As Tony said . . . an engine stand is just to warm the thing up, check oil-pressure, check for leaks and then shut it down. There is no load on the piston rings, and they will not seat. Hopefully you have not glazed the cylinder walls - my guess is not. You want to put it in the car and run it full-bore from start to higher RPMs - do this a half-dozen times and hopefully you'll see the compression come up.
Also, "inspecting the valves" doesn't tell us much . . . unless you tested them under pressure/vacuum, you really have no way to know they are sealing well. Did you lap them or do anything to the valves and seats? Did you check your valve springs on a tester to see what pressure they had on the seat?
Pistons/Rings: Did you just put new ones in the old bores and not bore/hone the bores for an oversize diameter? If you put new stuff in old bores, it is highly likely the bores are worn and probably also have taper . . . which makes it hard for the new rings to seat. What was actually done in this area?