StepStone Group Inc.

STEP

Financial ServicesAsset ManagementNASDAQ

$56.20

Market Cap: $7.02B

StepStone Group Inc. (STEP) Valuation Summary

Updated Apr 16, 2026 22:14

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.60 – $65.25	$4.09	-92.5%
Revenue DCF 10Y	$15.11 – $203.89	$61.92	+13.9%
▸ Trading Multiples
EV/Revenue	$38.13 – $184.00	$78.85	+45.1%

Valuation History

DCF Analysis

StepStone Group Inc. (STEP) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$61.92

Market Price

$56.20

Upside / Downside

+10.2%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -21.3% to a target of 23.9% over 5 years, discounted at a WACC of 7.1%, StepStone Group Inc. (STEP) has an intrinsic value of $61.92 per share (range: $15.11 – $203.89).

Key Assumptions

Current Operating Margin

-21.3%

Target Operating Margin

23.9%

WACC

7.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.9%

Target CapEx/Rev

6.0%

D&A/Revenue

3.3%

Tax Rate

8.8%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1,177	0.2%	-12.3%	-145	-145	39	(16)	20	-142	-138
2027	1,361	15.6%	-3.2%	-44	-44	45	(26)	250	-275	-248
2028	1,542	13.3%	5.8%	90	82	51	(37)	246	-150	-126
2029	1,418	-8.1%	14.9%	211	192	47	(41)	-169	367	288
2030	1,620	14.2%	23.9%	388	353	54	(56)	275	77	56
2031	1,820	12.4%	23.9%	436	397	60	(72)	272	113	77
2032	2,011	10.5%	23.9%	481	439	67	(90)	260	156	100
2033	2,185	8.6%	23.9%	523	477	72	(109)	236	204	122
2034	2,332	6.8%	23.9%	558	509	77	(128)	200	258	143
2035	2,446	4.9%	23.9%	585	534	81	(147)	155	313	163

Enterprise Value Bridge

Sum of PV(FCFF)438

Terminal Value (Gordon Growth at 3.0%)7,812

PV of Terminal Value4,061

Enterprise Value4,499

(–) Net Debt93

Equity Value4,405

(÷) Shares Outstanding71

Fair Value per Share$61.92

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	17.9%	20.9%	23.9%	26.9%	29.9%
5.1%	$74	$106	$139	$171	$204
6.1%	$45	$66	$88	$110	$131
7.1%	$30	$46	$62	$78	$94
8.1%	$21	$34	$46	$59	$72
9.1%	$15	$25	$36	$46	$57

Current price: $56.20. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 135.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

StepStone Group Inc. (STEP) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.09

Market Price

$56.20

Upside / Downside

-92.7%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-21.3%

Target Operating Margin

23.9%

WACC

7.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.9%

Target CapEx/Rev

6.0%

D&A/Revenue

3.3%

Tax Rate

8.8%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1,177	0.2%	-12.3%	-145	-145	39	(22)	20	-148	-143
2027	1,361	15.6%	-3.2%	-44	-44	45	(40)	250	-289	-260
2028	1,542	13.3%	5.8%	90	82	51	(61)	246	-174	-146
2029	1,418	-8.1%	14.9%	211	192	47	(71)	-169	338	265
2030	1,620	14.2%	23.9%	388	353	54	(97)	275	35	26

Enterprise Value Bridge

Sum of PV(FCFF)-259

Terminal Value (Gordon Growth at 3.0%)877

PV of Terminal Value643

Enterprise Value385

(–) Net Debt93

Equity Value291

(÷) Shares Outstanding71

Fair Value per Share$4.09

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	17.9%	20.9%	23.9%	26.9%	29.9%
5.1%	$-8	$-6	$14	$40	$65
6.1%	$-8	$-6	$8	$25	$42
7.1%	$-8	$-6	$4	$17	$30
8.1%	$-8	$-6	$2	$12	$22
9.1%	$-8	$-6	$1	$9	$17

Current price: $56.20. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$78.85

Market Price

$56.20

Upside / Downside

+40.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), StepStone Group Inc. (STEP) has a fair value of $78.85 based on 8 comparable companies in the Asset Management industry.

