NASDAQ: STEP · Asset Management
StepStone Group (STEP) fair value: undervalued or overvalued?
As of 3 Oct 2026, Faircurve's model values StepStone Group (STEP) at $38.41 a share. The stock last closed at $45.27, which puts the model's fair value 15.2% below the price. On the model's bands that reads as Overvalued.
Revalued . Price is the close of 2 Oct 2026. StepStone Group Inc.
Faircurve Insights · 3 Oct 2026
StepStone Group Inc. is a private equity and venture capital firm specializing in primary, direct, fund of funds, secondary direct, and secondary indirect investments.
Faircurve's model found a fair value of $38.41 a share for StepStone Group Inc. on 3 Oct 2026, the midpoint of 2,000 simulations. The previous run on 26 Sep 2026 gave $37.61, meaning the fair value moved +2.1%. The calibrated range over 63 trading days is $32.05 to $46.56, built from the fair value since there is no live options data for the stock. This range, calibrated weekly against realised prices, held the price 60% of the time at this horizon, over 4,809 past valuations refreshed on 3 Oct 2026. The model's evidence grade is Medium.
The company's overall quality score is 37 out of 100 against comparable companies, with profitability scoring 0 due to ROIC of -37.8% compared to a peer median of 9.1%. Earnings quality is 70, growth quality is 56, capital discipline is 45, balance sheet is 70, and stability is 0, due to EBITDA margin downside volatility of 26.0 pts over 5 years compared to a peer median of 4.6 pts. The model compares it with Hamilton Lane Incorporated, Victory Capital Holdings, Inc., Federated Hermes, Inc., Cohen & Steers, Inc., WisdomTree, Inc., Affiliated Managers Group, Inc., and Acadian Asset Management. Moves around the last 8 earnings reports had a median size, ignoring direction, of 2.7%.
Written from the figures on this page for the 3 Oct 2026 valuation and checked by rule before publishing: every number is one printed here, no forecast, no instruction. The price, the gap and the verdict are the page's own and change daily. Not a recommendation.
What price range does the model give STEP?
The calibrated range for STEP over 63 trading days is $32.05 to $46.56. There is no live options data for this stock, so the range is built from the fair value and calibrated weekly against realised prices (n = 4,809 past valuations, refreshed 3 Oct 2026). Ranges built this way held the price 60% of the time at this horizon.
The model's own simulated range, from the 20th to the 80th percentile of its runs, is $23.68 to $58.44. In 38% of the simulations the fair value came out above the price the model ran on.
How does STEP score on business quality?
StepStone Group's overall quality score is 37 out of 100. Each factor below is a score against comparable companies, not a percentile of the metric beside it.
| Factor | Score (0 to 100) | Headline measure | Peer median |
|---|---|---|---|
| ProfitabilityReturn on invested capital against the peer group, with a bonus for an improving trend. | 0 | -37.8%ROIC | 9.1% |
| Earnings qualityHow much of reported profit is cash: free cash flow to net income, and the accrual ratio (the share of earnings that is not cash). | 70 | ||
| Growth qualityTrailing revenue growth, forward growth from consensus, and the direction of analyst estimate revisions. | 56 | 69.7%Revenue growth, trailing | 15.4% |
| Capital disciplineReinvestment efficiency (capital spending per unit of revenue) and net buybacks. | 45 | 0.3%Net buybacks / market value | 1.9% |
| Balance sheetNet debt to EBITDA and interest coverage. | 70 | -1.34xNet debt / EBITDA | 3.01x |
| StabilityDownside volatility of the EBITDA margin over the last five years. | 0 | 26.0 ptsEBITDA margin downside volatility, 5y | 4.6 pts |
How does STEP compare with similar companies?
The companies in asset management closest to StepStone Group in market value, each on the same model and the same date.
| Company | Last close | Model fair value | Gap | Model verdict |
|---|---|---|---|---|
| HLNE Hamilton Lane Incorporated | $87.04 | $114.54 | +31.6% | Undervalued |
| VCTR Victory Capital Holdings, Inc. | $113.23 | $159.15 | +40.6% | Undervalued |
| HASI HA Sustainable Infrastructure Capital, Inc. | $36.27 | $36.18 | -0.2% | Low evidence grade |
| FHI Federated Hermes, Inc. | $56.07 | $70.34 | +25.5% | Undervalued |
| CNS Cohen & Steers, Inc. | $73.00 | $71.20 | -2.5% | Fairly valued |
| WT WisdomTree, Inc. | $24.38 | $20.75 | -14.9% | Fairly valued |
| AMG Affiliated Managers Group, Inc. | $371.43 | $496.51 | +33.7% | Undervalued |
| AAMI Acadian Asset Management | $94.17 | $106.31 | +12.9% | Fairly valued |
When does STEP report earnings, and how has the stock reacted?
StepStone Group's next earnings report is scheduled for 5 Nov 2026. Companies can move their dates.
How STEP moved around its last 8 earnings reports
Each move runs from the last close before the report to the first close after it, so it covers companies that report before the open and after the close. The median size across these 8 reports, ignoring direction, was 2.7%.
| Report date | Two session move |
|---|---|
| 6 Aug 2026 | -6.8% |
| 20 May 2026 | +4.2% |
| 5 Feb 2026 | -2.4% |
| 6 Nov 2025 | -2.4% |
| 7 Aug 2025 | +0.2% |
| 22 May 2025 | +9.2% |
| 6 Feb 2025 | -0.5% |
| 7 Nov 2024 | +2.9% |
StepStone Group at a glance
StepStone Group Inc. is a private equity and venture capital firm specializing in primary, direct, fund of funds, secondary direct, and secondary indirect investments.
- Market value
- $5.8B
- Sector
- Financial Services
- Industry
- Asset Management
- Revenue expected, next twelve months
- $1.7B
- Consensus revenue growth, next fiscal year
- -23.8%
- Analysts with estimates
- 5
- Beta to the US market
- 1.69
- First valued by Faircurve
- 11 Jul 2026
How the fair value is worked out: the model prices StepStone Group on the value of the whole business, debt included, against the operating profit analysts expect next year (forward EV/EBITDA), runs 2,000 simulations across its inputs and takes the midpoint. The full method is documented here.
What changed in the latest valuation?
On 26 Sep 2026 the model's fair value for STEP was $37.61. As of 3 Oct 2026 it is $38.41, a change of +2.1%. The model revalues every stock it covers each week, and again after an earnings report.
Questions about StepStone Group's valuation
Is StepStone Group stock undervalued or overvalued?
On Faircurve's model, STEP reads as Overvalued as of 3 Oct 2026. The model's fair value is $38.41 a share against a last close of $45.27, a gap of -15.2%.
What is STEP's fair value?
$38.41 a share as of 3 Oct 2026, the midpoint of 2,000 simulations. The model's own 20th to 80th percentile range is $23.68 to $58.44.
What price range does the model give STEP?
$32.05 to $46.56 over 63 trading days. Ranges built this way held the price 60% of the time across 4,809 past valuations, refreshed 3 Oct 2026.
When does StepStone Group report earnings next?
The next report is scheduled for 5 Nov 2026. Companies can move their dates.
How much has STEP moved on past earnings reports?
Across its last 8 reports the median two session move was 2.7%, ignoring direction. The largest was +9.2% around the report of 22 May 2025.
How confident is the model in this valuation?
The model's evidence grade for STEP is medium. The grade looks at how complete the inputs are, how many comparable companies there are and how closely they agree, and how wide the range of outcomes is. It is not a probability that the fair value is right, or that the price reaches it.