StepStone Group Inc. Financial Ratios — STEP Stock

Profitability (USD)

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Return on Common Equity (%)	- -	- -	- -	207.05	133.61	-9.43	66.61	- -	- -
Return on Assets (%)	- -	- -	- -	6.26	7.04	-0.48	1.59	-4.29	-9.44
Return on Capital (%)	- -	-56.22	-74.42	-55.68	-10.37	- -	-2.82	- -	- -
Return on Invested Capital (%)	- -	42.19	41.82	57.63	32.65	- -	7.35	- -	- -
Gross Margin (%)	44.49	45.44	46.17	48.82	42.24	-253.95	53.6	49.34	45.44
EBITDA Margin (%)	32.49	29	35.61	42.36	35.1	-69.47	30.82	-18.84	-49.04
Operating Margin (%)	30.86	25.92	34.02	41.66	33.13	0.74	24.14	-22.71	-51.33
Incremental Operating Margin (%)	- -	188.9	44.93	51.66	21.49	31.6	22.11	24.14	- -
Pretax Margin (%)	32.47	24.04	33.3	42.89	37.54	61.35	27.46	-18.9	-44.7
Profit Margin (%)	30.82	- -	- -	7.95	14.2	27.23	8.16	-15.28	-26.88
Net Income to Common Margin (%)	30.82	- -	- -	7.95	14.2	27.23	8.16	-15.28	-26.88
Effective Tax Rate (%)	2.31	2.66	2.66	6.88	5.52	- -	14.11	- -	- -
Dvd Payout Ratio (%)	102.51	- -	- -	0.36	3.08	-69.26	24.67	-45.66	-12.39
Sustainable Growth Rate (%)	- -	- -	- -	206.3	129.49	-15.96	50.18	- -	- -

Credit (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Total Debt	- -	161	164	- -	134	220	269	383	1,305
ST Debt	- -	17	21	- -	63	98	149	100	100
LT Debt	- -	144	143	- -	71	121	120	283	1,205
Total Debt/EBITDA	- -	2.16	1.03	- -	0.28	4.68	1.22	-1.73	-1.34
Net Debt/EBITDA	- -	1.62	0.46	-0.54	-0.11	-0.64	-0.15	0.09	-0.09
Total Debt/EBIT	- -	2.42	1.08	- -	0.3	-441.8	1.56	-1.43	-1.28
Net Debt/EBIT	- -	1.81	0.49	-0.55	-0.12	60.79	-0.19	0.08	-0.08
EBITDA to Interest Expense	94.05	7.24	15.57	45.33	430.67	11.21	23.51	-17.43	-52.84
EBITDA-CapEx/Interest Expense	90.29	6.95	15.49	45.16	428.78	9.86	21.41	-17.83	-52.98
EBIT to Interest Expense	89.32	6.47	14.88	44.59	406.43	-0.12	18.41	-21.01	-55.31
Interest Expense	1	10	10	7	1	4	9	13	19
Common Equity/Total Assets	- -	- -	- -	4.58	5.49	4.59	0.37	-5.29	-13.26
Long-Term Debt/Equity (%)	- -	98.76	60.41	- -	3.89	7.33	6.39	15.94	136.04
Long-Term Debt/Capital (%)	- -	80.93	77.53	- -	5.18	9.61	6.54	16.3	70.56
Long-Term Debt/Total Assets (%)	- -	29.25	21.02	- -	1.69	3.47	3.16	6.17	17.82
Total Debt/Equity (%)	- -	110.4	69.16	- -	7.34	13.28	14.34	21.57	147.33
Total Debt/Capital (%)	- -	90.46	88.77	- -	9.77	17.4	14.67	22.06	76.42
Total Debt/Total Assets (%)	- -	32.7	24.07	- -	3.2	6.28	7.09	8.35	19.3
Net Debt to Equity	- -	82.51	31.2	-27.27	-2.93	-1.83	-1.75	-1.13	9.41
Net Debt/Capital (%)	- -	87.64	78.1	-61.84	-4.27	-2.67	-1.99	-1.39	14.13
EBITDA	86	74	159	334	479	47	219	-221	-978
EBITDA-CapEx	82	71	158	332	477	41	200	-226	-980
Operating Income (Loss)	82	66	152	328	452	- -	172	-267	-1,023

