(STEP) Stepstone - NASDAQ
Sector: Financial Services | Industry: Asset Management | Exchange: NASDAQ (USA) | Market Cap: 5.190m USD | Total Return: -27% in 12m
Avg Turnover: 61.9M
EPS Trend: 96.7%
Qual. Beats: 0
Rev. Trend: 94.0%
Qual. Beats: 5
Warnings
Tailwinds
No distinct edge detected
Seasonality
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.
- 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
| Net Income: -535.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -0.36 > 1.0 |
| NWC/Revenue: 56.03% < 20% (prev 1.24%; Δ 54.79% < -1%) |
| CFO/TA 0.01 > 3% & CFO 66.5m > Net Income -535.8m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 1.49 > 1.5 & < 3 |
| Outstanding Shares: last quarter (80.3m) vs 12m ago 5.69% < -2% |
| Gross Margin: 51.00% > 18% (prev -7.68%; Δ 58.68% > 0.5%) |
| Asset Turnover: 35.13% > 50% (prev 25.61%; Δ 9.52% > 0%) |
| Interest Coverage Ratio: -47.17 > 6 (EBIT TTM -872.7m / Interest Expense TTM 18.5m) |
| A: 0.17 (Total Current Assets 3.40b - Total Current Liabilities 2.29b) / Total Assets 6.76b |
| B: -0.13 (Retained Earnings -896.9m / Total Assets 6.76b) |
| C: -0.15 (EBIT TTM -872.7m / Avg Total Assets 5.67b) |
| D: -0.07 (Book Value of Equity -413.6m / Total Liabilities 5.88b) |
| Altman-Z'' = -0.46 = B |
| DSRI: 0.81 (Receivables 2.28b/1.67b, Revenue 1.99b/1.17b) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 0.88 (AQ_t 0.48 / AQ_t-1 0.55) |
| SGI: 1.70 (Revenue 1.99b / 1.17b) |
| TATA: -0.09 (NI -535.8m - CFO 66.5m) / TA 6.76b) |
| Beneish M = -2.77 (Cap -4..+1) = A |
As of June 29, 2026, the stock is trading at USD 39.54 with a total of 3,227,075 shares traded. Over the past week, the price has changed by -12.52%, over one month by -23.45%, over three months by -13.99% and over the past year by -27.02%.
Current recommended Stop Loss: 35.80 (which is 9.5% or 1.4 ATR below the current price).
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
| Analysts Target Price | 72.5 | 83.4% |
P/E Forward = 16.835
P/S = 2.6034
P/B = 33.0017
Revenue TTM = 1.99b USD
EBIT TTM = -872.7m USD
EBITDA TTM = -826.9m USD
Long Term Debt = 1.10b USD (from longTermDebt, last quarter)
Short Term Debt = 100.0m USD (from shortTermDebt, last quarter)
Debt = 1.41b USD (from shortLongTermDebtTotal, last quarter) + Leases 103.6m
Net Debt = 290.5m USD (calculated: Debt 1.41b - CCE 1.12b)
Enterprise Value = 5.48b USD (5.19b + Debt 1.41b - CCE 1.12b)
Interest Coverage Ratio = -47.17 (Ebit TTM -872.7m / Interest Expense TTM 18.5m)
EV/FCF = 85.82x (Enterprise Value 5.48b / FCF TTM 63.9m)
FCF Yield = 1.17% (FCF TTM 63.9m / Enterprise Value 5.48b)
FCF Margin = 3.20% (FCF TTM 63.9m / Revenue TTM 1.99b)
Net Margin = -26.88% (Net Income TTM -535.8m / Revenue TTM 1.99b)
Gross Margin = 51.00% ((Revenue TTM 1.99b - Cost of Revenue TTM 977.0m) / Revenue TTM)
Gross Margin QoQ = 57.57% (prev 50.84%)
Tobins Q-Ratio = 0.81 (Enterprise Value 5.48b / Total Assets 6.76b)
Interest Expense / Debt = 1.31% (Interest Expense 18.5m / Debt 1.41b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -689.4m (EBIT -872.7m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 1.49 (Total Current Assets 3.40b / Total Current Liabilities 2.29b)
Debt / Equity = -3.41 (negative equity) (Debt 1.41b / totalStockholderEquity, last quarter -413.6m)
Debt / EBITDA = -0.35 (negative EBITDA) (Net Debt 290.5m / EBITDA -826.9m)
Debt / FCF = 4.55 (Net Debt 290.5m / FCF TTM 63.9m)
Total Stockholder Equity = -218.0m (last 4 quarters mean from totalStockholderEquity)
RoA = -9.44% (Net Income -535.8m / Total Assets 6.76b)
RoE = 245.8% (negative equity) (Net Income TTM -535.8m / Total Stockholder Equity -218.0m)
RoCE = -98.74% (EBIT -872.7m / Capital Employed (Equity -218.0m + L.T.Debt 1.10b))
RoIC = -15.40% (negative operating profit) (NOPAT -689.4m / Invested Capital 4.48b)
WACC = 9.75% (E(5.19b)/V(6.60b) * Re(12.12%) + D(1.41b)/V(6.60b) * Rd(1.31%) * (1-Tc(0.21)))
Discount Rate = 12.12% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 100.00 | Cagr: 10.56%
[DCF] Terminal Value 71.64% ; FCFF base≈62.2m ; Y1≈66.0m ; Y5≈77.9m
[DCF] Fair Price = 8.26 (EV 965.4m - Net Debt 290.5m = Equity 674.8m / Shares 81.7m; r=9.75% [WACC]; 5y FCF grow 6.74% → 2.50% )
EPS Correlation: 96.72 | EPS CAGR: 36.48% | SUE: 0.77 | # QB: 0
Revenue Correlation: 94.05 | Revenue CAGR: 99.31% | SUE: 4.0 | # QB: 5
EPS current Quarter (2026-06-30): EPS=0.53 | Chg30d=-2.80% | Revisions=+0% | Analysts=7
EPS next Quarter (2026-09-30): EPS=0.60 | Chg30d=-3.10% | Revisions=+11% | Analysts=7
EPS current Year (2027-03-31): EPS=2.50 | Chg30d=-0.42% | Revisions=+9% | GrowthEPS=+15.6% | GrowthRev=+18.0%
EPS next Year (2028-03-31): EPS=3.31 | Chg30d=-1.63% | Revisions=+14% | GrowthEPS=+32.8% | GrowthRev=+13.9%
[Analyst] Revisions Ratio: +14%