StepStone (STEP)
Market Price (11/9/2026): $49.13 | Market Cap: $4.0 BilSector: Financials | Industry: Asset Management & Custody Banks
StepStone (STEP)
Market Price (11/9/2026): $49.13Market Cap: $4.0 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 48% Attractive yieldDividend Yield is 3.5% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. | Weak multi-year price returns2Y Excs Rtn is -43% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -1.2 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -58% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 86% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -22% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17% Key risksSTEP key risks include [1] challenges executing its acquisition-based growth strategy, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 48% |
| Attractive yieldDividend Yield is 3.5% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. |
| Weak multi-year price returns2Y Excs Rtn is -43% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -1.2 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -58% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 86% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -22% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17% |
| Key risksSTEP key risks include [1] challenges executing its acquisition-based growth strategy, Show more. |
Qualitative Assessment
AI Analysis | Feedback
StepStone (STEP) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2027 Earnings Beat.
StepStone Group Inc. reported strong financial results for its fiscal Q2 2027, which ended on September 30, 2026, exceeding analyst expectations and acting as a significant catalyst for the stock's upward movement. The company announced adjusted earnings per share (EPS) of $0.66, surpassing the consensus estimates of $0.55 to $0.57 by 15.79% to 18.8%. Additionally, revenue reached $362.71 million, exceeding analyst estimates of $324.84 million by 8.94%. Some reports indicated revenue as high as $773.1 million, representing a 70% year-over-year increase, also significantly beating projections.
2. Robust Growth in Assets Under Management (AUM) and Fee-Related Earnings (FRE).
The company demonstrated strong operational performance with its Assets Under Management (AUM) growing to $261 billion as of September 30, 2026. This represented a substantial 24.8% increase year-over-year and exceeded analyst consensus estimates of $251.7 billion by 3.7%. This expansion in AUM directly contributed to a significant 61% year-over-year increase in Fee-Related Earnings (FRE), reaching $126 million in fiscal Q2 2027, highlighting strong, recurring revenue generation.
Show more
StepStone (STEP) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2027 Earnings Beat.
StepStone Group Inc. reported strong financial results for its fiscal Q2 2027, which ended on September 30, 2026, exceeding analyst expectations and acting as a significant catalyst for the stock's upward movement. The company announced adjusted earnings per share (EPS) of $0.66, surpassing the consensus estimates of $0.55 to $0.57 by 15.79% to 18.8%. Additionally, revenue reached $362.71 million, exceeding analyst estimates of $324.84 million by 8.94%. Some reports indicated revenue as high as $773.1 million, representing a 70% year-over-year increase, also significantly beating projections.
2. Robust Growth in Assets Under Management (AUM) and Fee-Related Earnings (FRE).
The company demonstrated strong operational performance with its Assets Under Management (AUM) growing to $261 billion as of September 30, 2026. This represented a substantial 24.8% increase year-over-year and exceeded analyst consensus estimates of $251.7 billion by 3.7%. This expansion in AUM directly contributed to a significant 61% year-over-year increase in Fee-Related Earnings (FRE), reaching $126 million in fiscal Q2 2027, highlighting strong, recurring revenue generation.
3. Positive Analyst Revisions and Price Target Increases.
Following the strong earnings report, several prominent financial analysts reiterated positive ratings and raised their price targets for StepStone Group. On November 6, 2026, Barclays maintained its "Overweight" rating and increased its price target from $62.00 to $65.00, implying a potential upside of over 35%. Similarly, RBC Capital maintained an "Outperform" rating on October 27, 2026, and raised its price target from $65.00 to $68.00. The consensus analyst rating for STEP remains a "Moderate Buy" or "Buy" with an average target price of approximately $66.11 to $66.44.
