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CoStar Group（CSGP）与Graham Holdings Co（GHC）财务数据对比。点击上方公司名可切换其他公司
Graham Holdings Co的季度营收约是CoStar Group的1.4倍（$1.3B vs $899.9M），Graham Holdings Co净利率更高（8.7% vs 5.2%，领先3.5%），CoStar Group同比增速更快（26.9% vs 0.4%），CoStar Group自由现金流更多（$101.3M vs $5.0M），过去两年CoStar Group的营收复合增速更高（17.1% vs 4.2%）
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。
Graham Holdings是一家总部位于美国弗吉尼亚州阿灵顿县、在特拉华州注册的多元化综合控股集团，曾持有知名媒体《华盛顿邮报》与《新闻周刊》的所有权，旗下业务覆盖多个领域，在北美市场拥有深厚的行业运营积淀。
CSGP vs GHC — 直观对比
营收规模更大
GHC
是对方的1.4倍
$899.9M
营收增速更快
CSGP
高出26.4%
0.4%
净利率更高
GHC
高出3.5%
5.2%
自由现金流更多
CSGP
多$96.3M
$5.0M
两年增速更快
CSGP
近两年复合增速
4.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $899.9M | $1.3B |
| 净利润 | $46.5M | $108.7M |
| 毛利率 | 78.6% | — |
| 营业利润率 | 5.5% | 3.8% |
| 净利率 | 5.2% | 8.7% |
| 营收同比 | 26.9% | 0.4% |
| 净利润同比 | -22.2% | -80.2% |
| 每股收益（稀释后） | $0.12 | $24.76 |
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CSGPGHC
| Q4 25 | $899.9M | $1.3B | ||
| Q3 25 | $833.6M | $1.3B | ||
| Q2 25 | $781.3M | $1.2B | ||
| Q1 25 | $732.2M | $1.2B | ||
| Q4 24 | $709.4M | $1.2B | ||
| Q3 24 | $692.6M | $1.2B | ||
| Q2 24 | $677.8M | $1.2B | ||
| Q1 24 | $656.4M | $1.2B |
净利润CSGPGHC
| Q4 25 | $46.5M | $108.7M | ||
| Q3 25 | $-30.9M | $122.9M | ||
| Q2 25 | $6.2M | $36.7M | ||
| Q1 25 | $-14.8M | $23.9M | ||
| Q4 24 | $59.8M | $548.8M | ||
| Q3 24 | $53.0M | $72.5M | ||
| Q2 24 | $19.2M | $-21.0M | ||
| Q1 24 | $6.7M | $124.4M |
毛利率CSGPGHC
| Q4 25 | 78.6% | — | ||
| Q3 25 | 79.3% | — | ||
| Q2 25 | 78.5% | — | ||
| Q1 25 | 79.1% | — | ||
| Q4 24 | 80.1% | — | ||
| Q3 24 | 79.7% | — | ||
| Q2 24 | 80.0% | — | ||
| Q1 24 | 78.5% | — |
营业利润率CSGPGHC
| Q4 25 | 5.5% | 3.8% | ||
| Q3 25 | -6.1% | 5.2% | ||
| Q2 25 | -3.5% | 6.0% | ||
| Q1 25 | -5.8% | 4.1% | ||
| Q4 24 | 5.6% | 5.8% | ||
| Q3 24 | 3.4% | 6.8% | ||
| Q2 24 | -2.4% | 2.2% | ||
| Q1 24 | -6.5% | 3.1% |
净利率CSGPGHC
| Q4 25 | 5.2% | 8.7% | ||
| Q3 25 | -3.7% | 9.6% | ||
| Q2 25 | 0.8% | 3.0% | ||
| Q1 25 | -2.0% | 2.0% | ||
| Q4 24 | 8.4% | 44.1% | ||
| Q3 24 | 7.7% | 6.0% | ||
| Q2 24 | 2.8% | -1.8% | ||
| Q1 24 | 1.0% | 10.8% |
每股收益（稀释后）CSGPGHC
| Q4 25 | $0.12 | $24.76 | ||
| Q3 25 | $-0.07 | $27.91 | ||
| Q2 25 | $0.01 | $8.35 | ||
| Q1 25 | $-0.04 | $5.45 | ||
| Q4 24 | $0.14 | $124.05 | ||
| Q3 24 | $0.13 | $16.42 | ||
| Q2 24 | $0.05 | $-4.79 | ||
| Q1 24 | $0.02 | $27.72 |
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 | $1.6B | $267.0M |
| 总债务越低越好 | $140.0M | — |
| 股东权益账面价值 | $8.3B | $4.8B |
| 总资产 | $10.5B | $8.4B |
| 负债/权益比越低杠杆越低 | 0.02× | — |
8季度趋势，按日历期对齐
现金及短期投资CSGPGHC
| Q4 25 | $1.6B | $267.0M | ||
| Q3 25 | $1.9B | $190.8M | ||
