Explain this page
Arphra AIPlain-English read on StepStone Group Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Valuation multiples
| In USD | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|
| Headline | ||||
| Market cap | $3.83B | — | — | — |
| Enterprise value | $4.02B | — | — | — |
| Multiples | ||||
| P / E | — | — | — | — |
| P / B | — | — | — | — |
| EV / EBITDA | — | — | — | — |
| EV / Sales | 2.02 | — | — | — |
| EV / FCF | 62.93 | — | — | — |
| Yields | ||||
| Earnings yield | -13.61% | — | — | — |
| Free cash flow yield | +1.67% | — | — | — |
| Dividend yield | — | — | — | — |
Profitability
| In USD | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|
| Margins | ||||
| Gross margin | +51.00% | +50.36% | +52.20% | +50.80% |
| Operating margin | -51.33% | -52.24% | -51.60% | -51.16% |
| EBITDA margin | -44.32% | -43.47% | -43.17% | -44.62% |
| EBIT margin | -46.04% | -47.31% | -44.81% | -45.46% |
| Pre-tax margin | -44.70% | -44.93% | -43.37% | -44.03% |
| Net margin | -26.15% | -25.97% | -26.62% | -26.01% |
| Cost structure | ||||
| Cost of revenue / sales | +49.00% | +48.41% | +50.41% | +49.09% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +102.33% | +100.11% | +103.71% | +100.87% |
| Effective tax rate | — | — | — | — |
Returns on capital
| In USD | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|
| Returns | ||||
| Return on equity (ROE) | -58.84% | -57.28% | -58.24% | -60.23% |
| Return on assets (ROA) | -7.71% | -7.53% | -8.07% | -7.70% |
| Return on capital (ROC) | -46.70% | -46.66% | -46.90% | -47.57% |
| Return on invested capital (ROIC) | -35.02% | -34.99% | -35.17% | -35.68% |
| Asset turnover | +29.48% | +29.01% | +30.31% | +29.61% |
| DuPont · ROE decomposition | ||||
| Net margin | -26.15% | -25.97% | -26.62% | -26.01% |
| Asset turnover (× revenue / assets) | +29.48% | +29.01% | +30.31% | +29.61% |
| Equity multiplier (× assets / equity) | +763.26% | +760.44% | +721.77% | +781.99% |
Activity & efficiency
| In USD | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|
| Turnover | ||||
| Asset turnover | 0.29 | 0.29 | 0.30 | 0.30 |
| Fixed-asset turnover | 18.48 | — | — | — |
| Inventory turnover | — | — | — | — |
| Receivables turnover | 0.87 | — | — | — |
| Payables turnover | 9.51 | — | — | — |
| Days outstanding | ||||
| Days sales outstanding (DSO) | 418.04 | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — |
| Days payables outstanding (DPO) | 38.36 | — | — | — |
| Cash conversion cycle | 379.68 | — | — | — |
Cash flow quality
| In USD | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|
| Operating CF / Net income | -0.13 | -0.13 | -0.13 | -0.13 |
| FCF / Net income | -0.12 | -0.12 | -0.12 | -0.12 |
| FCF margin | +3.20% | +3.22% | +3.15% | +3.21% |
| OCF margin | +3.33% | +3.28% | +3.43% | +3.29% |
| CapEx / Revenue | +0.13% | +0.13% | +0.13% | +0.13% |
| CapEx / D&A | 0.06 | — | — | — |
| Stock-based comp / Revenue | +17.15% | — | — | — |
Per-share & shareholder yield
| In USD | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|
| EPS · diluted | -6.70 | 2.50 | 3.31 | 3.24 |
| EPS · basic | -6.80 | 2.57 | 3.35 | 3.29 |
| Book value / share | 11.03 | 8.25 | 9.43 | 8.71 |
| Tangible BV / share | 1.03 | 8.25 | 9.43 | 8.71 |
| Sales / share | 24.83 | 18.19 | 20.63 | 20.17 |
| Operating CF / share | 0.83 | 0.60 | 0.71 | 0.66 |
| Free cash flow / share | 0.80 | 0.59 | 0.65 | 0.65 |
| Dividends / share | 1.47 | 1.07 | 1.22 | 1.19 |
| Payout ratio | -22.59% | -22.57% | -22.23% | -22.75% |
| Retention ratio | +122.59% | +122.57% | +122.23% | +122.75% |
Growth
| In USD | FY 2026 | 2027E | 2028E | 2029E | 3y CAGR |
|---|---|---|---|---|---|
| Top-line | |||||
| Revenue · YoY | — | -26.77% | +12.64% | -1.38% | -6.65% |
| Gross profit · YoY | — | -27.69% | +16.76% | -4.02% | -6.77% |
| Profit | |||||
| Operating income · YoY | — | +25.48% | -11.26% | +2.21% | — |
| EBITDA · YoY | — | +28.18% | -11.87% | -1.94% | — |
| Net income · YoY | — | +27.28% | -15.47% | +3.64% | — |
| Operating | |||||
| EBIT · YoY | — | +24.74% | -6.67% | -0.07% | — |
| R&D · YoY | — | — | — | — | — |
| Per-share | |||||
| EPS · diluted · YoY | — | +137.26% | +32.75% | -2.34% | — |
| EPS · basic · YoY | — | +137.74% | +30.64% | -1.94% | — |
Credit & leverage
| In USD | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|
| Leverage | ||||
| Total debt | $1.31B | $972.67M | $1.06B | $1.04B |
| Net debt | $186.94M | $148.77M | $107.75M | $110.56M |
| Net debt / EBITDA | -0.21 | -0.23 | -0.15 | -0.15 |
| Debt / equity | 1.47 | 1.47 | 1.41 | 1.49 |
| Debt / assets | +19.30% | +19.32% | +19.49% | +19.06% |
| Equity / assets | +13.10% | +13.15% | +13.85% | +12.79% |
| Coverage | ||||
| EBITDA / interest expense | -47.75 | -48.25 | -47.47 | -48.99 |
| Operating income / interest | -55.31 | -57.98 | -56.74 | -56.17 |
| Interest expense | $18.5M | $13.15M | $14.95M | $14.77M |
| Liquidity | ||||
| Current ratio | 1.49 | — | — | — |
| Quick ratio | 1.49 | — | — | — |
| Cash ratio | 0.49 | — | — | — |
| Working capital | $1.12B | — | — | — |
| Working capital / revenue | +56.03% | — | — | — |
Historical multiples · μ ± σ bands
3 fiscal-year-end observations from key_metrics. Mean is dashed; light-green band is ±1σ, light-red band ±2σ. The dot marks the most recent value; the cheap / fair / rich verdict uses z-score against the issuer's own history (yields inverted — a high yield is cheap).
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
| Metric | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| P / E | — | — | — |
| P / B | — | — | — |
| EV / EBITDA | — | — | — |
| EV / Sales | 2.02x | 3.24x | 3.23x |
| Earnings yield | -13.6% | -4.8% | 2.6% |
| FCF yield | 1.7% | 1.6% | 6.4% |
| Metric | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Gross margin | — | — | — |
| Operating margin | — | — | — |
| Net margin | — | — | — |
| ROE | 126.1% | -100.1% | 17.9% |
| ROA | -7.7% | -3.9% | 1.5% |
| ROIC | -18.6% | -6.7% | 6.6% |
| Metric | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Debt / equity | — | — | — |
| Net debt / EBITDA | -0.21 | -0.46 | 0.34 |
| Interest coverage | — | — | — |
| Current ratio | 1.49x | 1.01x | 0.98x |
| Quick ratio | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).