STEP vs BX vs KKR vs APO vs HLNE

For growth investors, StepStone Group Inc.

(STEP) is the stronger pick with 65. 1% revenue growth year-over-year, versus -11. 0% for KKR & Co. Inc. (KKR). Hamilton Lane Incorporated (HLNE) offers the better valuation at 16. 5x trailing P/E (14. 8x forward), making it the more compelling value choice. Analysts rate StepStone Group Inc. (STEP) a "Buy" — based on 8 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, Hamilton Lane Incorporated (HLNE) is the cheapest at 16.

5x versus KKR & Co. Inc. at 43. 8x. On forward P/E, Hamilton Lane Incorporated is actually cheaper at 14. 8x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Apollo Global Management, Inc. wins at 0. 20x versus Blackstone Inc. 's 0. 99x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.

Over the past 5 years, Apollo Global Management, Inc.

(APO) delivered a total return of +146. 9%, compared to +9. 1% for Hamilton Lane Incorporated (HLNE). Over 10 years, the gap is even starker: APO returned +790. 9% versus STEP's +142. 8%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Hamilton Lane Incorporated (HLNE) is the lower-risk stock at 1.

19β versus KKR & Co. Inc. 's 1. 66β — meaning KKR is approximately 40% more volatile than HLNE relative to the S&P 500. On balance sheet safety, StepStone Group Inc. (STEP) carries a lower debt/equity ratio of 22% versus 67% for KKR & Co. Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), StepStone Group Inc.

(STEP) is pulling ahead at 65. 1% versus -11. 0% for KKR & Co. Inc. (KKR). On earnings-per-share growth, the picture is similar: Hamilton Lane Incorporated grew EPS 46. 6% year-over-year, compared to -376. 9% for StepStone Group Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Hamilton Lane Incorporated (HLNE) is the more profitable company, earning 30.

5% net margin versus -15. 3% for StepStone Group Inc. — meaning it keeps 30. 5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BX leads at 51. 9% versus -21. 3% for STEP. At the gross margin level — before operating expenses — APO leads at 88. 5%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, Apollo Global Management, Inc. (APO) is the more undervalued stock at a PEG of 0. 20x versus Blackstone Inc. 's 0. 99x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Hamilton Lane Incorporated (HLNE) trades at 14. 8x forward P/E versus 26. 6x for StepStone Group Inc. — 11. 9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for HLNE: 95. 1% to $173. 67.

All stocks in this comparison pay dividends.

Blackstone Inc. (BX) offers the highest yield at 6. 2%, versus 0. 8% for KKR & Co. Inc. (KKR).

For long-horizon retirement investors, Hamilton Lane Incorporated (HLNE) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.

19), 2. 8% yield, +464. 9% 10Y return). StepStone Group Inc. (STEP) carries a higher beta of 1. 65 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (HLNE: +464. 9%, STEP: +142. 8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: STEP is a small-cap high-growth stock; BX is a mid-cap high-growth stock; KKR is a mid-cap quality compounder stock; APO is a mid-cap high-growth stock; HLNE is a small-cap high-growth stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.