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Earnings transcript
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STEP
StepStone Group Inc.
$43.04
-0.22
(-0.51%)
| Exchange: | NASDAQ |
| Market Cap: | 5.425B |
| Shares Outstanding: | 26.613M |
Delayed data
About The Company
| Sector: | Financial Services | |||||
| Industry: | Asset Management | |||||
| CEO: | Scott Hart | |||||
| Full Time Employees: | 1090 | |||||
| Address: |
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| Website: | https://www.stepstonegroup.com |
StepStone Group Inc., a global investment firm established in New York in 2007, employs a comprehensive approach to capital deployment, specializing in direct investments, fund-of-funds strategies, and secondary transactions (both direct and indirect). As part of its direct investment strategy, StepStone seeks opportunities across the full corporate lifecycle. This includes seed and early-stage venture capital, mid and late-stage growth equity, venture debt, and more mature investments such as mezzanine financing, distressed situations, turnarounds, recapitalizations, industry consolidations, and buyouts of both middle-market and established companies. The firm’s sector preferences are remarkably diverse, spanning technology, healthcare, energy, real estate, natural resources, consumer products (durables, apparel, retail, hospitality, staples), financials, telecommunications, manufacturing, and various service industries. With a global investment mandate, StepStone focuses significantly on North America (including the United States), Europe, Asia (such as Japan, China, India, Korea, Taiwan), Latin America (Brazil, Mexico, Argentina, Colombia), the Middle East, Africa, and Australasia (Australia, New Zealand). Typical direct investments range from $15 million to $200 million, targeting companies with an enterprise value between $150 million and $25 billion. Notably, the firm allocates between 5% and 40% of its capital to emerging markets. Beyond direct stakes, StepStone’s fund-of-funds approach involves committing capital to a wide array of private market vehicles. These include private equity, venture capital, special situations, real estate, infrastructure, mezzanine, and distressed/turnaround funds, encompassing both domestic and international options. The firm also actively engages in co-investments, follow-on investments, and acquiring partial interests in funds. Headquartered in New York, StepStone Group Inc. maintains a significant global footprint with additional offices across North America, South America, Europe, Australia, and Asia.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 711,631 | 1,174,830 | 1,993,603 |
| Gross Profit | 381,445 | -89,465 | 1,016,643 |
| EBITDA | 252,315 | -205,230 | -883,541 |
| Operating Income | 171,771 | -250,719 | -1,023,368 |
| Net Income | 58,091 | -179,563 | -521,357 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Total Assets | 3,788,807 | 4,586,693 | 6,762,702 |
| Total Liabilities | 1,915,673 | 2,812,321 | 5,876,676 |
| Total Stockholders Equity | 324,476 | 179,356 | -413,559 |
| Total Debt | 268,561 | 382,787 | 0 |
| Cash and Cash Equivalents | 181,594 | 289,302 | 213,065 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Operating Cash Flow | 161,522 | 64,928 | 66,481 |
| Capital Expenditure | -19,607 | -5,100 | -2,620 |
| Free Cash Flow | 141,915 | 59,828 | 63,861 |
| Net Income | 58,091 | -172,827 | -521,357 |
| Net Change in Cash | 52,795 | 107,492 | 0 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2029 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 1,548,448.720 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 1,695,022.760 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 1,621,735.740 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | -6,100.306 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | -5,572.793 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | -5,836.550 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 236,592.391 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 275,662.179 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 259,910.926 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | -339,174.381 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | -309,844.888 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | -324,509.634 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 3.240 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 3.430 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 2.950 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 1 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 1 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
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Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates STEP intrinsic value between $29.50 – $31.38 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
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Common questions about STEP valuation
Is StepStone Group Inc. (STEP) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for StepStone Group Inc. (STEP) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is STEP a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether STEP trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is STEP’s P/E ratio?
You can see STEP’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for STEP?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is STEP a good long-term investment?
Whether STEP fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
STEP
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Daily snapshot
-0.51
Trading Metrics:
| Open: | 43.69 | Previous Close: | 43.26 | |
| Day Low: | 42.78 | Day High: | 45.12 | |
| Year Low: | 40.58 | Year High: | 77.8 | |
| Price Avg 50: | 51.16 | Price Avg 200: | 58.74 | |
| Volume: | 1.022M | Average Volume: | 1.072M |
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