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StepStone Group

STEP on Nasdaq. StepStone Group sells private markets investment portfolios and advisory services to pension funds and insurers. Market value $5.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to March 2026.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Financial services stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to March 2026
4.1%five-year median

Yearly profit per dollar of owners' money: 4 cents. Above 10 is good.

Price to book
quarterly report to June 2026
Not reported

We don't have this figure for this company.

Earnings yield
past 12 months to June 2026
-17.2%

Profit per $100 you pay: $-17.18.

Quality score: 39 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$45.16 a share, 16% above its 1-year low

Over the past year the price has ranged from $38.85 to $77.79.

Dividend: 3.3% a year

Paid every year for at least 5 years

Payouts have jumped around in recent years, so this may not repeat.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20222023202420252026
Revenue
$1.4bn-$68m$712m$1.2bn$2.0bn
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.05bn0.06bn0.07bn0.07bn0.08bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsStrong, 20.4% a year
  • Buying back its own sharesNo, 47% more shares since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $379 million last quarter, up 4% on a year ago.
  • A loss of $116 million, compared with a loss of $38 million a year ago.
  • Over the past 12 months it spent $439 million more cash than it brought in. A year earlier it had $55 million spare.
  • 5% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$272m
December 2024$339m
March 2025$378m
June 2025$364m
September 2025$454m
December 2025$587m
March 2026$589m
June 2026$379m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$18m
December 2024-$192m
March 2025-$19m
June 2025-$38m
September 2025-$366m
December 2025-$123m
March 2026-$8m
June 2026-$116m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 May 2026
Next quarterly (estimated, 10-Q)
6 November 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 273 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

12 investors own more than 5%.

  • Scott W. Hart
    Insider or founder
    at least 38.6%
    (filed with 4 related holders)
    Since 6 January 2025
  • BlackRock, Inc.
    Passive investor
    12.9%−1.0 pts
    Since 31 March 2025
  • at least 7.3%+2.5 pts
    (filed with 3 related holders)
    Since 30 September 2025
  • at least 6.8%−2.2 pts
    (filed with 3 related holders)
    Since 30 June 2026
  • Jose A. Fernandez
    Insider or founder
    6.0%0.0 pts
    Since 18 September 2025
    What they said

    The Reporting Person acquired, and presently holds, Class A Common Stock, Class B Common Stock and Class B Units for investment purposes. In August 2025, Mr. Fernandez entered into a 10b5-1 Plan with Morgan Stanley Smith Barney LLC, which provides for the sale of up to 211,210…

    Read the filing
  • 5.7%
    Since 31 March 2026
  • 5.6%−2.4 pts
    Since 30 September 2025
  • Thomas Keck
    Insider or founder
    5.2%0.0 pts
    Since 18 September 2025
    What they said

    The Reporting Person acquired, and presently holds, Class A Common Stock, Class B Common Stock and Class B Units for investment purposes. Except as otherwise described in this Schedule 13D, the Reporting Person does not currently have any plans or proposals that would result in…

    Read the filing
  • 5.1%
    Since 31 March 2026
  • ARG Private Equity, LLC
    at least 4.3%
    (filed with 4 related holders)
    Since 6 January 2026
  • Michael I. McCabe
    Insider or founder
    at least 4.2%−34.3 pts
    (filed with 3 related holders)
    Since 18 September 2025
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented as follows: In August 2025, Mr. Fernandez entered into a 10b5-1 Plan with Morgan Stanley Smith Barney LLC, which provides for the sale of up to 211,210 shares of Class A Common Stock. All sales of shares of Class A…

    Read the filing
  • FMR LLC
    Passive investor
    at least 3.2%
    (filed with 1 related holder)
    Since 30 June 2025
  • James Lim
    Passive investor
    Sold down below 5%
    Since 13 January 2026
  • Invesco Ltd.
    Passive investor
    Sold down below 5%
    Since 31 March 2026
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $6m of shares on the open market. 3 sold $38m, $25m of it under preset trading plans.

  • McCabe Michael I
    Head of Strategy, Director
    Bought
    Date
    11 June 2026
    Shares
    120,000
    Price
    $41.85
    Value
    $5m
  • Fernandez Jose A
    Co-Chief Operating Officer, Director
    Sold
    under a preset trading plan
    Date
    3 June 2026
    Shares
    2,290
    Price
    $42.64
    Value
    $97,646
  • Fernandez Jose A
    Co-Chief Operating Officer, Director
    Sold
    under a preset trading plan
    Date
    2 June 2026
    Shares
    100,000
    Price
    $46.55
    Value
    $5m
  • Fernandez Jose A
    Co-Chief Operating Officer, Director
    Sold
    under a preset trading plan
    Date
    1 June 2026
    Shares
    100,000
    Price
    $48.60
    Value
    $5m
  • Mitchell Steven R
    Director
    Bought
    Date
    23 February 2026
    Shares
    12,793
    Price
    $44.23
    Value
    $565,772
  • Hart Scott W
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    26 January 2026
    Shares
    10,000
    Price
    $72.52
    Value
    $725,176
  • Hart Scott W
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    26 December 2025
    Shares
    10,000
    Price
    $66.17
    Value
    $661,700
  • McCabe Michael I
    Head of Strategy, Director
    Sold
    Date
    10 December 2025
    Shares
    192,052
    Price
    $66.18
    Value
    $13m
  • Hart Scott W
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    25 November 2025
    Shares
    10,000
    Price
    $61.70
    Value
    $617,000
  • Fernandez Jose A
    Co-Chief Operating Officer, Director
    Sold
    under a preset trading plan
    Date
    13 November 2025
    Shares
    70,402
    Price
    $62.30
    Value
    $4m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.