EV/Revenue Valuation — Asset Management

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
StepStone Group Inc.STEP	3,998	3.5x	4.5x
Popular, Inc.BPOP	9,398	2.4x	3.6x
Cullen/Frost Bankers, Inc.CFR	8,945	1.7x	2.3x
Affiliated Managers Group, Inc.AMG	8,422	4.3x	5.0x
Janus Henderson Group plcJHG	7,944	2.3x	2.7x
Hamilton Lane IncorporatedHLNE	5,813	8.3x	8.6x
Blue Owl Technology Finance Corp.OTF	5,617	9.9x	10.3x
Main Street Capital CorporationMAIN	4,817	11.2x	14.0x
Oxford Lane Capital Corp.OXLC	978	12.2x	4.5x
Industry Median		6.3x	4.7x
(*) Revenue		1,175	901
= Enterprise Value		7,393	4,013
(-) Net Debt		93	93
Equity Value		7,299	3,920
(/) Outstanding shares		71	71
Fair Price		$103	$55

Selected Fair Value (avg of trailing + forward)

$78.85

+40.3%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.60 – $65.25

$4.09

-92.5%

Revenue DCF 10Y

$15.11 – $203.89

$61.92

+13.9%

▸ Trading Multiples

EV/Revenue

$38.13 – $184.00

$78.85

+45.1%

DCF Analysis

StepStone Group Inc. (STEP) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$61.92

Market Price

$56.20

Upside / Downside

+10.2%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-21.3%

Target Operating Margin

23.9%

WACC

7.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.9%

Target CapEx/Rev

6.0%

D&A/Revenue

3.3%

Tax Rate

8.8%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1,177	0.2%	-12.3%	-145	-145	39	(16)	20	-142	-138
2027	1,361	15.6%	-3.2%	-44	-44	45	(26)	250	-275	-248
2028	1,542	13.3%	5.8%	90	82	51	(37)	246	-150	-126
2029	1,418	-8.1%	14.9%	211	192	47	(41)	-169	367	288
2030	1,620	14.2%	23.9%	388	353	54	(56)	275	77	56
2031	1,820	12.4%	23.9%	436	397	60	(72)	272	113	77
2032	2,011	10.5%	23.9%	481	439	67	(90)	260	156	100
2033	2,185	8.6%	23.9%	523	477	72	(109)	236	204	122
2034	2,332	6.8%	23.9%	558	509	77	(128)	200	258	143
2035	2,446	4.9%	23.9%	585	534	81	(147)	155	313	163

Enterprise Value Bridge

Sum of PV(FCFF)438

Terminal Value (Gordon Growth at 3.0%)7,812

PV of Terminal Value4,061

Enterprise Value4,499

(–) Net Debt93

Equity Value4,405

(÷) Shares Outstanding71

Fair Value per Share$61.92

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	17.9%	20.9%	23.9%	26.9%	29.9%
5.1%	$74	$106	$139	$171	$204
6.1%	$45	$66	$88	$110	$131
7.1%	$30	$46	$62	$78	$94
8.1%	$21	$34	$46	$59	$72
9.1%	$15	$25	$36	$46	$57

Current price: $56.20. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$78.85

Market Price

$56.20

Upside / Downside

+40.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), StepStone Group Inc. (STEP) has a fair value of $78.85 based on 8 comparable companies in the Asset Management industry.

EV/Revenue Valuation — Asset Management

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
StepStone Group Inc.STEP	3,998	3.5x	4.5x
Popular, Inc.BPOP	9,398	2.4x	3.6x
Cullen/Frost Bankers, Inc.CFR	8,945	1.7x	2.3x
Affiliated Managers Group, Inc.AMG	8,422	4.3x	5.0x
Janus Henderson Group plcJHG	7,944	2.3x	2.7x
Hamilton Lane IncorporatedHLNE	5,813	8.3x	8.6x
Blue Owl Technology Finance Corp.OTF	5,617	9.9x	10.3x
Main Street Capital CorporationMAIN	4,817	11.2x	14.0x
Oxford Lane Capital Corp.OXLC	978	12.2x	4.5x
Industry Median		6.3x	4.7x
(*) Revenue		1,175	901
= Enterprise Value		7,393	4,013
(-) Net Debt		93	93
Equity Value		7,299	3,920
(/) Outstanding shares		71	71
Fair Price		$103	$55

Selected Fair Value (avg of trailing + forward)

$78.85

+40.3%