Discounted Cash Flow

Stepstone Group Inc.

STEP · Based on 10 years of SEC filings

DCF estimate unavailable — loss_in_2025

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2019 $256.3m $60.0m $48.4m 23.4%
2020 $446.6m (74.3%) $144.8m (141.5%) $65.1m (34.5%) 32.4% (38.6%)
2021 $787.7m (76.4%) $252.0m (74.0%) $148.0m (127.4%) 32.0% (-1.3%) $10.61
2022 $1.4b (73.4%) $290.4m (15.3%) $212.2m (43.3%) 21.3% (-33.5%) $9.72 (-8.4%)
2023 $-67.6m (-104.9%) $-28.7m (-109.9%) $145.6m (-31.4%) 42.4% (99.4%) $-0.73 (-107.5%)
2024 $711.6m (1153.1%) $88.1m (407.5%) $141.9m (-2.5%) 12.4% (-70.8%) $2.64 (461.3%)
2025 $1.2b (65.1%) $-47.8m (-154.2%) $59.8m (-57.8%) -4.1% (-132.8%) $-2.43 (-191.9%)
2026 $2.0b (69.7%) $-275.9m (-477.8%) $63.9m (6.7%) -13.8% (-240.5%) $-9.40 (-287.1%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model

loss_in_2025

Once the company meets all DCF eligibility criteria (sufficient history, profitability, growth trends), an estimate will become available automatically. No action is needed.