STEP Stock Analysis: Stepstone | NASDAQ

Private Equity, Venture Capital, Fund Of Funds, Real Assets

Total Rating 13

Safety 28

Buy Signal -1.10

Asset Management
Industry Rotation: +8.6

Market Cap: 6.21B
Avg Turnover: 60.7M

Risk 3d forecast

Volatility60.4%

VaR 5^th Pctl10.4%

VaR vs Median4.89%

Reward TTM

Sharpe Ratio-0.21

Rel. Str. IBD10.1

Rel. Str. Peer Group10.5

Character TTM

Beta1.769

Beta Downside1.578

Hurst Exponent0.473

Drawdowns 3y

Max DD46.85%

CAGR/Max DD0.50

CAGR/Mean DD1.82

EPS (Earnings per Share)

EPS CAGR: 34.65%
EPS Trend: 95.5%

Last SUE: -0.33
Qual. Beats: 0

Revenue

Rev. CAGR: 70.80%
Rev. Trend: 98.8%

Last SUE: 0.31
Qual. Beats: 0

Warnings

Negative Equity With Losses

Below Sma 200d

Tailwinds

No distinct edge detected

Seasonality 5.9 years of data

Jan +4.6% 34

Feb -1.8% 11

Mar -1.7% 25

Apr -9.6% 31

May +6.7% 12

Jun -1.4% 10

Jul +4.5% 52

Aug +5.0% 47

Sep -0.8% 10

Oct +0.3% 9

Nov +2.5% 12

Dec -1.3% 9

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: STEP Stepstone

StepStone Group Inc. (STEP) is a global private equity and venture capital firm that invests across multiple strategies, including primary, direct, fund of funds, secondary direct, and secondary indirect investments. Founded in 2007 and headquartered in New York City, the firm maintains offices across North America, South America, Europe, Asia, and Australia.

The firm takes a broad approach to direct investing, covering stages from seed and startup through growth capital and buyouts, and targets sectors such as technology, healthcare, financials, infrastructure, real estate, clean energy, consumer goods, and telecommunications. For fund-of-funds activity, it invests in private equity, venture capital, real estate, infrastructure, mezzanine, and distressed funds, while also pursuing co-investments, follow-ons, and both minority and majority stakes. StepStone invests globally with a focus on the United States, Europe, and Asia, and allocates between 5% and 40% of capital to emerging markets.

StepStone operates as a multi-strategy alternative asset manager within the asset management and custody banks sub-industry of the financials sector. The company went public in September 2020 and is classified as a mid-cap stock.

Headlines to Watch Out For

Fee-related earnings expand as AUM growth accelerates
Performance fees recover on stronger private equity exit activity
Private wealth channel competition intensifies from Blackstone and KKR

Piotroski VR-10 (Strict) 2.0

Net Income: -613.2m TTM > 0 and > 6% of Revenue
FCF/TA: -0.06 > 0.02 and ΔFCF/TA -6.82 > 1.0
NWC/Revenue: -101.7% < 20% (prev -0.10%; Δ -101.5% < -1%)
CFO/TA -0.06 > 3% & CFO -437.3m > Net Income -613.2m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 0.13 > 1.5 & < 3
Outstanding Shares: last quarter (82.0m) vs 12m ago 5.33% < -2%
Gross Margin: 50.29% > 18% (prev -0.43%; Δ 50.72% > 0.5%)
Asset Turnover: 32.00% > 50% (prev 28.29%; Δ 3.72% > 0%)
Interest Coverage Ratio: -63.87 > 6 (EBIT TTM -1.17b / Interest Expense TTM 18.3m)

Altman Z'' -3.52

A: -0.26 (Total Current Assets 311.5m - Total Current Liabilities 2.35b) / Total Assets 7.77b
B: -0.14 (Retained Earnings -1.08b / Total Assets 7.77b)
C: -0.19 (EBIT TTM -1.17b / Avg Total Assets 6.28b)
D: -0.08 (Book Value of Equity -539.2m / Total Liabilities 6.53b)
Altman-Z'' = -3.52 = D

Beneish M -3.01

DSRI: 0.10 (Receivables 109.7m/1.78b, Revenue 2.01b/1.35b)
GMI: 1.00 (fallback, negative margins)
AQI: 1.70 (AQ_t 0.95 / AQ_t-1 0.56)
SGI: 1.48 (Revenue 2.01b / 1.35b)
TATA: -0.02 (NI -613.2m - CFO -437.3m) / TA 7.77b)
Beneish M = -3.01 (Cap -4..+1) = AA

What is the price of STEP shares?

