Stepstone Group Inc. is a US-listed company in the asset management & custody banks industry. Its financial year ends in March.
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~$31
Forward price-to-earnings vs peers
Base case. Range ~$26–$39. Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Stepstone Group Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $2.01bn, up 48.5% on a year earlier, slower than the 69.7% growth a quarter earlier. That growth ranks 3 of 23 among the asset management & custody banks companies we cover. The diluted share count is up 9.0% on a year earlier, which dilutes existing holders.
Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Stepstone Group Inc.'s trailing-twelve-month revenue grew 48.5% year on year, with a free-cash-flow margin of -21.9%. Where it lags: stock pay as % of revenue of 90.9% ranks 40 of 40 asset management & custody banks companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 48.5% (-21.2pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
We value Stepstone Group Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$31 ~$26–$39 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: book value or earnings not available |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | — | Does not apply: no positive book value in the latest twelve months |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: earnings are not positive |
| Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$31 ~$26–$39 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Stepstone Group Inc. with asset managers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 5, 2026, after the close. Analysts expect revenue of $325m and EPS of $0.56 (range $0.53 to $0.61) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $2.46 | +14% | $1.6bn | +22% |
| Next | $3.40 | +38% | $1.9bn | +18% |
Next year's EPS estimate has moved +3.1% in 90 days, across 10 analysts.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.50 | $0.48 | −4.8% |
| Mar 2026 | $0.50 | $0.57 | +13.5% |
| Dec 2025 | $0.60 | $0.65 | +8.8% |
| Sept 2025 | $0.49 | $0.54 | +10.6% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −23.7%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $1.4bn | $2.0bn | +48.5% |
| P/S multiple | 3.2x | 1.8x | −44.0% |
| Share count | 73m | 80m | −8.3% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
Last 3 years +68.6%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $188m | $2.0bn | +970.2% |
| P/S multiple | 8.9x | 1.8x | −80.0% |
| Share count | 63m | 80m | −21.3% |
Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| STEP | +5% | −38% | +32% | +86% | +14% | −28% |
| Industry peers (median) | +33% | −17% | +19% | +15% | −4% | −6% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| STEP | 50% | 42% | 50% | 92% | 58% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| STEP | −30% | −44% | −31% | −17% | −34% | −47% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since September 16, 2020: 60% from November 15, 2021 to May 4, 2023. Getting back needed a 151% gain, reached on August 13, 2024, 467 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 6, 2026 | −6.8% | +0.5% | +4.3% | +2.9% |
| May 20, 2026 | +4.2% | +1.2% | −4.6% | −11.8% |
| February 5, 2026 | −2.4% | +0.6% | −11.6% | −28.8% |
| November 6, 2025 | −2.4% | −1.0% | −0.7% | −0.1% |