4. Indicated Undervaluation by Valuation Models.
Despite the recent gains, valuation metrics suggest that StepStone Group's stock remains significantly undervalued, presenting an attractive entry point for investors. According to GuruFocus, the stock's GF Value™ is $84.64, indicating that it is trading at a discount of approximately 42.6% to 43.2% compared to its market price (around $48.08-$48.56). This perceived undervaluation can attract investors seeking long-term growth and value.
Show less
Stock Movement Drivers
Fundamental Drivers
The 8.9% change in STEP stock from 7/31/2026 to 11/8/2026 was primarily driven by a 10.4% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.57 | 47.45 | 8.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,994 | 2,008 | 0.7% |
| P/S Multiple | 1.8 | 1.9 | 10.4% |
| Shares Outstanding (Mil) | 80 | 82 | -2.1% |
| Cumulative Contribution | 8.9% |
Market Drivers
7/31/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| STEP | 8.9% | |
| Market (SPY) | -1.6% | 44.3% |
| Sector (XLF) | 0.4% | 45.2% |
Fundamental Drivers
The -8.0% change in STEP stock from 4/30/2026 to 11/8/2026 was primarily driven by a -15.7% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 51.57 | 47.45 | -8.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,783 | 2,008 | 12.6% |
| P/S Multiple | 2.3 | 1.9 | -15.7% |
| Shares Outstanding (Mil) | 79 | 82 | -3.1% |
| Cumulative Contribution | -8.0% |
Market Drivers
4/30/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| STEP | -8.0% | |
| Market (SPY) | 2.6% | 44.4% |
| Sector (XLF) | 10.0% | 44.4% |
Fundamental Drivers
The -19.2% change in STEP stock from 10/31/2025 to 11/8/2026 was primarily driven by a -42.7% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 58.74 | 47.45 | -19.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,353 | 2,008 | 48.5% |
| P/S Multiple | 3.4 | 1.9 | -42.7% |
| Shares Outstanding (Mil) | 78 | 82 | -5.1% |
| Cumulative Contribution | -19.2% |
Market Drivers
10/31/2025 to 11/8/2026| Return | Correlation | |
|---|---|---|
| STEP | -19.2% | |
| Market (SPY) | 8.7% | 45.9% |
| Sector (XLF) | 10.5% | 52.5% |
Fundamental Drivers
The 82.8% change in STEP stock from 10/31/2023 to 11/8/2026 was primarily driven by a 970.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.96 | 47.45 | 82.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 188 | 2,008 | 970.2% |
| P/S Multiple | 8.7 | 1.9 | -77.7% |
| Shares Outstanding (Mil) | 63 | 82 | -23.4% |
| Cumulative Contribution | 82.8% |
Market Drivers
10/31/2023 to 11/8/2026| Return | Correlation | |
|---|---|---|
| STEP | 82.8% | |
| Market (SPY) | 81.9% | 56.9% |
| Sector (XLF) | 84.4% | 59.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| STEP Return | 5% | -38% | 32% | 86% | 14% | -24% | 39% |
| Peers Return | 80% | -29% | 67% | 55% | -4% | -21% | 153% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| STEP Win Rate | 50% | 42% | 50% | 92% | 58% | 55% | |
| Peers Win Rate | 72% | 42% | 67% | 73% | 52% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| STEP Max Drawdown | -30% | -44% | -31% | -17% | -34% | -47% | |
| Peers Max Drawdown | -16% | -42% | -22% | -17% | -39% | -40% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BX, APO, KKR, CG, ARES.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | STEP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.4% | -18.8% |
| % Gain to Breakeven | 47.9% | 23.1% |
| Time to Breakeven | 100 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.6% | -6.7% |
| % Gain to Breakeven | 36.3% | 7.1% |
| Time to Breakeven | 90 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.8% | -24.5% |
| % Gain to Breakeven | 74.9% | 32.4% |
| Time to Breakeven | 727 days | 427 days |
In The Past
StepStone's stock fell -32.4% during the 2025 US Tariff Shock. Such a loss loss requires a 47.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | STEP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.4% | -18.8% |
| % Gain to Breakeven | 47.9% | 23.1% |
| Time to Breakeven | 100 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.6% | -6.7% |
| % Gain to Breakeven | 36.3% | 7.1% |
| Time to Breakeven | 90 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.8% | -24.5% |
| % Gain to Breakeven | 74.9% | 32.4% |
| Time to Breakeven | 727 days | 427 days |
In The Past
StepStone's stock fell -32.4% during the 2025 US Tariff Shock. Such a loss loss requires a 47.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About StepStone (STEP)
StepStone Group Inc. (STEP) is a global private markets investment firm that specializes in deploying capital across various private investment strategies. The company's core business revolves around identifying and investing in both private companies directly and in specialized investment funds managed by other firms. Essentially, StepStone provides access to private markets for its clients by acting as a sophisticated allocator and direct investor.