| Q2 25 | $3.6B | $176.2M | ||
| Q1 25 | $3.7B | $156.7M | ||
| Q4 24 | $4.7B | $260.9M | ||
| Q3 24 | — | $244.4M | ||
| Q2 24 | — | $140.7M | ||
| Q1 24 | — | $130.9M |
总债务CSGPGHC
| Q4 25 | $140.0M | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.0B | — |
股东权益CSGPGHC
| Q4 25 | $8.3B | $4.8B | ||
| Q3 25 | $8.6B | $4.5B | ||
| Q2 25 | $8.6B | $4.4B | ||
| Q1 25 | $8.6B | $4.3B | ||
| Q4 24 | $7.6B | $4.3B | ||
| Q3 24 | $7.5B | $4.0B | ||
| Q2 24 | $7.4B | $4.0B | ||
| Q1 24 | $7.3B | $4.0B |
总资产CSGPGHC
| Q4 25 | $10.5B | $8.4B | ||
| Q3 25 | $10.8B | $7.9B | ||
| Q2 25 | $10.5B | $7.6B | ||
| Q1 25 | $10.4B | $7.6B | ||
| Q4 24 | $9.3B | $7.7B | ||
| Q3 24 | $9.1B | $7.4B | ||
| Q2 24 | $9.1B | $7.2B | ||
| Q1 24 | $9.0B | $7.3B |
负债/权益比CSGPGHC
| Q4 25 | 0.02× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.12× | — | ||
| Q4 24 | 0.13× | — | ||
| Q3 24 | 0.13× | — | ||
| Q2 24 | 0.14× | — | ||
| Q1 24 | 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 | $28.3M |
| 自由现金流经营现金流 - 资本支出 | $101.3M | $5.0M |
| 自由现金流率自由现金流/营收 | 11.3% | 0.4% |
| 资本支出强度资本支出/营收 | 6.8% | 1.9% |
| 现金转化率经营现金流/净利润 | 3.49× | 0.26× |
| 过去12个月自由现金流最近4个季度 | $123.0M | $275.3M |
8季度趋势，按日历期对齐
经营现金流CSGPGHC
| Q4 25 | $162.1M | $28.3M | ||
| Q3 25 | $68.2M | $178.1M | ||
| Q2 25 | $146.5M | $94.8M | ||
| Q1 25 | $53.2M | $46.0M | ||
| Q4 24 | $94.6M | $116.3M | ||
| Q3 24 | $100.3M | $237.6M | ||
| Q2 24 | $58.1M | $52.0M | ||
| Q1 24 | $139.6M | $1.1M |
自由现金流CSGPGHC
| Q4 25 | $101.3M | $5.0M | ||
| Q3 25 | $-5.5M | $161.8M | ||
| Q2 25 | $27.7M | $78.0M | ||
| Q1 25 | $-500.0K | $30.5M | ||
| Q4 24 | $25.2M | $91.1M | ||
| Q3 24 | $40.2M | $219.4M | ||
| Q2 24 | $-14.7M | $33.7M | ||
| Q1 24 | $-237.1M | $-20.2M |
自由现金流率CSGPGHC
| Q4 25 | 11.3% | 0.4% | ||
| Q3 25 | -0.7% | 12.6% | ||
| Q2 25 | 3.5% | 6.4% | ||
| Q1 25 | -0.1% | 2.6% | ||
| Q4 24 | 3.6% | 7.3% | ||
| Q3 24 | 5.8% | 18.2% | ||
| Q2 24 | -2.2% | 2.8% | ||
| Q1 24 | -36.1% | -1.8% |
资本支出强度CSGPGHC
| Q4 25 | 6.8% | 1.9% | ||
| Q3 25 | 8.8% | 1.3% | ||
| Q2 25 | 15.2% | 1.4% | ||
| Q1 25 | 7.3% | 1.3% | ||
| Q4 24 | 9.8% | 2.0% | ||
| Q3 24 | 8.7% | 1.5% | ||
| Q2 24 | 10.7% | 1.5% | ||
| Q1 24 | 57.4% | 1.8% |
现金转化率CSGPGHC
| Q4 25 | 3.49× | 0.26× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | 23.63× | 2.58× | ||
| Q1 25 | — | 1.93× | ||
| Q4 24 | 1.58× | 0.21× | ||
| Q3 24 | 1.89× | 3.28× | ||
| Q2 24 | 3.03× | — | ||
| Q1 24 | 20.84× | 0.01× |
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
CSGP
| Co Star | $503.8M | 56% |
| Other | $283.0M | 31% |
| Loop Net | $94.7M | 11% |
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
