StepStone Group vs Victory Capital
StepStone Group reported revenue of $2.0 billion in fiscal 2026, 1.5 times Victory Capital's $1.3 billion in fiscal 2025. StepStone Group's revenue grew 69.7% in its latest year, and Victory Capital's grew 46.2%. Free cash flow was $64 million at StepStone Group and $381 million at Victory Capital. Their fiscal years end in different months (March 31 and December 31), so the periods don't line up exactly.
Side by side
| StepStone Group | Victory Capital | |
|---|---|---|
| Latest fiscal year | FY2026, Mar 31, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $2.0B | $1.3B |
| Revenue growth | 69.7% | 46.2% |
| Revenue growth a year, last 5 years | 20.4% | 11.0% |
| Gross margin | — | — |
| Operating margin | — | 36.6% |
| Net margin | −26.9% | 25.3% |
| Free cash flow | $64M | $381M |
| Free cash flow margin | 3.2% | 29.2% |
| Return on capital | — | 13.9% |
| Net debt to EBITDA | — | 1.5x |
| Dividends and buybacks | $126M | $353M |
| Change in diluted share count | 11.1% | 0.7% |
| Last close | $47.45 | $119.24 |
| P/E at the last close | — | 21.8× |
| Insider trades, last 12 months | bought $5.6 million, sold $37.4 million | — |
| Piotroski F-score | — | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
StepStone GroupVictory Capital
Operating margin
Percent of revenue
StepStone GroupVictory Capital
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
StepStone GroupVictory Capital
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the StepStone Group and Victory Capital pages.