The firm's main services fall into three categories: direct investments, fund of funds, and secondary investments. In direct investments, StepStone provides capital to private companies across their lifecycle, from early-stage ventures and emerging growth companies to mature buyouts, turnarounds, and infrastructure projects. These investments span a wide range of sectors including technology, healthcare, natural resources, real estate, and financial services. Through its fund of funds strategy, StepStone invests in various private equity, venture capital, real estate, and infrastructure funds. Additionally, the firm engages in secondary transactions, acquiring existing interests in private funds or direct investments from other investors, and also participates in co-investments alongside fund managers.
StepStone primarily serves institutional investors and high-net-worth individuals seeking diversified exposure to private markets. The company operates globally, with a significant focus on North America, Europe, Asia, and Latin America, sourcing opportunities across numerous countries. It typically invests between $15 million and $200 million in individual firms with enterprise values ranging from $150 million to $25 billion, offering its investors broad geographic and sectoral reach within the private investment landscape.
AI Analysis | Feedback
Here are 1-3 brief analogies for StepStone (STEP):
- Blackstone for investing in other private equity and venture capital funds.
- Vanguard for private market funds.
- A diversified asset manager like Fidelity or T. Rowe Price, but exclusively for private market investments.
AI Analysis | Feedback
- Direct Investments: StepStone provides capital directly to private companies across various stages, sectors, and geographies through equity and debt investments.
- Fund of Funds Investments: The firm invests in a diversified portfolio of private investment funds, including private equity, venture capital, real estate, and infrastructure funds, managed by other firms.
- Secondary Investments: StepStone acquires existing limited partnership interests in private funds or direct stakes in private companies from other investors.
AI Analysis | Feedback
StepStone Group Inc. (STEP) is an investment firm that manages capital for clients who invest in its various private markets strategies (including direct investments, fund of funds, secondary direct, and secondary indirect investments).
While the provided background information details the types of investments StepStone makes and the companies/funds it invests in, it does not specifically name the clients (Limited Partners) who invest with StepStone. Therefore, based on the typical client base for investment firms of this nature, StepStone's major customers primarily fall into the following categories:
- Institutional Investors: This broad category includes large organizations such as public and corporate pension funds, university endowments, charitable foundations, and sovereign wealth funds. These entities commit capital to StepStone's private markets strategies to achieve long-term financial objectives and diversify their portfolios.
- Insurance Companies: These firms manage significant reserves and seek diverse investment avenues, often allocating capital to private market funds like those managed by StepStone to meet long-term liabilities and generate returns.
- Family Offices and High-Net-Worth Individuals: Wealthy families and individuals, often advised by dedicated family offices, invest in private market opportunities through StepStone to gain exposure to alternative assets and seek attractive risk-adjusted returns.
AI Analysis | Feedback
AI Analysis | Feedback
AI Analysis | Feedback
-
Dependence on Favorable Private Markets and Economic Conditions: StepStone's success as an investment firm is heavily reliant on the overall health and favorability of global and domestic market conditions and the private markets fundraising environment. A downturn in these conditions could significantly limit investment opportunities and impact capital commitments from clients.
