StepStone Group Inc.

NasdaqGS:STEP Stock Report

Market Cap: US$5.7b

StepStone Group Valuation

Is STEP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of STEP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: Insufficient data to calculate STEP's future cash flow value for valuation analysis.

Significantly Below Future Cash Flow Value: Insufficient data to calculate STEP's future cash flow value for valuation analysis.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for STEP?

Key metric: As STEP is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for STEP. This is calculated by dividing STEP's market cap by their current revenue.
What is STEP's PS Ratio?
PS Ratio1.9x
SalesUS$2.01b
Market CapUS$5.73b

Price to Sales Ratio vs Peers

How does STEP's PS Ratio compare to its peers?

The above table shows the PS ratio for STEP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4.4x
GLXY Galaxy Digital
0.08x2.89%US$8.7b
VCTR Victory Capital Holdings
4.2x6.25%US$6.4b
HLNE Hamilton Lane
4.4x11.73%US$4.9b
MAIN Main Street Capital
9.1x7.45%US$5.3b
STEP StepStone Group
1.9x2.97%US$5.7b

Price-To-Sales vs Peers: STEP is good value based on its Price-To-Sales Ratio (1.9x) compared to the peer average (4.4x).

Historical Price to Sales Ratio

Historical Price to Sales Ratio compares a stock's price to its sales over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Sales Ratio vs Industry

How does STEP's PS Ratio compare vs other companies in the US Capital Markets Industry?

26 CompaniesPrice / SalesEstimated GrowthMarket Cap
GLXY Galaxy Digital
0.08x2.89%US$8.71b
SNEX StoneX Group
0.05xn/aUS$7.98b
ETOR eToro Group
0.2x-106.01%US$2.22b
OPY Oppenheimer Holdings
0.7xn/aUS$1.22b
STEP 1.9xIndustry Avg. 3.6xNo. of Companies28PS03.26.49.612.816+
26 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: STEP is good value based on its Price-To-Sales Ratio (1.9x) compared to the US Capital Markets industry average (3.6x).

Price to Sales Ratio vs Fair Ratio

What is STEP's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

STEP PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.9x
Fair PS Ratio0.9x

Price-To-Sales vs Fair Ratio: STEP is expensive based on its Price-To-Sales Ratio (1.9x) compared to the estimated Fair Price-To-Sales Ratio (0.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst STEP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$46.31
US$69.56
+50.20%
17.24%US$92.00US$56.00n/a9
Sep ’27US$49.68
US$70.13
+41.15%
17.97%US$92.00US$56.00n/a8
Aug ’27US$43.86
US$66.50
+51.62%
21.33%US$92.00US$50.00n/a8
Jul ’27US$40.66
US$72.50
+78.33%
15.23%US$92.00US$60.00n/a8
Jun ’27US$48.35
US$72.50
+49.95%
15.23%US$92.00US$60.00n/a8
May ’27US$52.75
US$71.38
+35.32%
19.71%US$91.00US$54.00n/a8
Apr ’27US$46.99
US$75.71
+61.13%
24.66%US$104.00US$55.00n/a7
Mar ’27US$43.14
US$81.43
+88.75%
16.30%US$104.00US$67.00n/a7
Feb ’27US$70.69
US$84.00
+18.83%
12.19%US$105.00US$72.00n/a7
Jan ’27US$64.17
US$75.43
+17.54%
9.89%US$85.00US$66.00n/a7
Dec ’26US$61.74
US$75.14
+21.71%
10.20%US$85.00US$66.00n/a7
Nov ’26US$60.88
US$73.86
+21.32%
8.55%US$83.00US$66.00n/a7
Oct ’26US$64.05
US$70.83
+10.59%
13.89%US$84.00US$61.00n/a6
Sep ’26US$62.06
US$67.67
+9.03%
12.35%US$84.00US$61.00US$49.686
Aug ’26US$56.80
US$64.83
+14.14%
7.31%US$74.00US$61.00US$43.866
Jul ’26US$55.47
US$62.33
+12.37%
12.03%US$74.00US$51.00US$40.666
Jun ’26US$57.85
US$62.33
+7.75%
12.03%US$74.00US$51.00US$48.356
May ’26US$51.54
US$56.50
+9.62%
13.43%US$67.00US$48.00US$52.756
Apr ’26US$53.89
US$69.00
+28.04%
11.89%US$85.00US$60.00US$46.996
Mar ’26US$60.16
US$70.57
+17.31%
8.80%US$85.00US$66.00US$43.147
Feb ’26US$64.08
US$67.14
+4.78%
8.95%US$81.00US$63.00US$70.697
Jan ’26US$57.88
US$70.79
+22.30%
8.18%US$84.00US$65.00US$64.177
Dec ’25US$65.89
US$71.36
+8.30%
5.03%US$78.00US$65.00US$61.747
Nov ’25US$59.00
US$60.29
+2.18%
9.50%US$73.00US$55.00US$60.887
Oct ’25US$58.08
US$54.86
-5.55%
5.96%US$61.00US$51.00US$64.057
Sep ’25US$54.70
US$53.36
-2.45%
3.84%US$56.00US$51.00US$62.067
US$69.56
Fair Value
33.4% undervalued intrinsic discount
9
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/09/18 21:57
End of Day Share Price 2026/09/18 00:00
Earnings2026/06/30
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

StepStone Group Inc. is covered by 11 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Benjamin BudishBarclays
"Benjamin BudishBarclays
Brennan HawkenBMO Capital Markets Equity Research