STEPStepStone Group Inc.
Investment Advice
- Revenue
- $2.0B
- 70% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- $127M net debt
- AI in 10-K
- —
Red flags 2 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired81% of revenueOver 10% of revenue
- Payouts exceed cash flowFired190% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear7% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.4B | −$68M | $712M | $1.2B | $2.0B | 70% |
| Net income | $484M | −$45M | $168M | −$173M | −$743M | 330% |
| Operating cash flow | $214M | $151M | $162M | $65M | $66M | 2.4% |
| Capex | $2M | $6M | $20M | $5M | $3M | 49% |
| Stock-based comp | $14M | $25M | $39M | $650M | $1.6B | 149% |
| Buybacks | — | — | $0 | $0 | $9M | |
| Dividends | $24M | $50M | $68M | $76M | $118M | 55% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | — | 154 | 133 |
| FY2025 | — | — | 164 | 133 |
| FY2024 | — | — | 110 | 120 |
| FY2023 | — | — | 72 | 94 |
| FY2022 | — | — | 95 | 107 |