SuperworthStepStone profit margin STEP
Gross, operating and net profit as a share of revenue over the last twelve months, from 2020.
- Net margin, 12 months
- −30.5%
- Operating margin, 12 months
- −24.7%
- Net margin on a year earlier
- −13.4 pts
- Peer median
- 22.7%
Over the twelve months to Jun 30, 2026, StepStone kept −30.5% of its revenue as net profit, with an operating margin of −24.7%.
Five years earlier its net margin was 9.0%.
The median for 10 asset managers of a similar size is 22.7%.
Profit margin over time
Fiscal year by fiscal year
| Fiscal year | Net margin | Operating margin |
|---|---|---|
| FY2026 | −26.9% | −17.5% |
| FY2025 | −15.3% | −0.3% |
| FY2024 | 8.2% | 33.4% |
| FY2023 | n/a | n/a |
| FY2022 | 14.2% | 76.4% |
| FY2021 | 8.0% | 72.9% |
| FY2020 | 0.0% | 58.5% |
Quarter by quarter
| Quarter | Ended | Net margin, 12 months | Change on a year | Operating margin |
|---|---|---|---|---|
| Q1 FY27 | −30.5% | −13.4 pts | −24.7% | |
| Q4 FY26 | −26.9% | −11.6 pts | −17.5% | |
| Q3 FY26 | −30.7% | −19.4 pts | −25.6% | |
| Q2 FY26 | −40.1% | −45.3 pts | −45.1% | |
| Q1 FY26 | −17.1% | −24.1 pts | −1.1% | |
| Q4 FY25 | −15.3% | −23.4 pts | −0.3% | |
| Q3 FY25 | −11.3% | −21.9 pts | 10.1% | |
| Q2 FY25 | 5.2% | −7.7 pts | 30.2% | |
| Q1 FY25 | 7.0% | −0.4 pts | 30.5% | |
| Q4 FY24 | 8.2% | n/a | 33.4% | |
| Q3 FY24 | 10.6% | +15.0 pts | 11.7% | |
| Q2 FY24 | 12.9% | +3.7 pts | 17.4% |
Against its peers
Companies in Asset Management nearest StepStone's size, closest first, today.
| Company | Profit margin |
|---|---|
| STEPStepStone | −30.5% |
| HASIHA Sustainable Infrastructure Capital | 24.1% |
| HLNEHamilton Lane INC | 32.1% |
| DLBDolby Laboratories | 16.7% |
| MCMoelis | n/m |
| FHIFederated Hermes | 21.3% |
| LAZLazard | 6.9% |
| VCTRVictory Capital | 29.6% |
| CNSCohen & Steers | 28.8% |
| AAMIAcadian Asset Management | 15.2% |
| ABAlliancebernstein | n/m |
| Peer median | 22.7% |
Where StepStone ranks
What the profit margin tells you
Profit as a share of revenue at three levels: gross (after making the product), operating (after running the business) and net (after everything, including tax and interest).
Compare within an industry. 10% is superb for a retailer and poor for a software company.
More on StepStone
Valuation data, not investment advice. Prices as of . Reported figures come from the company's filings with the SEC.