As of August 17, 2026, the stock is trading at USD 50.40 with a total of 1,082,908 shares traded. Over the past week, the price has changed by +8.60%, over one month by +16.37%, over three months by -4.25% and over the past year by -12.50%.

Current recommended Stop Loss: 46.20 (which is 8.3% or 1.6 ATR below the current price).

Is STEP a buy, sell or hold?

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

StrongBuy: 2
Buy: 1
Hold: 3
Sell: 0
StrongSell: 0

What are the forecasts/targets for the STEP price?

Analysts Target Price	70.4	39.6%

Stepstone (STEP) - Fundamental Data Overview as of 14 August 2026

Market Cap USD = 6.21b (6.21b USD * 1.0 USD.USD)
P/E Forward = 19.0476
P/S = 3.0918
P/B = 33.0017
Revenue TTM = 2.01b USD
EBIT TTM = -1.17b USD
EBITDA TTM = -1.12b USD
Long Term Debt = 1.35b USD (from longTermDebt, last quarter)
Short Term Debt = 100.0m USD (from shortLongTermDebt, last quarter)
Debt = 1.57b USD (corrected: LT Debt 1.35b + ST Debt 100.0m) + Leases 116.5m
Net Debt = 1.37b USD (calculated: Debt 1.57b - CCE 201.2m)
Enterprise Value = 7.58b USD (6.21b + Debt 1.57b - CCE 201.2m)
Interest Coverage Ratio = -63.87 (Ebit TTM -1.17b / Interest Expense TTM 18.3m)
EV/FCF = -17.24x (Enterprise Value 7.58b / FCF TTM -439.4m)
FCF Yield = -5.80% (FCF TTM -439.4m / Enterprise Value 7.58b)
FCF Margin = -21.88% (FCF TTM -439.4m / Revenue TTM 2.01b)
Net Margin = -30.53% (Net Income TTM -613.2m / Revenue TTM 2.01b)
Gross Margin = 50.29% ((Revenue TTM 2.01b - Cost of Revenue TTM 998.2m) / Revenue TTM)
Gross Margin QoQ = 43.80% (prev 57.57%)
Tobins Q-Ratio = 0.98 (Enterprise Value 7.58b / Total Assets 7.77b)
Interest Expense / Debt = 1.17% (Interest Expense 18.3m / Debt 1.57b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -923.6m (EBIT -1.17b * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 0.13 (Total Current Assets 311.5m / Total Current Liabilities 2.35b)
Debt / Equity = -2.91 (negative equity) (Debt 1.57b / totalStockholderEquity, last quarter -539.2m)
Debt / EBITDA = -1.22 (negative EBITDA) (Net Debt 1.37b / EBITDA -1.12b)
Debt / FCF = -3.11 (negative FCF - burning cash) (Net Debt 1.37b / FCF TTM -439.4m)
Total Stockholder Equity = -391.3m (last 4 quarters mean from totalStockholderEquity)
RoA = -9.77% (Net Income -613.2m / Total Assets 7.77b)
RoE = 156.7% (negative equity) (Net Income TTM -613.2m / Total Stockholder Equity -391.3m)
RoCE = -121.7% (out of range, set to none) (EBIT -1.17b / Capital Employed (Equity -391.3m + L.T.Debt 1.35b))
RoIC = -17.06% (negative operating profit) (NOPAT -923.6m / Invested Capital 5.41b)
WACC = 9.93% (E(6.21b)/V(7.78b) * Re(12.20%) + D(1.57b)/V(7.78b) * Rd(1.17%) * (1-Tc(0.21)))
Discount Rate = 12.20% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 97.77 | Cagr: 9.19%
[DCF] Fair Price = unknown (Cash Flow -439.4m)
EPS Correlation: 95.52 | EPS CAGR: 34.65% | SUE: -0.33 | # QB: 0
Revenue Correlation: 98.75 | Revenue CAGR: 70.80% | SUE: 0.31 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.58 | Chg30d=-0.19% | Revisions=-67% | Analysts=6
EPS next Quarter (2026-12-31): EPS=0.80 | Chg30d=+14.00% | Revisions=-29% | Analysts=5
EPS current Year (2027-03-31): EPS=2.48 | Chg30d=-0.50% | Revisions=-70% | GrowthEPS=+14.6% | GrowthRev=+18.6%
EPS next Year (2028-03-31): EPS=3.48 | Chg30d=+5.64% | Revisions=-44% | GrowthEPS=+40.4% | GrowthRev=+20.2%
[Analyst] Revisions Ratio: -73% (up=2, down=21)