StepStone Group LP (STEP US) · 10+ Years of Financial Ratios

Profitability	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Return on Common Equity (%)	- -	- -	- -	207.05	133.61	-9.43	66.61
Return on Assets (%)	- -	- -	- -	6.26	7.04	-0.48	1.59
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
EBITDA Margin (%)	32.49	29	35.61	42.36	35.1	-69.47	30.82
Operating Margin (%)	30.86	25.92	34.02	41.66	33.13	0.74	24.14
Incremental Operating Margin (%)	- -	188.9	44.93	51.66	21.49	31.6	22.11
Pretax Margin (%)	32.47	24.04	33.3	42.89	37.54	61.35	27.46
Profit Margin (%)	30.82	- -	- -	7.95	14.2	27.23	8.16
Net Income to Common Margin (%)	30.82	- -	- -	7.95	14.2	27.23	8.16
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
Sustainable Growth Rate (%)	- -	- -	- -	206.3	129.49	-15.96	50.18

Credit	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Debt	- -	161	164	- -	134	220	269
ST Debt	- -	17	21	- -	63	98	149
LT Debt	- -	144	143	- -	71	121	120
Total Debt/EBITDA	- -	2.16	1.03	- -	0.28	4.68	1.22
Net Debt/EBITDA	- -	1.62	0.46	-0.54	-0.11	1.45	0.3
Total Debt/EBIT	- -	2.42	1.08	- -	0.3	-441.8	1.56
Net Debt/EBIT	- -	1.81	0.49	-0.55	-0.12	-137.1	0.38
EBITDA to Interest Expense	94.05	7.24	15.57	45.33	430.67	11.21	23.51
EBITDA-CapEx/Interest Expense	90.29	6.95	15.49	45.16	428.78	9.86	21.41
EBIT to Interest Expense	89.32	6.47	14.88	44.59	406.43	-0.12	18.41
Interest Expense	1	10	10	7	1	4	9
Common Equity/Total Assets	- -	- -	- -	4.58	5.49	4.59	0.37
Long-Term Debt/Equity (%)	- -	98.76	60.41	- -	3.89	7.33	6.39
Long-Term Debt/Capital (%)	- -	80.93	77.53	- -	5.18	9.61	6.54
Long-Term Debt/Total Assets (%)	- -	29.25	21.02	- -	1.69	3.47	3.16
Total Debt/Equity (%)	- -	110.4	69.16	- -	7.34	13.28	14.34
Total Debt/Capital (%)	- -	90.46	88.77	- -	9.77	17.4	14.67
Total Debt/Total Assets (%)	- -	32.7	24.07	- -	3.2	6.28	7.09
Net Debt to Equity	- -	82.51	31.2	-27.27	-2.93	4.12	3.5
Net Debt/Capital (%)	- -	87.64	78.1	-61.84	-4.27	6.01	3.98
EBITDA	86	74	159	334	479	47	219
EBITDA-CapEx	82	71	158	332	477	41	200
Operating Income (Loss)	82	66	152	328	452	- -	172

Liquidity	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Cash Ratio	- -	0.45	0.32	0.29	0.05	0.08	0.11
Current Ratio	- -	1.96	2.11	1.79	0.74	0.88	0.98
Quick Ratio	- -	2.19	2.11	1.78	0.73	0.88	0.98
CFO/Avg Current Liab	- -	0.55	0.28	0.33	0.15	0.08	0.1
Common Equity/Total Assets	- -	- -	- -	4.58	5.49	4.59	0.37
Long-Term Debt/Equity (%)	- -	98.76	60.41	- -	3.89	7.33	6.39
Long-Term Debt/Capital (%)	- -	80.93	77.53	- -	5.18	9.61	6.54
Long-Term Debt/Total Assets (%)	- -	29.25	21.02	- -	1.69	3.47	3.16
Total Debt/Equity (%)	- -	110.4	69.16	- -	7.34	13.28	14.34
Total Debt/Capital (%)	- -	90.46	88.77	- -	9.77	17.4	14.67
Total Debt/Total Assets (%)	- -	32.7	24.07	- -	3.2	6.28	7.09
CFO/Total Liabilities	- -	14.87	14.85	22.58	9.07	8.2	8.43
CFO/CapEx	15.62	16.91	78.77	118.68	101.89	26.87	8.24
Altman's Z-Score	- -	1.47	1.98	3.14	1.28	0.45	1.12