Liquidity (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Cash Ratio	- -	0.45	0.32	0.29	0.05	0.08	0.11	0.16	0.49
Current Ratio	- -	1.96	2.11	1.79	0.74	0.88	0.98	1.1	1.49
Quick Ratio	- -	2.19	2.11	1.78	0.73	0.88	0.98	1.1	1.49
CFO/Avg Current Liab	- -	0.55	0.28	0.33	0.15	0.08	0.1	0.04	0.03
Common Equity/Total Assets	- -	- -	- -	4.58	5.49	4.59	0.37	-5.29	-13.26
Long-Term Debt/Equity (%)	- -	98.76	60.41	- -	3.89	7.33	6.39	15.94	136.04
Long-Term Debt/Capital (%)	- -	80.93	77.53	- -	5.18	9.61	6.54	16.3	70.56
Long-Term Debt/Total Assets (%)	- -	29.25	21.02	- -	1.69	3.47	3.16	6.17	17.82
Total Debt/Equity (%)	- -	110.4	69.16	- -	7.34	13.28	14.34	21.57	147.33
Total Debt/Capital (%)	- -	90.46	88.77	- -	9.77	17.4	14.67	22.06	76.42
Total Debt/Total Assets (%)	- -	32.7	24.07	- -	3.2	6.28	7.09	8.35	19.3
CFO/Total Liabilities	- -	14.87	14.85	22.58	9.07	8.2	8.43	2.31	1.13
CFO/CapEx	15.62	16.91	78.77	118.68	101.89	26.87	8.24	12.73	25.37
Altman's Z-Score	- -	1.47	1.98	2.9	1.19	0.46	1.14	0.84	0.17

Working Capital (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Accounts Receivable Turnover	- -	21.12	18.08	27.53	41.23	-1.72	14.06	17.07	18.62
Days Sales Outstanding	- -	17.28	20.18	13.26	8.85	-212.25	25.96	21.38	19.6
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	7.98	6.75	9.61	12.3	-2.81	3.05	5.48	11.31
Accounts Payable Turnover Days	- -	45.73	54.1	38	29.68	-129.67	119.84	66.59	32.29
Cash Conversion Cycle	- -	-28.45	-33.91	-24.74	-20.83	-82.59	-93.88	-45.2	-12.68
Inventory to Cash Days	- -	17.28	20.18	13.26	8.85	-212.25	25.96	21.38	19.6
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Market Capitalization	- -	- -	- -	1,046	1,648	1,502	2,269	3,716	3,772
- Cash & Cash Equivalents	- -	41	90	180	116	129	182	289	1,118
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	17	21	410	1,007	882	1,549	1,595	1,300
+ Total Debt	- -	161	164	- -	134	220	269	383	1,305
Enterprise Value	- -	94	95	1,276	2,672	2,475	3,905	5,404	5,258
Total Capital	- -	178	185	471	1,370	1,262	1,831	1,735	1,708
Total Debt/Capital (%)	- -	90.46	88.77	- -	9.77	17.4	14.67	22.06	76.42
Total Debt / EV	- -	1.72	1.73	- -	0.05	0.09	0.07	0.07	0.25
EV/Sales	- -	0.37	0.21	1.62	1.96	- -	5.49	4.6	2.64
EV/EBITDA	- -	1.26	0.6	3.83	5.57	52.71	17.8	- -	- -
EV/EBIT	- -	1.41	0.62	3.89	5.91	- -	22.73	- -	- -
EV/Cash Flow to Firm	- -	1.53	1.25	8.17	12.41	15.89	23.03	72.24	64.19
EV/Free Cash Flow to Firm	- -	1.45	1.23	8.11	12.29	15.33	20.64	67.63	62.2
Diluted Market Cap	- -	- -	- -	1,174	1,772	1,502	2,378	3,716	3,772
Diluted Enterprise Value	- -	137	95	1,404	2,796	2,475	4,014	5,404	5,258
EV per Share	- -	3.52	3.56	43.04	53.61	39.99	61.5	75.96	66.53
TTM Sales	264	256	447	788	1,366	-68	712	1,175	1,994
TTM EBITDA	86	74	159	334	479	47	219	-221	-978
TTM Operating Income	82	66	152	328	452	- -	172	-267	-1,023
TTM Cash Flow to Firm	55	61	76	156	215	156	170	75	82
TTM Free Cash Flow to Firm	58	64	77	157	217	161	189	80	85

