STEP

MKT CAP:$7B

StepStone Group Inc.

Market Cap

$7B

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$54.97-$11.64 (-17.47%)

Apr 17, 2026

Company Details

StepStone Group Inc. is an investment firm specializing in direct, fund of funds, secondary direct, and secondary indirect investments. For direct investment, it seeks to invest in venture debt, incubation, mezzanine, distressed/vulture, se...

CEO

Monte Brem

IPO Date

Sep 16, 2020

Website

www.stepstonegroup.com

Key Metrics TTM

Revenue

$843M

— YoY

Net Income

$119M

EPS (Diluted)

$3.28

Free Cash Flow

$108M

Revenue / Share

$12.53

Gross Margin

49.3%

Operating Margin

32.6%

Net Margin

14.1%

FCF Margin

12.8%

P/S

7.8x

P/E

55.4x

Earnings Reports

FY 2024

May 24, 2024

$712MEPS $0.91

Q4 2024

May 24, 2024

$357MEPS $0.48

Q1 2022

Aug 12, 2021

$309MEPS $1.06

Q2 2020

Sep 29, 2019

$132MEPS $1.74

Q4 2019

Mar 30, 2019

$46MEPS $0.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 19	$70M	$70M	$19M
Q4 19	$46M	$44M	$5M
Q2 20	$132M	$61M	$48M
Q1 22	$309M	$155M	$135M
Q4 24	$357M	$156M	$88M

Valuation

Quarter	P/S	P/E
Q3 19	—	—
Q4 19	—	—
Q2 20	—	—
Q1 22	2.4x	13.2x
Q4 24	2.7x	19.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$6M	$5M
Q2 20	$20M	$20M
Q1 22	$77M	$76M
Q4 24	$8M	$7M

Capital Expenditures

Quarter	CapEx
Q4 19	$447.0K
Q2 20	$15.0K
Q1 22	$1M
Q4 24	$915.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 24	+408.3%	+421.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$0	0.0%
Q2 20	$475.0K	0.4%
Q1 22	$0	0.0%
Q4 24	$14M	3.9%

OpEx Breakdown

Quarter	G&A	SG&A
Q3 19	—	$52M
Q4 19	—	$40M
Q2 20	$13M	—
Q1 22	$20M	—
Q4 24	$68M	—

Revenue Segments

Quarter	Carried Interest Allocation, Realized	Carried Interest Allocation, Unrealized	Incentive Fees	Management And Advisory Fees, Net
Q1 22	$50M	$176M	$4M	$78M

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$258M	$51M
Q4 24	$249M	$108M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$116M	$0	$116M
Q1 23	$106M	$0	$106M
Q2 23	$144M	$0	$144M
Q3 23	$140M	$0	$140M
Q4 23	$129M	$0	$129M
Q1 24	$127M	$0	$127M
Q2 24	$176M	$0	$176M
Q3 24	$174M	$0	$174M
Q4 24	$182M	$0	$182M
Q1 25	$195M	$0	$195M
Q2 25	$225M	$0	$225M
Q3 25	$279M	$0	$279M
Q4 25	$289M	$0	$289M
Q1 26	$244M	$0	$244M
Q2 26	$366M	$0	$366M
Q3 26	$377M	$0	$377M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 19	29M	—	—
Q4 19	29M	0.0%	—
Q2 20	29M	0.0%	—
Q1 22	43M	+46.7%	—
Q4 24	67M	+56.9%	+130.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 19	—	—
Q4 19	—	—
Q2 20	—	—
Q1 22	$541.4K	570
Q4 24	$360.4K	990

Revenue / Employee