Is STEP or TBLD more undervalued in 2026?

CirclFi compares StepStone Group Inc. (STEP) and Thornburg Income Builder Opport (TBLD) using 13 institutional-grade valuation models. STEP has a Quality of Company score of 5.8/10 while TBLD scores 1.7/10.

Which is a better buy — STEP or TBLD?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do STEP and TBLD valuations compare?

STEP at $50.09 and TBLD at $22.50 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

STEP vs TBLD Valuation Comparison 2026 — Intrinsic Value Analysis

STEP

Asset Management

StepStone Group Inc.

Quality

5.8

out of 10

Value Trap

WARN

Price

$50.09

Last close

Models

12/13

Active

TBLD

Asset Management

Thornburg Income Builder Opport

Quality

1.7

out of 10

Value Trap

—

Price

$22.50

Last close

Models

6/13

Active

Model-by-Model Comparison

Model	Type	STEP Fair Value	STEP Upside	TBLD Fair Value	TBLD Upside
Bayesian DCF	Intrinsic	$17.22	-65.6%	$5.96	-73.5%
Earnings Power Value	Intrinsic	$34.83	-34.0%	—	—
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$39.79	-20.6%	$13.24	-39.3%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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STEP vs TBLD — Which Stock Is More Undervalued?

STEP scores higher with a 5.8/10 quality rating vs TBLD's 1.7/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing StepStone Group Inc. (STEP) and Thornburg Income Builder Opport (TBLD) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

STEP currently trades at $50.09 with a QOC of 5.8/10, while TBLD trades at $22.50 with a QOC of 1.7/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).