Stems are like sub mixes. A final mix may contain guitars, vocals, keyboards, drums and percussion. The stems are the stereo mixes usually of just one area on interest such as all the guitars in a stem. All the percussion in another etc. Many tracks may be used to create a stem such as 8 percussion parts but they all get pre mixed and onto a single stereo sub mix called the Percussion stem. In the above example there would be just five stems to mix at the end. eg a guitar stem, vocal stem, keyboard stem, drum stem and percussion stem. Vocals are often separated into further stems. Lead vocals and harmony vocal stems. This means you can process those two stems differently.
The stems have to be well balanced within themselves. If a stem consists of several tracks eg 8 percussion tracks, those tracks need to be well balanced feeding the stem. A complex mix can be cut down to just a fewer number of stems.
If you don't like the way a stem is mixed you need the individual tracks in order to make a new stem mix. You should always get the complete multi track session to take away as well as any stems. A good mix can be re created by just mixing the stems together in the right proportions.