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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2026
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2026 | $2.0B | $-827M | $-536M | $64M | 129.6% | 69.7% | 198.4% |
| 2025 | $1.2B | $-164M | $-180M | $60M | -100.1% | 65.1% | -409.1% |
| 2024 | $712M | $252M | $58M | $142M | 17.9% | -1153.1% | -415.7% |
| 2023 | $-68M | $10M | $-18M | $146M | -2.4% | - | - |
| 2022 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Total Revenue | - | -67.57 | 711.63 | 1,174.83 | 1,993.60 |
| Operating Revenue | - | -67.57 | 711.63 | 1,174.83 | 1,993.60 |
| Cost Of Revenue | - | -239.18 | 330.19 | 595.17 | 1,087.66 |
| Gross Profit | - | 171.60 | 381.44 | 579.66 | 905.94 |
| Operating Expense | - | 172.10 | 209.67 | 846.48 | 1,929.31 |
| Selling General And Administration | - | 172.10 | 209.67 | 846.48 | 1,929.31 |
| Total Expenses | - | -67.08 | 539.86 | 1,441.65 | 3,016.97 |
| Operating Income | - | -0.50 | 171.77 | -266.82 | -1,023.37 |
| EBITDA | - | 10.18 | 252.32 | -163.84 | -826.94 |
| Normalized EBITDA | - | 47.45 | 225.48 | -243.13 | -965.11 |
| EBIT | - | -37.26 | 204.73 | -209.33 | -872.67 |
| Interest Income | - | 1.92 | 3.66 | 10.85 | 11.83 |
| Interest Expense | - | 4.19 | 9.33 | 12.70 | 18.50 |
| Net Interest Income | - | -2.27 | -5.67 | -1.85 | -6.67 |
| Other Non Operating Income Expenses | - | -1.42 | 2.46 | -32.65 | 0.70 |
| Other Income Expense | - | -38.69 | 29.29 | 46.64 | 138.87 |
| Interest Income Non Operating | - | 1.92 | 3.66 | 10.85 | 11.83 |
| Interest Expense Non Operating | - | 4.19 | 9.33 | 12.70 | 18.50 |
| Net Non Operating Interest Income Expense | - | -2.27 | -5.67 | -1.85 | -6.67 |
| Pretax Income | - | -41.45 | 195.40 | -222.04 | -891.17 |
| Tax Provision | - | 3.82 | 27.58 | -49.21 | -147.89 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -7.83 | 3.78 | 17.57 | 22.93 |
| Net Income Continuous Operations | - | -45.28 | 167.82 | -172.83 | -743.28 |
| Net Income From Continuing And Discontinued Operation | - | -18.40 | 58.09 | -179.56 | -535.81 |
| Net Income From Continuing Operation Net Minority Interest | - | -18.40 | 58.09 | -179.56 | -535.81 |
| Net Income | - | -18.40 | 58.09 | -179.56 | -535.81 |
| Net Income Common Stockholders | - | -18.40 | 58.09 | -179.56 | -535.81 |
| Net Income Including Noncontrolling Interests | - | -45.28 | 167.82 | -172.83 | -743.28 |
| Normalized Income | - | 11.04 | 35.04 | -241.28 | -651.05 |
| Diluted NI Availto Com Stockholders | - | -18.40 | 60.74 | -179.56 | -535.81 |
| Basic Average Shares | - | 61.88 | 63.49 | 71.14 | 79.04 |
| Diluted Average Shares | - | 61.88 | 66.54 | 71.14 | 79.04 |
| Reconciled Depreciation | - | 47.44 | 47.59 | 45.49 | 45.73 |
| Reconciled Cost Of Revenue | - | -239.18 | 330.19 | 595.17 | 1,087.66 |
| Total Unusual Items | - | -37.27 | 26.84 | 79.28 | 138.17 |
| Total Unusual Items Excluding Goodwill | - | -37.27 | 26.84 | 79.28 | 138.17 |
| Minority Interests | - | 26.88 | -109.73 | -6.74 | 207.47 |
| Gain On Sale Of Security | - | -37.27 | 26.84 | 79.28 | 138.17 |
| General And Administrative Expense | - | 172.10 | 209.67 | 846.48 | 1,929.31 |
| Other Gand A | - | 147.16 | 167.32 | 177.35 | 187.25 |
| Salaries And Wages | - | 24.94 | 42.36 | 669.13 | 1,742.06 |
| Average Dilution Earnings | - | 0 | 2.65 | 0 | 0 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| StepStone Group Inc.this co. | STEP | $5.8B | - | - | 129.6% | - |
| Lincoln National Corporation | LNC | $6.5B | 5.53 | 0.66 | 11.9% | - |
| Ameris Bancorp | ABCB | $5.7B | 13.90 | 1.41 | 10.1% | - |
| Enact Holdings, Inc. | ACT | $5.7B | 8.48 | 1.07 | 12.6% | - |
| Victory Capital Holdings, Inc. | VCTR | $5.6B | 16.82 |
| - |
| - |
| - |
| - |
| - |
| 2.29 |
| 13.6% |
| 11.02 |
| Atlantic Union Bankshares Corporation | AUB | $5.4B | 19.74 | 1.08 | 5.5% | - |
| Mercury General Corporation | MCY | $5.4B | 9.99 | 2.24 | 22.4% | - |
| MARA Holdings, Inc. | MARA | $5.3B | -4.04 | 1.52 | -37.8% | -15.34 |
| Piper Sandler Companies | PIPR | $5.2B | 18.51 | 3.80 | 20.5% | - |
| Peer Median | - | 11.94 | 1.46 | 12.2% | -2.16 | |