Most agent evaluations collapse a multi-step trace into a final answer, a success flag, or a trajectory-level score. These aggregates obscure the diagnostic question developers need most: which action changed the state in a useful direction? We introduce Agent Step Value (ASV), a state-transition measurement framework that scores each observed action by the change it induces in a state-grounded evaluator's distribution over fixed candidate outcomes. ASV renders redacted before/after state projections, uses a stateless LLM evaluator to assign candidate log scores, and reports both gold-free belief diagnostics and offline oracle validation metrics. A label-free rationale pass separates evaluator deliberation from one-token option scoring, preserving candidate likelihoods while exposing leakage and floor-score events. On 100 reviewed open-QA evidence-seeking tasks with live PubMed retrieval, a partially live DeepSeek actor, and DeepSeek log-probability scoring, ASV evaluates 1,100 steps and 2,200 states. Under the fixed-layout rationale-conditioned protocol, mean gold-margin gain is -2.335 (trajectory-bootstrap 95\% CI [-3.395, -1.272]), entropy movement is 0.000, and mean Bayesian surprise is 2.693. ASV therefore localizes constructive and destructive belief pivots that final-answer scores and entropy-only step metrics miss. We release the standalone ASV Eval toolkit.

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