Overview Dividends

(STEP) Stepstone - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US85914M1071

Private Equity, Venture Capital, Fund-Of-Funds, Secondary Investments, Real Assets

STEP EPS (Earnings per Share)

EPS Growth (3Y CAGR): 28.67%
EPS Trend (3Y Correlation): 85.9%

STEP Revenue

Revenue Growth (3Y CAGR): 165.57%
Revenue Trend (3Y Correlation): 50.3%

Risk via 10d forecast
Volatility	34.6%
Value at Risk 5%th	54.0%
Relative Tail Risk	-5.29%

Reward TTM
Sharpe Ratio	0.15
Alpha	-25.54

Character TTM
Hurst Exponent	0.269
Beta	1.673
Beta Downside	1.953

Drawdowns 3y
Max DD	38.27%
Mean DD	10.00%
Median DD	7.63%

Description: STEP Stepstone November 05, 2025

StepStone Group Inc. (NASDAQ: STEP) is a global private-equity and venture-capital platform that deploys capital across primary and secondary strategies, including direct investments, fund-of-funds, co-investments and follow-on commitments.

Its direct-investment mandate spans the full capital-structure spectrum-from private-debt and venture-debt to mezzanine, distressed, growth-capital and buyout deals-targeting sectors such as technology, healthcare, clean energy, infrastructure, consumer durables and real assets.

Geographically, StepStone operates in North America, Europe, Asia and Latin America, allocating roughly 5-40 % of its capital to emerging-market opportunities, with notable exposure in Brazil, India and South-Korea.

As of the most recent filing, the firm reported approximately $71 billion in assets under management (AUM) and generated $1.12 billion of revenue in FY 2023, reflecting a 12 % YoY increase driven by strong fundraising activity in the private-equity sector.

Industry-wide, private-equity fundraising grew about 10 % in 2023, while capital deployment in emerging markets accelerated 15 % YoY, underscoring the relevance of StepStone’s diversified, global approach.

For a deeper quantitative view of STEP’s valuation metrics and peer comparison, you may find ValueRay’s analyst toolkit useful.

STEP Stock Overview

Market Cap in USD	7,715m
Sub-Industry	Asset Management & Custody Banks
IPO / Inception	2020-09-16
Return 12m vs S&P 500	-16.3%
Analyst Rating	3.83 of 5

STEP Dividends

Dividend Yield	2.22%
Yield on Cost 5y	5.46%
Yield CAGR 5y	42.88%
Payout Consistency	98.6%
Payout Ratio	69.9%

STEP Growth Ratios

CAGR 3y	32.85%
CAGR/Max DD Calmar Ratio	0.86
CAGR/Mean DD Pain Ratio	3.29
Current Volume	835.9k
Average Volume	536.7k

Piotroski VR‑10 (Strict, 0-10) 1.0

Net Income (-615.1m TTM) > 0 and > 6% of Revenue (6% = 92.1m TTM)

FCFTA 0.00 (>2.0%) and ΔFCFTA -2.86pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -102.0% (prev 22.81%; Δ -124.8pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.00 (>3.0%) and CFO 23.6m > Net Income -615.1m (YES >=105%, WARN >=100%)

NO Net Debt/EBITDA fails (EBITDA <= 0)

Current Ratio 0.17 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (78.6m) change vs 12m ago 12.72% (target <= -2.0% for YES)

Gross Margin 6.52% (prev 46.65%; Δ -40.13pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 32.76% (prev 19.81%; Δ 12.95pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio -69.89 (EBITDA TTM -1.01b / Interest Expense TTM 15.2m) >= 6 (WARN >= 3)

Altman Z'' -4.07

(A) -0.29 = (Total Current Assets 311.3m - Total Current Liabilities 1.88b) / Total Assets 5.33b

(B) -0.14 = Retained Earnings (Balance) -720.4m / Total Assets 5.33b

(D) -0.18 = Book Value of Equity -719.4m / Total Liabilities 4.11b

Total Rating: -4.07 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 51.96

1. Piotroski 1.0pt = -4.0

2. FCF Yield 0.24% = 0.12

3. FCF Margin 1.23% = 0.31

4. Debt/Equity -1.64 = -2.50

5. Debt/Ebitda 0.23 = 2.46

7. RoE -794.5% = -2.50

8. Rev. Trend 50.31% = 3.77

9. EPS Trend 85.95% = 4.30

What is the price of STEP shares?

