StepStone Group (STEP) Fair Value & Analysis

Financial Services · US · Market cap $5.6B

Below-average quality, and screening another 59% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case ($27.54). The favourable scenario is already priced in.
• Weak quality (29/100) and above fair value at the same time, the margin of safety is missing on both counts.
• The model range is unusually wide ($10.13 to $27.54). The outcome hinges heavily on assumptions, so read the point estimate with caution.
• For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range $18.99 – $74.40 · fair‑value band $10.13 – $27.54 · the $46.41 price screens above the $19.16 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

StepStone Group (STEP) currently trades at $46.41, while our model-based Fair Value estimate is $19.16, implying the stock looks roughly 58.7% overvalued today. The Quality Score stands at 29/100 (below-average quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, StepStone Group generated revenue of $2.0B at a net margin of -26.9%. Revenue grew 55.8% year over year. It earns a return on equity of -55.9%. Net debt stands at $186M. Fundamentals as of Jul 17, 2026

Our scenario range runs from $10.13 (bear case) to $27.54 (bull case); at $46.41, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 40% below its 52-week high and 14% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at -59%, STEP screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Dividend Discount ($21.81) versus Growth DCF ($18.01). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

StepStone Group Inc. is a private equity and venture capital firm specializing in primary, direct, fund of funds, secondary direct, and secondary indirect investments.

Full company description

StepStone Group Inc. is a private equity and venture capital firm specializing in primary, direct, fund of funds, secondary direct, and secondary indirect investments. For direct investment, it seeks to invest in private debt, venture debt, incubation, mezzanine, distressed/vulture, seed/startup, early venture, mid venture, late venture, emerging growth, later stage, turnaround, growth capital, industry consolidation, recapitalization, buyout investments in mature and middle market companies. It prefers to invest in natural resources, technology, healthcare, services, materials, manufacturing, consumer durables, apparel, hotels, restaurants and leisure, media, retailing, power, utilities consumer staples, financials, telecommunication services, clean energy/renewables, transport, social, natural capital, infrastructure, corporate, real estate, credit and real asset. The firm invests globally with a focus on United States, North America, Europe, Asia, Latin America, Middle East, Africa, Brazil, Mexico, Argentina, Colombia, New Zealand, China, India, Korea, Japan, Taiwan, and Australia region. The firm invests between 5% and 40% in emerging markets. For fund of fund investment, it seeks to invest in private equity funds, venture capital funds, Special situation funds, Real estate funds, Infrastructure funds, mezzanine funds, and turnaround/distressed funds. It considers investments in both domestic and international funds. It also seeks to make co-investments and follow-on investments and considers partial interests in funds. The firm seeks to make minority and majority investments. StepStone Group Inc. was founded in 2007 and is based in New York, New York with additional offices across North America, South America, South Korea, Europe, Australia and Asia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

StepStone Group reported revenue of $2.0B in FY2026 versus $1.4B in FY2022, a compound +9.9%/yr. Reported net income was −$521M in FY2026.

STEP screens 59% overvalued. Compare with Fondul Proprietatea SA →

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

• StepStone Group Inc. (STEP) Reports Next Week: Wall Street Expects Earnings Growth Yahoo Finance · Jul 30, 2026
• StepStone Group to Announce First Quarter Fiscal 2027 Results on August 6, 2026 Yahoo Finance · Jul 23, 2026
• StepStone Group (STEP) On Fresh Results Attention And A Valuation Debate Yahoo Finance · Jul 16, 2026

Peer Group

Asset Management · 973 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Asset Management median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.