SOFI
SoFi Technologies, Inc.
SOFI has the edge over STEP overall, supported by stronger valuation and stronger modeled upside.
STEP
StepStone Group Inc.
STEP offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
SOFI Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| N/A | |
| N/A |
SOFI's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like SOFI.
STEP Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Weak | |
| N/A | |
| N/A |
STEP's revenue is currently healthy, but its profitability is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like STEP.
SOFI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 19x | $15.63 | — |
| Current | 28x | $15.63 | — |
| Cheap | 33x | $18.24 | +17% |
| Fair | 43x | $23.82 | +52% |
| Expensive | 53x | $29.74 | +90% |
Historical ranges are pointers, not guarantees.
SOFI's PE is in its cheap range at 28x. If earnings grow as analysts expect, today's price would be 19x next year's earnings.
STEP PE Valuation
STEP has no meaningful PE right now: it lost money over the past year.
SOFI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
SOFI has the edge over STEP on the outlook, with more favorable profitability expectations.
STEP Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for STEP, but weaker profitability.
SOFI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.82 | +47% |
| Q3 2026 | $0.56 | 0% |
| Q2 2026 | $0.49 | -2% |
| Q1 2026 | $0.45 | +4.7% |
| Q4 2025 | $0.39 | 0% |
| Q3 2025 | $0.56 | +367% |
| Q2 2025 | $0.50 | +$0.72 |
| Q1 2025 | $0.43 | +$0.72 |
| Q4 2024 | $0.39 | +$0.75 |
SOFI has the edge over STEP on earnings quality, reporting a profit while its opponent remains loss making.
STEP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.83 | — |
| Q3 2026 | -$3.91 | +$4.22 |
| Q2 2026 | -$7.70 | -$4.49 |
| Q1 2026 | -$6.78 | -$4.26 |
| Q4 2025 | -$7.07 | -$5.39 |
| Q3 2025 | -$8.13 | -1433% |
| Q2 2025 | -$3.21 | -517% |
| Q1 2025 | -$2.52 | -377% |
| Q4 2024 | -$1.68 | -285% |
STEP is still losing money, but far less than before: $3.91 per share over the past year, against $8.13 at its worst in late 2025.
SOFI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.4B | +44% |
| Q2 2026 | $1.2B | +43% |
| Q1 2026 | $1.1B | +43% |
| Q4 2025 | $1B | +40% |
| Q3 2025 | $961.6M | +38% |
| Q2 2025 | $854.9M | +43% |
| Q1 2025 | $771.8M | +20% |
| Q4 2024 | $734.1M | +19% |
SOFI's revenue has grown year over year every quarter since mid-2022: $1.4B last quarter, up 44% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 23% | +7.5 points |
| Q2 2026 | 17% | +3.6 points |
| Q1 2026 | 18% | +7.8 points |
| Q4 2025 | 18% | +9.9 points |
| Q3 2025 | 15% | +6.3 points |
| Q2 2025 | 13% | +11 points |
| Q1 2025 | 10% | -4.3 points |
| Q4 2024 | 8.2% | -0.2 points |
SOFI has the edge over STEP on profitability, with a higher operating margin.
STEP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $773.1M | +70% |
| Q2 2026 | $378.9M | +4% |
| Q1 2026 | $588.6M | +56% |
| Q4 2025 | $586.5M | +73% |
| Q3 2025 | $454.2M | +67% |
| Q2 2025 | $364.3M | +95% |
| Q1 2025 | $377.7M | +5.9% |
| Q3 2024 | $271.7M | +42% |
STEP's revenue has grown year over year for 11 quarters in a row: $773M last quarter, up 70% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -19% | +140 points |
| Q2 2026 | -54% | -38 points |
| Q1 2026 | -3.5% | -1.9 points |
| Q4 2025 | -38% | +68 points |
| Q3 2025 | -159% | -178 points |
| Q2 2025 | -16% | -42 points |
| Q1 2025 | -1.6% | -26 points |
| Q4 2024 | -106% | N/A |
STEP's operating margin was −19% last quarter, up 140 points from the same quarter a year ago.
SOFI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$3.1B | -$1.7B |
| Q2 2026 | -$4B | -$2.5B |
| Q1 2026 | -$2.4B | -$2.4B |
| Q4 2025 | -$1.1B | -$815.2M |
| Q3 2025 | -$1.4B | -$149M |
| Q2 2025 | -$1.5B | -$1B |
| Q1 2025 | -$31.1M | -104% |
| Q4 2024 | -$242.4M | +$39.9M |
SOFI's free cash flow was −$10.5B over the past year, against −$3.2B the year before. Free cash flow isn't a meaningful measure for financial services companies like SOFI.
