StepStone Group Inc. (STEP) Key Metrics
STEP valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.38B
- Enterprise value
- $4.57B
- P/E (TTM)
- — 10-yr median 18.7
- Forward P/E
- 18.5
- PEG ratio
- —
- Price / sales
- 2.7 10-yr median 1.9
- Price / book
- 33.0 10-yr median 4.7
- EV / EBITDA
- 16.5 10-yr median 6.5
- Dividend yield
- 2.63% $1.72 a year
- Beta
- 1.28
STEP key metrics, FY2018–FY2026
Fiscal year ended March 31, 2026 · U.S. dollarsSTEP valuation Price multiples at each fiscal year-end price.
Price / sales−39.2%
1.9
FY2026 · hover or tap a bar for each year
FY2018FY2026
Price / free cash flow−3.4%
60.0
FY2026 · hover or tap a bar for each year
FY2018FY2026
Free cash flow yield+0.1 pts
1.7%
FY2026 · hover or tap a bar for each year
FY2018FY2026
STEP returns How much profit the business earns on the capital it uses.
Return on assets−4.9 pts
−9.2%
FY2026 · hover or tap a bar for each year
FY2018FY2026
Free cash flow margin−1.9 pts
3.2%
FY2026 · hover or tap a bar for each year
FY2018FY2026
Asset turnover+25.2%
0.35
FY2026 · hover or tap a bar for each year
FY2018FY2026
STEP per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+50.3%
$24.83
FY2026 · hover or tap a bar for each year
FY2018FY2026
Earnings per share
−$6.49
FY2026 · hover or tap a bar for each year
FY2018FY2026
Free cash flow per share−5.4%
$0.80
FY2026 · hover or tap a bar for each year
FY2018FY2026
Book value per share
−$5.15
FY2026 · hover or tap a bar for each year
FY2018FY2026
Dividends per share+37.6%
$1.47
FY2026 · hover or tap a bar for each year
FY2018FY2026
Shares outstanding+12.9%
80.3M
FY2026 · hover or tap a bar for each year
FY2018FY2026
STEP financial health Debt, liquidity and how easily interest is covered.
Net debt+$93.5M
$186.9M
FY2026 · hover or tap a bar for each year
FY2018FY2026
Current ratio+47.8%
1.49
FY2026 · hover or tap a bar for each year
FY2018FY2026
Interest coverage
-55.3
FY2026 · hover or tap a bar for each year
FY2018FY2026
Debt / assets+131.3%
0.19
FY2026 · hover or tap a bar for each year
FY2018FY2026
STEP efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−127 days
362 days
FY2026 · hover or tap a bar for each year
FY2018FY2026
Days payables outstanding+5 days
36 days
FY2026 · hover or tap a bar for each year
FY2018FY2026
Cash conversion cycle−132 days
326 days
FY2026 · hover or tap a bar for each year
FY2018FY2026
Capex / revenue−0.3 pts
0.1%
FY2026 · hover or tap a bar for each year
FY2018FY2026
Dividends + buybacks / FCF+71.3 pts
198.1%
FY2026 · hover or tap a bar for each year
FY2018FY2026
STEP valuation history
Fiscal year-endToday9-year median
STEP returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
STEP debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
STEP cash returned to shareholders
DividendsBuybacksFree cash flow
STEP price vs earnings per share
Share price at year-endEPS (right axis)
STEP key metrics
FY2018–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Valuation | |||||||||
| Market capitalization | $3.83B | $3.72B | $2.38B | $1.50B | $1.77B | $1.17B | — | — | — |
| Enterprise value | $4.02B | $3.81B | $2.47B | $1.59B | $1.79B | $1.01B | — | — | — |
| P/E ratio | — | — | 40.9 | — | 9.1 | 18.7 | — | — | — |
| Price / sales | 1.9 | 3.2 | 3.3 | — | 1.3 | 1.5 | — | — | — |
| Price / book | — | 20.7 | 7.3 | 1.9 | 2.2 | 4.7 | — | — | — |
| Price / free cash flow | 60.0 | 62.1 | 16.8 | 10.3 | 8.4 | 7.9 | — | — | — |
| Price / operating cash flow | 57.6 | 57.2 | 14.7 | 9.9 | 8.3 | 7.9 | — | — | — |
| EV / sales | 2.0 | 3.2 | 3.5 | — | 1.3 | 1.3 | — | — | — |
| EV / EBITDA | — | — | 9.8 | 156.5 | 3.3 | 2.9 | — | — | — |
