(STEP) Stepstone - Overview
Sector: Financial Services | Industry: Asset Management | Exchange: NASDAQ (USA) | Market Cap: 6.741m USD | Total Return: -12.8% in 12m
Avg Turnover: 42.5M
EPS Trend: 96.7%
Qual. Beats: 0
Rev. Trend: 94.0%
Qual. Beats: 5
Warnings
Negative Equity with losses - insolvent profile
Fakeout Below Avwap Earnings
Tailwinds
No distinct edge detected
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.
- 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
| Net Income: -521.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA -2.68 > 1.0 |
| NWC/Revenue: 68.49% < 20% (prev 1.24%; Δ 67.25% < -1%) |
| CFO/TA 0.00 > 3% & CFO 23.2m > Net Income -521.4m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: error (cannot be calculated; needs correct Total Current Assets and Liabilities) |
| Outstanding Shares: last quarter (80.3m) vs 12m ago 5.69% < -2% |
| Gross Margin: 51.00% > 18% (prev -0.08%; Δ 5.11k% > 0.5%) |
| Asset Turnover: 35.13% > 50% (prev 25.61%; Δ 9.52% > 0%) |
| Interest Coverage Ratio: -45.31 > 6 (EBITDA TTM -804.1m / Interest Expense TTM 18.5m) |
| A: 0.20 (Total Current Assets 1.37b - Total Current Liabilities 0.0) / Total Assets 6.76b |
| B: -0.13 (Retained Earnings -896.9m / Total Assets 6.76b) |
| C: -0.15 (EBIT TTM -838.4m / Avg Total Assets 5.67b) |
| D: -0.15 (Book Value of Equity -895.6m / Total Liabilities 5.88b) |
| Altman-Z'' = -0.26 = B |
| DSRI: 0.09 (Receivables 246.4m/1.67b, Revenue 1.99b/1.17b) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 1.44 (AQ_t 0.79 / AQ_t-1 0.55) |
| SGI: 1.70 (Revenue 1.99b / 1.17b) |
| TATA: -0.08 (NI -521.4m - CFO 23.2m) / TA 6.76b) |
| Beneish M = -3.10 (Cap -4..+1) = AA |
As of June 01, 2026, the stock is trading at USD 49.31 with a total of 1,195,975 shares traded.
Over the past week, the price has changed by -9.92%,
over one month by -6.79%,
over three months by +11.18% and
over the past year by -12.79%.
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 | 47% |
P/E Forward = 21.9298
P/S = 3.3814
P/B = 33.0017
Revenue TTM = 1.99b USD
EBIT TTM = -838.4m USD
EBITDA TTM = -804.1m USD
Long Term Debt = 270.2m USD (from longTermDebt, two quarters ago)
Short Term Debt = unknown (none)
Debt = 1.41b USD (from shortLongTermDebtTotal, last quarter) + Leases 106.5m
Net Debt = 292.9m USD (calculated: Debt 1.41b - CCE 1.12b)
Enterprise Value = 7.03b USD (6.74b + Debt 1.41b - CCE 1.12b)
Interest Coverage Ratio = -45.31 (Ebit TTM -838.4m / Interest Expense TTM 18.5m)
EV/FCF = 377.5x (Enterprise Value 7.03b / FCF TTM 18.6m)
FCF Yield = 0.26% (FCF TTM 18.6m / Enterprise Value 7.03b)
FCF Margin = 0.93% (FCF TTM 18.6m / Revenue TTM 1.99b)
Net Margin = -26.15% (Net Income TTM -521.4m / 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 = 1.04 (Enterprise Value 7.03b / Total Assets 6.76b)
Interest Expense / Debt = 1.31% (Interest Expense 18.5m / Debt 1.41b)
Taxrate = 21.0% (US default 21%)
NOPAT = -662.3m (EBIT -838.4m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = unknown (Total Current Assets 1.37b / Total Current Liabilities 0.0)
Debt / Equity = -3.41 (negative equity) (Debt 1.41b / totalStockholderEquity, last quarter -413.6m)
Debt / EBITDA = -0.36 (negative EBITDA) (Net Debt 292.9m / EBITDA -804.1m)
Debt / FCF = 15.72 (Net Debt 292.9m / FCF TTM 18.6m)
Total Stockholder Equity = -218.0m (last 4 quarters mean from totalStockholderEquity)
RoA = -9.19% (Net Income -521.4m / Total Assets 6.76b)
RoE = -76.79% (Net Income TTM -521.4m / Total Stockholder Equity 678.9m)
RoCE = -88.33% (EBIT -838.4m / Capital Employed (Equity 678.9m + L.T.Debt 270.2m))
RoIC = -14.85% (negative operating profit) (EBIT -838.4m / (Assets 6.76b - Curr.Liab 0.0 - Cash 1.12b))
WACC = 10.08% (E(6.74b)/V(8.15b) * Re(11.97%) + D(1.41b)/V(8.15b) * Rd(1.31%) * (1-Tc(0.21)))
Discount Rate = 11.97% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 100.00 | Cagr: 10.56%
[DCF] Terminal Value 66.93% ; FCFF base≈65.5m ; Y1≈57.4m ; Y5≈46.4m
[DCF] Fair Price = 3.56 (EV 580.2m - Net Debt 292.9m = Equity 287.4m / Shares 80.7m; r=10.08% [WACC]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 96.72 | EPS CAGR: 36.48% | SUE: 0.79 | # 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=+14% | Analysts=7
EPS next Quarter (2026-09-30): EPS=0.60 | Chg30d=-3.10% | Revisions=+25% | Analysts=7
EPS current Year (2027-03-31): EPS=2.50 | Chg30d=-0.42% | Revisions=-11% | 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: +25%