STEP
StepStone Group Inc.
Next earnings Aug 5, 2026 · consensus $0.56 EPS, $321M rev
Last earnings -1.0% on 2026-05-20
$41.13
▲ +2.14%$41.13▼ -23.34%
over 1Y
L $39.54H $74.40
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+2.1%
1W+0.5%
1M-9.0%
3M-10.9%
YTD-36.7%
1Y-23.3%
Hold
Conviction
Horizon
Medium (3–12mo)
Street · 14 analysts
Buy
Fast-growing private-markets manager whose GAAP loss and negative equity are Up-C/consolidation artifacts, not distress — but the data obscures true earnings.
Revenue $1.99B · FY2026
StepStone is a global private-markets investment manager (private equity, credit, real assets, infrastructure) operating under an Up-C holding-company structure. The clean signals are strong: revenue grew 69.7% to $1.99B in FY2026 and the dividend is rising sharply — total dividends paid reached $1.48 per Class A share (from $1.08 in both FY2024 and FY2025), and the board declared a $0.28 quarterly plus a large $0.55 supplemental dividend for FY2026. A manager raising its payout this aggressively is not in operating distress.
The alarming GAAP figures are largely structural artifacts and should not be taken at face value. Reported net income of -$536M, diluted EPS of -$6.78, negative stockholders' equity of -$414M, and the nonsensical -14.21x liabilities/equity and 129.6% ROE all stem from the consolidation of investment vehicles, large noncontrolling-interest allocations and the Up-C/Tax Receivable Agreement structure described in the 10-K — not from a failing fee business. Cash actually rose 286.1% to $1.12B. The provided data does not isolate fee-related earnings or net income attributable to StepStone, so a reliable valuation cannot be built from it.
Is STEP a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~60d expiry
- Long 100 shares @ ~41.13
- Short call 43 @ ~2.98 est
debit $3,815max +$485max −$3,814BE 38.15
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | $1.37B | -$67.6M | $712M | $1.17B | $1.99B |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $194M | -$18.4M | $58.1M | -$180M | -$536M |
| Diluted EPS | $3.84 | -$0.30 | $0.91 | -$2.52 | -$6.78 |
| Net margin | 14.2% | 27.2% | 8.2% | -15.3% | -26.9% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF81.2
PEG (trailing)—
Earnings yield-10.3%
FCF yield1.2%
Quality & risk
ROIC (est.)—
Free cash flow$63.9M
Total debt$269M
Net cash$850M
Piotroski F-Score3/7
Capital returns
Buyback yield0.2%
Dividend yield (est.)2.3%
Shareholder yield2.4%
Shares Δ YoY+11.1%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRoutine disclosure cadence — no material red flags in recent filings.
Recent filings
all on EDGAR ↗4Period ending 2026-06-112026-06-11open ↗4Period ending 2026-06-012026-06-03open ↗8-KPeriod ending 2026-05-292026-06-01open ↗144Filing2026-06-01open ↗10-KPeriod ending 2026-03-312026-05-27open ↗8-KPeriod ending 2026-05-202026-05-20open ↗SCHEDULE 13G/AFiling2026-05-06open ↗SCHEDULE 13GFiling2026-04-30open ↗SCHEDULE 13GFiling2026-04-29open ↗SCHEDULE 13G/AFiling2026-04-27open ↗4Period ending 2026-03-312026-04-02open ↗4Period ending 2026-03-312026-04-02open ↗
Frequently asked
- Is StepStone Group Inc. (STEP) a buy?
- STEP currently carries a Hold rating with 2/5 conviction, derived from its latest SEC filings. Fast-growing private-markets manager whose GAAP loss and negative equity are Up-C/consolidation artifacts, not distress — but the data obscures true earnings.
- What is StepStone Group Inc.'s quality score?
- STEP scores 37.79928086112983/100 (grade F) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001796022, latest 10-K filed 2026-05-27) · EODHD · Proprietary analysis · as of 6/21/2026, 8:55:52 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:55 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.