(STEP) Stepstone - Overview

Sector: Financial Services | Industry: Asset Management | Exchange: NASDAQ (USA) | Market Cap: 6.692m USD | Total Return: -6.4% in 12m

Private Equity, Private Debt, Real Estate, Infrastructure
Total Rating 30
Safety 33
Buy Signal -1.26
Asset Management
Industry Rotation: +5.0
Market Cap: 6.69B
Avg Turnover: 39.1M
Risk 3d forecast
Volatility40.3%
VaR 5th Pctl6.99%
VaR vs Median5.31%
Reward TTM
Sharpe Ratio-0.05
Rel. Str. IBD22.5
Rel. Str. Peer Group28
Character TTM
Beta1.655
Beta Downside1.587
Hurst Exponent0.487
Drawdowns 3y
Max DD43.10%
CAGR/Max DD0.88
CAGR/Mean DD3.82
EPS (Earnings per Share) EPS (Earnings per Share) of STEP over the last years for every Quarter: "2021-03": 0.25, "2021-06": 0.41, "2021-09": 0.4, "2021-12": 0.42, "2022-03": 0.38, "2022-06": 0.41, "2022-09": 0.33, "2022-12": 0.27, "2023-03": 0.24, "2023-06": 0.26, "2023-09": 0.26, "2023-12": 0.37, "2024-03": 0.33, "2024-06": 0.48, "2024-09": 0.45, "2024-12": 0.44, "2025-03": 0.68, "2025-06": 0.4, "2025-09": 0.54, "2025-12": 0.65,
EPS CAGR: 15.39%
EPS Trend: 67.8%
Last SUE: 0.97
Qual. Beats: 0
Revenue Revenue of STEP over the last years for every Quarter: 2021-03: 359.066, 2021-06: 308.605, 2021-09: 281.765, 2021-12: 410.465, 2022-03: 364.69, 2022-06: -77.218, 2022-09: -158.495, 2022-12: -4.235, 2023-03: 172.374, 2023-06: 178.011, 2023-09: 191.422, 2023-12: -14.612, 2024-03: 356.81, 2024-06: 186.401, 2024-09: 271.677, 2024-12: 339.023, 2025-03: 377.729, 2025-06: 364.287, 2025-09: 454.225, 2025-12: 586.511,
Rev. CAGR: 13.51%
Rev. Trend: 57.9%
Last SUE: 1.48
Qual. Beats: 4

Warnings

Negative Equity with losses - insolvent profile

Tailwinds

No distinct edge detected

Description: STEP Stepstone

StepStone Group Inc. (NASDAQ: STEP) is a global private markets investment firm providing customized portfolios and advisory services. The firm operates across four primary asset classes: private equity, real estate, infrastructure and real assets, and private debt. Its investment strategies encompass primary fund commitments, secondary transactions, and direct co-investments.

The company utilizes a specialized fund of funds and advisory model, which allows institutional and high-net-worth investors to diversify across various private market managers and vintage years. In the Asset Management & Custody Banks sector, firms like StepStone generate revenue primarily through management fees based on committed or invested capital and performance-based carried interest.

StepStone’s geographic footprint spans North America, Europe, Asia, and emerging markets, with a mandate that covers the full corporate lifecycle from seed-stage venture capital to distressed debt and mature buyouts. To deepen your understanding of the firms valuation and performance metrics, consider reviewing the detailed data available on ValueRay.