Working Capital	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Accounts Receivable Turnover	- -	21.12	18.08	27.53	41.23	-1.72	14.06
Days Sales Outstanding	- -	17.28	20.18	13.26	8.85	-212.25	25.96
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	7.98	6.75	9.61	12.3	-2.81	3.05
Accounts Payable Turnover Days	- -	45.73	54.1	38	29.68	-129.67	119.84
Cash Conversion Cycle	- -	-28.45	-33.91	-24.74	-20.83	-82.59	-93.88
Inventory to Cash Days	- -	17.28	20.18	13.26	8.85	-212.25	25.96
Inventories	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Market Capitalization	- -	- -	- -	1,316	2,005	1,479	2,204
- Cash & Cash Equivalents	- -	41	90	180	116	129	182
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	17	21	410	1,007	882	1,549
+ Total Debt	- -	161	164	- -	134	220	269
Enterprise Value	- -	94	95	1,546	3,030	2,451	3,839
Total Capital	- -	178	185	471	1,370	1,262	1,831
Total Debt/Capital (%)	- -	90.46	88.77	- -	9.77	17.4	14.67
Total Debt / EV	- -	1.72	1.73	- -	0.04	0.09	0.07
EV/Sales	- -	0.37	0.21	1.96	2.22	- -	5.39
EV/EBITDA	- -	1.26	0.6	4.63	6.32	52.21	17.5
EV/EBIT	- -	1.41	0.62	4.71	6.7	- -	22.35
EV/Cash Flow to Firm	- -	1.53	1.25	9.9	14.07	15.74	22.65
EV/Free Cash Flow to Firm	- -	1.45	1.23	9.82	13.93	15.19	20.3
Diluted Market Cap	- -	- -	- -	1,139	1,758	1,456	2,204
Diluted Enterprise Value	- -	137	95	1,369	2,782	2,429	3,839
EV per Share	- -	3.52	3.56	40.22	49.55	39.01	61.1
TTM Sales	264	256	447	788	1,366	-68	712
TTM EBITDA	86	74	159	334	479	47	219
TTM Operating Income	82	66	152	328	452	- -	172
TTM Cash Flow to Firm	55	61	76	156	215	156	170
TTM Free Cash Flow to Firm	58	64	77	157	217	161	189

