Stepstone Group vs Victory Capital Holdings
Stepstone Group is the larger business, with $1.99bn of revenue in fiscal 2026 against $1.31bn for Victory Capital Holdings (1.5 times as much). Stepstone Group grew faster (69.7% against 46.2%). Victory Capital Holdings kept more of each dollar of sales as profit: a net margin of 25.3% against -26.9%.
| Latest fiscal year | Stepstone GroupSTEP, 2026 | Victory Capital HoldingsVCTR, 2025 |
|---|---|---|
| Revenue | $1.99bn | $1.31bn |
| Revenue growth | 69.7% | 46.2% |
| Net income | −$536m | $330m |
| Operating margin | — | 36.6% |
| Net margin | -26.9% | 25.3% |
| Return on equity | — | 18.6% |
| Free cash flow | $63.9m | $381m |
| Cash | $1.12bn | $164m |
| Total debt | $275m | $970m |
| Debt to equity | — | 40.0% |
| Dividend per share | $1.48 | $1.94 |
| Dividend yield | 3.7% | 2.4% |
| Share buybacks | $8.7m | $196m |
| Employees | 1,310 | 699 |
| Market value | $3.68bn | $7.04bn |
| Price vs our value range | — | — |
| Moat score | — | 85 (Strong) |
| Insider trades, 12 months | 5 buys, 21 sales | 0 buys, 0 sales |