Stepstone Group Inc (STEP) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Stepstone Group Inc stock $15.55, price $47.45, that is 67.2% below the price, quality 35 out of 100. Rating: strongly overvalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $18.87 – $73.91 · fair‑value band $6.77 – $29.43 · the $47.45 price screens above the $15.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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StepStone Group Inc. is a private equity and venture capital firm specializing in primary, direct, fund of funds, secondary direct, and secondary indirect investments.
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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.
Stock analysis
Stepstone Group Inc (STEP) currently trades at $47.45, while our model-based Fair Value estimate is $15.55, 67% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 81/100, which puts the data coverage at low.
Scenario range: $6.77 (bear) to $29.43 (bull), the price of $47.45 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 35/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Stepstone Group Inc reported revenue of $2.0B in FY2026 versus $1.4B in FY2022, a compound +9.9%/yr. Reported net income was −$521M in FY2026.
Key figures
Market cap $6.1B Mid · P/S ratio 2.63 · EPS (TTM) $−3.89 · Dividend yield 1.2% · Net margin −13.7% · Return on equity −18.7% · Return on assets (EBIT) −1.1% (5-year average) · Operating margin −18.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).
What moves the price
The share trades about 36% below its 52-week high and 21% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at −67%, STEP screens richer than that median.
Fair Value models
Bear$6.77Fair Value $15.55Bull$29.43
Price $47.45 · Downside -67.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Growth DCF$7.97$18.29$34.6271
Rev-Margin DCF$5.55$13.12$29.0164
All 2 models by family
Growth DCF
Growth DCF$7.97$18.29$34.6271
Rev-Margin DCF$5.55$13.12$29.0164
The fair value above starts from this blend and is adjusted for dilution from new shares.
In the last 6 months, one officer or director bought shares worth $5.0M, on Jun 11, 2026. Over the same period, one person sold shares worth $9.6M.
BuyMichael I McCabeHead of Strategy, Director120,000 shares at $41.85$5.0MJun 11, 2026
SaleJose A FernandezCo-Chief Operating Officer, Director2× since Nov 11, 2025: 413,500 shares, avg. $54.98$22.7MJun 3, 202610b5-1 plan
BuySteven R MitchellDirector12,793 shares at $44.23$565,772Feb 23, 2026
SaleScott W HartChief Executive Officer, Director3× since Nov 25, 2025: 30,000 shares, avg. $66.80$2.0MJan 26, 202610b5-1 plan
SaleMichael I McCabeHead of Strategy, Director192,052 shares at $66.18$12.7MDec 10, 2025
Plus 5 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.53/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+69.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.4%
Start year 2021 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+28.7%
’18
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’22
’24
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
41.7% (2021) → −51.3% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: The business shows strength in AUM growth and expansion into new investor segments via debt strategies, yet its main weakness remains persistent GAAP net losses from heavy reliance on volatile performance fees.
Main risk: Heavy reliance on volatile performance fees poses the biggest risk to consistent bottom-line results, directly affecting profitability amid ongoing net losses.
StepStone recently teamed up with ASB Capital to launch a private financing fund aimed at Shari’a compliant investors, extending its reach into senior secured loans for US middle-market companies. This adds another layer to its platform while AUM grows, yet GAAP net losses persist amid heavy reliance on volatile performance fees. Does the push into new investor segments and debt strategies deliver steadier revenue growth, or does it underscore how hard it remains to turn scale into consistent bottom-line results?
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Asset Management · 588 stocks
Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score35 · Bottom 25%
Fair Value upside−67.2% · Bottom 25%
Profitability
Return on equity (12 months)Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets−7.7% · Bottom 25%
Net margin (12 months)−13.7% · Bottom 25%
Operating margin (12 months)−18.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)70.2% · Top 25%
Dividend yield (12 months)1.2% · Bottom 25%
Balance sheet
Debt / equityNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Valuation Multiplesvs Asset Management median · lower = cheaper
P/BNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Stepstone Group Inc Fair Value". https://www.fairvalue-calculator.com/stock/STEP
Frequently asked questions
Is Stepstone Group Inc (STEP) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $15.55 versus a price of $47.45, about 67% lower (overvalued).
What is the fair value of STEP?
Our model-based fair value for Stepstone Group Inc is $15.55 (as of Nov 8, 2026), built from audited fundamentals. The current price: $47.45.
What is the quality score of STEP?
Stepstone Group Inc has a Quality Score of 35/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Stepstone Group Inc (STEP)?
