StepStone Group Inc. STEP
We are a global private markets investment firm focused on providing customized investment solutions and advisory and data services to our clients. Our clients include some of the world's largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. We partner with our clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes. These portfolios utilize several types of synergistic investment strategies with third-party fund managers, including commitments to funds ("primaries"), acquiring stakes in existing funds on the secondary market ("secondaries") and investing directly into companies ("co-investments"). As of March 31, 2026, we were responsible for approximately $885 billion of total capital, including $233 billion of AUM and $652 billion of AUA.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- Non-U.S. countries
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | $1.07B | $521.2M | $191.4M |
| Non-U.S. countries | $921.9M | $653.6M | $520.3M |
As the company reported it, from the “Revenues - Schedule of Disaggregation of Revenue by Geographic Location (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.99B | $1.17B | $711.6M | -$67.6M | $1.37B | $787.7M | $446.6M | $256.3M | — |
| SG&A | $187.3M | $177.4M | $167.3M | $147.2M | $110.5M | $48.5M | $52.4M | $48.3M | — |
| Total operating expenses | $3.02B | $1.44B | $539.9M | -$67.1M | $913.2M | $459.5M | $294.7M | $189.8M | — |
| Interest expense | $18.5M | $12.7M | $9.3M | $4.2M | $1.1M | $7.4M | $10.2M | $10.3M | — |
| Pre-tax income | -$891.2M | -$222.0M | $195.4M | -$41.5M | $512.6M | $337.8M | $148.7M | $61.6M | — |
| Income tax | $147.9M | $49.2M | $27.6M | $3.8M | $28.3M | $23.3M | $4.0M | $1.6M | — |
| Net income | -$743.3M | -$172.8M | $167.8M | -$45.3M | $484.3M | $62.6M | $0 | $0 | — |
| EPS, basic | -6.78 | -2.52 | 0.91 | -0.30 | 3.89 | 2.11 | — | — | — |
| EPS, diluted | -6.78 | -2.52 | 0.91 | -0.30 | 3.84 | 2.06 | — | — | — |
| Shares, diluted (wtd. avg.) | 79.0M | 71.1M | 66.5M | 61.9M | 53.6M | 33.3M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.12B | $289.8M | $182.3M | $129.5M | $117.4M | $183.9M | $89.9M | $40.6M | $106.3M |
| Property, plant and equipment | $26.3M | $29.8M | $29.6M | $15.8M | $12.8M | $10.2M | $11.0M | — | — |
| Goodwill | $580.5M | $580.5M | $580.5M | $580.5M | $580.5M | $6.8M | $6.8M | — | — |
| Other intangibles | $223.0M | $263.9M | $304.9M | $354.6M | $398.1M | $5.5M | $8.8M | — | — |
| Total assets | $6.76B | $4.59B | $3.79B | $3.50B | $4.19B | $1.32B | $680.8M | — | — |
| Long-term debt | — | $269.3M | $148.8M | $98.4M | $62.9M | $0 | $143.1M | — | — |
| Total liabilities | $5.88B | $2.81B | $1.92B | $1.84B | $2.36B | $661.1M | $443.9M | — | — |
| Retained earnings | -$896.9M | -$242.5M | $13.8M | $160.4M | $229.6M | $60.4M | $0 | — | — |
| Total equity | -$413.6M | $179.4M | $1.65B | $1.63B | $1.82B | $659.7M | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $66.5M | $64.9M | $161.5M | $151.2M | $214.3M | $149.3M | $65.9M | $51.5M | — |
| Depreciation and amortisation | $45.7M | $45.5M | $47.6M | $47.4M | $27.0M | $5.5M | $7.1M | $7.9M | — |
| Stock-based compensation | $1.62B | $650.1M | $39.4M | $24.9M | $14.0M | $7.9M | $1.9M | $1.7M | — |
| Capital expenditure | $2.6M | $5.1M | $19.6M | $5.6M | $2.1M | $1.3M | $837.0K | $3.0M | — |
| Investing cash flow | $732.9M | -$43.5M | -$47.3M | -$30.8M | -$210.2M | -$11.2M | $35.8M | -$61.9M | — |
| Financing cash flow | $37.4M | $87.5M | -$58.0M | -$108.0M | -$70.4M | -$45.3M | -$52.2M | -$55.5M | — |
| Dividends paid | $117.8M | $75.8M | $68.5M | $50.0M | $23.9M | $2.0M | $0 | $0 | — |
| Buybacks | $8.7M | $0 | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-310296.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $256.3M | $446.6M | $787.7M | $1.37B | -$67.6M | $711.6M | $1.17B | $1.99B |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Net income | — | $0 | $0 | $62.6M | $484.3M | -$45.3M | $167.8M | -$172.8M | -$743.3M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Results announced Item 2.02
- Results announced Item 2.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder rights changed Item 3.03
- Charter or fiscal year changed Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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