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Armada Hoffler Properties, Inc.（AHH）与CoStar Group（CSGP）财务数据对比。点击上方公司名可切换其他公司
CoStar Group的季度营收约是Armada Hoffler Properties, Inc.的11.9倍（$899.9M vs $75.6M）。CoStar Group净利率更高（5.2% vs 3.1%，领先2.0%）。CoStar Group同比增速更快（26.9% vs 0.8%）。过去两年CoStar Group的营收复合增速更高（17.1% vs -22.8%）
Armada Hoffler Properties是一家公开上市的房地产投资信托，业务覆盖美国大西洋中部及东南部地区，开发、持有并运营涵盖办公、零售、多户住宅的多元化优质物业组合，同时为第三方客户提供全链条建筑开发服务。
CoStar Group是1987年成立的美国商业地产服务商，总部位于弗吉尼亚州阿灵顿，业务覆盖北美、欧洲地区，为商业地产行业提供信息、分析及营销解决方案，旗下运营CoStar线上数据库、新闻网站及Apartments.com、Homes.com等多个线上平台。
AHH vs CSGP — 直观对比
营收规模更大
CSGP
是对方的11.9倍
$75.6M
营收增速更快
CSGP
高出26.1%
0.8%
净利率更高
CSGP
高出2.0%
3.1%
两年增速更快
CSGP
近两年复合增速
-22.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $75.6M | $899.9M |
| 净利润 | $2.4M | $46.5M |
| 毛利率 | — | 78.6% |
| 营业利润率 | 31.0% | 5.5% |
| 净利率 | 3.1% | 5.2% |
| 营收同比 | 0.8% | 26.9% |
| 净利润同比 | -89.8% | -22.2% |
| 每股收益（稀释后） | $0.00 | $0.12 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收AHHCSGP
| Q4 25 | $75.6M | $899.9M | ||
| Q3 25 | $23.2M | $833.6M | ||
| Q2 25 | $32.0M | $781.3M | ||
| Q1 25 | $46.6M | $732.2M | ||
| Q4 24 | $75.0M | $709.4M | ||
| Q3 24 | $114.4M | $692.6M | ||
| Q2 24 | $116.8M | $677.8M | ||
| Q1 24 | $127.0M | $656.4M |
净利润AHHCSGP
| Q4 25 | $2.4M | $46.5M | ||
| Q3 25 | $80.0K | $-30.9M | ||
| Q2 25 | $5.9M | $6.2M | ||
| Q1 25 | $-2.8M | $-14.8M | ||
| Q4 24 | $23.4M | $59.8M | ||
| Q3 24 | $-5.0M | $53.0M | ||
| Q2 24 | $3.2M | $19.2M | ||
| Q1 24 | $14.1M | $6.7M |
毛利率AHHCSGP
| Q4 25 | — | 78.6% | ||
| Q3 25 | — | 79.3% | ||
| Q2 25 | — | 78.5% | ||
| Q1 25 | — | 79.1% | ||
| Q4 24 | — | 80.1% | ||
| Q3 24 | 45.0% | 79.7% | ||
| Q2 24 | 41.8% | 80.0% | ||
| Q1 24 | 37.9% | 78.5% |
营业利润率AHHCSGP
| Q4 25 | 31.0% | 5.5% | ||
| Q3 25 | 91.5% | -6.1% | ||
| Q2 25 | 63.9% | -3.5% | ||
| Q1 25 | 33.8% | -5.8% | ||
| Q4 24 | 50.1% | 5.6% | ||
| Q3 24 | 19.0% | 3.4% | ||
| Q2 24 | 11.9% | -2.4% | ||
| Q1 24 | 15.1% | -6.5% |
净利率AHHCSGP
| Q4 25 | 3.1% | 5.2% | ||
| Q3 25 | 0.3% | -3.7% | ||
| Q2 25 | 18.6% | 0.8% | ||
| Q1 25 | -6.0% | -2.0% | ||
| Q4 24 | 31.2% | 8.4% | ||
| Q3 24 | -4.4% | 7.7% | ||
| Q2 24 | 2.7% | 2.8% | ||
| Q1 24 | 11.1% | 1.0% |
每股收益（稀释后）AHHCSGP
| Q4 25 | $0.00 | $0.12 | ||
| Q3 25 | $-0.04 | $-0.07 | ||
| Q2 25 | $0.04 | $0.01 | ||
| Q1 25 | $-0.07 | $-0.04 | ||
| Q4 24 | $0.28 | $0.14 | ||
| Q3 24 | $-0.11 | $0.13 | ||
| Q2 24 | $0.00 | $0.05 | ||
| Q1 24 | $0.17 | $0.02 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $49.1M | $1.6B |
| 总债务越低越好 | $1.5B | $140.0M |
| 股东权益账面价值 | $627.8M | $8.3B |
| 总资产 | $2.6B | $10.5B |
| 负债/权益比越低杠杆越低 | 2.43× | 0.02× |
8季度趋势，按日历期对齐
现金及短期投资AHHCSGP
| Q4 25 | $49.1M | $1.6B | ||
| Q3 25 | $46.5M | $1.9B | ||
