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Private markets investment firm providing advisory, data and fund solutions across private equity, credit and real assets.
Private markets investment firm providing advisory, data and fund solutions across private equity, credit and real assets.
Most income is management and advisory fees tied to the money it manages or advises on, usually under long-term fund or advisory contracts. Performance fees, a share of investment gains, arrive unevenly when funds sell holdings. The SPI data platform is sold on subscription and also helps it pick managers.
Moat: narrow (data, process know-how, distribution). Proprietary private-markets performance database (SPI) built over years underpins its manager-selection edge.
Headquarters: La Jolla, California, US · Founded: 2007 · Employees: 1,310
Size StepStone (STEP) is a United States Financials company (Investment Managers) with a market value of $5.73B, the 1094th largest of 3,117 United States companies the cockpit tracks. Shares closed at $47.45 on 6 Nov 2026.
Performance Over six months the shares fell 14.9%, against -0.4% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 51.1% over the last twelve months (peer median +12.4%); the operating margin is -53.4% (peer median 34.2%).
Valuation It trades at 18.1× forward earnings against a peer median of 12.1× (3rd most expensive of 19).
Short interest Short interest is 7.4% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.05B | $2.00B | $1.18B | $711M | -$51.8M |
| Revenue growth | — | +70% | +66% | — | — |
| Gross profit | n/a | n/a | $1.13B | $663M | -$99.2M |
| EBITDA | -$1.05B | -$885M | -$131M | $250M | $11.6M |
| Net income | -$613M | -$536M | -$180M | $58.1M | -$18.4M |
| Free cash flow | $461M | $409M | $321M | $225M | $177M |
| Capital expenditure | $2.07M | $2.62M | $5.10M | $19.6M | $5.63M |
| Total debt | $1.57B | $1.31B | $383M | $269M | $220M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| StepStone STEP | $5.73B | -15% | +51% | -53% | 18.1× | n/a |
| Hamilton Lane HLNE | $4.99B | +1% | +19% | 58% | 12.3× | n/a |
| Partners PGHN.SW | $21.3B | -24% | +9% | 56% | 16.7× | n/a |
| Carlyle CG | $14.1B | -22% | -44% | 14% | 10.2× | n/a |
| Blackstone BX | $149B | -3% | +9% | 57% | 18.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | STEP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.1% | +2.5% | 5th highest of 21 |
| 6-month return | -14.9% | -0.4% | 4th lowest of 21 |
| Distance from 52-week high | -39.0% | -17.8% | 5th lowest of 21 |
| Revenue growth (TTM) | +51.1% | +12.4% | highest of 21 |
| Operating margin | -53.4% | 34.2% | lowest of 21 |
| Forward P/E | 18.1× | 12.1× | 3rd most expensive of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| StepStone STEP | United States | $5.73B | -15% | +51% | -53% | 18.1× | n/a | n/a |
| China CITIC Financial Asset Management 2799.HK | Hong Kong | $5.83B | -24% | -18% | 135% | 3.1× | n/a | n/a |
| Capital Securities 601136.SS | China | $5.41B | -21% | +1% | 36% | n/a | n/a | n/a |
| Aberdeen ABDN.L | United Kingdom | $5.36B | +2% | +2% | 37% | 14.3× | n/a | n/a |
| Vontobel VONN.SW | Switzerland | $6.18B | +36% | +11% | 25% | 12.6× | n/a | n/a |
| EFG International EFGN.SW | Switzerland | $6.26B | -1% | -1% | 26% | 14.4× | n/a | n/a |
| ChinaLin Securities 002945.SZ | China | $6.27B | 0% | +15% | 25% | n/a | n/a | n/a |
| Ninety One N91.L | United Kingdom | $5.18B | -6% | +10% | 26% | 11.1× | n/a | n/a |
| Caitong Securities 601108.SS | China | $5.12B | -11% | -12% | 31% | 10.7× | n/a | n/a |
| HA Sustainable Infrastructure Capital HASI | United States | $5.00B | -5% | +27% | 69% | 12.6× | n/a | n/a |
| Hamilton Lane HLNE | United States | $4.99B | +1% | +19% | 58% | 12.3× | n/a | n/a |
| 360 One Wam 360ONE.NS | India | $4.95B | +3% | +25% | 33% | 35.1× | n/a | n/a |
| Colliers International CIGI.TO | Canada | $4.88B | -5% | +14% | 7% | 11.8× | n/a | n/a |
| Bridgepoint BPT.L | United Kingdom | $4.79B | +55% | +36% | 49% | 10.7× | n/a | n/a |
| Federated Hermes FHI | United States | $4.73B | +14% | +13% | 28% | 10.9× | n/a | n/a |
| China Industrial Securities 601377.SS | China | $7.12B | -9% | -11% | 29% | 13.2× | n/a | n/a |
| Nippon Life India Asset Management NAM-INDIA.NS | India | $7.22B | -4% | +23% | 68% | 39.1× | n/a | n/a |
| ICG ICG.L | United Kingdom | $7.32B | +2% | +6% | 60% | 11.9× | n/a | n/a |
| Victory Capital VCTR | United States | $7.38B | +40% | +50% | 46% | 14.0× | n/a | n/a |
| Man EMG.L | United Kingdom | $4.43B | +10% | +24% | 28% | 8.4× | n/a | n/a |
| China Cinda Asset Management 1359.HK | Hong Kong | $4.36B | -21% | -25% | 53% | 11.7× | n/a | n/a |