StepStone Group Inc. (STEP) FY2025 10-K Annual Report
StepStone Group Inc. (STEP) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on May 23, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
StepStone Group Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: investment management and advisory focused on private markets funds and advisory accounts
- • Emphasis on managing risks from higher interest rates impacting credit availability and carried interest valuations (e.g., $75M loss on Legacy Greenspring carried interest in fiscal 2024)
- • Strategic focus on securing access to competitive investment opportunities amid intense market competition for top-performing fund managers
- • Heightened risk management due to client capital call defaults and elevated clawback/contingent repayment obligations under fund agreements
- • Noteworthy impact of SVB collapse in March 2023 temporarily delaying client capital calls and increasing operational risks
Management Discussion & Analysis
- • Management and advisory fees grew to $767M in fiscal 2025, a 27% CAGR from $235M in 2020
- • Total committed capital $409.9B with net IRR 11.2% and net multiple 1.4x as of March 31, 2025
- • Primaries segment: $325.9B committed, net IRR 10.8%; Secondaries best performer net IRR 14.4%, $28.4B committed
- • Accrued carried interest allocations backlog $1,496M, 75% from vintages 2019 or prior
- • $24.6B committed but undeployed capital to drive near-term fee growth; 95% client retention rate noted
- • Large investments in platform infrastructure supporting operating margin improvement planned
- • Management outlook emphasizes growth from existing clients, geographic expansion, private wealth channels, and data monetization
Risk Factors
- • No specific or timely risks disclosed in the provided Risk Factors section for StepStone Group Inc.
StepStone Group Inc. FY2025 Key Financial MetricsXBRL
Revenue
$1.2B
▲ +65.1% YoY
Net Income
-$180M
▼ -409.1% YoY
Net Margin
-15.3%
▼ -2345bp YoY
ROE
-100.1%
▼ -11802bp YoY
Total Assets
$4.6B
▲ +21.1% YoY
EPS (Diluted)
$-2.52
▼ -376.9% YoY
Operating Cash Flow
$65M
▼ -59.8% YoY
Source: XBRL data from StepStone Group Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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