StepStone Group Inc. — Earnings Quality Grade D
STEP · Financial Services
Significant concerns
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 25 days, change -4 days YoY
AR growth 42.5% vs revenue growth 65.1%
Revenue grew 65.1% but CFFO declined -59.8%
Expense Quality
No material inventory
CapEx growth -74.0% vs revenue 65.1%. Normal
SG&A/Gross Profit = 146.0%, exceeds 70%
Gross margin 49.3%, change -4.3pp. Stable
Cash Flow Quality
CFFO/NI = -0.36. Below 1.0
FCF $0.1B, FCF/NI = -0.33
Accruals ratio = -5.3%. Low accruals
Cash $0.3B covers 76% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.8B = 471% of equity. Over 50%
Interest coverage = -21.0x (<2x). Financial stress
Other assets 54.8% vs revenue 65.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -5% YoY. Normal
Manipulation Score
M-Score = -2.45 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score — Not Applicable
StepStone Group Inc. is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25