STEP
StepStone Group Inc.
STEP lost money over the past year, so it has no meaningful PE right now. Analysts expect earnings to recover.
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.
STEP PE Valuation
STEP has no meaningful PE right now: it lost money over the past year.
STEP Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for STEP, but weaker profitability.
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.
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.
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's free cash flow was −$818M over the past year, against $19M the year before. Free cash flow isn't a meaningful measure for financial services companies like STEP.
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 82M diluted shares, up 4.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $2.1M |
| Q2 2026 | $19.2M |
| Q4 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
| Q2 2020 | — |
| Q1 2020 | — |
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.
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).
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.
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's trend is mixed: it's above three of its five weekly moving averages, and 3.6% above its 200-week average.
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 finished higher in five of the last six years. It's down 28% so far in 2026.