Headlines to Watch Out For
  • Growth in assets under management drives recurring management fee revenue expansion
  • Global private markets demand increases capital allocation to alternative investment strategies
  • Performance fee volatility impacts quarterly earnings and overall stock price valuation
  • High interest rates affect deal flow and realization of carried interest gains
  • Expansion into retail and wealth management channels diversifies the institutional client base
Piotroski VR‑10 (Strict) 2.0
Net Income: -546.5m TTM > 0 and > 6% of Revenue
FCF/TA: 0.00 > 0.02 and ΔFCF/TA -2.76 > 1.0
NWC/Revenue: 38.69% < 20% (prev 25.07%; Δ 13.63% < -1%)
CFO/TA 0.00 > 3% & CFO 23.2m > Net Income -546.5m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 1.36 > 1.5 & < 3
Outstanding Shares: last quarter (79.5m) vs 12m ago 7.84% < -2%
Gross Margin: 40.09% > 18% (prev 0.02%; Δ 4.01k% > 0.5%)
Asset Turnover: 37.18% > 50% (prev 26.53%; Δ 10.65% > 0%)
Interest Coverage Ratio: -51.12 > 6 (EBITDA TTM -837.3m / Interest Expense TTM 17.3m)
Altman Z'' -1.11
A: 0.13 (Total Current Assets 2.63b - Total Current Liabilities 1.94b) / Total Assets 5.24b
B: -0.17 (Retained Earnings -866.3m / Total Assets 5.24b)
C: -0.18 (EBIT TTM -883.0m / Avg Total Assets 4.80b)
D: -0.18 (Book Value of Equity -865.3m / Total Liabilities 4.72b)
Altman-Z'' Score: -1.11 = CCC
Beneish M -3.75
DSRI: 0.89 (Receivables 2.25b/1.63b, Revenue 1.78b/1.15b)
GMI: 0.06 (GM 40.09% / 2.49%)
AQI: 0.89 (AQ_t 0.48 / AQ_t-1 0.54)
SGI: 1.54 (Revenue 1.78b / 1.15b)
TATA: -0.11 (NI -546.5m - CFO 23.2m) / TA 5.24b)
Beneish M-Score: -3.75 (Cap -4..+1) = AAA
What is the price of STEP shares? As of May 18, 2026, the stock is trading at USD 53.54 with a total of 499,962 shares traded.
Over the past week, the price has changed by -3.95%, over one month by -1.91%, over three months by -3.02% and over the past year by -6.44%.
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 71.4 33.3%
Stepstone (STEP) - Fundamental Data Overview as of 17 May 2026
P/E Forward = 21.5054
P/S = 3.7539
P/B = 33.0017
Revenue TTM = 1.78b USD
EBIT TTM = -883.0m USD
EBITDA TTM = -837.3m USD
Long Term Debt = 270.2m USD (from longTermDebt, last quarter)
Short Term Debt = 269.3m USD (from shortTermDebt, last fiscal year)
Debt = 376.7m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -709k USD (from netDebt column, last quarter)
Enterprise Value = 6.69b USD (6.69b + Debt 376.7m - CCE 377.5m)
Interest Coverage Ratio = -51.12 (Ebit TTM -883.0m / Interest Expense TTM 17.3m)
EV/FCF = 359.1x (Enterprise Value 6.69b / FCF TTM 18.6m)
FCF Yield = 0.28% (FCF TTM 18.6m / Enterprise Value 6.69b)
FCF Margin = 1.05% (FCF TTM 18.6m / Revenue TTM 1.78b)
Net Margin = -30.66% (Net Income TTM -546.5m / Revenue TTM 1.78b)
Gross Margin = 40.09% ((Revenue TTM 1.78b - Cost of Revenue TTM 1.07b) / Revenue TTM)
Gross Margin QoQ = 50.84% (prev 45.57%)
Tobins Q-Ratio = 1.28 (Enterprise Value 6.69b / Total Assets 5.24b)
Interest Expense / Debt = 1.36% (Interest Expense 5.12m / Debt 376.7m)
Taxrate = 21.0% (US default 21%)
NOPAT = -697.5m (EBIT -883.0m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 1.36 (Total Current Assets 2.63b / Total Current Liabilities 1.94b)
 Debt / Equity = -0.99 (negative equity) (Debt 376.7m / totalStockholderEquity, last quarter -378.8m)
 Debt / EBITDA = 0.00 (negative EBITDA) (Net Debt -709k / EBITDA -837.3m)
 Debt / FCF = -0.04 (Net Debt -709k / FCF TTM 18.6m)
Total Stockholder Equity = -69.7m (last 4 quarters mean from totalStockholderEquity)
RoA = -11.40% (Net Income -546.5m / Total Assets 5.24b)
 RoE = 783.6% (negative equity) (Net Income TTM -546.5m / Total Stockholder Equity -69.7m)
 RoCE = -440.4% (out of range, set to none) (EBIT -883.0m / Capital Employed (Equity -69.7m + L.T.Debt 270.2m))
 RoIC = -348.7% (out of range, set to none) (NOPAT -697.5m / Invested Capital 200.0m)
 WACC = 11.23% (E(6.69b)/V(7.07b) * Re(11.80%) + D(376.7m)/V(7.07b) * Rd(1.36%) * (1-Tc(0.21)))
Discount Rate = 11.80% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 89.89 | Cagr: 8.32%
[DCF] Terminal Value 60.87% ; FCFF base≈65.5m ; Y1≈48.7m ; Y5≈28.5m
[DCF] Fair Price = 4.31 (EV 344.5m - Net Debt -709k = Equity 345.2m / Shares 80.1m; r=11.23% [WACC]; 5y FCF grow -30.37% → 3.0% )
EPS Correlation: 67.79 | EPS CAGR: 15.39% | SUE: 0.97 | # QB: 0
Revenue Correlation: 57.88 | Revenue CAGR: 13.51% | SUE: 1.48 | # QB: 4
EPS current Quarter (2026-06-30): EPS=0.55 | Chg30d=-0.22% | Revisions=-14% | Analysts=6
[Analyst] Revisions Ratio: -14%