StepStone (STEP) FCF Margin (2019 - 2025)
StepStone's FCF Margin came in at 3.50% for fiscal Q2 2026 (quarter ended Sep 30, 2025), down 15.79 percentage points from 19.29% a year earlier and down 8.90 percentage points from the prior quarter.
StepStone (STEP) FCF Margin (2019 - 2025) Analysis & Trends
Over the trailing twelve months to Sep 30, 2025, StepStone reported FCF Margin of 1.23%, down 14.42 percentage points year-over-year; for FY2025 (ended Mar 31, 2025), it came in at 5.09%, down 14.85 percentage points from FY2024.
- FCF Margin carries a five-year change of -9.48 percentage points (FY2020 to FY2025).
- Going back by fiscal year, FCF Margin was 19.94% in FY2024 (-195.46 pp), 215.40% in FY2023 (+199.86 pp), 15.54% in FY2022 (-3.26 pp) and 18.79% in FY2021 (+4.22 pp).
- The five-year range for quarterly FCF Margin is -18.32% (fiscal Q4 2025) to 144.33% (fiscal Q3 2024).
- Year-over-year, FCF Margin has declined for six consecutive quarters, with an average year-over-year change of -24.90 percentage points over the last seven quarters.
- The fastest year-over-year change in FCF Margin over five years came in fiscal Q3 2023 (a gain of 105.19 percentage points), and the weakest in fiscal Q3 2025 (a drop of 136.36 percentage points).
- Business Quant data shows STEP's FCF Margin at 12.40% (Q1 2026), -18.32% (Q4 2025) and 7.97% (Q3 2025) in the three fiscal quarters before Q2 2026.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 165.57 Bn | 111.92 Bn | - | 15.78% |
| 2 | Spdr Gold Trust | 134.78 Bn | -423.22 Bn | - | - |
| 3 | Blackstone | 85.82 Bn | 80.74 Bn | - | 37.86% |
| 4 | Kkr | 83.68 Bn | 50.16 Bn | - | 55.96% |
| 5 | Brookfield | 82.01 Bn | -83.38 Bn | 4.47 Bn | - |
| 6 | Brookfield Asset Management | 71.83 Bn | 68.08 Bn | - | 30.52% |
| 7 | Apollo Global Management | 68.53 Bn | 6.22 Bn | 10.56 Bn | 25.83% |
| 8 | Wheaton Precious Metals | 61.44 Bn | 56.87 Bn | 687.86 Mn | 69.90% |
| 9 | Franco Nevada | 47.81 Bn | 45.18 Bn | 451.00 Mn | 83.08% |
| 10 | StepStone | 5.14 Bn | 4.44 Bn | - | - |
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2025 | 3.50% |
| Jun 30, 2025 | 12.40% |
| Mar 31, 2025 | -18.32% |
| Dec 31, 2024 | 7.97% |
| Sep 30, 2024 | 19.29% |
| Jun 30, 2024 | 26.61% |
| Mar 31, 2024 | 1.88% |
| Dec 31, 2023 | 144.33% |
| Sep 30, 2023 | 33.58% |
| Jun 30, 2023 | 27.99% |
| Dec 31, 2022 | 116.43% |
| Sep 30, 2022 | 54.57% |
| Jun 30, 2022 | 73.99% |
| Mar 31, 2022 | 8.73% |
| Dec 31, 2021 | 11.24% |
| Sep 30, 2021 | 21.17% |
| Jun 30, 2021 | 24.15% |
| Mar 31, 2021 | 8.01% |
| Dec 31, 2020 | 15.04% |
| Sep 30, 2020 | 22.04% |
StepStone FCF Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=fcf-margin&ticker=STEP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-margin", "ticker": "STEP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=fcf-margin&ticker=STEP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();