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Upturn AI Summary - About
Stepstone Group Inc(STEP)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for STEP
10/28/2026: STEP (1-star) is currently NOT-A-BUY. Pass it for now.
Stepstone Group is a global asset manager specializing in private markets, providing customized investment solutions to institutional and private wealth clients. The firm’s strength lies in its research-driven, data-centric approach and its successful expansion into the private wealth channel. Its primary investment story revolves around the secular shift of capital toward alternative assets. However, investors should be mindful of risks related to performance fee volatility, sensitivity to interest rates, and intensifying competition within the alternative management space. The stock may suit investors seeking long-term growth exposure to private markets, though it requires monitoring of exit activity and market exit environments.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Strong fit | The company benefits from the secular expansion of the private markets asset class. |
| Momentum investor | Mixed fit | Momentum is conditional on positive market cycles for private equity exits. |
| Value investor | Mixed fit | The stock often trades at a premium due to its asset management business model. |
| Dividend investor | Strong fit | StepStone provides a reliable dividend stream supported by recurring management fees. |
| Low-risk investor | Weak fit | High sensitivity to equity market and interest rate volatility makes it less suitable for risk-averse investors. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | Medium / high | The stock is sensitive to market sentiment surrounding alternative asset demand. |
| Valuation risk | Medium | P/E multiples can expand or contract based on performance fee expectations. |
| Competition risk (alternative asset management) | High | Intense competition for capital and talent impacts growth prospects. |
| Business quality | Strong | The recurring fee revenue base provides a high-quality foundation. |
| Dividend income | Medium | Dividends are stable but secondary to capital appreciation. |
| Execution risk | Medium | Scaling private wealth distribution requires continuous investment in technology and headcount. |
Price Behavior
Downtrend
The stock has experienced a sustained decline in price over recent periods.
Choppy
The stock has experienced frequent reversals and pronounced short-term price swings.
Analysis of Past Performance
Type Stock | Historic Profit 22.56% | Avg. Invested days 55 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  2.0 | Stock Returns Performance  3.0 |
| Profits based on simulation | Last Close 10/28/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 5.41B USD | Price to earnings Ratio - | 1Y Target Price 64.7 |
Price to earnings Ratio - | 1Y Target Price 64.7 | ||
Volume (30-day avg) 985.4K shares | Beta 1.28 | 52 Weeks Range 38.60 - 75.39 | Updated Date 10/28/2026 |
52 Weeks Range 38.60 - 75.39 | Updated Date 10/28/2026 | ||
Dividends yield (FY) 2.67% | Basic EPS (TTM) -7.68 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Management Fees | Recurring fees based on AUM from institutional and private wealth accounts. | This is the 'bread and butter' stable income for the company. |
| Performance Fees | Fees earned when investments exceed certain return benchmarks. | These are 'bonus' revenues that grow significantly during strong market cycles. |
| Advisory/Other | Consulting and reporting services provided to clients. | This segment provides steady service-based income. |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date 2026-11-05 | When After Market | Estimate 0.58 | Actual - |
Profitability
Profit Margin -30.54% | Operating Margin (TTM) -54.06% |
Management Effectiveness
Return on Assets (TTM) -11.64% | Return on Equity (TTM) -61.4% |
Valuation
Trailing PE - | Forward PE 17.42 | Enterprise Value 4.31B | Price to Sales(TTM) 2.7 |
Enterprise Value 4.31B | Price to Sales(TTM) 2.7 | ||
Enterprise Value to Revenue 2.15 | Enterprise Value to EBITDA 16.5 | Shares Outstanding 82.29M | Shares Floating 75.36M |
Shares Outstanding 82.29M | Shares Floating 75.36M | ||
Percent Insiders 5.54 | Percent Institutions 98.27 |
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
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