StepStone Group (MEX:STEP) Beneish M-Score: -2.67 (As of Jun. 26, 2026)


MEX:STEP StepStone Group Inc MEX:STEP
30 GF Score
Price MXN738.00
GF Value MXN1,636.29
Valuation Possible Value Trap
! 3 Warning Signs
View Full Analysis

What is StepStone Group Beneish M-Score?

StepStone Group MEX:STEP 30 Beneish M-Score is -2.67 as of Jun. 26, 2026. GuruFocus rates MEX:STEP with a GF Score™ of 30/100 and a GF Value™ of MXN1,636.29 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 954 Asset Management companies, StepStone Group ranks better than 70.75% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for StepStone Group's Beneish M-Score or its related term are showing as below:

MEX:STEP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.67   Med: -2.31   Max: -0.51
Current: -2.67

During the past 9 years, the highest Beneish M-Score of StepStone Group was -0.51. The lowest was -2.67. And the median was -2.31.

StepStone Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for StepStone Group's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

StepStone Group Beneish M-Score Chart

StepStone Group Annual Data
Trend Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -0.51 0.00 0.00 -2.66 -2.67

StepStone Group Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.66 -2.53 -2.96 -2.85 -2.67

MEX:STEP vs DNP, UTG, HLNE: Beneish M-Score Comparison

For the Asset Management subindustry, StepStone Group's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

StepStone Group Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, StepStone Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where StepStone Group's Beneish M-Score falls into.


MEX:STEP
30GF Score
StepStone Group Inc MEX:STEP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

StepStone Group Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of StepStone Group for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.7812+0.528 * 1.0822+0.404 * 0.8803+0.892 * 1.5434+0.115 * 0.8844
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3178+4.679 * -0.111474-0.327 * 1.1504
=-2.84

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was MXN41,175 Mil.
Revenue was 10613.687 + 10560.541 + 8332.394 + 6859.233 = MXN36,366 Mil.
Gross Profit was 4113.854 + 5369.21 + 3797.47 + 3249.976 = MXN16,531 Mil.
Total Current Assets was MXN61,353 Mil.
Total Assets was MXN121,950 Mil.
Property, Plant and Equipment(Net PPE) was MXN1,945 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN837 Mil.
Selling, General, & Admin. Expense(SGA) was MXN35,251 Mil.
Total Current Liabilities was MXN41,210 Mil.
Long-Term Debt & Capital Lease Obligation was MXN21,736 Mil.
Net Income was -140.493 + -2222.822 + -6716.582 + -723.493 = MXN-9,803 Mil.
Non Operating Income was 374.251 + 527.063 + 882.815 + 766.669 = MXN2,551 Mil.
Cash Flow from Operations was -418.359 + 488.999 + 297.928 + 871.453 = MXN1,240 Mil.
 Total Receivables was MXN34,150 Mil.
Revenue was 7727.655 + 7070.562 + 5349.402 + 3414.886 = MXN23,563 Mil.
Gross Profit was 3344.507 + 3555.188 + 2724.626 + 1966.498 = MXN11,591 Mil.
Total Current Assets was MXN40,079 Mil.
Total Assets was MXN93,835 Mil.
Property, Plant and Equipment(Net PPE) was MXN2,489 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN902 Mil.
Selling, General, & Admin. Expense(SGA) was MXN17,332 Mil.
Total Current Liabilities was MXN36,319 Mil.
Long-Term Debt & Capital Lease Obligation was MXN5,785 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(41174.587 / 36365.855) / (34150.014 / 23562.505)
=1.132232 / 1.449337
=0.7812

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(11590.819 / 23562.505) / (16530.51 / 36365.855)
=0.491918 / 0.454561
=1.0822

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (61353.196 + 1945.151) / 121949.776) / (1 - (40078.882 + 2488.515) / 93835.483)
=0.480947 / 0.546361
=0.8803

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=36365.855 / 23562.505
=1.5434

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(902.18 / (902.18 + 2488.515)) / (837.015 / (837.015 + 1945.151))
=0.266075 / 0.30085
=0.8844

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(35250.777 / 36365.855) / (17332.151 / 23562.505)
=0.969337 / 0.735582
=1.3178

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((21735.841 + 41210.274) / 121949.776) / ((5785.313 + 36318.604) / 93835.483)
=0.516164 / 0.448699
=1.1504

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-9803.39 - 2550.798 - 1240.021) / 121949.776
=-0.111474

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

StepStone Group has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.67 mean?
StepStone Group (MEX:STEP) has a Beneish M-Score of -2.67 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on StepStone Group and its competitors. According to the industry distribution chart, StepStone Group ranks #279 out of 954 companies in the Asset Management industry, placing it in the top 29.2%.
Is StepStone Group's Beneish M-Score too high?
StepStone Group's current Beneish M-Score is -2.67. Based on the distribution chart, StepStone Group ranks #279 out of 954 companies in the Asset Management industry, which is above the industry midpoint. Overall, StepStone Group has a GF Score™ of 30/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does StepStone Group's Beneish M-Score compare to DNP and UTG?
According to the Asset Management industry distribution chart, StepStone Group ranks #279 out of 954 companies for Beneish M-Score. This puts StepStone Group in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Asset Management company?
A good Beneish M-Score depends on the Asset Management industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on StepStone Group and its competitors. StepStone Group's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is StepStone Group stock overvalued right now?
Based on GuruFocus' analysis, StepStone Group (MEX:STEP) is currently considered Possible Value Trap. The stock's GF Value™ is MXN1,636.29, compared to a current price of MXN738.00 — trading 54.9% below its estimated fair value. The current Beneish M-Score is -2.67. StepStone Group's overall GF Score™ is 30/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For StepStone Group (MEX:STEP), the current Beneish M-Score is -2.67 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is StepStone Group (MEX:STEP) Overvalued in 2026?

Based on GuruFocus' analysis, StepStone Group stock appears to be undervalued. The current stock price of MXN738.00 is trading 54.9% below its estimated GF Value™ of MXN1,636.29. GuruFocus considers StepStone Group to be Possible Value Trap.

Key valuation signals for MEX:STEP:

  • Beneish M-Score: -2.67
  • GF Value™: MXN1,636.29 vs. price of MXN738.00 (54.9% below fair value)
  • GF Score™: 30/100 with 3 warning signs

No single metric tells the full story. See the MEX:STEP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

StepStone Group Business Description

Other Exchanges STEP:USA
Address 277 Park Avenue, 45th Floor, New York, NY, USA, 10172
StepStone Group Inc operates as a fully integrated private markets solution provider. The company provides customized investment solutions and advisory and data services. It provides investment solutions in the areas of private equity, real estate, private debt, and infrastructure and real assets. The company consists of a single operating segment and a single reportable segment for accounting and financial reporting purposes.
30GF Score

Get the complete analysis for MEX:STEP

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

MXN738.00
Price
MXN1,636.29
GF Value