-
Regulatory and ESG Landscape: StepStone faces risks from evolving global regulations, particularly in the EU and UK, which could lead to increased operational costs and regulatory scrutiny. Furthermore, divergent investor views on sustainability and human capital management (ESG), coupled with anti-ESG sentiment and legislation in the U.S., could restrict investment opportunities and complicate fundraising efforts.
-
Competition and Market Position: The company's operational execution is vulnerable due to its relatively small market presence in certain areas and intense competition within the investment management industry. Broader industry challenges, such as labor shortages and reduced customer capital spending, could also negatively impact its business.
AI Analysis | Feedback
AI Analysis | Feedback
- Global Private Markets: The total assets under management (AUM) in global private markets reached approximately $22 trillion in 2024. This figure includes both traditional closed-end funds and alternative capital sources such as open-end funds, separately managed accounts, co-investments, and permanent capital. Projections indicate that global private market assets could further expand to $20-$25 trillion by the end of the decade.
- Global Private Equity: Within the broader private markets, private equity constitutes a significant portion. As of January 2025, global private equity assets under management were approximately $9.4 trillion. This market is projected to grow from $7.5 trillion in 2026 to over $20.2 trillion by 2034.
- Global Private Debt (or Private Credit): The global private credit market reached $3.5 trillion in assets under management by the end of 2024. This represents a substantial increase and highlights the growing role of non-bank lending.
- Global Real Assets (Real Estate & Infrastructure): Real assets, which include private real estate and infrastructure investments, accounted for approximately $3.4 trillion in assets under management as of January 2025. This amount was nearly equally split between real estate and infrastructure.
AI Analysis | Feedback
StepStone Group Inc. (STEP) is expected to drive future revenue growth over the next 2-3 years through several key areas:
-
Growth in Fee-Earning Assets Under Management (AUM) and Undeployed Fee-Earning Capital (UFEC): StepStone's revenue is primarily generated from management fees tied to its committed and invested capital. The company has demonstrated a robust increase in its fee-earning AUM and UFEC, which collectively grew to over $171 billion, representing a significant sequential increase of more than $8 billion and an annual increase of over $35 billion. This expansion translates to a healthy 20% annual organic growth rate since fiscal 2021, indicating a sustained increase in its core revenue-generating base.
-
Expansion of the Private Wealth Platform: The private wealth platform is identified as a substantial driver of future growth. StepStone's private wealth platform has expanded to $15 billion in assets, with new subscriptions reaching over $2.2 billion in a recent quarter. This growth is fueled by the introduction of new products, an expanded distribution network, and the successful cross-selling of existing funds. Continued momentum and scaling opportunities within this segment are anticipated to contribute significantly to future fee revenues.
-
International Expansion and Institutional Fundraising: StepStone is experiencing strong fundraising momentum from international clients, particularly institutional investors in regions such as Asia Pacific, Europe, and the Middle East, who are progressively increasing their allocations to private markets. Roughly two-thirds of the firm's gross asset additions in the past year originated from outside North America. The company is strategically expanding its global presence, including opening new offices, to capitalize on these growing international client relationships and diversify its revenue streams geographically.
-
Realization of Accrued Carried Interest and Performance-Related Earnings: As an investment firm, a significant portion of StepStone's total revenue is derived from performance-related earnings, which are tied to the realization of accrued carried interest. Approximately 65% to 70% of the company's net accrued carry is linked to mature programs that are over five years old, positioning them for potential harvesting and realization. Management has expressed confidence that an improving capital market environment could lead to stronger realizations in the coming year, converting these accrued gains into recognized revenue.
AI Analysis | Feedback
Share Repurchases
- StepStone Group Inc. announced a stock repurchase program of up to $100 million of its Class A common stock on March 9, 2026.
