vs
CoStar Group（CSGP）与凯悦酒店集团（H）财务数据对比。点击上方公司名可切换其他公司
凯悦酒店集团的季度营收约是CoStar Group的2.0倍（$1.8B vs $899.9M），CoStar Group净利率更高（5.2% vs -1.1%，领先6.3%），CoStar Group同比增速更快（26.9% vs 11.7%），凯悦酒店集团自由现金流更多（$236.0M vs $101.3M），过去两年CoStar Group的营收复合增速更高（17.1% vs 2.2%）
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。
凯悦酒店集团是来自美国的跨国酒店管理企业，总部位于芝加哥河畔广场区域，由普利兹克家族运营管理。集团主营高端及商务酒店、度假村、度假物业的管理与特许经营业务，目前在全球69个国家拥有逾1350家酒店及一价全包物业，覆盖六大洲。
CSGP vs H — 直观对比
营收规模更大
H
是对方的2.0倍
$899.9M
营收增速更快
CSGP
高出15.2%
11.7%
净利率更高
CSGP
高出6.3%
-1.1%
自由现金流更多
H
多$134.7M
$101.3M
两年增速更快
CSGP
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $899.9M | $1.8B |
| 净利润 | $46.5M | $-20.0M |
| 毛利率 | 78.6% | — |
| 营业利润率 | 5.5% | 0.4% |
| 净利率 | 5.2% | -1.1% |
| 营收同比 | 26.9% | 11.7% |
| 净利润同比 | -22.2% | 64.3% |
| 每股收益（稀释后） | $0.12 | $-0.20 |
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CSGPH
| Q4 25 | $899.9M | $1.8B | ||
| Q3 25 | $833.6M | $1.8B | ||
| Q2 25 | $781.3M | $1.8B | ||
| Q1 25 | $732.2M | $1.7B | ||
| Q4 24 | $709.4M | $1.6B | ||
| Q3 24 | $692.6M | $1.6B | ||
| Q2 24 | $677.8M | $1.7B | ||
| Q1 24 | $656.4M | $1.7B |
净利润CSGPH
| Q4 25 | $46.5M | $-20.0M | ||
| Q3 25 | $-30.9M | $-49.0M | ||
| Q2 25 | $6.2M | $-3.0M | ||
| Q1 25 | $-14.8M | $20.0M | ||
| Q4 24 | $59.8M | $-56.0M | ||
| Q3 24 | $53.0M | $471.0M | ||
| Q2 24 | $19.2M | $359.0M | ||
| Q1 24 | $6.7M | $522.0M |
毛利率CSGPH
| 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CSGPH
| Q4 25 | 5.5% | 0.4% | ||
| Q3 25 | -6.1% | -1.0% | ||
| Q2 25 | -3.5% | 2.1% | ||
| Q1 25 | -5.8% | 3.0% | ||
| Q4 24 | 5.6% | -3.0% | ||
| Q3 24 | 3.4% | 37.3% | ||
| Q2 24 | -2.4% | 27.1% | ||
| Q1 24 | -6.5% | 31.6% |
净利率CSGPH
| Q4 25 | 5.2% | -1.1% | ||
| Q3 25 | -3.7% | -2.7% | ||
| Q2 25 | 0.8% | -0.2% | ||
| Q1 25 | -2.0% | 1.2% | ||
| Q4 24 | 8.4% | -3.5% | ||
| Q3 24 | 7.7% | 28.9% | ||
| Q2 24 | 2.8% | 21.1% | ||
| Q1 24 | 1.0% | 30.5% |
每股收益（稀释后）CSGPH
| Q4 25 | $0.12 | $-0.20 | ||
| Q3 25 | $-0.07 | $-0.51 | ||
| Q2 25 | $0.01 | $-0.03 | ||
| Q1 25 | $-0.04 | $0.19 | ||
| Q4 24 | $0.14 | $-0.37 | ||
| Q3 24 | $0.13 | $4.63 | ||
| Q2 24 | $0.05 | $3.46 | ||
| Q1 24 | $0.02 | $4.93 |
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 | $813.0M |
| 总债务越低越好 | $140.0M | — |
| 股东权益账面价值 | $8.3B | $3.3B |
| 总资产 | $10.5B | $14.0B |
| 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CSGPH
| Q4 25 | $1.6B | $813.0M | ||
| Q3 25 | $1.9B | $749.0M | ||
| Q2 25 | $3.6B | $912.0M | ||
| Q1 25 | $3.7B | $1.8B | ||
| Q4 24 | $4.7B | $1.4B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $794.0M |
总债务CSGPH