| August 7, 2025 | +0.2% | +0.7% | +6.6% | +6.4% |
| May 22, 2025 | +4.4% | −0.6% | +2.9% | −0.5% |
| February 6, 2025 | −0.5% | −0.6% | −6.0% | −25.9% |
| November 7, 2024 | +2.9% | +1.2% | −1.1% | −9.2% |
| August 8, 2024 | +11.0% | +2.8% | +18.3% | +18.4% |
| May 23, 2024 | +11.0% | −0.1% | +14.3% | +21.5% |
| February 8, 2024 | +7.5% | +0.6% | +3.9% | +0.8% |
| November 6, 2023 | −7.0% | +0.5% | −10.9% | −11.7% |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q2 | $537.6M |
| FY24 Q3 | $527.2M |
| FY24 Q4 | $711.6M |
| FY25 Q1 | $720M |
| FY25 Q2 | $800.3M |
| FY25 Q3 | $1.2B |
| FY25 Q4 | $1.2B |
| FY26 Q1 | $1.4B |
| FY26 Q2 | $1.5B |
| FY26 Q3 | $1.8B |
| FY26 Q4 | $2B |
| FY27 Q1 | $2B |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q1 | -80.8% |
| FY24 Q2 | -0.3% |
| FY24 Q3 | 322.6% |
| FY25 Q1 | 283.7% |
| FY25 Q2 | 48.9% |
| FY25 Q3 | 118.9% |
| FY25 Q4 | 65.1% |
| FY26 Q1 | 87.9% |
| FY26 Q2 | 91.8% |
| FY26 Q3 | 54.5% |
| FY26 Q4 | 69.7% |
| FY27 Q1 | 48.5% |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY24 Q2 | 21.6% |
| FY24 Q3 | 25.1% |
| FY24 Q4 | 19.9% |
| FY25 Q1 | 19.7% |
| FY25 Q2 | 16.2% |
| FY25 Q3 | 11.8% |
| FY25 Q4 | 5.1% |
| FY26 Q1 | 4.1% |
| FY26 Q2 | 1.2% |
| FY26 Q3 | 1.0% |
| FY26 Q4 | 3.2% |
| FY27 Q1 | -21.9% |
| Fiscal year | 2019 Mar 2019 | 2020 Mar 2020 | 2021 Mar 2021 | 2022 Mar 2022 | 2023 Mar 2023 | 2024 Mar 2024 | 2025 Mar 2025 | 2026 Mar 2026 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||
| Revenue | 256 | 447 | 788 | 1,366 | −68 | 712 | 1,175 | 1,994 | 2,008 |
| Net income | 0 | 0 | 63 | 194 | −18 | 58 | −180 | −536 | −613 |
| Diluted EPS | — | — | $2.06 | $3.84 | −$0.30 | $0.91 | −$2.52 | −$6.78 | −$7.66 |
| Growth (year on year) | |||||||||
| Revenue | — | +74.3% | +76.4% | +73.4% | −104.9% | — | +65.1% | +69.7% | +48.5% |
| Net income | — | — | — | +209.6% | −109.5% | — | −409.1% | — | — |
| Diluted EPS | — | — | — | +86.4% | −107.8% | — | −376.9% | — | — |
| Margins | |||||||||
| Net margin | 0.0% | 0.0% | 8.0% | 14.2% | 27.2% | 8.2% | −15.3% | −26.9% | −30.5% |
| Free-cash-flow margin | 18.9% | 14.6% | 18.8% | 15.5% | −215.4% | 19.9% | 5.1% | 3.2% | −21.9% |
| Cash flow | |||||||||
| Cash from operations | 51 | 66 | 149 | 214 | 151 | 162 | 65 | 66 | −437 |
| Capital spending | 3 | 1 | 1 | 2 | 6 | 20 | 5 | 3 | 2 |
| Free cash flow | 48 | 65 | 148 | 212 | 146 | 142 | 60 | 64 | −439 |
| Stock-based pay | 2 | 2 | 8 | 14 | 25 | 39 | 650 | 1,618 | 1,826 |
| Free cash flow after stock pay | 47 | 63 | 140 | 198 | 121 | 102 | −590 | −1,554 | −2,265 |
| Balance sheet | |||||||||
| Cash | 41 | 90 | 180 | 116 | 130 | 182 | 290 | 1,119 | 703 |
| Total debt | 0 | 143 | 0 | 65 | 100 | 150 | 275 | 275 | 275 |
| Net debt (negative = net cash) | −41 | 53 | −180 | −51 | −30 | −32 | −15 | −844 | −428 |
| Diluted shares | — | — | 33m | 54m | 62m | 67m | 71m | 79m | 80m |
| Returned to shareholders | |||||||||
| Dividends | 0 | 0 | 2 | 24 | 50 | 68 | 76 | 118 | 136 |
| Buybacks | — | — | — | — | — | 0 | 0 | 9 | — |
| Total returned | 0 | 0 | 2 | 24 | 50 | 68 | 76 | 126 | 136 |
| Quarter | 2025 Q2 Sept 2024 | 2025 Q3 Dec 2024 | 2025 Q4 Mar 2025 | 2026 Q1 Jun 2025 | 2026 Q2 Sept 2025 | 2026 Q3 Dec 2025 | 2026 Q4 Mar 2026 | 2027 Q1 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 272 | 339 | 378 | 364 | 454 | 587 | 589 | 379 |