| EV / free cash flow | 62.9 | 63.7 | 17.4 | 10.9 | 8.4 | 6.8 | — | — | — |
| Earnings yield | −13.6% | −4.8% | 2.4% | −1.2% | 10.9% | 5.3% | — | — | — |
| Free cash flow yield | 1.7% | 1.6% | 6.0% | 9.7% | 12.0% | 12.6% | — | — | — |
| Dividend yield | 3.1% | 2.0% | 2.9% | 3.3% | 1.3% | 0.2% | — | — | — |
| Shareholder yield (dividends + buybacks) | 3.3% | 2.0% | 2.9% | 3.3% | 2.1% | 0.2% | — | — | — |
| Share price at fiscal year-end | $47.72 | $52.23 | $35.74 | $24.27 | $33.06 | $35.27 | — | — | — |
| Per share | |||||||||
| Revenue per share | $24.83 | $16.51 | $10.69 | $0.00 | $25.48 | $23.67 | $16.78 | $8.77 | $9.04 |
| Earnings per share | −$6.49 | −$2.52 | $0.87 | −$0.30 | $3.62 | $1.88 | $4.96 | $1.85 | $2.79 |
| Operating cash flow per share | $0.83 | $0.91 | $2.43 | $2.44 | $4.00 | $4.49 | $2.48 | $1.76 | $1.83 |
| Free cash flow per share | $0.80 | $0.84 | $2.13 | $2.35 | $3.96 | $4.45 | $2.45 | $1.66 | $1.72 |
| Cash per share | $13.93 | $4.07 | $2.73 | $2.08 | $2.17 | $5.41 | $3.38 | $1.39 | $3.64 |
| Book value per share | −$5.15 | $2.52 | $4.88 | $12.47 | $15.25 | $7.50 | $8.13 | $4.40 | $15.91 |
| Tangible book value per share | −$15.16 | −$9.35 | −$8.43 | −$2.64 | −$3.00 | $7.13 | $7.54 | $3.70 | $15.35 |
| Dividends per share | $1.47 | $1.07 | $1.03 | $0.81 | $0.45 | $0.06 | $1.65 | $1.67 | $3.02 |
| Capex per share | $0.03 | $0.07 | $0.29 | $0.09 | $0.04 | $0.04 | $0.03 | $0.10 | $0.12 |
| Debt per share | $16.26 | $5.38 | $4.04 | $3.55 | $2.50 | $0.44 | $5.38 | $5.50 | $0.34 |
| Shares outstanding | 80.3M | 71.1M | 66.5M | 61.9M | 53.6M | 33.3M | 26.6M | 29.2M | 29.2M |
| Change in shares outstanding | +12.9% | +6.9% | +7.5% | +15.5% | +61.1% | +25.0% | −9.0% | 0.0% | — |
| Returns & profitability | |||||||||
| Return on equity (ROE) | — | −71.3% | 10.6% | −2.3% | 36.3% | 26.9% | 76.5% | 18.2% | 17.5% |
| Return on invested capital (ROIC) | — | −57.9% | 23.2% | −0.0% | 93.0% | 172.9% | 57.1% | 20.9% | 21.6% |
| Return on assets (ROA) | −9.2% | −4.3% | 1.6% | −0.5% | 7.0% | 6.3% | 22.5% | 11.3% | 17.5% |
| Return on tangible assets | −8.7% | −4.8% | 2.0% | −0.7% | 6.0% | 4.8% | 19.8% | 11.5% | 18.1% |
| Free cash flow margin | 3.2% | 5.1% | 19.9% | — | 15.5% | 18.8% | 14.6% | 18.9% | 19.0% |
| Income quality (OCF / net income) | — | — | 2.78 | — | 1.11 | 2.38 | 0.50 | 0.95 | 0.66 |
| Financial health | |||||||||
| Total debt | $1.31B | $382.8M | $268.6M | $219.6M | $133.8M | $14.5M | $143.1M | $160.8M | $9.9M |
| Cash & short-term investments | $1.12B | $289.3M | $181.6M | $128.6M | $116.4M | $179.9M | $89.9M | $40.6M | $106.3M |
| Net debt | $186.9M | $93.5M | $87.0M | $91.0M | $17.5M | −$165.4M | $53.2M | $120.2M | −$96.4M |
| Debt / equity | — | 2.13 | 0.83 | 0.28 | 0.16 | 0.06 | 0.66 | 1.25 | 0.02 |
| Debt / assets | 0.19 | 0.08 | 0.07 | 0.06 | 0.03 | 0.01 | 0.21 | 0.33 | 0.02 |
| Net debt / EBITDA | — | — | 0.34 | 8.94 | 0.03 | −0.47 | 0.32 | 1.51 | −1.06 |
| 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 | 0.74 | 0.74 | 1.79 | 2.11 | 1.72 | 2.28 |
| Interest coverage | -55.3 | -19.7 | 18.4 | -0.1 | 406.4 | 44.6 | 14.9 | 6.5 | 89.3 |
| Working capital | $1.12B | $14.5M | −$32.1M | −$200.2M | −$595.0M | $493.1M | $308.1M | $178.9M | $223.2M |
| Invested capital | −$226.6M | $272.8M | $411.4M | $862.6M | $835.1M | $84.0M | $269.4M | $248.9M | $368.9M |
| Tangible asset value | $82.4M | $930.0M | $987.7M | $718.1M | $845.7M | $647.4M | $221.3M | $125.0M | $121.1M |
| Net current asset value | −$2.47B | −$853.3M | −$255.0M | −$388.6M | −$712.3M | $458.9M | $141.7M | $20.2M | $70.3M |
| Graham number | — | — | $9.79 | — | $35.23 | $17.82 | $30.10 | $13.55 | $31.58 |
