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CoStar Group（CSGP）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
CoStar Group的季度营收约是明晟的1.1倍（$899.9M vs $822.5M），明晟净利率更高（34.6% vs 5.2%，领先29.4%），CoStar Group同比增速更快（26.9% vs 10.6%），明晟自由现金流更多（$488.7M vs $101.3M），过去两年CoStar Group的营收复合增速更高（17.1% vs 10.0%）
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。
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
CSGP vs MSCI — 直观对比
营收规模更大
CSGP
是对方的1.1倍
$822.5M
营收增速更快
CSGP
高出16.2%
10.6%
净利率更高
MSCI
高出29.4%
5.2%
自由现金流更多
MSCI
多$387.4M
$101.3M
两年增速更快
CSGP
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $899.9M | $822.5M |
| 净利润 | $46.5M | $284.7M |
| 毛利率 | 78.6% | — |
| 营业利润率 | 5.5% | 56.4% |
| 净利率 | 5.2% | 34.6% |
| 营收同比 | 26.9% | 10.6% |
| 净利润同比 | -22.2% | -6.8% |
| 每股收益（稀释后） | $0.12 | $3.81 |
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CSGPMSCI
| Q4 25 | $899.9M | $822.5M | ||
| Q3 25 | $833.6M | $793.4M | ||
| Q2 25 | $781.3M | $772.7M | ||
| Q1 25 | $732.2M | $745.8M | ||
| Q4 24 | $709.4M | $743.5M | ||
| Q3 24 | $692.6M | $724.7M | ||
| Q2 24 | $677.8M | $707.9M | ||
| Q1 24 | $656.4M | $680.0M |
净利润CSGPMSCI
| Q4 25 | $46.5M | $284.7M | ||
| Q3 25 | $-30.9M | $325.4M | ||
| Q2 25 | $6.2M | $303.6M | ||
| Q1 25 | $-14.8M | $288.6M | ||
| Q4 24 | $59.8M | $305.5M | ||
| Q3 24 | $53.0M | $280.9M | ||
| Q2 24 | $19.2M | $266.8M | ||
| Q1 24 | $6.7M | $256.0M |
毛利率CSGPMSCI
| 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CSGPMSCI
| Q4 25 | 5.5% | 56.4% | ||
| Q3 25 | -6.1% | 56.4% | ||
| Q2 25 | -3.5% | 55.0% | ||
| Q1 25 | -5.8% | 50.6% | ||
| Q4 24 | 5.6% | 54.5% | ||
| Q3 24 | 3.4% | 55.4% | ||
| Q2 24 | -2.4% | 54.0% | ||
| Q1 24 | -6.5% | 49.9% |
净利率CSGPMSCI
| Q4 25 | 5.2% | 34.6% | ||
| Q3 25 | -3.7% | 41.0% | ||
| Q2 25 | 0.8% | 39.3% | ||
| Q1 25 | -2.0% | 38.7% | ||
| Q4 24 | 8.4% | 41.1% | ||
| Q3 24 | 7.7% | 38.8% | ||
| Q2 24 | 2.8% | 37.7% | ||
| Q1 24 | 1.0% | 37.6% |
每股收益（稀释后）CSGPMSCI
| Q4 25 | $0.12 | $3.81 | ||
| Q3 25 | $-0.07 | $4.25 | ||
| Q2 25 | $0.01 | $3.92 | ||
| Q1 25 | $-0.04 | $3.71 | ||
| Q4 24 | $0.14 | $3.89 | ||
| Q3 24 | $0.13 | $3.57 | ||
| Q2 24 | $0.05 | $3.37 | ||
| Q1 24 | $0.02 | $3.22 |
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 | $515.3M |
| 总债务越低越好 | $140.0M | $6.2B |
| 股东权益账面价值 | $8.3B | $-2.7B |
| 总资产 | $10.5B | $5.7B |
| 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CSGPMSCI
| Q4 25 | $1.6B | $515.3M | ||
| Q3 25 | $1.9B | $400.1M | ||
| Q2 25 | $3.6B | $347.3M | ||
| Q1 25 | $3.7B | $360.7M | ||