As of November 18, 2025, the stock is trading at USD 63.09 with a total of 835,945 shares traded.
Over the past week, the price has changed by -2.33%, over one month by -1.46%, over three months by +2.30% and over the past year by -4.06%.

Is Stepstone a good stock to buy?

Neither. Based on ValueRay´s Fundamental Analyses, Stepstone is currently (November 2025) neither a good nor a bad stock to buy. It has a ValueRay Fundamental Rating of 51.96 and therefor a neutral outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of STEP is around 64.65 USD . This means that STEP is currently overvalued and has a potential downside of 2.47%.

Is STEP a buy, sell or hold?

Stepstone has received a consensus analysts rating of 3.83. Therefore, it is recommended to buy STEP.

Strong Buy: 2
Buy: 1
Hold: 3
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the STEP price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	74.9	18.7%
Analysts Target Price	74.9	18.7%
ValueRay Target Price	74.1	17.5%

STEP Fundamental Data Overview November 16, 2025

Market Cap USD = 7.72b (7.72b USD * 1.0 USD.USD)
P/E Forward = 30.9598
P/S = 5.0253
P/B = 33.0017
Beta = 1.434
Revenue TTM = 1.54b USD
EBIT TTM = -1.06b USD
EBITDA TTM = -1.01b USD
Long Term Debt = 269.9m USD (from longTermDebt, last quarter)
Short Term Debt = 269.3m USD (from shortTermDebt, last fiscal year)
Debt = 382.8m USD (from shortLongTermDebtTotal, last fiscal year)
Net Debt = -229.8m USD (from netDebt column, last quarter)
Enterprise Value = 7.87b USD (7.72b + Debt 382.8m - CCE 229.8m)
Interest Coverage Ratio = -69.89 (Ebit TTM -1.06b / Interest Expense TTM 15.2m)
FCF Yield = 0.24% (FCF TTM 18.9m / Enterprise Value 7.87b)
FCF Margin = 1.23% (FCF TTM 18.9m / Revenue TTM 1.54b)
Net Margin = -40.06% (Net Income TTM -615.1m / Revenue TTM 1.54b)
Gross Margin = 6.52% ((Revenue TTM 1.54b - Cost of Revenue TTM 1.44b) / Revenue TTM)
Gross Margin QoQ = 45.57% (prev 47.38%)
Tobins Q-Ratio = 1.48 (Enterprise Value 7.87b / Total Assets 5.33b)
Interest Expense / Debt = 1.16% (Interest Expense 4.42m / Debt 382.8m)
Taxrate = -14.85% (negative due to tax credits) (100.3m / -675.8m)
NOPAT = -1.22b (EBIT -1.06b * (1 - -14.85%)) [loss with tax shield] [negative tax rate / tax credits]
Current Ratio = 0.17 (Total Current Assets 311.3m / Total Current Liabilities 1.88b)
Debt / Equity = -1.64 (negative equity) (Debt 382.8m / totalStockholderEquity, last quarter -233.5m)
Debt / EBITDA = 0.23 (negative EBITDA) (Net Debt -229.8m / EBITDA -1.01b)
Debt / FCF = -12.14 (Net Debt -229.8m / FCF TTM 18.9m)
Total Stockholder Equity = 77.4m (last 4 quarters mean from totalStockholderEquity)
RoA = -11.54% (Net Income -615.1m / Total Assets 5.33b)
RoE = -794.5% (Net Income TTM -615.1m / Total Stockholder Equity 77.4m)
RoCE = -305.0% (out of range, set to none) (EBIT -1.06b / Capital Employed (Equity 77.4m + L.T.Debt 269.9m))
RoIC = -378.0% (out of range, set to none) (NOPAT -1.22b / Invested Capital 321.8m)
WACC = 11.67% (E(7.72b)/V(8.10b) * Re(12.18%) + D(382.8m)/V(8.10b) * Rd(1.16%) * (1-Tc(-0.15)))
Discount Rate = 12.18% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 7.01%
[DCF Debug] Terminal Value 58.48% ; FCFE base≈63.3m ; Y1≈48.4m ; Y5≈30.1m
Fair Price DCF = 4.11 (DCF Value 325.2m / Shares Outstanding 79.1m; 5y FCF grow -27.87% → 3.0% )
EPS Correlation: 85.95 | EPS CAGR: 28.67% | SUE: 0.73 | # QB: 0
Revenue Correlation: 50.31 | Revenue CAGR: 165.6% | SUE: 1.47 | # QB: 3

Additional Sources for STEP Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle