STEPSTONE GROUP INC.
Cash Flow Statement
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-535.8M | $-179.6M | $58.1M | $-18.4M | $193.9M | $62.6M | $0 | $0 |
| Depreciation & Amortization | $45.7M | $45.5M | $47.6M | $47.4M | $27.0M | $5.5M | $7.1M | $7.9M |
| Depreciation | $4.9M | $4.5M | $5.2M | $4.0M | $2.5M | $2.2M | $2.0M | $1.4M |
| Amortization | $40.8M | $41.0M | $42.4M | $43.5M | $24.5M | $3.3M | $5.0M | $6.5M |
| Stock-Based Compensation | $1.62B | $650.1M | $39.4M | $24.9M | $14.0M | $7.9M | $1.9M | $1.7M |
| Net Cash from Operating Activities | $66.5M | $64.9M | $161.5M | $151.2M | $214.3M | $149.3M | $65.9M | $51.5M |
| Investing Activities | ||||||||
| Capital Expenditures | $2.6M | $5.1M | $19.6M | $5.6M | $2.1M | $1.3M | $837.0K | $3.0M |
| Business Acquisitions | — | — | $0 | $0 | $181.5M | $0 | $0 | $9.0M |
| Net Cash from Investing Activities | $732.9M | $-43.5M | $-47.3M | $-30.8M | $-210.2M | $-11.2M | $35.8M | $-61.9M |
| Financing Activities | ||||||||
| Dividends Paid | $117.8M | $75.8M | $68.5M | $50.0M | $23.9M | $2.0M | $0 | $0 |
| Stock Repurchases | $8.7M | $0 | $0 | — | — | — | — | — |
| Net Cash from Financing Activities | $37.4M | $87.5M | $-58.0M | $-108.0M | $-70.4M | $-45.3M | $-52.2M | $-55.5M |
| Net Change in Cash | $829.2M | $107.5M | $52.8M | $12.1M | $-66.4M | $93.9M | $49.3M | $-65.7M |
| Free Cash Flow | $63.9M | $59.8M | $141.9M | $145.6M | $212.2M | $148.0M | $65.1M | $48.4M |
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