STEP — Stock Film
STOCK FILMSCENE 1/12STEP · $48.92
Stock Expert AI presents
STEP
StepStone Group Inc
~5 min film100% real numbersplain English
WHAT DOES THIS COMPANY DO?
StepStone Group Inc. What it actually does.

Manages investments across private markets for institutional clients globally. Now — the numbers.

on the stock market since 2020
1,355 employees
$6.3B market value
WHERE DOES THE MONEY COME FROM?
46%Management and Advisory Fees, Net
Management and Advisory Fees, NetCarried Interest Allocation 36%Incentive Fees 11%Legacy Carried Interest Allocation 7%
46% of all revenue comes from a single line: Management and Advisory Fees, Net.

The biggest line carries real weight, but it doesn’t decide everything on its own.

Revenue last year:
$2B
The loss that same year:
$521.4M
For every $1 it earns, the company spends $1.3.

The company closed last year at a loss: costs ran above sales. The picture changes only if spending is reined in.

THE SALES TREND
Sales are growing overall, with a pause along the way.

Average growth of 10% a year over the last 3 years. Red columns mark years that ended in a loss.

$1.4B
2022
2024
2025
$2B
2026
In the vault right now:
$1.1B
DEBT: $1.3B
At this pace, that money lasts about 2.1 years.

Before the clock runs out, either sales must climb sharply or new money must come in. This is the most critical line in the whole picture.

THE PRICE TAG
MARKET VALUE / ANNUAL SALES
3.2×

This company is not turning a profit, so the market is pricing its sales instead: 3.2× for every dollar of annual revenue.

Against companies in its own sector, it looks cheaper than 19% of them.

Analysts' average target sits 33% above today's price.

THE COUNCIL REVIEW
9

angles, checked one by one.

The 2 that stand out are on screen; the rest came back neutral.

The council scores out of 10; report-card grades are out of 100.

STRENGTHS
The shares trade freely10/10
WEAK SPOTS
The stock has lost its spark3/10
THE FIVE-YEAR JOURNEY
Below the peak, but no collapse.

The stock trades 36% below its peak. The market has trimmed its expectations for the company.

1
THE BRIGHT SIDE · 1/2
Sales are holding up

The company sells $2.0B a year; the problem isn’t sales — it’s costs running above that number.

2
THE BRIGHT SIDE · 2/2
Pays a steady dividend

It pays out $1.72 per share each year — regular cash for whoever holds the stock.

1
THE RISKS · 1/2
The losses continue

A loss of $521.4M against $2.0B in annual sales.

2
THE RISKS · 2/2
The cash has a countdown

At the current pace of spending, the cash lasts about 2.1 years. After that, the company needs to find new money.

FINALE · THE GRADE
F
21 / 100 · MoonshotScore

On our five-subject report card, STEP sits behind the class. A low grade doesn’t mean “doomed” — it means “big claim, small proof.”

The takeaway: STEP has solid sales but closed last year at a loss. The road back to profit runs through spending discipline.

Analysts’ average target sits above today’s price, yet the valuation grade (19/100) says the stock isn’t cheap.

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This was a film — not investment advice.
Data: FMP & company filings
Sep 11, 2026 · stockexpertai.com · Stock Film