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Asset management · Financial Services · Fiscal year ends Mar 31
StepStone reported revenue of $2B in the fiscal year ended Mar 2026, up 69.7% from the year before. Operating income was −$1B, an operating margin of −51.3%, and net income was −$536M. Operating cash flow of $66M less capital expenditure of $3M left free cash flow of $64M.
Ranks among the 28 asset management companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | 1,366 | −67.6 | 712 | 1,175 | 1,994 |
| Operating incomederived: revenue − total costs | 452 | −0.5 | 172 | −267 | −1,023 |
| Interest expense | 1.1 | 4.2 | 9.3 | 12.7 | 18.5 |
| Pre-tax income | 513 | −41.5 | 195 | −222 | −891 |
| Income tax | 28.3 | 3.8 | 27.6 | −49.2 | −148 |
| Net income | 194 | −18.4 | 58.1 | −180 | −536 |
| Diluted EPS | 3.84 | −0.30 | 0.91 | −2.52 | −6.78 |
| Diluted shares | 53.6 | 61.9 | 66.5 | 71.1 | 79.0 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 116 | 130 | 182 | 290 | 1,119 |
| Net PP&E | 12.8 | 15.8 | 29.6 | 29.8 | 26.3 |
| Goodwill | 581 | 581 | 581 | 581 | 581 |
| Total assets | 4,188 | 3,497 | 3,789 | 4,587 | 6,763 |
| Deferred revenue | 19.0 | 21.6 | 31.0 | 26.8 | 23.8 |
| Long-term debt | 62.9 | 98.4 | 149 | 269 | – |
| Total liabilities | 2,364 | 1,844 | 1,916 | 2,812 | 5,877 |
| Shareholders' equity | 818 | 772 | 324 | 179 | −414 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 214 | 151 | 162 | 64.9 | 66.5 |
| Capital expenditure | 2.1 | 5.6 | 19.6 | 5.1 | 2.6 |
| Free cash flow | 212 | 146 | 142 | 59.8 | 63.9 |
| Depreciation & amortisation | 27.0 | 47.4 | 47.6 | 45.5 | 45.7 |
| Stock-based compensation | 14.0 | 24.9 | 39.4 | 650 | 1,618 |
| Acquisitions | 182 | 0.0 | 0.0 | – | – |
| Share buybacks | – | – | 0.0 | 0.0 | 8.7 |
| Dividends paid | 23.9 | 50.0 | 68.5 | 75.8 | 118 |
| Dividend per share | 0.44 | 0.80 | 1.08 | 1.08 | 1.48 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −104.9% | – | 65.1% | 69.7% |
| Operating income growth (YoY) | – | −100.1% | – | −255.3% | – |
| EPS growth (YoY) | – | −107.8% | – | −376.9% | – |
| Operating margin | 33.1% | 0.7% | 24.1% | −22.7% | −51.3% |
| Net margin | 14.2% | 27.2% | 8.2% | −15.3% | −26.9% |
| Return on equityBlank when equity is negative | 23.7% | −2.4% | 17.9% | −100.1% | – |
| Free cash flow margin | 15.5% | −215.4% | 19.9% | 5.1% | 3.2% |
| Cash conversion (CFO ÷ net income) | 1.11x | −8.22x | 2.78x | −0.36x | −0.12x |
| Interest cover | 406x | −0.12x | 18.4x | −21.0x | −55.3x |
| Debt ÷ equity | 0.08x | 0.13x | 0.46x | 1.50x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −53.5 | −31.2 | −33.5 | −20.5 | – |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.