Our model-based price target is the fair value of $15.55 (as of Nov 8, 2026) from 2 valuation models. Cautious scenario $6.77, optimistic scenario $29.43. It is a calculation from audited fundamentals, not an analyst target.
What is the Stepstone Group Inc stock forecast for 2026?
Our models put fair value at $15.55, about 67% lower versus a price of $47.45 (overvalued). Cautious scenario $6.77, optimistic scenario $29.43. The calculation is refreshed regularly with new filings.
What is the revenue of Stepstone Group Inc (STEP)?
Stepstone Group Inc reported trailing-twelve-month revenue of about $2.3B (latest available figure, as of Nov 8, 2026).
Does Stepstone Group Inc pay a dividend?
Stepstone Group Inc currently shows a dividend yield of 1.18% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Stepstone Group Inc (STEP) and when is the ex-dividend date?
Stepstone Group Inc pays a dividend of $0.56 per share a year, a dividend yield of 1.2%. The last ex-dividend date was Aug 31, 2026. A dividend has been paid every year since at least 2021. Our assessment: Safety not assessed. Payout ratio and cash coverage are not available, so we do not judge how safe this dividend is.
What is the intrinsic value of Stepstone Group Inc (STEP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Stepstone Group Inc it is $15.55 per share (as of Nov 8, 2026), against a price of $47.45. It is the blended result of 2 valuation models in 1 family (Growth DCF).
Is Stepstone Group Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, STEP trades above its calculated fair value: price $47.45, fair value $15.55, a gap of about −67% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of STEP?
No. The price is what the market pays today ($47.45); the fair value is what the company's own numbers justify ($15.55). For Stepstone Group Inc the two are $31.90 per share apart. That gap is exactly why we show both numbers side by side.
How much is Stepstone Group Inc worth?
The market values Stepstone Group Inc at about $6.1B (market capitalisation, as of Nov 8, 2026). Per share that is $47.45; our models calculate a fair value of $15.55 per share.
What do the bullish and bearish scenarios say about STEP?
Our models span a range for Stepstone Group Inc: cautious scenario $6.77, base $15.55, optimistic $29.43 per share (as of Nov 8, 2026, price $47.45). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Stepstone Group Inc (STEP)?
Balance-sheet figures for Stepstone Group Inc (as of Nov 8, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is STEP from its 52-week high?
Stepstone Group Inc trades at $47.45, about 36% below its 52-week high of $73.91 and 21% above the low of $39.28 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $15.55 is for.
Which stocks are comparable to Stepstone Group Inc?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Stepstone Group Inc stock attractive at the current price?
The data as of Nov 8, 2026: price $47.45, calculated fair value $15.55 (−67%), Quality Score 35/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of STEP calculated?
We run Stepstone Group Inc through 2 models from 1 family: Growth DCF. Every model gets the same audited fundamentals; the fair value of $15.55 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Stepstone Group Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Stepstone Group Inc (STEP)?
The closing price on Nov 6, 2026 was $47.45. Our model-based fair value is $15.55, about 67% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Stepstone Group Inc right now?
The price sits above even our optimistic bull case ($29.43). The favourable scenario is already priced in. Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide ($6.77 to $29.43). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Stepstone Group Inc
How large is the market capitalisation of Stepstone Group Inc (STEP)?
The market capitalisation of Stepstone Group Inc is $6.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Stepstone Group Inc (STEP)?
The price-to-sales ratio of Stepstone Group Inc is 2.63 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Stepstone Group Inc (STEP)?
Earnings per share at Stepstone Group Inc are $−3.89. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Stepstone Group Inc (STEP)?
The dividend yield of Stepstone Group Inc is 1.2%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Stepstone Group Inc (STEP)?
The net margin of Stepstone Group Inc is −13.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Stepstone Group Inc (STEP)?
The return on equity (ROE) of Stepstone Group Inc is −18.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Stepstone Group Inc (STEP)?
On an EBIT basis the return on assets of Stepstone Group Inc is −1.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Stepstone Group Inc (STEP)?
The operating margin of Stepstone Group Inc is −18.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Stepstone Group Inc (STEP)?
Revenue at Stepstone Group Inc is growing +70.2% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Stepstone Group Inc (STEP)?
Earnings per share at Stepstone Group Inc are growing −38.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Stepstone Group Inc (STEP) generate?
The free cash flow of Stepstone Group Inc is $63.9M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Stepstone Group Inc (STEP) carry?
The net debt of Stepstone Group Inc is $186M (fiscal year 2026, ≈ 2.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 8, 2026
