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StepStone Group vs Morningstar: STEP and MORN compared
StepStone Group is the larger company: $773M of revenue in its latest quarter (Q2 FY27) against $672M for Morningstar (Q3 2026). StepStone Group is growing faster (+70% against +9% a year earlier). Morningstar is more profitable, with an operating margin of 24.9% against 6.2%.
Where the money goes: STEP and MORN
StepStone Group (STEP) · Q2 FY27
StepStone Group, Q2 FY27: revenue $773M (+70% year over year), operating margin 6.2%, net earnings $65.4M. The chart follows the revenue to costs, profit and cash.
Morningstar (MORN) · Q3 2026
Morningstar, Q3 2026: revenue $672M (+9% year over year), operating margin 24.9%, net earnings $116M, operating cash flow $191M. The chart follows the revenue to costs, profit and cash.
| StepStone Group (STEP) | Morningstar (MORN) | |
|---|---|---|
| Latest quarter | Q2 FY27 | Q3 2026 |
| Revenue | $773M | $672M |
| Revenue growth, Y/Y | +70% | +9% |
| Operating margin | 6.2% | 24.9% |
| Net earnings | $65.4M | $116M |
| Net margin | 8.5% | 17.2% |
| Operating cash flow | — | $191M |
| Free cash flow | — | $155M |
| Market value | $3.9B | $9.2B |
| P/E | — | 21.4× |
| Analysts’ mean target | $64.60 | $246.00 |
Where the revenue comes from
Morningstar
- License-based: $459M (68%)
- Transaction-based: $110M (16%)
- Asset-based: $103M (15%)
Questions
Which is bigger, StepStone Group or Morningstar?
StepStone Group is the larger company: $773M of revenue in its latest quarter (Q2 FY27) against $672M for Morningstar (Q3 2026).
Is StepStone Group or Morningstar growing faster?
StepStone Group is growing faster (+70% against +9% a year earlier).
Which is more profitable, StepStone Group or Morningstar?
Morningstar is more profitable, with an operating margin of 24.9% against 6.2%.
More: StepStone Group earnings · how StepStone Group makes money · Morningstar earnings · how Morningstar makes money
From the companies' latest 10-Q, 10-K or earnings release (8-K filed Nov 5, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.