STEP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$362.3M | -2377% |
| Q2 2026 | -$458.1M | -1114% |
| Q1 2026 | -$24M | +$45.2M |
| Q4 2025 | $26.7M | -1.1% |
| Q3 2025 | $15.9M | -70% |
| Q2 2025 | $45.2M | -8.9% |
| Q1 2025 | -$69.2M | -1131% |
| Q4 2024 | $27M | +28% |
STEP has the edge over SOFI on cash flow, with more consistent year-over-year improvement.
SOFI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +5.8M shares |
| 1 year | +5.2% | +66.8M shares |
| 3 years | +43% | +407M shares |
| 5 years | +272% | +993M shares |
SOFI has 1.4B diluted shares, up 5.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
STEP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +298K shares |
| 1 year | +4.8% | +3.7M shares |
| 3 years | +24% | +16.1M shares |
| 5 years | +79% | +36.4M shares |
| Available history | +181% | +53.1M shares |
STEP has the edge over SOFI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $2.1M |
| Q2 2026 | $19.2M |
| Q4 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
| Q2 2020 | — |
| Q1 2020 | — |
SOFI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.4x | Net Cash |
| Q2 2026 | -3.1x | Net Cash |
| Q1 2026 | -3.8x | Net Cash |
| Q4 2025 | -6.5x | Net Cash |
| Q3 2025 | -5.2x | Net Cash |
| Q2 2025 | -4.0x | Net Cash |
| Q1 2025 | -4.9x | Net Cash |
| Q4 2024 | -5.8x | Net Cash |
SOFI has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like SOFI.
STEP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2024 | -0.3x | Net Cash |
| Q2 2024 | -0.1x | Net Cash |
| Q1 2024 | -0.1x | Net Cash |
| Q4 2023 | 0.3x | Very low |
| Q3 2023 | -0.2x | Net Cash |
| Q2 2023 | -0.3x | Net Cash |
| Q1 2023 | -2.4x | Net Cash |
| Q4 2022 | 2.1x | Moderate |
STEP has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like STEP.
SOFI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.1 | Neutral |
| Stochastic | 41.5 | Neutral |
SOFI's weekly RSI is 43 (neutral) and its Stochastic is 41 (neutral).
STEP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.9 | Neutral |
| Stochastic | 46.3 | Neutral |
STEP's weekly RSI is 51 (neutral) and its Stochastic is 46 (neutral).
SOFI PE vs Financial Services Sector
| Metric | SOFI | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 114% above |
| PE % | 2 | 61 | 59 pts below |
SOFI is trading at 28x earnings, a 114% premium to the Financial Services sector's median of 13x.
STEP PE vs Financial Services Sector
| Metric | STEP | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 13x | — |
STEP has no meaningful PE right now: it lost money over the past year.
SOFI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $15.7 | 0.7% below |
| 20 week MA | $17.0 | 7.8% below |
| 50 week MA | $18.9 | 17% below |
| 100 week MA | $18.9 | 17% below |
| 200 week MA | $13.5 | 16% above |
SOFI has fallen below most of its moving averages, though it's still 16% above its 200-week average.
STEP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $44.5 | 6.8% above |
| 20 week MA | $45.7 | 4% above |
| 50 week MA | $51.3 | 7.4% below |
| 100 week MA | $55.0 | 14% below |
| 200 week MA | $45.8 | 3.6% above |
STEP has the edge over SOFI on trend strength, trading above more of its moving averages.
SOFI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.4 | $12.4 | +19% |
| 2021 | $12.4 | $15.1 | +22% |
| 2022 | $15.1 | $4.61 | -69% |
| 2023 | $4.61 | $9.95 | +116% |
| 2024 | $9.95 | $16.0 | +61% |
| 2025 | $16.0 | $27.1 | +69% |
| 2026 YTD | $27.1 | $15.6 | -42% |
SOFI's yearly returns have swung widely, from +116% in 2023 to −69% in 2022. It's down 42% so far in 2026.
STEP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $25.0 | $36.9 | +48% |
| 2021 | $36.9 | $41.7 | +13% |
| 2022 | $41.7 | $25.9 | -38% |
| 2023 | $25.9 | $31.8 | +23% |
| 2024 | $31.8 | $59.9 | +88% |
| 2025 | $59.9 | $66.2 | +11% |
| 2026 YTD | $66.2 | $47.5 | -28% |
STEP has the edge over SOFI on returns for 2026, with the stronger performance.