STEP ONE CLOTHING LIMITED (STP)
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STP

STP - STEP ONE CLOTHING LIMITED

FNArena Sector : Apparel & Footwear
Year End: June
GICS Industry Group : Commercial Services & Supplies
Debt/EBITDA: -0.11
Index:

Step One is an Australian online underwear retailer best known for its premium men’s boxer briefs featuring bamboo-derived fabric, anti-chafing panels and a supportive pouch design. It operates a capital-light, predominantly direct-to-consumer model, outsourcing manufacturing and logistics while selling mainly in Australia and the UK, with a smaller US presence.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.155

20 Aug
2026

0.000

OPEN

$0.16

0.000

HIGH

$0.16

364,884

LOW

$0.15

TARGET
$0.165 6.5% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AX1 . BBN . BST . CCX . CTT . MYR . PMV . UNI .
FNARENA'S MARKET CONSENSUS FORECASTS
STP: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx - 3.4 0.1 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 140.0 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 24/02 - ex-div 4.40c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx-3.4
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx63.7 M
Book Value Per Share xxxxxxxxxxxxxxx22.2
Net Operating Cash Flow xxxxxxxxxxxxxxx-2.7 M
Net Profit Margin xxxxxxxxxxxxxxx-9.98 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx-13.75 %
Return on Invested Capital xxxxxxxxxxxxxxx-13.67 %
Return on Assets xxxxxxxxxxxxxxx-11.47 %
Return on Equity xxxxxxxxxxxxxxx-13.75 %
Return on Total Capital xxxxxxxxxxxxxxx-16.47 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-7.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx0 M
Long Term Debt xxxxxxxxxxxxxxx1 M
Total Debt xxxxxxxxxxxxxxx1 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx26 M
Price To Book Value xxxxxxxxxxxxxxx0.63

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx0.0 M
Capex % of Sales xxxxxxxxxxxxxxx0.01 %
Cost of Goods Sold xxxxxxxxxxxxxxx32 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx40 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.0

No. Of Recommendations

2
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Bell Potter

20/08/2026

3

Hold

$0.17

9.68%

Step One Clothing's strategic shift away from deep discounting helped stabilise FY26 gross margins at 75.9%, but revenue fell -26.7%, and adj EBITDA dropped to $1.7m from $17.4m, albeit ahead of Bell Potter's $0.4m forecast.

The broker remains cautious as weaker consumer conditions, reduced promotional activity and elevated marketing investment continue to weigh on sales and operating leverage, cutting FY27–FY29 revenue forecasts by -3%.

FY27 EBITDA forecasts rise by 25% on stronger gross margin assumptions but FY28/FY29 EBITDA forecasts are lowered by -6%, with new product adjacencies not expected to provide a meaningful uplift for some time.

The business reset is expected to take longer than anticipated, and substantial sales growth is required before profitability materially improves.

Hold retained. Target cut to $0.17 from $0.29.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.20 cents.
Bell Potter forecasts a full year FY28 dividend of 0.00 cents and EPS of 0.90 cents.
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EXTRA COVERAGE
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No. Of Recommendations

0

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY
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STP STOCK CHART

FNArena News on STP

1
FNArena Corporate Results Monitor – 20-08-2026

Aug 20 2026 - Australia
2
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