STEPStepStone Group Inc.
Investment Advice
- Revenue
- $2.0B
- 70% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $3.5B
- Employees
- 890
- $2M revenue each
- Net debt / EBITDA
- —
- $127M net debt
- AI in 10-K
- 3.3
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 3 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes81% of revenueOver 10% of revenue
- Payouts exceed cash flowYes190% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo7% of assetsOver 40% of assets
- Shareholder dissentNo87% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$2M · 85th pctBottom quartile of its SIC industry
- Quiet on AINo3.3 per 10K words · 72nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$3.5B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$32M netNet sales over $10M in 12 months
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
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jan 14, 2026 | Lim James | SCHEDULE 13D/A | 4.0% | Passive |
| Jan 8, 2026 | ARG Private Equity, LLC | SCHEDULE 13D/A | 8.4% | Passive |
| Sep 18, 2025 | Lim James | SCHEDULE 13D/A | 5.3% | Passive |
| Sep 18, 2025 | Fernandez Jose A | SCHEDULE 13D | 6.0% | Passive |
| Sep 18, 2025 | Keck Thomas | SCHEDULE 13D | 5.2% | Passive |
| Sep 18, 2025 | Brem Monte M | SCHEDULE 13D/A | 20.8% | Passive |
| Jun 6, 2025 | Brem Monte M | SCHEDULE 13D/A | 38.5% | Passive |
| Jan 8, 2025 | Brem Monte M | SCHEDULE 13D/A | 38.6% | Passive |
| Dec 5, 2024 | Brem Monte M | SC 13D/A | 39.6% | Passive |
| Nov 21, 2024 | Lim James | SC 13D/A | 6.7% | Passive |
Insider trading
- Open-market buys, 12 mo
- $6M · 5
- Open-market sells, 12 mo
- $37M · 21
- Net
- −$32M
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 |