- This program allows for repurchases through open market purchases, privately negotiated transactions, or other means.
Share Issuance
- In March 2021, StepStone Group closed an underwritten secondary offering of 9,200,000 shares of its Class A common stock by certain selling stockholders at $29.50 per share.
- In September 2024, StepStone Group intended to offer 4,099,997 shares of Class A common stock in an underwritten offering, with net proceeds used to purchase shares from certain holders and to pay cash upon exchange of Class B and Class C units, expecting no dilution to existing stockholders.
- The number of shares outstanding for StepStone Group increased from 29.23 million in 2020 to 79.46 million at the end of 2025, reaching 79,465,039 as of March 2026.
Inbound Investments
- BlackRock, Inc. acquired 693,198 shares of StepStone Group Inc. at $57.88 per share on December 31, 2024, increasing its total holdings to 10,093,969 shares, representing 13.90% of StepStone's total shares.
- Capital World Investors increased its position in StepStone Group by 3.6% during the third quarter, owning 2,961,976 shares worth approximately $193.4 million.
- Vanguard Group Inc. boosted its stake in StepStone Group by 4.0% during the third quarter, acquiring an additional 296,378 shares, bringing their total to 7,721,468 shares worth $504.289 million.
Outbound Investments
- StepStone Group completed the fundraising for StepStone Secondary Opportunities Fund V, L.P. and related separate accounts (Fund V) with $7.4 billion of capital commitments in September 2024.
- On May 30, 2025, StepStone Group Inc. and StepStone Group LP completed a transaction to acquire additional equity interests in their Asset Class Entities (StepStone Group Real Estate LP, StepStone Group Real Assets LP, and StepStone Group Private Debt AG), increasing their ownership to approximately 60% in SRE and SRA, and 61% in SPD, for a consideration of $11 million in cash, shares of Class A Common Stock, and Class D Units.
- The firm closed its inaugural Infrastructure Co-Investment Fund with approximately $1.2 billion in total fund size.
Peer Outperformance in Asset Management & Custody Banks
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 29.4% | 72.7% | 116.0% | SPNT 167% · RGA 156% · RNR 127% |
| Diversified Banks | 12 | 28.4% | 141.2% | 88.0% | CM 145% · RY 127% · JPM 124% |
| Investment Banking & Brokerage | 13 | -6.7% | 89.5% | 85.6% | IBKR 323% · SNEX 156% · GS 139% |
| Multi-Sector Holdings | 4 | 8.8% | 60.0% | 80.0% | BRK-B 98% · VOYA 62% · JEF 34% |
| Life & Health Insurance | 20 | 9.7% | 57.7% | 76.6% | JXN 500% · UNM 240% · FG 211% |
| Property & Casualty Insurance | 42 | 13.8% | 73.5% | 66.7% | TRV 174% · ACGL 165% · PGR 164% |
| Multi-line Insurance | 9 | 5.4% | 70.7% | 56.0% | AIZ 107% · GNW 101% · L 92% |
| Regional Banks | 267 | 29.4% | 92.4% | 46.2% | CBC 272% · FCNCA 172% · NIC 137% |
| Insurance Brokers | 15 | 2.2% | 10.0% | 29.6% | LIFE 297% · ARX 89% · WTW 51% |
| Financial Exchanges & Data | 15 | 16.6% | 31.2% | 15.9% | CBOE 182% · VIRT 132% · CME 71% |
| Asset Management & Custody Banks ← | 85 | -6.7% | 20.9% | 12.8% | VCTR 233% · WT 209% · AAMI 204% |