| Q4 24 | $4.7B | $409.4M | ||
| Q3 24 | — | $501.0M | ||
| Q2 24 | — | $451.4M | ||
| Q1 24 | — | $519.3M |
总债务CSGPMSCI
| Q4 25 | $140.0M | $6.2B | ||
| Q3 25 | $1.0B | $5.5B | ||
| Q2 25 | $1.0B | $4.5B | ||
| Q1 25 | $1.0B | $4.5B | ||
| Q4 24 | $1.0B | $4.5B | ||
| Q3 24 | $1.0B | $4.5B | ||
| Q2 24 | $1.0B | $4.5B | ||
| Q1 24 | $1.0B | $4.5B |
股东权益CSGPMSCI
| Q4 25 | $8.3B | $-2.7B | ||
| Q3 25 | $8.6B | $-1.9B | ||
| Q2 25 | $8.6B | $-886.2M | ||
| Q1 25 | $8.6B | $-958.6M | ||
| Q4 24 | $7.6B | $-940.0M | ||
| Q3 24 | $7.5B | $-751.0M | ||
| Q2 24 | $7.4B | $-734.5M | ||
| Q1 24 | $7.3B | $-650.5M |
总资产CSGPMSCI
| Q4 25 | $10.5B | $5.7B | ||
| Q3 25 | $10.8B | $5.4B | ||
| Q2 25 | $10.5B | $5.4B | ||
| Q1 25 | $10.4B | $5.3B | ||
| Q4 24 | $9.3B | $5.4B | ||
| Q3 24 | $9.1B | $5.4B | ||
| Q2 24 | $9.1B | $5.5B | ||
| Q1 24 | $9.0B | $5.5B |
负债/权益比CSGPMSCI
| 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 | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $101.3M | $488.7M |
| 自由现金流率自由现金流/营收 | 11.3% | 59.4% |
| 资本支出强度资本支出/营收 | 6.8% | 1.5% |
| 现金转化率经营现金流/净利润 | 3.49× | 1.76× |
| 过去12个月自由现金流最近4个季度 | $123.0M | $1.5B |
8季度趋势，按日历期对齐
经营现金流CSGPMSCI
| Q4 25 | $162.1M | $501.1M | ||
| Q3 25 | $68.2M | $449.4M | ||
| Q2 25 | $146.5M | $336.1M | ||
| Q1 25 | $53.2M | $301.7M | ||
| Q4 24 | $94.6M | $430.6M | ||
| Q3 24 | $100.3M | $421.6M | ||
| Q2 24 | $58.1M | $349.2M | ||
| Q1 24 | $139.6M | $300.1M |
自由现金流CSGPMSCI
| Q4 25 | $101.3M | $488.7M | ||
| Q3 25 | $-5.5M | $445.5M | ||
| Q2 25 | $27.7M | $324.7M | ||
| Q1 25 | $-500.0K | $290.2M | ||
| Q4 24 | $25.2M | $416.4M | ||
| Q3 24 | $40.2M | $415.0M | ||
| Q2 24 | $-14.7M | $340.6M | ||
| Q1 24 | $-237.1M | $295.9M |
自由现金流率CSGPMSCI
| Q4 25 | 11.3% | 59.4% | ||
| Q3 25 | -0.7% | 56.2% | ||
| Q2 25 | 3.5% | 42.0% | ||
| Q1 25 | -0.1% | 38.9% | ||
| Q4 24 | 3.6% | 56.0% | ||
| Q3 24 | 5.8% | 57.3% | ||
| Q2 24 | -2.2% | 48.1% | ||
| Q1 24 | -36.1% | 43.5% |
资本支出强度CSGPMSCI
| Q4 25 | 6.8% | 1.5% | ||
| Q3 25 | 8.8% | 0.5% | ||
| Q2 25 | 15.2% | 1.5% | ||
| Q1 25 | 7.3% | 1.5% | ||
| Q4 24 | 9.8% | 1.9% | ||
| Q3 24 | 8.7% | 0.9% | ||
| Q2 24 | 10.7% | 1.2% | ||
| Q1 24 | 57.4% | 0.6% |
现金转化率CSGPMSCI
| Q4 25 | 3.49× | 1.76× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | 23.63× | 1.11× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | 1.58× | 1.41× | ||
| Q3 24 | 1.89× | 1.50× | ||
| Q2 24 | 3.03× | 1.31× | ||
| Q1 24 | 20.84× | 1.17× |
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% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
