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
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.
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