Stepstone Group Inc. Financials
This page shows Stepstone Group Inc. (STEP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Top-line swings have not translated into steady profit or cash, while a thinner equity base has made leverage bite harder.
The latest year shows why revenue is a weak proxy for financial capacity: sales rose to$1.17B while operating cash flow fell to$64.9M . Net income also dropped to-$179.6M , so the break between top line, cash generation, and earnings suggests results are being shaped more by balance-sheet movements and noncash items than by simple volume growth, making reported revenue a noisy guide to underlying financial capacity.
The balance sheet became less forgiving because liabilities climbed to
Shareholder payouts ran ahead of internally generated cash: dividends consumed
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Stepstone Group Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Stepstone Group Inc.'s revenue surged 69.7% year-over-year to $2.0B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Stepstone Group Inc. carries a low D/E ratio of -14.21, meaning only $-14.21 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 71/100, indicating a strong balance sheet with room for future borrowing.
Stepstone Group Inc. has a free cash flow margin of 3.2%, earning a moderate score of 43/100. The company generates positive cash flow after capital investments, but with room for improvement.
Stepstone Group Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Stepstone Group Inc. generates $-0.12 in operating cash flow ($66.5M OCF vs -$535.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Stepstone Group Inc. generated $2.0B in revenue in fiscal year 2026. This represents an increase of 69.7% from the prior year.
Stepstone Group Inc. reported -$535.8M in net income in fiscal year 2026. This represents a decrease of 198.4% from the prior year.
Stepstone Group Inc. earned $-6.78 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 169.0% from the prior year.
Cash & Balance Sheet
Stepstone Group Inc. generated $63.9M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 6.7% from the prior year.
Stepstone Group Inc. held $1.1B in cash against $270.6M in long-term debt as of fiscal year 2026.
Stepstone Group Inc. paid $1.48 per share in dividends in fiscal year 2026. This represents an increase of 37.0% from the prior year.
Stepstone Group Inc. had 81M shares outstanding in fiscal year 2026.
Margins & Returns
Stepstone Group Inc.'s net profit margin was -26.9% in fiscal year 2026, showing the share of revenue converted to profit. This is down 11.6 percentage points from the prior year.
Capital Allocation
Stepstone Group Inc. spent $8.7M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding.
Stepstone Group Inc. invested $2.6M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 48.6% from the prior year.
STEP Income Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $588.6M+0.4% | $586.5M+29.1% | $454.2M+24.7% | $364.3M-3.6% | $377.7M+11.4% | $339.0M+24.8% | $271.7M+45.7% | $186.4M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $48.4M-4.4% | $50.6M+11.8% | $45.3M+5.5% | $42.9M-0.6% | $43.2M+0.1% | $43.1M-13.8% | $50.1M+22.1% | $41.0M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $4.4M-13.7% | $5.1M+15.8% | $4.4M-2.4% | $4.5M+42.1% | $3.2M+6.1% | $3.0M-14.4% | $3.5M+17.5% | $3.0M |
| Income Tax | -$7.0M+78.3% | -$32.2M+67.9% | -$100.3M-1103.2% | -$8.3M-160.3% | -$3.2M+94.4% | -$57.6M-1311.6% | $4.8M-30.1% | $6.8M |
| Net Income | -$7.8M+93.7% | -$123.5M+66.3% | -$366.1M-852.9% | -$38.4M-107.6% | -$18.5M+90.4% | -$192.0M-1189.0% | $17.6M+32.3% | $13.3M |
| EPS (Diluted) | N/A | $-1.55+66.7% | $-4.66-851.0% | $-0.49 | N/A | $-2.61-1103.8% | $0.26+30.0% | $0.20 |
STEP Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.8B+29.0% | $5.2B-1.7% | $5.3B+11.5% | $4.8B+4.3% | $4.6B+5.4% | $4.3B+7.7% | $4.0B+5.4% | $3.8B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $1.1B+196.0% | $378.0M+3.1% | $366.7M+49.9% | $244.7M-15.6% | $289.8M+3.7% | $279.5M+24.0% | $225.4M+14.9% | $196.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $133.3M+67.3% | $79.7M-2.2% | $81.4M-10.0% | $90.5M+11.9% | $80.9M+27.3% | $63.5M-6.7% | $68.1M+16.7% | $58.3M |
| Goodwill | $580.5M0.0% | $580.5M0.0% | $580.5M0.0% | $580.5M0.0% | $580.5M0.0% | $580.5M0.0% | $580.5M0.0% | $580.5M |
| Total Liabilities | $5.9B+24.5% | $4.7B-15.2% | $5.6B+20.2% | $4.6B+5.0% | $4.4B+6.5% | $4.1B+13.7% | $3.6B+5.0% | $3.5B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | $270.2M+0.1% | $269.9M+0.1% | $269.6M+0.1% | $269.3M+59.4% | $168.9M-1.9% | $172.3M+0.1% | $172.1M |