| Net income | 18 | −192 | −19 | −38 | −366 | −123 | −8 | −116 |
| Diluted EPS | $0.26 | −$2.61 | −$0.20 | −$0.49 | −$4.66 | −$1.55 | −$0.06 | −$1.41 |
| Growth (year on year) | ||||||||
| Revenue | +41.9% | — | +5.9% | +95.4% | +67.2% | +73.0% | +55.8% | +4.0% |
| Net income | −32.8% | — | −160.0% | −388.3% | <−999% | — | — | — |
| Diluted EPS | −38.1% | — | −141.7% | −345.0% | <−999% | — | — | — |
| Margins | ||||||||
| Net margin | 6.5% | −56.6% | −4.9% | −10.5% | −80.6% | −21.0% | −1.3% | −30.6% |
| Free-cash-flow margin | 19.3% | 8.0% | −18.3% | 12.4% | 3.5% | 4.6% | −4.1% | −120.9% |
| Cash flow | ||||||||
| Cash from operations | 54 | 28 | −67 | 46 | 16 | 27 | −23 | −458 |
| Capital spending | 1 | 1 | 3 | 1 | 0 | 0 | 1 | 1 |
| Free cash flow | 52 | 27 | −69 | 45 | 16 | 27 | −24 | −458 |
| Stock-based pay | 37 | 486 | 120 | 182 | 884 | 469 | 180 | 293 |
| Free cash flow after stock pay | 15 | −459 | −190 | −136 | −869 | −442 | −204 | −751 |
| Last 12 months unless stated | STEP | FHI | AMG | SEIC | VCTR | OWL | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $2.0bn | $2.0bn | $2.3bn | $2.5bn | $1.6bn | $3.1bn | $858m |
| Revenue growth, last 12 months | 48.5% | 13.2% | 11.8% | 12.8% | 51.5% | 11.8% | 17.2% |
| Revenue growth, 3-year average | 120.4% | 7.4% | 1.9% | 10.2% | 24.2% | 23.4% | 10.2% |
| Revenue growth, latest quarter | 4.0% | 8.1% | 29.9% | 14.4% | 24.0% | 10.8% | 14.4% |
| Operating margin | — | 27.8% | 48.1% | 29.4% | 41.3% | — | 25.8% |
| Operating margin, 3-year average | — | 26.0% | — | 27.1% | 41.5% | — | 18.8% |
| Net margin | −30.5% | 21.3% | 37.7% | 28.1% | 29.6% | 3.1% | 15.2% |
| Cash from operations / revenue | −21.8% | 20.5% | 47.2% | 27.3% | 36.4% | 50.7% | 26.4% |
| Free-cash-flow margin | −21.9% | 19.6% | 46.9% | 26.3% | 36.2% | 49.0% | 21.9% |
| Free-cash-flow margin, 3-year average | 0.6% | 18.6% | 46.9% | 26.5% | 33.7% | 44.2% | 17.6% |
| Stock pay / revenue | 90.9% | 1.5% | −2.6% | 2.3% | 2.2% | 24.0% | 3.7% |
| Change in share count | 9.0% | −5.1% | −8.0% | −3.8% | −1.7% | — | −0.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 48.5% | 17.2% | 11 of 43 |
| Change in growth rate Growth | -21.2pp | +1.0pp | 41 of 43 |
| Net margin Profitability | -30.5% | 15.2% | 37 of 43 |
| Stock pay as % of revenue Cash generation | 90.9% | 4.3% | 40 of 40 |
| Change in share count Balance sheet | 9.0% | -0.3% | 30 of 33 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Performance Fees | $1.1B | ▲ 161.7% |
| Management and Advisory Fees Net | $926M | ▲ 20.8% |
| Carried Interest Allocation | $708M | ▲ 135.2% |
| Management and Advisory Fees Net Focused Commingled Funds | $548M | ▲ 24.5% |
| Carried Interest Allocation Unrealized | $540M | ▲ 281.3% |
| Management and Advisory Fees Net Separately Managed Accounts | $294M | ▲ 16.2% |
| Incentive Fees | $220M | ▲ 582.1% |
| Incentive Fees Focused Commingled Funds | $210M | ▲ 797.0% |
| Carried Interest Allocation Realized | $169M | ▲ 5.6% |
| Legacy Carried Interest Allocation | $139M | ▲ 86.6% |
| Management and Advisory Fees Net Advisory and Other Services | $74.5M | ▲ 11.1% |
| Income Based Incentive Fees | $22.8M | ▲ 185.0% |
| Management and Advisory Fees Net Fund Reimbursement Revenues | $10.6M | ▲ 48.8% |
| Incentive Fees Separately Managed Accounts | $10.3M | ▲ 15.7% |
These categories overlap or exclude eliminations, so shares aren't shown.
