StepStone Group Inc. (STEP) Balance Sheet
STEP balance sheet, FY2026
March 31, 2026 · U.S. dollars$6.76B assets = $5.88B liabilities + $886.0M equity
Both columns are drawn to the same scale: what STEP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
STEP financial health
Descriptive bands, not a rating. Fiscal FY2026.
STEP balance sheet trends, FY2018–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $465.3MFY2018 | $6.76BFY2026 | +39.7%/yr | |
| Total liabilities | $327.7MFY2018 | $5.88BFY2026 | +43.5%/yr | |
| Shareholders’ equity | $465.3MFY2018 | −$413.6MFY2026 | — | |
| Cash & short-term investments | $106.3MFY2018 | $1.12BFY2026 | +34.2%/yr | |
| Total debt | $9.9MFY2018 | $1.31BFY2026 | +84.2%/yr | |
| Net cash (debt) | $96.4MFY2018 | −$186.9MFY2026 | −$283.4M | |
| Working capital | $223.2MFY2018 | $1.12BFY2026 | +$893.8M | |
| Book value per share | $15.91FY2018 | −$5.15FY2026 | — | |
| Current ratio | 2.28FY2018 | 1.49FY2026 | −0.79 | |
| Debt / equity | 0.02FY2018 | 2.13FY2025 | +2.11 | |
| Shares outstanding | 29.2MFY2018 | 80.3MFY2026 | +13.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
STEP assets
STEP liabilities and equity
STEP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
STEP balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | $1.12B | $289.3M | $181.6M | $128.6M | $116.4M | $179.9M | $89.9M | $40.6M | $106.3M |
| Cash & equivalents | $1.12B | $289.3M | $181.6M | $128.6M | $116.4M | $179.9M | $89.9M | $40.6M | $106.3M |
| Short-term investments | — | — | — | — | $107.0M | — | $0 | $43.4M | — |
| Receivables | $2.28B | $1.67B | $1.48B | $1.33B | $1.53B | $936.1M | $495.6M | $325.6M | $291.7M |
| Inventory | $0 | $0 | $0 | $229.2M | $1 | $1 | $1 | $43.4M | $1 |
| Other current assets | $579,000 | $502,000 | $718,000 | $0 | $1.1M | $4.0M | $0 | $0 | $0 |
| Total current assets | $3.40B | $1.96B | $1.66B | $1.46B | $1.65B | $1.12B | $585.6M | $366.2M | $398.0M |
| Property, plant & equipment (net) | $107.9M | $121.6M | $127.3M | $117.0M | $61.1M | $10.2M | −$732,000 | $7.2M | $5.4M |
| Goodwill & intangible assets | $803.6M | $844.4M | $885.4M | $935.2M | $978.7M | $12.3M | $15.6M | $20.6M | $16.6M |
| Long-term investments | $1.72B | $1.23B | $898.1M | $30.6M | $1.44B | $970.9M | $514.2M | $385.7M | $0 |
| Other non-current assets | $731.4M | $433.6M | $217.3M | $959.2M | $55.3M | $0 | $0 | $0 | $45.4M |
| Total assets | $6.76B | $4.59B | $3.79B | $3.50B | $4.19B | $1.32B | $680.8M | $491.7M | $465.3M |
| Liabilities | |||||||||
| Accounts payable | $102.7M | $89.7M | $127.4M | $89.4M | $80.5M | $47.7M | $36.2M | $35.0M | $18.2M |
| Short-term debt | $100.0M | $269.3M | $148.8M | $98.4M | $62.9M | — | $20.7M | $17.0M | $144.5M |
| Deferred revenue | — | — | $31.0M | $21.6M | $19.0M | — | — | −$21.3M | −$315.5M |
| Total current liabilities | $2.29B | $1.94B | $1.69B | $1.66B | $2.25B | $626.9M | $277.5M | $187.3M | $174.8M |
| Long-term debt | $1.10B | $169.3M | $0 | $98.4M | $0 | $0 | $143.1M | $143.9M | $0 |
| Lease obligations | $103.6M | $113.5M | $119.7M | $121.2M | $71.0M | $0 | — | — | — |
| Other long-term liabilities | $2.49B | $698.5M | $222.9M | $90.1M | $117.4M | $34.2M | $23.2M | $14.9M | $152.9M |
| Total liabilities | $5.88B | $2.81B | $1.92B | $1.84B | $2.36B | $661.1M | $443.9M | $346.1M | $327.7M |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | $120,000 | $117,000 | $111,000 | $109,000 | $109,000 | $95,000 | $216.1M | $128.4M | $121.2M |
| Retained earnings (deficit) | −$896.9M | −$242.5M | $13.8M | $160.4M | $229.6M | $60.4M | $216.2M | $128.7M | $122.1M |
| Accumulated other comprehensive income | $1.1M | $728,000 | $304,000 | $461,000 | $658,000 | $155,000 | $178,000 | $283,000 | $137.6M |