| Total Equity | -$413.6M-9.2% | -$378.8M-62.3% | -$233.5M-251.7% | $153.9M-14.2% | $179.4M-14.5% | $209.8M-47.2% | $397.5M+8.3% | $366.9M |
| Retained Earnings | -$896.9M-3.5% | -$866.3M-20.3% | -$720.4M-117.0% | -$332.0M-36.9% | -$242.5M-17.9% | -$205.7M-5252.2% | $4.0M+33.3% | $3.0M |
STEP Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$23.2M-185.4% | $27.2M+67.2% | $16.2M-64.9% | $46.3M+169.6% | -$66.5M-341.2% | $27.6M-48.6% | $53.7M+7.0% | $50.2M |
| Capital Expenditures | $762K+76.4% | $432K+30.5% | $331K-69.8% | $1.1M-58.9% | $2.7M+370.8% | $566K-56.3% | $1.3M+125.0% | $575K |
| Free Cash Flow | -$24.0M-189.7% | $26.7M+68.0% | $15.9M-64.8% | $45.2M+165.3% | -$69.2M-356.1% | $27.0M-48.4% | $52.4M+5.7% | $49.6M |
| Investing Cash Flow | $821.7M+1321.6% | -$67.3M-587.6% | -$9.8M+17.1% | -$11.8M-73.3% | -$6.8M-163.5% | -$2.6M+87.6% | -$20.9M-58.0% | -$13.2M |
| Financing Cash Flow | -$57.8M-211.5% | $51.8M-55.2% | $115.6M+260.1% | -$72.2M-185.1% | $84.9M+224.0% | $26.2M+3719.2% | -$724K+96.8% | -$22.9M |
| Dividends Paid | $23.3M+5.3% | $22.2M+0.8% | $22.0M-56.3% | $50.3M+175.3% | $18.3M+4.5% | $17.5M+7.2% | $16.3M-31.5% | $23.8M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
STEP Financial Ratios
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -1.3%+19.7pp | -21.1%+59.6pp | -80.6%-70.1pp | -10.5%-5.6pp | -4.9%+51.7pp | -56.6%-63.1pp | 6.5%-0.7pp | 7.1% |
| Return on Equity | N/A | N/A | N/A | -25.0%-14.6pp | -10.3%+81.2pp | -91.5%-95.9pp | 4.4%+0.8pp | 3.6% |
| Return on Assets | -0.1%+2.2pp | -2.4%+4.5pp | -6.9%-6.1pp | -0.8%-0.4pp | -0.4%+4.0pp | -4.4%-4.9pp | 0.4%+0.1pp | 0.4% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | -14.21-13.5 | -0.71+0.4 | -1.16-2.9 | 1.75+0.3 | 1.50+0.7 | 0.81+0.4 | 0.43-0.0 | 0.47 |
| FCF Margin | -4.1%-8.6pp | 4.6%+1.1pp | 3.5%-8.9pp | 12.4%+30.7pp | -18.3%-26.3pp | 8.0%-11.3pp | 19.3%-7.3pp | 26.6% |
Note: Shareholder equity is negative (-$413.6M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Stepstone Group Inc.'s annual revenue?
Stepstone Group Inc. (STEP) reported $2.0B in total revenue for fiscal year 2026. This represents a 69.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Stepstone Group Inc.'s revenue growing?
Stepstone Group Inc. (STEP) revenue grew by 69.7% year-over-year, from $1.2B to $2.0B in fiscal year 2026.
Is Stepstone Group Inc. profitable?
No, Stepstone Group Inc. (STEP) reported a net income of -$535.8M in fiscal year 2026, with a net profit margin of -26.9%.
How much debt does Stepstone Group Inc. have?
As of fiscal year 2026, Stepstone Group Inc. (STEP) had $1.1B in cash and equivalents against $270.6M in long-term debt.
What is Stepstone Group Inc.'s net profit margin?
Stepstone Group Inc. (STEP) had a net profit margin of -26.9% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
Does Stepstone Group Inc. pay dividends?
Yes, Stepstone Group Inc. (STEP) paid $1.48 per share in dividends during fiscal year 2026.
What is Stepstone Group Inc.'s free cash flow?
Stepstone Group Inc. (STEP) generated $63.9M in free cash flow during fiscal year 2026. This represents a 6.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Stepstone Group Inc.'s operating cash flow?
Stepstone Group Inc. (STEP) generated $66.5M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Stepstone Group Inc.'s total assets?
Stepstone Group Inc. (STEP) had $6.8B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Stepstone Group Inc.'s capital expenditures?
Stepstone Group Inc. (STEP) invested $2.6M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Stepstone Group Inc.'s debt-to-equity ratio?
Stepstone Group Inc. (STEP) had a debt-to-equity ratio of -14.21 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Stepstone Group Inc.'s return on assets (ROA)?
Stepstone Group Inc. (STEP) had a return on assets of -7.9% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
Why is Stepstone Group Inc.'s debt-to-equity ratio negative or unusual?
Stepstone Group Inc. (STEP) has negative shareholder equity of -$413.6M as of fiscal year 2026, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Stepstone Group Inc.'s Piotroski F-Score?
Stepstone Group Inc. (STEP) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Stepstone Group Inc.'s earnings high quality?
Stepstone Group Inc. (STEP) has an earnings quality ratio of -0.12x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Stepstone Group Inc.?
Stepstone Group Inc. (STEP) scores 36 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.