 |
| Cash from operations | 51.5 | 65.9 | 149 | 214 | 151 | 162 | 64.9 | 66.5 |
| Capital expenditures | -3.04 | -0.84 | -1.26 | -2.1 | -5.63 | -19.6 | -5.1 | -2.62 |
| Acquisitions | -8.96 | 0 | 0 | -182 | 0 | 0 | ||
| Purchases of investments | -89.3 | -27.7 | 0 | 0 | ||||
| Sales and maturities of investments | 46.5 | 71.3 | 0 | 0 | ||||
| Cash from investing | -61.9 | 35.8 | -11.2 | -210 | -30.8 | -47.3 | -43.5 | 733 |
| Debt issued | 0 | 0 | 175 | 0 | ||||
| Debt repaid | -1.5 | -1.5 | -147 | |||||
| Stock issued | 0 | 0 | 2.52 | 3.68 | ||||
| Share buybacks | 0 | 0 | -8.72 | |||||
| Dividends paid | 0 | 0 | -2.05 | -23.9 | -50 | -68.5 | -75.8 | -118 |
| Cash from financing | -55.5 | -52.2 | -45.3 | -70.4 | -108 | -58 | 87.5 | 37.4 |
| Exchange rate effect | 0.29 | -0.25 | 1.1 | -0.02 | -0.29 | -3.4 | -1.44 | -7.6 |
| Net change in cash | -65.7 | 49.3 | 93.9 | -66.4 | 12.1 | 52.8 | 107 | 829 |
| Free cash flow | 48.4 | 65.1 | 148 | 212 | 146 | 142 | 59.8 | 63.9 |
| Interest paid | 9.49 | 9.36 | 3.49 | 0.83 | 3.55 | 8.46 | 7.24 | 16.1 |
| Income taxes paid | 1.74 | 2.78 | 3.41 | 11.7 | 29.5 | 14.3 | 14.1 | 42.3 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Pre-tax margin | -53.3% | Pre-tax income / revenue. |
| Net margin | -30.5% | Net income / revenue. |
| FCF margin | -21.9% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | -21.8% | Cash from operations / revenue. |
| Return on assets (ROA) | -7.9% | Net income / average total assets. |
| Stock-based pay / revenue | 90.9% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.1% | Capital expenditures / revenue. |
| D&A / revenue | 2.3% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 69.7% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 5y | 20.4% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 2.4% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -24.0% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -14.9% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 6.7% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | -24.0% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -15.5% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 37.0% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 22.8% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 84.1% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | -330.6% | Book value vs the same period a year earlier. Only from a positive base. |
| Total assets growth, 1y | 47.4% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 24.6% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 38.6% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | 11.1% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 8.5% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 18.9% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Liabilities / assets | 84.0% | Total liabilities / total assets. |
| Goodwill and intangibles / assets | 10.2% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | -$1.33B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.26x | Revenue / average total assets. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | -$7.48 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $24.49 | Revenue / diluted weighted shares. |
| FCF per share | -$5.36 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | -$5.33 | Cash from operations / diluted weighted shares. |
| Book value per share | -$6.58 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | -$16.25 | Tangible book value / shares outstanding. |
| Cash per share | $8.57 | (Cash + short-term investments) / shares outstanding. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $5.35B | Share price x shares outstanding. |
| Enterprise value | $4.65B | Market cap + total debt - cash - short-term investments. |
| P/S | 2.67x | Market cap / revenue. |
| EV/Sales | 2.32x | Enterprise value / revenue. |
| FCF yield | -8.2% | Free cash flow / market cap. |
| Earnings yield | -11.5% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 2.5% | Dividends paid over the period / market cap. |
| Shareholder yield | 2.5% | (Dividends paid + share buybacks) / market cap. |
What was StepStone Group Inc.'s revenue in fiscal 2026?
StepStone Group Inc. reported revenue of $1.99B for fiscal 2026, 69.7% higher than the year before.
Was StepStone Group Inc. profitable in fiscal 2026?
No. It reported a net loss of $535.8M.
How much free cash flow did StepStone Group Inc. generate in fiscal 2026?
Cash from operations of $66.5M minus capital expenditures of $2.6M left free cash flow of $63.9M.