| Consumer Finance | 30 | 2.5% | 85.0% | 7.2% | ENVA 337% · FCFS 129% · ECPG 90% |
| Commercial & Residential Mortgage Finance | 14 | -43.9% | 29.5% | 2.6% | FNMA 348% · FMCC 305% · ACT 151% |
| Diversified Financial Services | 4 | -6.2% | 22.5% | -0.8% | FRHC 150% · EQH 71% |
| Specialized Finance | 3 | 25.4% | 33.0% | -20.4% | CACC -20% · HASI -21% |
| Transaction & Payment Processing Services | 17 | 23.6% | 10.4% | -29.1% | V 99% · MA 92% · CPAY 84% |
| Mortgage REITs | 35 | -20.5% | -10.7% | -38.7% | RITM 34% · DX 16% · AGNC 10% |
| Diversified Capital Markets | 20 | -47.8% | -4.9% | -69.5% | LPLA 81% · TW 37% · RIOT -54% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 109.56 |
| Mkt Cap | 52.3 |
| Rev LTM | 9,774 |
| Op Inc LTM | 1,335 |
| FCF LTM | 950 |
| FCF 3Y Avg | 3,135 |
| CFO LTM | 1,026 |
| CFO 3Y Avg | 3,234 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.7% |
| Rev Chg 3Y Avg | 21.1% |
| Rev Chg Q | -4.8% |
| QoQ Delta Rev Chg LTM | -1.5% |
| Op Inc Chg LTM | -14.4% |
| Op Inc Chg 3Y Avg | 6.4% |
| Op Mgn LTM | 11.8% |
| Op Mgn 3Y Avg | 12.9% |
| QoQ Delta Op Mgn LTM | -3.7% |
| CFO/Rev LTM | 1.4% |
| CFO/Rev 3Y Avg | 22.5% |
| FCF/Rev LTM | 0.2% |
| FCF/Rev 3Y Avg | 22.1% |
Price Behavior
| Market Price | $47.45 | |
| Market Cap ($ Bil) | 3.9 | |
| First Trading Date | 09/16/2020 | |
| Distance from 52W High | -35.8% | |
| 50 Days | 200 Days | |
| DMA Price | $45.62 | $47.92 |
| DMA Trend | down | down |
| Distance from DMA | 4.0% | -1.0% |
| 3M | 1YR | |
| Volatility | 51.3% | 50.1% |
| Downside Capture | 166.73 | 211.11 |
| Upside Capture | 239.62 | 162.99 |
| Correlation (S&P 500) | 44.0% | 45.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.14 | 1.25 | 1.56 | 1.61 | 1.66 | 1.62 |
| Up Beta | -5.49 | -1.55 | 1.37 | 1.17 | 1.39 | 1.55 |
| Down Beta | 0.13 | 0.40 | 1.14 | 1.41 | 1.63 | 1.70 |
| Up Capture | 205% | 135% | 175% | 163% | 178% | 429% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 11 | 19 | 33 | 60 | 127 | 395 |
| Down Capture | 174% | 238% | 170% | 180% | 152% | 111% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 11 | 24 | 31 | 65 | 123 | 354 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STEP | |
|---|---|---|---|---|
| STEP | -21.6% | 50.1% | -0.32 | - |
| Sector ETF (XLF) | 10.0% | 15.3% | 0.41 | 52.4% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 46.5% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 9.6% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -14.3% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 19.5% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 37.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STEP | |
|---|---|---|---|---|
| STEP | 3.2% | 42.6% | 0.20 | - |
| Sector ETF (XLF) | 9.0% | 18.4% | 0.35 | 60.8% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 60.5% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 5.8% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 6.7% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 45.0% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 32.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STEP | |
|---|---|---|---|---|
| STEP | 8.3% | 42.3% | 0.44 | - |