Multiples	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Price/Earnings	- -	- -	- -	16.21	8.43	- -	- -
Price/Earnings Average	- -	- -	- -	14.87	10.06	-92.25	- -
Price/Earnings High	- -	- -	- -	18.62	13.74	-110.4	- -
Price/Earnings Low	- -	- -	- -	11.56	7.73	-77.73	- -
Price/Book Value	- -	- -	- -	21.75	8.73	9.21	158.77
Price/Book Value Average	- -	- -	- -	19.95	10.42	10.73	128.88
Price/Book Value High	- -	- -	- -	24.99	14.22	12.85	160.49
Price/Book Value Low	- -	- -	- -	15.51	8	9.05	95.53
Price/Tangible Book Value	- -	- -	- -	2.03	2.37	2.06	2.23
Price/Tangible Book Value Average	- -	- -	- -	1.86	2.83	2.4	1.81
Price/Tangible Book Value High	- -	- -	- -	2.34	3.86	2.87	2.26
Price/Tangible Book Value Low	- -	- -	- -	1.45	2.17	2.02	1.34
Price/Sales	- -	- -	- -	1.29	1.2	-21.55	- -
Price/Sales Average	- -	- -	- -	1.18	1.43	-25.12	- -
Price/Sales High	- -	- -	- -	1.48	1.95	-30.06	- -
Price/Sales Low	- -	- -	- -	0.92	1.1	-21.16	- -
Price/Cash Flow	- -	- -	- -	6.8	7.63	9.63	- -
Price/Cash Flow Average	- -	- -	- -	6.24	9.1	11.23	- -
Price/Cash Flow High	- -	- -	- -	7.81	12.43	13.43	- -
Price/Cash Flow Low	- -	- -	- -	4.85	6.99	9.46	- -
Price/Free Cash Flow	- -	- -	- -	7.57	8.12	9.29	12.17
Price/Free Cash Flow Average	- -	- -	- -	6.94	9.69	10.82	9.88
Price/Free Cash Flow High	- -	- -	- -	8.69	13.24	12.95	12.3
Price/Free Cash Flow Low	- -	- -	- -	5.4	7.45	9.12	7.32
EV/Sales	- -	0.37	0.21	1.96	2.22	- -	5.39
EV/Sales Average	- -	0.54	0.21	1.82	2.5	- -	4.81
EV/Sales High	- -	0.54	0.21	2.21	3.14	- -	5.43
EV/Sales Low	- -	0.54	0.21	1.48	2.1	- -	4.16
EV/EBITDA	- -	1.26	0.6	4.63	6.32	52.21	17.5
EV/EBITDA Average	- -	1.85	0.6	4.31	7.13	57.43	15.61
EV/EBITDA High	- -	1.85	0.6	5.22	8.95	64.65	17.61
EV/EBITDA Low	- -	1.85	0.6	3.5	5.97	51.65	13.5
EV/EBIT	- -	1.41	0.62	4.71	6.7	- -	22.35
EV/EBIT Average	- -	2.06	0.62	4.38	7.55	-5,424.79	19.94
EV/EBIT High	- -	2.06	0.62	5.31	9.49	-6,106.66	22.49
EV/EBIT Low	- -	2.06	0.62	3.56	6.33	-4,879.03	17.24
Last Price	- -	- -	- -	34.23	32.8	23.53	35.07
High Price	- -	- -	- -	39.33	53.44	32.82	35.45
Low Price	- -	- -	- -	24.42	30.07	23.11	21.1
Enterprise Value	- -	94	95	1,546	3,030	2,451	3,839
Enterprise Value Average	- -	137	95	1,437	3,417	2,696	3,424
Enterprise Value High	- -	137	95	1,742	4,292	3,035	3,863
Enterprise Value Low	- -	137	95	1,169	2,863	2,425	2,961

Per Share Data Items	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Shares Outstanding	27	27	27	38	61	63	63
Diluted Weighted Avg Shares	27	27	27	33	54	62	63
Basic Weighted Avg Shares	27	27	27	30	50	62	- -
Revenue per Share	9.93	9.63	16.78	26.56	27.4	-1.09	- -
EBITDA per Share	3.23	2.79	5.98	11.25	9.62	0.76	- -
Operating Income per Share	3.06	2.5	5.71	11.07	9.08	-0.01	- -
Basic EPS, GAAP	3.06	- -	- -	2.11	3.89	-0.3	- -
Basic EPS from Cont Ops	3.15	2.25	5.44	10.61	9.72	-0.73	- -
Diluted EPS, GAAP	3.06	- -	- -	1.88	3.62	-0.3	0.92
Diluted EPS from Cont Ops	3.15	2.25	5.44	9.45	9.04	-0.73	2.67
Dividend per Share	3.32	- -	- -	0.07	0.48	0.81	- -
Cash Flow per Share	2.01	1.93	2.48	5.03	4.3	2.44	- -
Free Cash Flow per Basic Share	1.89	1.82	2.45	4.99	4.26	2.35	- -
Cash & Equivalents per Share	- -	3.16	3.38	4.68	1.9	2.05	2.89
Book Value per Share	- -	- -	- -	1.57	3.76	2.55	0.22
Tangible Book Value per Share	- -	4.7	8.32	16.84	13.83	11.43	15.72

StepStone Group LP

STEP US

43.07

43.07