| Q2 25 | $52.1M | $3.6B | ||
| Q1 25 | $45.7M | $3.7B | ||
| Q4 24 | $31.9M | $4.7B | ||
| Q3 24 | $43.9M | — | ||
| Q2 24 | $20.3M | — | ||
| Q1 24 | $41.9M | — |
总债务AHHCSGP
| Q4 25 | $1.5B | $140.0M | ||
| Q3 25 | $1.5B | $1.0B | ||
| Q2 25 | $1.4B | $1.0B | ||
| Q1 25 | $1.3B | $1.0B | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $1.4B | $1.0B | ||
| Q1 24 | $1.4B | $1.0B |
股东权益AHHCSGP
| Q4 25 | $627.8M | $8.3B | ||
| Q3 25 | $638.8M | $8.6B | ||
| Q2 25 | $652.0M | $8.6B | ||
| Q1 25 | $657.4M | $8.6B | ||
| Q4 24 | $670.6M | $7.6B | ||
| Q3 24 | $663.9M | $7.5B | ||
| Q2 24 | $562.7M | $7.4B | ||
| Q1 24 | $571.4M | $7.3B |
总资产AHHCSGP
| Q4 25 | $2.6B | $10.5B | ||
| Q3 25 | $2.6B | $10.8B | ||
| Q2 25 | $2.6B | $10.5B | ||
| Q1 25 | $2.5B | $10.4B | ||
| Q4 24 | $2.5B | $9.3B | ||
| Q3 24 | $2.6B | $9.1B | ||
| Q2 24 | $2.6B | $9.1B | ||
| Q1 24 | $2.6B | $9.0B |
负债/权益比AHHCSGP
| Q4 25 | 2.43× | 0.02× | ||
| Q3 25 | 2.33× | 0.12× | ||
| Q2 25 | 2.22× | 0.12× | ||
| Q1 25 | 2.01× | 0.12× | ||
| Q4 24 | 1.93× | 0.13× | ||
| Q3 24 | 2.00× | 0.13× | ||
| Q2 24 | 2.52× | 0.14× | ||
| Q1 24 | 2.50× | 0.14× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | — | $162.1M |
| 自由现金流经营现金流 - 资本支出 | — | $101.3M |
| 自由现金流率自由现金流/营收 | — | 11.3% |
| 资本支出强度资本支出/营收 | — | 6.8% |
| 现金转化率经营现金流/净利润 | — | 3.49× |
| 过去12个月自由现金流最近4个季度 | — | $123.0M |
8季度趋势，按日历期对齐
经营现金流AHHCSGP
| Q4 25 | — | $162.1M | ||
| Q3 25 | $26.3M | $68.2M | ||
| Q2 25 | $11.1M | $146.5M | ||
| Q1 25 | $107.0K | $53.2M | ||
| Q4 24 | $20.8M | $94.6M | ||
| Q3 24 | $27.3M | $100.3M | ||
| Q2 24 | $17.4M | $58.1M | ||
| Q1 24 | $46.5M | $139.6M |
自由现金流AHHCSGP
| Q4 25 | — | $101.3M | ||
| Q3 25 | — | $-5.5M | ||
| Q2 25 | — | $27.7M | ||
| Q1 25 | — | $-500.0K | ||
| Q4 24 | — | $25.2M | ||
| Q3 24 | — | $40.2M | ||
| Q2 24 | — | $-14.7M | ||
| Q1 24 | — | $-237.1M |
自由现金流率AHHCSGP
| Q4 25 | — | 11.3% | ||
| Q3 25 | — | -0.7% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | -0.1% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 5.8% | ||
| Q2 24 | — | -2.2% | ||
| Q1 24 | — | -36.1% |
资本支出强度AHHCSGP
| Q4 25 | — | 6.8% | ||
| Q3 25 | — | 8.8% | ||
| Q2 25 | — | 15.2% | ||
| Q1 25 | — | 7.3% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | — | 8.7% | ||
| Q2 24 | — | 10.7% | ||
| Q1 24 | — | 57.4% |
现金转化率AHHCSGP
| Q4 25 | — | 3.49× | ||
| Q3 25 | 328.63× | — | ||
| Q2 25 | 1.87× | 23.63× | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.89× | 1.58× | ||
| Q3 24 | — | 1.89× | ||
| Q2 24 | 5.48× | 3.03× | ||
| Q1 24 | 3.30× | 20.84× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
CSGP
| Co Star | $503.8M | 56% |
| Other | $283.0M | 31% |
| Loop Net | $94.7M | 11% |