| Sector ETF (XLF) | 13.2% | 22.1% | 0.54 | 52.7% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 55.7% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 4.7% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 8.5% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 41.2% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 25.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | 10.8% | ||
| 8/6/2026 | -7.8% | 3.2% | 1.8% |
| 5/20/2026 | 5.3% | -3.7% | -10.9% |
| 2/5/2026 | 5.5% | -4.4% | -23.1% |
| 11/6/2025 | -1.8% | -0.0% | 4.3% |
| 8/7/2025 | 1.8% | 8.3% | 8.1% |
| 5/22/2025 | 3.5% | 2.0% | -1.3% |
| 2/6/2025 | 0.8% | -4.7% | -24.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 18 | 13 | 11 |
| # Negative | 7 | 11 | 13 |
| Median Positive | 4.6% | 4.5% | 9.3% |
| Median Negative | -3.4% | -3.2% | -10.2% |
| Max Positive | 10.8% | 14.8% | 22.3% |
| Max Negative | -7.8% | -9.3% | -24.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | 10.8% | ||
| 8/6/2026 | -7.8% | 3.2% | 1.8% |
| 5/20/2026 | 5.3% | -3.7% | -10.9% |
| 2/5/2026 | 5.5% | -4.4% | -23.1% |
| 11/6/2025 | -1.8% | -0.0% | 4.3% |
| 8/7/2025 | 1.8% | 8.3% | 8.1% |
| 5/22/2025 | 3.5% | 2.0% | -1.3% |
| 2/6/2025 | 0.8% | -4.7% | -24.9% |
| 11/7/2024 | 4.9% | 0.8% | -7.4% |
| 8/8/2024 | 7.7% | 14.8% | 14.9% |
| 5/23/2024 | 10.1% | 13.4% | 20.5% |
| 2/8/2024 | 6.3% | 2.8% | -0.3% |
| 11/6/2023 | -5.4% | -9.3% | -10.2% |
| 8/3/2023 | 4.4% | 3.7% | 9.5% |
| 5/24/2023 | -3.4% | 5.0% | 9.3% |
| 2/9/2023 | -0.6% | -2.2% | -21.9% |
| 11/3/2022 | 3.2% | 5.7% | 1.7% |
| 8/4/2022 | -2.4% | 1.3% | -6.2% |
| 5/26/2022 | 1.0% | -0.8% | 0.7% |
| 2/8/2022 | 3.8% | 4.5% | -6.7% |
| 11/9/2021 | 1.2% | -1.3% | -11.4% |
| 8/10/2021 | -6.3% | -3.3% | -2.0% |
| 6/15/2021 | 5.1% | 8.1% | 22.3% |
| 2/9/2021 | 4.9% | -2.9% | -16.0% |
| 11/10/2020 | 0.8% | -3.2% | 13.5% |
| SUMMARY STATS | |||
| # Positive | 18 | 13 | 11 |
| # Negative | 7 | 11 | 13 |
| Median Positive | 4.6% | 4.5% | 9.3% |
| Median Negative | -3.4% | -3.2% | -10.2% |
| Max Positive | 10.8% | 14.8% | 22.3% |
| Max Negative | -7.8% | -9.3% | -24.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/27/2026 | 10-K |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/23/2025 | 10-K |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/24/2024 | 10-K |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/26/2023 | 10-K |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/07/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/27/2026 | 10-K |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/23/2025 | 10-K |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/24/2024 | 10-K |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/26/2023 | 10-K |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/31/2022 | 10-K |
| 12/31/2021 | 02/10/2022 | 10-Q |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 06/23/2021 | 10-K |
| 12/31/2020 | 02/11/2021 | 10-Q |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 09/16/2020 | 424B4 |
Insider Activity
Updated 6/11/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McCabe, Michael I | Head of Strategy | Direct | Buy | 6112026 | 41.85 | 120,000 | 5,022,072 | 18,128,761 | Form |