Multiples (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Price/Free Cash Flow	- -	- -	- -	7.8	8.19	9.58	13.13	53.06	54.58
EV/EBIT	- -	1.41	0.62	3.89	5.91	- -	22.73	- -	- -
Enterprise Value	- -	94	95	1,276	2,672	2,475	3,905	5,404	5,258
Low Price	- -	- -	- -	22.72	29.2	21.98	19.83	33.92	40.07
EV/Sales	- -	0.37	0.21	1.62	1.96	- -	5.49	4.6	2.64
EV/EBITDA	- -	1.26	0.6	3.83	5.57	52.71	17.8	- -	- -
Price/Earnings	- -	- -	- -	16.7	8.5	- -	39.06	- -	- -
Price/Earnings Average	- -	- -	- -	14.91	10.04	-92.28	31.14	-20.89	-8.7
Price/Earnings High	- -	- -	- -	19.41	14.19	-115.71	40.88	-27.88	-11.48
Price/Earnings Low	- -	- -	- -	10.76	7.51	-73.93	21.67	-13.44	-5.91
Price/Book Value	- -	- -	- -	17.29	7.17	9.36	163.49	-15.33	-4.21
Price/Book Value Average	- -	- -	- -	15.44	8.48	10.58	130.36	-15.47	-5.2
Price/Book Value High	- -	- -	- -	20.1	11.97	13.26	171.09	-20.65	-6.86
Price/Book Value Low	- -	- -	- -	11.14	6.33	8.47	90.71	-9.95	-3.53
Price/Tangible Book Value	- -	- -	- -	1.62	1.95	2.09	2.3	4	45.75
Price/Tangible Book Value Average	- -	- -	- -	1.44	2.3	2.36	1.83	4.03	56.51
Price/Tangible Book Value High	- -	- -	- -	1.88	3.25	2.96	2.4	5.38	74.59
Price/Tangible Book Value Low	- -	- -	- -	1.04	1.72	1.89	1.27	2.59	38.42
Price/Sales	- -	- -	- -	1.33	1.21	-22.23	3.19	3.16	1.89
Price/Sales Average	- -	- -	- -	1.19	1.43	-25.13	2.54	3.19	2.34
Price/Sales High	- -	- -	- -	1.54	2.01	-31.5	3.34	4.26	3.08
Price/Sales Low	- -	- -	- -	0.86	1.07	-20.13	1.77	2.05	1.59
Price/Cash Flow	- -	- -	- -	7.01	7.69	9.93	14.05	57.23	56.73
Price/Cash Flow Average	- -	- -	- -	6.26	9.09	11.23	11.2	57.77	70.08
Price/Cash Flow High	- -	- -	- -	8.14	12.84	14.08	14.7	77.12	92.5
Price/Cash Flow Low	- -	- -	- -	4.51	6.79	9	7.79	37.17	47.64
Price/Free Cash Flow Average	- -	- -	- -	6.96	9.68	10.83	10.47	53.56	67.42
Price/Free Cash Flow High	- -	- -	- -	9.06	13.67	13.58	13.74	71.5	88.99
Price/Free Cash Flow Low	- -	- -	- -	5.02	7.23	8.67	7.29	34.46	45.83
EV/Sales Average	- -	0.54	0.21	1.48	2.18	- -	4.84	4.63	3.08
EV/Sales High	- -	0.54	0.21	1.84	2.76	- -	5.64	5.7	3.83
EV/Sales Low	- -	0.54	0.21	1.15	1.82	- -	4.07	3.49	2.33
EV/EBITDA Average	- -	1.85	0.6	3.49	6.2	56.89	15.7	-24.58	-6.29
EV/EBITDA High	- -	1.85	0.6	4.33	7.87	66.07	18.28	-30.25	-7.81
EV/EBITDA Low	- -	1.85	0.6	2.71	5.17	49.7	13.2	-18.53	-4.76
EV/EBIT Average	- -	2.06	0.62	3.55	6.57	-5,373.41	20.05	-20.39	-6.01
EV/EBIT High	- -	2.06	0.62	4.41	8.34	-6,240.64	23.35	-25.09	-7.46
EV/EBIT Low	- -	2.06	0.62	2.76	5.48	-4,694.14	16.85	-15.37	-4.55
Last Price	- -	- -	- -	35.27	33.06	24.27	35.74	52.23	47.72
High Price	- -	- -	- -	41	55.19	34.4	37.4	70.38	77.8
Enterprise Value Average	- -	137	95	1,164	2,971	2,671	3,445	5,439	6,145
Enterprise Value High	- -	137	95	1,446	3,774	3,102	4,010	6,696	7,636
Enterprise Value Low	- -	137	95	904	2,479	2,333	2,895	4,102	4,654

Shares Outstanding	- -	27	27	38	61	63	66	77	81
Diluted Weighted Avg Shares	27	27	27	33	54	62	67	71	79
Basic Weighted Avg Shares	27	27	27	30	50	62	63	71	79
Revenue per Share	9.93	9.63	16.78	26.56	27.4	-1.09	11.21	16.51	25.22
EBITDA per Share	3.23	2.79	5.98	11.25	9.62	0.76	3.46	-3.11	-12.37
Operating Income per Share	3.06	2.5	5.71	11.07	9.08	-0.01	2.71	-3.75	-12.95
Basic EPS, GAAP	3.06	- -	- -	2.11	3.89	-0.3	0.91	-2.52	-6.78
Basic EPS from Cont Ops	3.15	2.25	5.44	10.61	9.72	-0.73	2.64	-2.43	-9.4
Diluted EPS, GAAP	3.06	- -	- -	1.88	3.62	-0.3	0.87	-2.52	-6.78
Diluted EPS from Cont Ops	3.15	2.25	5.44	9.45	9.04	-0.73	2.52	-2.43	-9.4
Dividend per Share	3.32	- -	- -	0.07	0.48	0.81	1.08	1.07	1.49
Cash Flow per Share	2.01	1.93	2.48	5.03	4.3	2.44	2.54	0.91	0.84
Free Cash Flow per Basic Share	1.89	1.82	2.45	4.99	4.26	2.35	2.24	0.84	0.81
Cash & Equivalents per Share	- -	3.16	3.38	6.07	2.34	2.08	2.86	4.07	14.15
Book Value per Share	- -	- -	- -	2.04	4.61	2.59	0.22	-3.41	-11.35
Tangible Book Value per Share	- -	4.7	8.32	21.83	16.97	11.6	15.56	13.07	1.04

StepStone Group Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)