This work aims to deepen the understanding of the aerodynamic behavior and the performance of a low pressure steam turbine module. Numerical and experimental results obtained on a three-stage low pressure steam turbine (LPT) module are presented. The selected geometry is representative of the state-of-the-art of low pressure sections for small steam turbines. The test vehicle was designed and operated in different operating conditions with dry and wet steam. Different types of measurements are performed for the global performance estimation of the whole turbine and for the detailed analysis of the flow field. Steady and unsteady CFD analyses have been performed by means of viscous, three-dimensional simulations adopting a real gas, equilibrium steam model. Measured inlet/outlet boundary conditions are used for the computations. The fidelity of the computational setup is proven by comparing computational and experimental results. Main performance curves and span-wise distributions show a good agreement in terms of both shape of curves/distributions and absolute values. Finally, an attempt is done to point out where losses are generated and the physical mechanisms involved are investigated and discussed in details.