Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.05, read 2026-10-23
Ethical does not pass the values gate
Price42.04 USD
Fair value49.12
Ethical score30.0/100
Our investment reviews on this name
2026-10-18Read Markdown41.33+1.7% to today Distribution gives way to Markdown first Markdown read since October
2026-10-11Read Distribution43.15-2.6% to today ✓Markdown gives way to Distribution
2026-10-02Read Markdown43.15-2.6% to today ✓Markup gives way to Markdown after a 13% slide in 3 weeks
2026-09-13Read Markup49.34-14.8% to today Distribution gives way to Markup with results news in the headlines
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
StepStone Group Inc. holds its Accumulation at $42.04. The statistical read favours the sellers, held for 31 days.
As held on the ledger · 2026-10-23
Phase
Accumulation
Quantitative state
The statistical read favours the sellers, held for 31 days
Price at the screen
$42.04
Valuation
N/A trailing · 12.40 forward price to earnings
Values screen
FAIL· score 30.0
Beta
1.28
The Workings
Five Screens, Shown in Full
Does not pass. Prohibited keyword in sector/industry: financial services
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Prohibited keyword in sector/industry: financial services
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
StepStone does not clear the screen at the business-activity stage. It operates in conventional financial services, which the screen treats as interest-based, so the financial ratios are not the deciding factor here.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when STEP's ethical verdict changes
Today STEP does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
Fair value range in USD, drawn from the 2026-10-23 screen. The gold marker is the market price at the same screen. A 16.5% margin of safety to the base estimate.
Third-party analyst targets: 10 covering, consensus Strong Buy. The average target sits +46% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Private Equity House Fails Ethical Screen Test
StepStone sits in the middle of the private markets machine, raising money from institutions and deploying it into funds and direct deals that ordinary investors never see. The business is growing revenue fast at 56% but the numbers show deep losses with a profit margin of -27% and return on equity at -56%. We pass because the company fails our ethical screen on financial services.
The forward multiple looks reasonable at 13.3x and analysts are bullish with a median target of $66, yet none of that overcomes the ethical verdict. Moat is unknown and the negative returns highlight how leveraged and cyclical this corner of asset management can be. We are staying away for the reason the screen exists.
Risk sits around the sector classification itself plus the thin margins that leave little room for error in a downturn. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
STEP trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-25Markdown$42.18+2.1%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 2.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 24%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (8 analysts) rates it strong buy, with a mean price target of $72.
2026-10-18Markdown · changed$41.33-4.2%Entry 8
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 4.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 24%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (8 analysts) rates it strong buy, with a mean price target of $72.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 24%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (8 analysts) rates it strong buy, with a mean price target of $72.
2026-10-02Markdown · changed$43.15-12.5%Entry 6
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 12.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 24%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (8 analysts) rates it strong buy, with a mean price target of $72.
2026-09-13Markup · changed$49.34-2.0%Entry 5
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 2.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 24%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (8 analysts) rates it strong buy, with a mean price target of $72.
The framework has shifted from accumulation to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 13.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 24%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (8 analysts) rates it strong buy, with a mean price target of $72.
2026-07-18Accumulation$44.39+0.0%Entry 3
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 24%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (8 analysts) rates it strong buy, with a mean price target of $72.
2026-07-03Accumulation$44.39+0.0%Entry 2
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Accumulation$44.39Entry 1
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