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.1B | 53.8% | ▲ 105.6% |
| Outside the US | $922M | 46.2% | ▲ 41.0% |
From Stepstone Group Inc.'s 10-K filed May 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $495M | 12.0M | 15.0% | ▲ 1.2% |
| Millennium Management LLC | $232M | 5.6M | 7.0% | ▼ 21.7% |
| Wellington Management Group LLP | $215M | 5.2M | 6.5% | ▼ 1.0% |
| Price T Rowe Associates Inc | $214M | 5.2M | 6.5% | ▲ 6.0% |
| Vanguard Portfolio Management LLC | $193M | 4.7M | 5.9% | ▲ 4.2% |
| Vanguard Capital Management LLC | $147M | 3.6M | 4.4% | ▲ 0.7% |
| State Street Corp | $129M | 3.1M | 3.9% | ▲ 8.6% |
| Capital World Investors | $104M | 2.5M | 3.2% | ▼ 22.8% |
| Geode Capital Management, LLC | $83.4M | 2.0M | 2.5% | ▲ 3.3% |
| William Blair Investment Management, LLC | $79.8M | 1.9M | 2.4% | ▲ 0.8% |
| Westfield Capital Management Co LP | $71.5M | 1.7M | 2.2% | ▲ 46.8% |
| Jpmorgan Chase & Co | $61.4M | 1.5M | 1.9% | ▲ 2.8% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Stepstone Group Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Mccabe Michael I Head of Strategy | June 11, 2026 | Buy | 96,887 | $41.71 | $4M |
| Mccabe Michael I Head of Strategy | June 11, 2026 | Buy | 23,113 | $42.44 | $980,916 |
| Fernandez Jose A Co-Chief Operating Officer | June 3, 2026 | Sell pre-set plan | 2,290 | $42.64 | $97,646 |
| Fernandez Jose A Co-Chief Operating Officer | June 2, 2026 | Sell pre-set plan | 14,800 | $47.33 | $700,484 |
| Fernandez Jose A Co-Chief Operating Officer | June 2, 2026 | Sell pre-set plan | 85,200 | $46.41 | $4M |
| Fernandez Jose A Co-Chief Operating Officer | June 1, 2026 | Sell pre-set plan | 3,383 | $50.59 | $171,146 |
| Fernandez Jose A Co-Chief Operating Officer | June 1, 2026 | Sell pre-set plan | 12,117 | $49.78 | $603,184 |
| Fernandez Jose A Co-Chief Operating Officer | June 1, 2026 | Sell pre-set plan | 56,176 | $48.57 | $2.7M |
| Fernandez Jose A Co-Chief Operating Officer | June 1, 2026 | Sell pre-set plan | 28,324 | $47.90 | $1.4M |
| Mitchell Steven R Director | February 23, 2026 | Buy | 1,200 | $44.65 | $53,580 |
| Mitchell Steven R Director | February 23, 2026 | Buy | 11,507 | $44.18 | $508,379 |
| Mitchell Steven R Director | February 23, 2026 | Buy | 86 | $44.33 | $3,812 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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