StepStone Group (STEP) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

StepStone Group

NasdaqGS•Financial Services•Asset Management

$46.31-0.79(-0.02%)Market closed

Market Cap

$3.86B

P/S

1.9x

StepStone Group Inc. is a private equity and venture capital firm specializing in primary, direct, fund of funds, secondary direct, and secondary indirect investments. For direct investment, it seeks to invest in private debt, venture debt, incubation, mezzanine, distressed/vulture, seed/startup, early venture, mid venture, late venture, emerging growth, later stage, turnaround, growth capital, industry consolidation, recapitalization, buyout investments in mature and middle market companies. It prefers to invest in natural resources, technology, healthcare, services, materials, manufacturing, consumer durables, apparel, hotels, restaurants and leisure, media, retailing, power, utilities consumer staples, financials, telecommunication services, clean energy/renewables, transport, social, natural capital, infrastructure, corporate, real estate, credit and real asset. The firm invests globally with a focus on United States, North America, Europe, Asia, Latin America, Middle East, Africa, Brazil, Mexico, Argentina, Colombia, New Zealand, China, India, Korea, Japan, Taiwan, and Australia region. The firm invests between 5% and 40% in emerging markets. For fund of fund investment, it seeks to invest in private equity funds, venture capital funds, Special situation funds, Real estate funds, Infrastructure funds, mezzanine funds, and turnaround/distressed funds. It considers investments in both domestic and international funds. It also seeks to make co-investments and follow-on investments and considers partial interests in funds. The firm seeks to make minority and majority investments. StepStone Group Inc. was founded in 2007 and is based in New York, New York with additional offices across North America, South America, South Korea, Europe, Australia and Asia.

How this company scores

WeakMetricSide Score: 50/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Growth (16/25); weakest: Profitability (6/25).

Profitability6/25

Growth16/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality13/25

Strengths

Growing revenueInterest easily coveredCash-backed earningsConsistent growth

Grade capped at D

Negative equity — the balance sheet is insolvent.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 94.0x5y range 8.4x – 109.4x

Currently above its 11-quarter median.

P/S · 1.9x5y range 1.2x – 12.6x

Currently below its 19-quarter median.

P/B · 28.1x5y range 1.9x – 28.1x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $3.86B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $2.01B
Q. Revenue: $378.89M
TTM EBITDA: $-1.06B
TTM Op. Income: $-1.06B
Q. Op. Income: $-196.01M
TTM Net Income: $-613.20M
Q. Net Income: $-115.82M
EPS: $-1.41
Shares Out.: $82.00M

$2.01B in TTM revenue grew 48.5% YoY, reaching $378.89M last quarter. TTM EBITDA of $-1.06B and TTM operating income of $-1.06B show growth is flowing through to the bottom line. However, net income is negative at $613.20M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -51.7%
Op. Margin: -51.7%
Net Margin: -30.6%

Op. margin of -51.7% is down 44.7% YoY — costs are rising relative to revenue. Net margin at -30.6% Over the past year, operating margin is down 639% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 1.9x
P/B Ratio: N/A

P/S of 1.9x and P/B of 0.0x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $7.77B
Cash: $703.10M
Long-Term Debt: N/A
Book Value: $-539.20M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-457.51M
TTM Free Cash Flow: $-439.39M
FCF Margin: -21.9%
FCF / Net Income: 0.7

TTM FCF of $-439.39M on $-457.51M in operating cash flow. The FCF / Net Income ratio of 0.7x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 893% — a weakening trend.