| Minority interest | $1.30B | $1.60B | $1.55B | $857.2M | — | $410.3M | — | — | — |
| Total shareholders' equity | −$413.6M | $179.4M | $324.5M | $771.6M | $817.6M | $249.4M | $216.2M | $128.7M | $465.3M |
| Key figures | |||||||||
| Total debt | $1.31B | $382.8M | $268.6M | $219.6M | $133.8M | $14.5M | $143.1M | $160.8M | $9.9M |
| Net cash (debt) | −$186.9M | −$93.5M | −$87.0M | −$91.0M | −$17.5M | $165.4M | −$53.2M | −$120.2M | $96.4M |
| Working capital | $1.12B | $14.5M | −$32.1M | −$200.2M | −$595.0M | $493.1M | $308.1M | $178.9M | $223.2M |
| Tangible book value | −$1.22B | −$665.1M | −$560.9M | −$163.6M | −$161.0M | $237.1M | $200.6M | $108.1M | $448.8M |
| Book value per share | −$5.15 | $2.52 | $4.88 | $12.47 | $15.25 | $7.50 | $8.13 | $4.40 | $15.91 |
| Shares outstanding | 80.3M | 71.1M | 66.5M | 61.9M | 53.6M | 33.3M | 26.6M | 29.2M | 29.2M |
| Current ratio | 1.49 | 1.01 | 0.98 | 0.88 | 0.74 | 1.79 | 2.11 | 1.96 | 2.28 |
| Quick ratio | 1.49 | 1.01 | 0.98 | 0.88 | 0.73 | 1.78 | 2.11 | 1.96 | 2.28 |
| Debt / equity | — | 2.13 | 0.83 | 0.28 | 0.16 | 0.06 | 0.66 | 1.25 | 0.02 |
| Equity / assets | −6.1% | 3.9% | 8.6% | 22.1% | 19.5% | 18.9% | 31.8% | 26.2% | 100.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $201.2M | $1.12B | $377.5M | $366.2M | $244.1M | $289.3M | $278.8M | $224.6M | $195.4M | $181.6M | $173.6M | $176.1M |
| Cash & equivalents | $201.2M | $1.12B | $377.5M | $366.2M | $244.1M | $289.3M | $278.8M | $224.6M | $195.4M | $181.6M | $173.6M | $176.1M |
| Short-term investments | — | — | — | — | — | — | — | −$45.6M | −$763.1M | — | −$759.2M | −$830.2M |
| Receivables | $109.7M | $2.28B | $2.25B | $1.93B | $1.78B | $1.67B | $1.63B | $1.53B | $1.49B | $1.48B | $1.33B | $1.43B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $297.2M | $1 |
| Other current assets | $581,000 | $579,000 | $564,000 | $531,000 | $524,000 | $502,000 | $720,000 | $763,000 | $735,000 | $718,000 | $0 | $678,999 |
| Total current assets | $311.5M | $3.40B | $2.63B | $2.30B | $2.03B | $1.96B | $1.91B | $1.75B | $1.68B | $1.66B | $1.50B | $1.60B |
| Property, plant & equipment (net) | $95.2M | $107.9M | $84.0M | $86.6M | $89.1M | $121.6M | $90.6M | $92.8M | $95.4M | $127.3M | $97.4M | $99.8M |
| Goodwill & intangible assets | $793.4M | $803.6M | $813.8M | $824.0M | $834.2M | $844.4M | $854.7M | $864.9M | $875.2M | $885.4M | $895.8M | $913.9M |
| Long-term investments | $3.08B | $1.72B | $1.07B | $1.54B | $1.36B | $1.23B | $1.07B | $1.01B | $921.3M | $898.1M | $869.0M | $898.7M |
| Other non-current assets | $3.48B | $731.4M | $646.4M | $584.3M | $473.8M | $433.6M | $424.6M | $314.6M | $258.9M | $217.3M | $105.6M | $91.1M |
| Total assets | $7.77B | $6.76B | $5.24B | $5.33B | $4.78B | $4.59B | $4.35B | $4.04B | $3.83B | $3.79B | $3.47B | $3.61B |
| Liabilities | ||||||||||||
| Accounts payable | $84.9M | $102.7M | $87.1M | $93.3M | $84.0M | $89.7M | $139.1M | $148.4M | $132.4M | $127.4M | $102.8M | $91.6M |
| Short-term debt | $12.7M | $100.0M | — | $8.7M | $269.6M | $269.3M | $4.1M | $16.8M | $24.8M | $148.8M | $5.4M | $11.9M |
| Deferred revenue | — | — | — | — | — | — | — | — | $1.35B | $31.0M | $28.1M | $25.2M |
| Total current liabilities | $12.7M | $2.29B | $1.94B | $1.88B | $2.03B | $1.94B | $1.62B | $1.57B | $1.48B | $1.69B | $1.43B | $1.55B |
| Long-term debt | $1.35B | $1.10B | $270.2M | $269.9M | $0 | $169.3M | $168.9M | $172.3M | $172.1M | $0 | $123.7M | $123.6M |
| Lease obligations | $116.5M | $103.6M | $106.5M | $109.5M | $112.5M | $113.5M | $112.2M | $116.2M | $118.1M | $119.7M | $118.4M | $119.1M |
| Other long-term liabilities | $5.18B | $2.49B | $2.51B | $1.96B | $1.06B | $698.5M | $812.4M | $295.0M | $244.8M | $222.9M | $251.7M | $237.4M |
