StepStone Group vs Voya Financial

StepStone Group and Voya Financial are compared on this page to help readers understand differences in business models, financial performance, and market context. The comparison highlights strategic focus, revenue drivers, risk factors, and market positioning in a neutral, accessible format. Educational content, not financial advice.

Comparison Snapshot

Key Financial Metrics

STEP

Metric

VOYA

$8.75B

Market Cap

$6.97B

-0.75%

Potential Profit

13.80%

Buy

Analyst Rating

Buy

Investment Analysis

StepStone Group

STEP

Pros

StepStone Group provides diversified private markets investment solutions across private equity, infrastructure, private debt, and real estate asset classes.
The firm reported strong Q3 2025 financial results with revenue up 118% year-on-year, surpassing market expectations.
It serves a broad base of institutional clients and offers customized investment advisory, data, and administrative services enhancing client portfolio management.

Considerations

StepStone’s shares trade at a relatively high forward P/E ratio (~28.6x), indicating elevated market expectations and potential valuation risk.
Its business is dependent on continued strong demand for private market investments, which can be sensitive to broader economic cycles and liquidity conditions.
Competition in private markets advisory and fund management is intense, posing execution and growth challenges in maintaining and expanding market share.

Voya Financial

VOYA

Pros

Voya Financial operates across multiple segments including retirement, investment management, and employee benefits, providing diversified revenue streams.
The company has shown consistent profitability and efficiency improvements, supported by strong capital and liquidity positions.
It benefits from scale and a well-recognised brand in US retirement services, with growth prospects tied to demographic trends and increasing retirement assets.

Considerations

Voya Financial is exposed to regulatory risks typical of the financial services industry, including evolving pension and insurance-related regulations.
Its earnings can be volatile due to sensitivity to equity markets and interest rate fluctuations that impact investment returns.
The company faces significant competition from larger diversified asset managers and insurers, which could pressure pricing and client retention.

About The Companies

StepStone Group (STEP)

StepStone Group is a global investment firm that specialises in private markets. It offers customised investment solutions, advisory services, and data analytics to its clients, which include institutional investors like pension funds. The firm helps clients build portfolios across asset classes that aren't typically available on public stock exchanges, such as private equity, infrastructure, private debt, and real estate. StepStone uses a variety of strategies, including investing in new funds (primaries), buying stakes in existing funds (secondaries), and investing directly into companies alongside other fund managers (co-investments). With significant revenue streams suggesting strong demand for its services, StepStone plays a key role for investors looking for exposure to alternative asset classes. However, like all investments, its value can go down as well as up, and returns are not guaranteed.

Voya Financial (VOYA)

Voya Financial (VOYA) is a US-focused financial-services company offering retirement solutions, investment management, employee benefits and life/annuity insurance products. With a market capitalisation of about $7.19 billion, Voya earns revenue from retirement-plan recordkeeping and advisory fees, asset-management fees, insurance premiums and investment spread. Key drivers include assets under management and flows, equity-market performance, interest rates (which affect investment yields and annuity pricing) and regulatory capital requirements. Strengths can include a diversified, fee-based revenue mix and recurring income from retirement services; risks include sensitivity to market volatility, interest-rate movements, underwriting losses and changes in plan participation or net flows. Prospective investors should review recent financial statements, capital and liquidity metrics, and management commentary. This summary is for educational purposes only and is not personal investment advice — values can fall as well as rise and past performance is not a guide to the future.

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Comparison Snapshot