| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 37 | — | 17.8x | Bottom tier | |
Growth | 54 | 48.5% | 7.1% | Around median | |
Quality | 8 | — | — | Bottom tier | |
Safety | 23 | — | — | Bottom tier | |
Capital Return | 32 | 3.03% | 2.12% | Bottom tier | |
Momentum | 37 | -25.2% | 2.9% | Bottom tier | |
Sentiment | 91 | 6 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
StepStone Group Inc. (STEP) operates in private markets investment management and advisory across private equity, venture capital and growth, infrastructure, private credit, and real estate. The company generates income primarily from management and advisory fees on fee-earning assets, alongside performance fees and carried interest; the annualized run rate of management and advisory fees exceeded $1 billion, while the annualized run rate of fee-related earnings exceeded $400 million in fiscal Q1 2027.
In fiscal Q1 2027, fee revenue reached $271 million, up 27% year over year, and fee-related earnings reached $106 million, up 30%, with a fee-related earnings margin of 39%. The company recorded a GAAP net loss attributable to StepStone Group Inc. of $116 million, or $1.41 per share, due to the inclusion of the fair value change related to the purchase of the StepStone Private Wealth earnings interest, while adjusted net income was $60 million and adjusted earnings per share were $0.48, compared with $49 million and $0.40 a year earlier.
The fundraising mix was balanced between approximately $4.5 billion for managed accounts and $5.5 billion for commingled funds, within total inflows exceeding $10 billion during fiscal Q1 2027. The Private Wealth platform generated record subscriptions of $2.8 billion and surpassed $21 billion in assets, while fee-earning assets increased by approximately $10 billion, bringing their combined total with fee-earning undeployed capital to nearly $193 billion. For comparison, EDGAR data for fiscal 2026 showed revenue of $2 billion, a net loss of $535.8 million, and negative earnings per share of $6.78.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $65.17, within a wide range of $56 to $85, against a consensus rating of “Buy”; the average is below the 52-week range high of $77.795, while the highest target exceeds that high. No usable price-to-earnings multiple is available because of the fiscal 2026 net loss of $535.8 million and negative earnings per share of $6.78, so valuation depends more heavily on fee-related earnings growth, carried interest conversion, and the expected impact of purchasing the Private Wealth earnings interest, while the wide 52-week range of $38.85 to $77.795 demonstrates the market's sensitivity to these variables.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
The primary driver was growth in fee-earning assets, which increased fee revenue by 27% to $271 million and fee-related earnings by 30% to $106 million. The company added more than $10 billion in gross assets, split between approximately $4.5 billion for managed accounts and $5.5 billion for commingled funds. The combined total of fee-earning assets and fee-earning undeployed capital also exceeded $193 billion, up $37 billion over one year.
StepStone recorded an attributable net loss of $116 million, or $1.41 per share, in fiscal Q1 2027. The company explained that fair value accounting for the purchase of the StepStone Private Wealth earnings interest flowed through the income statement and pushed the GAAP result into negative territory. In contrast, adjusted net income reached $60 million and adjusted earnings per share were $0.48, up from $49 million and $0.40 a year earlier, supported by growth in fee-related earnings.
The platform generated record subscriptions of $2.8 billion in fiscal Q1 2027, and its assets increased to more than $21 billion after more than doubling over one year. Platform-wide redemptions remained below 2%, while the number of distribution partners exceeded 800, and partners with more than one year of tenure sell an average of two funds. StepStone plans to purchase the Private Wealth earnings interest when the contractual call period begins in the third quarter of 2027, and management expects ownership of the business's full economics to materially increase adjusted net income and earnings per share.
SPRING holds more than 2,000 positions, and approximately 75 companies represent nearly 75% of its net asset value, so StepStone describes it as a diversified venture capital and growth portfolio rather than a vehicle for accessing a single company. The fund generated a net return of 23% during the first half of 2026 and attracted subscriptions of approximately $1.7 billion in fiscal Q1 2027. However, its largest public position declined to a mid-teens percentage of net assets, and management warned that valuation movements in public positions could increase near-term performance volatility.
Net accrued carried interest reached $935 million at the end of fiscal Q1 2027, up 19% from the previous year. More than 70% of this balance is linked to programs older than five years, meaning they are relatively mature and ready for harvesting. However, management explained that performance fees are cyclical and that StepStone does not control the timing of exits, while partial exits may not immediately convert into realized carried interest if the funds have not met their cost-recovery and preferred-return thresholds.
StepStone increased its quarterly cash distribution by 18% from $0.28 to $0.33 per share in fiscal Q1 2027. It also executed $30 million of a $100 million repurchase authorization and purchased more than 710 thousand shares at an average of $41.87 since the authorization was announced in March 2026. However, financing the purchase of the Private Wealth earnings interest may prompt management to reassess the timing of share repurchases and the annual supplemental distribution, because the cash portion of the transaction may depend on operating liquidity and renewed access to capital markets.
