The business behind the dividend
| Measure | STEP | Median | Formula |
|---|---|---|---|
| Return on equity | — | — | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-492.70m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $63.86m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -44.7% | 15.0% | Operating income ÷ revenue |
| Net margin | -26.9% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Debt to equity, Interest cover, Return on capital employed, Return on equity — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | Median |
|---|---|---|---|---|---|---|---|---|---|
| Return on equity | — | -100.1% | 17.9% | -2.4% | 23.7% | 25.1% | 67.0% | — | 17.9% |
| Return on capital employed | — | -49.5% | 41.3% | -4.8% | 58.2% | 135.5% | 41.4% | — | 41.3% |
| Operating margin | -44.7% | -18.9% | 27.5% | — | 37.5% | 42.9% | 33.3% | 24.0% | 27.5% |
| Net margin | -26.9% | -15.3% | 8.2% | — | 14.2% | 8.0% | 32.4% | 23.4% | 8.2% |
| Debt to equity | — | 1.50x | 0.46x | 0.13x | 0.08x | 0.00x | 0.66x | — | 0.13x |
How it compares in financial services
Among the 25 financial services companies here measured on free cash flow, StepStone Group pays out less than 0 of them. The median for that group is 19.5%, against this company’s 184.4%.
Closest on free cash flow
- CME Group (CME) 93.8%
- Blackstone (BX) 132.2%
- Brookfield Asset Management (BAM) 134.7%
- Artisan Partners Asset Management (APAM) 149.8%
Same sector and same denominator, so the figures are comparable. All 31 in financial services →