(STEP) Stepstone - Overview
Sector: Financial Services | Industry: Asset Management | Exchange: NASDAQ (USA) | Market Cap: 5.686m USD | Total Return: 1.2% in 12m
Avg Trading Vol: 50.2M USD
Peers RS (IBD): 19.9
EPS Trend: 25.8%
Qual. Beats: 0
Rev. Trend: 57.9%
Qual. Beats: 4
StepStone Group Inc. (NASDAQ: STEP) is a global private-equity and venture-capital platform that offers primary, direct, fund-of-funds, secondary direct and secondary indirect investment solutions. The firm targets a broad spectrum of asset classes-from private debt and mezzanine to growth-stage venture and buyout deals-across sectors such as technology, healthcare, clean energy, infrastructure and consumer goods, and it operates in more than 20 regions, allocating roughly 5-40 % of its capital to emerging-market opportunities.
As of the most recent filing, StepStone’s assets under management have risen to approximately **$150 billion**, reflecting a **12 % year-over-year increase** driven largely by heightened demand for private-market exposure amid volatile public-equity conditions. The broader private-equity market is currently navigating a **3-year low in fundraising** due to elevated interest rates, yet **deal-making activity in technology and renewable-energy sectors remains resilient**, with Q4 2025 M&A volumes in these areas up 8 % versus the prior quarter. Additionally, StepStone’s **net operating margin of 18 %** in the latest fiscal year underscores its efficient cost structure relative to peers in the Asset Management & Custody Banks sub-industry.
For a deeper dive into STEP’s valuation dynamics, you might explore ValueRay’s latest analysis.
- Global private markets fundraising impacts management fees
- Investment performance drives carried interest revenue
- Interest rate changes influence private credit valuations
- Regulatory scrutiny on private equity fees increases compliance costs
| 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) |
| 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 |
| 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 |
Over the past week, the price has changed by +3.43%, over one month by +5.14%, over three months by -31.21% and over the past year by +1.23%.
- StrongBuy: 2
- Buy: 1
- Hold: 3
- Sell: 0
- StrongSell: 0
| Wallstreet Target Price | 75.7 | 58.7% |
| Analysts Target Price | 75.7 | 58.7% |
P/S = 3.1895
P/B = 31.7208
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 = 5.69b USD (5.69b + Debt 376.7m - CCE 377.5m)
Interest Coverage Ratio = -51.12 (Ebit TTM -883.0m / Interest Expense TTM 17.3m)
EV/FCF = 305.1x (Enterprise Value 5.69b / FCF TTM 18.6m)
FCF Yield = 0.33% (FCF TTM 18.6m / Enterprise Value 5.69b)
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 = 1.08 (Enterprise Value 5.69b / 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 = 10.76% (E(5.69b)/V(6.06b) * Re(11.40%) + D(376.7m)/V(6.06b) * Rd(1.36%) * (1-Tc(0.21)))
Discount Rate = 11.40% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 11.37%
[DCF] Terminal Value 62.51% ; FCFF base≈65.5m ; Y1≈48.7m ; Y5≈28.5m
[DCF] Fair Price = 4.54 (EV 363.4m - Net Debt -709k = Equity 364.1m / Shares 80.1m; r=10.76% [WACC]; 5y FCF grow -30.37% → 3.0% )
EPS Correlation: 25.76 | EPS CAGR: -48.04% | SUE: -4.0 | # QB: 0
Revenue Correlation: 57.88 | Revenue CAGR: 13.51% | SUE: 1.48 | # QB: 4
EPS next Quarter (2026-06-30): EPS=0.55 | Chg7d=+0.001 | Chg30d=-0.009 | Revisions Net=-4 | Analysts=5
EPS next Year (2027-03-31): EPS=2.53 | Chg7d=-0.086 | Chg30d=-0.098 | Revisions Net=+0 | Growth EPS=+20.5% | Growth Revenue=+15.4%
[Analyst] Revisions Ratio: -1.00 (0 Up / 4 Down within 30d for Next Quarter)