| 2 | Fernandez, Jose A | Co-Chief Operating Officer | Trust | Sell | 6032026 | 42.64 | 2,290 | Form | ||
| 3 | Fernandez, Jose A | Co-Chief Operating Officer | Trust | Sell | 6032026 | 46.55 | 100,000 | 4,654,616 | 106,591 | Form |
| 4 | Fernandez, Jose A | Co-Chief Operating Officer | Trust | Sell | 6032026 | 48.60 | 100,000 | 4,859,518 | 4,970,801 | Form |
| 5 | Mitchell, Steven R | Direct | Buy | 2252026 | 44.23 | 12,793 | 565,772 | 565,772 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McCabe, Michael I | Head of Strategy | Direct | Buy | 6112026 | 41.85 | 120,000 | 5,022,072 | 18,128,761 | Form |
| 2 | Fernandez, Jose A | Co-Chief Operating Officer | Trust | Sell | 6032026 | 42.64 | 2,290 | Form | ||
| 3 | Fernandez, Jose A | Co-Chief Operating Officer | Trust | Sell | 6032026 | 46.55 | 100,000 | 4,654,616 | 106,591 | Form |
| 4 | Fernandez, Jose A | Co-Chief Operating Officer | Trust | Sell | 6032026 | 48.60 | 100,000 | 4,859,518 | 4,970,801 | Form |
| 5 | Mitchell, Steven R | Direct | Buy | 2252026 | 44.23 | 12,793 | 565,772 | 565,772 | Form | |
| 6 | Hart, Scott W | Chief Executive Officer | Trust | Sell | 1282026 | 72.52 | 10,000 | Form | ||
| 7 | Hart, Scott W | Chief Executive Officer | Trust | Sell | 12292025 | 66.17 | 10,000 | 661,700 | 661,700 | Form |
| 8 | McCabe, Michael I | Head of Strategy | Direct | Sell | 12122025 | 66.20 | 117,838 | 7,801,215 | 20,259,802 | Form |
| 9 | McCabe, Michael I | Head of Strategy | Benzy LLC | Sell | 12122025 | 66.14 | 74,214 | 4,908,514 | 8,082,903 | Form |
| 10 | Hart, Scott W | Chief Executive Officer | Trust | Sell | 11262025 | 61.70 | 10,000 | 617,000 | 1,234,000 | Form |
| 11 | Fernandez, Jose A | Co-Chief Operating Officer | Trust | Sell | 11132025 | 62.30 | 70,402 | Form | ||
| 12 | Fernandez, Jose A | Co-Chief Operating Officer | Trust | Sell | 11132025 | 62.65 | 70,404 | 4,410,772 | 4,410,646 | Form |
| 13 | Fernandez, Jose A | Co-Chief Operating Officer | Trust | Sell | 11132025 | 61.41 | 70,404 | 4,323,642 | 8,647,160 | Form |
| 14 | Hart, Scott W | Chief Executive Officer | Trust | Sell | 10292025 | 64.34 | 10,000 | 643,400 | 1,930,200 | Form |
| 15 | Hart, Scott W | Chief Executive Officer | Trust | Sell | 9262025 | 64.70 | 10,000 | 646,990 | 2,587,961 | Form |
| 16 | Park, David Y | Chief Financial Officer | Direct | Sell | 9122025 | 63.26 | 1,000 | 63,260 | 1,392,985 | Form |
| 17 | Hart, Scott W | Chief Executive Officer | Trust | Sell | 8272025 | 61.44 | 10,000 | 614,400 | 3,072,000 | Form |
| 18 | Hart, Scott W | Chief Executive Officer | Trust | Sell | 7252025 | 61.28 | 10,000 | 612,800 | 3,676,800 | Form |
| 19 | Hart, Scott W | Chief Executive Officer | Trust | Sell | 7142025 | 60.29 | 10,000 | 602,900 | 4,220,300 | Form |
| 20 | McCabe, Michael I | Head of Strategy | Direct | Sell | 6162025 | 56.54 | 67,718 | 3,828,776 | 23,965,271 | Form |
Investor Activity (13F)
Updated Nov 9, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
StepStone — Investor Video Playlist
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Asset Management & Custody Banks Resources |
| Pensions & Investments |
| Institutional Investor |
| Ignites |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.