| Total liabilities | $6.53B | $5.88B | $4.72B | $4.11B | $3.08B | $2.81B | $2.61B | $2.04B | $1.89B | $1.92B | $1.80B | $1.91B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $120,000 | $120,000 | $119,000 | $118,000 | $119,000 | $117,000 | $116,000 | $116,000 | $114,000 | $111,000 | $110,000 | $110,000 |
| Retained earnings (deficit) | −$1.08B | −$896.9M | −$866.3M | −$720.4M | −$332.0M | −$242.5M | −$205.7M | $4.0M | $3.0M | $13.8M | $131.3M | $165.2M |
| Accumulated other comprehensive income | $1.4M | $1.1M | $876,000 | $935,000 | $944,000 | $728,000 | $341,000 | $236,000 | $297,000 | $304,000 | $186,000 | $338,000 |
| Minority interest | $1.78B | $1.30B | $898.2M | $1.46B | $1.54B | — | — | — | — | — | — | — |
| Total shareholders' equity | −$539.2M | −$413.6M | −$378.8M | −$233.5M | $153.9M | $179.4M | $209.8M | $397.5M | $366.9M | $324.5M | $761.8M | $794.7M |
| Key figures | ||||||||||||
| Total debt | $1.57B | $1.31B | $376.7M | $379.4M | $382.1M | $382.8M | $281.1M | $288.5M | $290.2M | $268.6M | $242.1M | $242.7M |
| Net cash (debt) | −$1.37B | −$186.9M | $709,000 | −$13.2M | −$137.9M | −$93.5M | −$2.3M | −$63.9M | −$94.8M | −$87.0M | −$68.6M | −$66.6M |
| Working capital | $298.8M | $1.12B | $689.8M | $423.0M | −$1.4M | $14.5M | $289.2M | $182.6M | $205.7M | −$32.1M | $73.4M | $55.2M |
| Tangible book value | −$1.33B | −$1.22B | −$1.19B | −$1.06B | −$680.3M | −$665.1M | −$644.8M | −$467.5M | −$508.2M | −$560.9M | −$134.0M | −$119.2M |
| Book value per share | −$6.58 | −$5.15 | −$4.77 | −$2.97 | $1.98 | $2.36 | $2.85 | $5.70 | $5.35 | $4.82 | $11.89 | $12.00 |
| Shares outstanding | 82.0M | 80.3M | 79.5M | 78.6M | 77.8M | 76.0M | 73.7M | 69.7M | 68.6M | 67.3M | 64.1M | 66.2M |
| Current ratio | 24.59 | 1.49 | 1.36 | 1.23 | 1.00 | 1.01 | 1.18 | 1.12 | 1.14 | 0.98 | 1.05 | 1.04 |
| Quick ratio | 24.54 | 1.49 | 1.36 | 1.23 | 1.00 | 1.01 | 1.18 | 1.12 | 1.14 | 0.98 | 1.05 | 1.04 |
| Debt / equity | — | — | — | — | 2.48 | 2.13 | 1.34 | 0.73 | 0.79 | 0.83 | 0.32 | 0.31 |
| Equity / assets | −6.9% | −6.1% | −7.2% | −4.4% | 3.2% | 3.9% | 4.8% | 9.8% | 9.6% | 8.6% | 22.0% | 22.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed May 27, 2026); data from EODHD.
STEP financial position
At the end of fiscal 2026 (March 31, 2026), StepStone had total assets of $6.8 billion (up 47.4% from a year earlier), total liabilities of $5.9 billion and shareholders' equity of -$413.6 million. It held $1.1 billion in cash and short-term investments against $1.3 billion of debt, net debt of $186.9 million. Its current ratio was 1.49. In the latest quarter (ended June 30, 2026) total assets were $7.8 billion and equity -$539.2 million.
Related: STEP income statement, STEP cash flow statement, STEP key metrics. See the STEP stock overview for the latest quote and news.
STEP balance sheet FAQ
What are StepStone's total assets?
StepStone reported total assets of $6.8 billion at the end of fiscal 2026 (March 31, 2026), compared with $4.6 billion a year earlier.
How much debt does StepStone have?
StepStone had $1.3 billion of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does StepStone have?
StepStone held $1.1 billion in cash and short-term investments at the end of fiscal 2026; with $1.3 billion of debt that is net debt of $186.9 million.
What is StepStone's book value?
StepStone's shareholders' equity (book value) was -$413.6 million at the end of fiscal 2026, or −$5.15 per share.
What is StepStone's current ratio?
StepStone had current assets of $3.4 billion and current liabilities of $2.3 billion, a current ratio of 1.49 (it can cover its short-term obligations).
How much goodwill does StepStone have?
StepStone carried $803.6 million of goodwill and intangible assets, 11.9% of total assets, at the end of fiscal 2026.