STEP FINANCIAL STATEMENTS

Stepstone Group Inc — balance sheet, income statement and cash flow trends

STEPStepstone Group Inc

🇺🇸 USA · NASDAQ · Financial Services · Asset Management

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue2 B $+69.7%

Gross Profit1 B $—

Operating Income-1 B $—

EBITDA-826.9 M $—

Net Income-535.8 M $—

Peer Comparison· Asset Management

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
STEP	—	—	—	-26.9%
EQT	—	—	—	30.0%
PNI	—	—	—	154.7%
ONEX	—	—	—	96.4%
INVES	—	—	—	186.9%
ARG	—	—	—	91.9%
Industry median	22.3%	3.0%	127.9%	16.7%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Current Liabilities2.3 B $39%
Long-term Liabilities3.6 B $61%

Key Figures

YoY change

Total Assets6.8 B $+47.4%

Total Liabilities5.9 B $+109.0%

Total Equity-413.6 M $-330.6%

Cash & ST Investments1.1 B $+286.6%

Total Debt1.3 B $+241.0%

Net Debt186.9 M $+100.0%

Peer Comparison· Asset Management

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
STEP	1.49	-315.6%	-0.23	-6.1%
EQT	6.84	35.2%	-2.38	66.1%
PNI	54.99	12.8%	3.37	87.5%
ONEX	3.66	0.3%	-0.14	92.3%
INVES	9.61	0.0%	-1.01	87.5%
ARG	1.41	0.1%	-0.05	85.3%
Industry median	3.81	18.1%	0.18	64.6%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
STEP	1.49	-315.6%	-0.23	-6.1%
DBRG	4.54	15.6%	-1.80	63.2%
CNS	9.86	24.2%	0.40	65.9%
FHI	39.13	37.4%	-0.34	56.2%
GCMG	2.28	1,625.9%	1.30	3.7%
APAM	0.97	79.5%	0.02	27.0%
Industry median	3.81	18.1%	0.18	64.6%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow66.5 M $+2.4%

Capital Expenditures2.6 M $-48.6%

Free Cash Flow63.9 M $+6.7%

Dividends Paid117.8 M $+55.3%

Peer Comparison· Asset Management

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
STEP	3.3%	3.2%	0.1%	-12.4%
EQT	18.6%	17.1%	1.4%	61.8%
PNI	442.7%	442.2%	0.5%	286.2%
ONEX	-17.3%	-17.3%	0.0%	-18.0%
INVES	285.3%	15.5%	0.0%	152.6%
ARG	73.0%	73.0%	0.0%	79.5%
Industry median	18.7%	17.4%	0.6%	68.9%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
STEP	3.3%	3.2%	0.1%	-12.4%
DBRG	34.8%	34.5%	0.2%	114.2%
CNS	-1.4%	-2.2%	2.4%	-5.1%
FHI	16.7%	16.2%	0.5%	78.2%
GCMG	36.8%	34.7%	2.0%	401.0%
APAM	15.9%	15.9%	0.1%	68.2%
Industry median	18.7%	17.4%	0.6%	68.9%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.