| Graham net-net per share | −$37.93 | −$17.87 | −$9.40 | −$9.80 | −$20.46 | $6.64 | $0.67 | −$1.35 | −$0.09 |
| Capital allocation | |||||||||
| Dividends paid | $117.8M | $75.8M | $68.5M | $50.0M | $23.9M | $2.0M | $43.9M | $48.8M | $88.4M |
| Share buybacks (net) | $8.7M | $0 | $695,000 | $0 | $13.4M | $0 | $28,000 | $0 | — |
| Dividend payout ratio | — | — | 117.9% | — | 12.3% | 3.3% | 33.3% | 90.1% | 108.5% |
| Dividends + buybacks / free cash flow | 198.1% | 126.8% | 48.7% | 34.3% | 17.6% | 1.4% | 67.5% | 100.9% | 176.1% |
| Capex / revenue | 0.1% | 0.4% | 2.8% | — | 0.2% | 0.2% | 0.2% | 1.2% | 1.3% |
| Capex / operating cash flow | 3.9% | 7.9% | 12.1% | 3.7% | 1.0% | 0.8% | 1.3% | 5.9% | 6.4% |
| Capex / depreciation | 0.06 | 0.11 | 0.41 | 0.12 | 0.08 | 0.23 | 0.12 | 0.39 | 0.79 |
| Stock-based compensation / revenue | 17.2% | 55.3% | 10.5% | — | 1.0% | 1.0% | 0.4% | 0.7% | 0.1% |
| R&D / revenue | — | — | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 102.3% | 13.7% | 29.5% | — | 9.1% | 7.2% | 12.4% | 19.5% | 13.6% |
| Efficiency | |||||||||
| Days sales outstanding | 361.8 | 489.0 | 719.2 | — | 330.1 | 331.7 | 335.6 | 439.6 | 402.9 |
| Days of inventory on hand | — | — | — | -174.9 | 0.0 | 0.0 | 32.9 | 56.6 | 0.0 |
| Days payables outstanding | 35.9 | 31.3 | 119.8 | -129.7 | 29.7 | 38.0 | 54.1 | 69.5 | 45.2 |
| Cash conversion cycle (days) | 325.9 | 457.6 | 599.3 | — | 300.4 | 293.7 | 314.4 | 426.8 | 357.7 |
| Receivables turnover | 1.01 | 0.75 | 0.51 | 0.00 | 1.11 | 1.10 | 1.09 | 0.83 | 0.91 |
| Payables turnover | 10.15 | 11.64 | 3.05 | −2.81 | 12.30 | 9.61 | 6.75 | 5.26 | 8.07 |
| Inventory turnover | — | — | — | −2.09 | 788,699,000.00 | 403,163,000.00 | 11.08 | 6.45 | 146,689,000.00 |
| Asset turnover | 0.35 | 0.28 | 0.20 | 0.00 | 0.50 | 0.79 | 0.76 | 0.54 | 0.57 |
| Average receivables | $1.98B | $1.57B | $1.40B | $1.43B | $1.24B | $715.9M | $410.6M | $308.7M | $291.7M |
| Average payables | $96.2M | $108.6M | $108.4M | $85.0M | $64.1M | $42.0M | $35.6M | $26.6M | $18.2M |
| Average inventory | — | — | — | $114.6M | $1 | $1 | $21.7M | $21.7M | $1 |
| Intangibles / total assets | 11.9% | 18.4% | 23.4% | 26.7% | 23.4% | 0.9% | 2.3% | 4.2% | 3.6% |
Computed from STEP's annual financial statements (latest annual report filed May 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
STEP valuation and financial ratios
It ended the year with $1.3 billion of debt and $1.1 billion in cash and short-term investments, net debt of $186.9 million. It returned $126.5 million to shareholders: $117.8 million in dividends and $8.7 million in share buybacks, 198% of free cash flow. The share count rose 174.6% from 29.2M to 80.3M over 8 years.
See the STEP income statement, the STEP chart for price history, or the STEP stock overview for the latest quote and news.
STEP key metrics FAQ
How much debt does StepStone have?
StepStone had total debt of $1.3 billion at the end of fiscal 2026.
What is StepStone's dividend yield?
StepStone's forward dividend yield is 2.63%. StepStone paid $117.8 million in dividends in fiscal 2026 ($1.47 per share), a payout ratio of —.
Does StepStone buy back its shares?
Yes. StepStone spent $8.7 million on net share repurchases in fiscal 2026 Shares outstanding changed +12.9% over the year, to 80.3M..
What is StepStone's free cash flow yield?
StepStone generated $63.9 million of free cash flow in fiscal 2026, a free cash flow yield of 1.7% on its market value at year-end ($3.8 billion).
What is StepStone's current ratio?
StepStone's current ratio was 1.49 at the end of fiscal 2026: current assets were 1.49 times current liabilities.