| Q4 25 | $140.0M | — | ||
| Q3 25 | $1.0B | $6.0B | ||
| Q2 25 | $1.0B | $6.0B | ||
| Q1 25 | $1.0B | $4.3B | ||
| Q4 24 | $1.0B | $3.8B | ||
| Q3 24 | $1.0B | $3.1B | ||
| Q2 24 | $1.0B | $3.9B | ||
| Q1 24 | $1.0B | $3.1B |
股东权益CSGPH
| Q4 25 | $8.3B | $3.3B | ||
| Q3 25 | $8.6B | $3.5B | ||
| Q2 25 | $8.6B | $3.6B | ||
| Q1 25 | $8.6B | $3.5B | ||
| Q4 24 | $7.6B | $3.5B | ||
| Q3 24 | $7.5B | $3.7B | ||
| Q2 24 | $7.4B | $3.9B | ||
| Q1 24 | $7.3B | $3.7B |
总资产CSGPH
| Q4 25 | $10.5B | $14.0B | ||
| Q3 25 | $10.8B | $15.7B | ||
| Q2 25 | $10.5B | $15.9B | ||
| Q1 25 | $10.4B | $14.0B | ||
| Q4 24 | $9.3B | $13.3B | ||
| Q3 24 | $9.1B | $11.9B | ||
| Q2 24 | $9.1B | $12.8B | ||
| Q1 24 | $9.0B | $11.7B |
负债/权益比CSGPH
| Q4 25 | 0.02× | — | ||
| Q3 25 | 0.12× | 1.73× | ||
| Q2 25 | 0.12× | 1.69× | ||
| Q1 25 | 0.12× | 1.25× | ||
| Q4 24 | 0.13× | 1.07× | ||
| Q3 24 | 0.13× | 0.85× | ||
| Q2 24 | 0.14× | 1.01× | ||
| Q1 24 | 0.14× | 0.84× |
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 | $313.0M |
| 自由现金流经营现金流 - 资本支出 | $101.3M | $236.0M |
| 自由现金流率自由现金流/营收 | 11.3% | 13.2% |
| 资本支出强度资本支出/营收 | 6.8% | 4.3% |
| 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 | $159.0M |
8季度趋势，按日历期对齐
经营现金流CSGPH
| Q4 25 | $162.1M | $313.0M | ||
| Q3 25 | $68.2M | $-20.0M | ||
| Q2 25 | $146.5M | $-67.0M | ||
| Q1 25 | $53.2M | $153.0M | ||
| Q4 24 | $94.6M | $235.0M | ||
| Q3 24 | $100.3M | $-21.0M | ||
| Q2 24 | $58.1M | $177.0M | ||
| Q1 24 | $139.6M | $242.0M |
自由现金流CSGPH
| Q4 25 | $101.3M | $236.0M | ||
| Q3 25 | $-5.5M | $-89.0M | ||
| Q2 25 | $27.7M | $-111.0M | ||
| Q1 25 | $-500.0K | $123.0M | ||
| Q4 24 | $25.2M | $184.0M | ||
| Q3 24 | $40.2M | $-64.0M | ||
| Q2 24 | $-14.7M | $135.0M | ||
| Q1 24 | $-237.1M | $208.0M |
自由现金流率CSGPH
| Q4 25 | 11.3% | 13.2% | ||
| Q3 25 | -0.7% | -5.0% | ||
| Q2 25 | 3.5% | -6.1% | ||
| Q1 25 | -0.1% | 7.2% | ||
| Q4 24 | 3.6% | 11.5% | ||
| Q3 24 | 5.8% | -3.9% | ||
| Q2 24 | -2.2% | 7.9% | ||
| Q1 24 | -36.1% | 12.1% |
资本支出强度CSGPH
| Q4 25 | 6.8% | 4.3% | ||
| Q3 25 | 8.8% | 3.9% | ||
| Q2 25 | 15.2% | 2.4% | ||
| Q1 25 | 7.3% | 1.7% | ||
| Q4 24 | 9.8% | 3.2% | ||
| Q3 24 | 8.7% | 2.6% | ||
| Q2 24 | 10.7% | 2.5% | ||
| Q1 24 | 57.4% | 2.0% |
现金转化率CSGPH
| Q4 25 | 3.49× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 23.63× | — | ||
| Q1 25 | — | 7.65× | ||
| Q4 24 | 1.58× | — | ||
| Q3 24 | 1.89× | -0.04× | ||
| Q2 24 | 3.03× | 0.49× | ||
| Q1 24 | 20.84× | 0.46× |
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% |
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
