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CoStar Group（CSGP）与Paycom（PAYC）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Paycom的1.7倍（$899.9M vs $544.3M），Paycom净利率更高（20.9% vs 5.2%，领先15.7%），CoStar Group同比增速更快（26.9% vs 10.2%），Paycom自由现金流更多（$122.6M vs $101.3M），过去两年CoStar Group的营收复合增速更高（17.1% vs 4.3%）
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。
Paycom Software Inc.（简称Paycom）是1998年成立的线上薪资与人力资源软件服务商，总部位于美国俄克拉荷马城，在全美多地设有办事处，是全球最早推出全线上薪资管理服务的供应商之一，2025年营收达20.52亿美元，较2024年的18.83亿美元稳步增长。
CSGP vs PAYC — 直观对比
营收规模更大
CSGP
是对方的1.7倍
$544.3M
营收增速更快
CSGP
高出16.6%
10.2%
净利率更高
PAYC
高出15.7%
5.2%
自由现金流更多
PAYC
多$21.3M
$101.3M
两年增速更快
CSGP
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $899.9M | $544.3M |
| 净利润 | $46.5M | $113.8M |
| 毛利率 | 78.6% | 83.9% |
| 营业利润率 | 5.5% | 28.9% |
| 净利率 | 5.2% | 20.9% |
| 营收同比 | 26.9% | 10.2% |
| 净利润同比 | -22.2% | 0.2% |
| 每股收益（稀释后） | $0.12 | $2.06 |
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CSGPPAYC
| Q4 25 | $899.9M | $544.3M | ||
| Q3 25 | $833.6M | $493.3M | ||
| Q2 25 | $781.3M | $483.6M | ||
| Q1 25 | $732.2M | $530.5M | ||
| Q4 24 | $709.4M | $493.9M | ||
| Q3 24 | $692.6M | $451.9M | ||
| Q2 24 | $677.8M | $437.5M | ||
| Q1 24 | $656.4M | $499.9M |
净利润CSGPPAYC
| Q4 25 | $46.5M | $113.8M | ||
| Q3 25 | $-30.9M | $110.7M | ||
| Q2 25 | $6.2M | $89.5M | ||
| Q1 25 | $-14.8M | $139.4M | ||
| Q4 24 | $59.8M | $113.6M | ||
| Q3 24 | $53.0M | $73.3M | ||
| Q2 24 | $19.2M | $68.0M | ||
| Q1 24 | $6.7M | $247.2M |
毛利率CSGPPAYC
| Q4 25 | 78.6% | 83.9% | ||
| Q3 25 | 79.3% | 82.7% | ||
| Q2 25 | 78.5% | 81.9% | ||
| Q1 25 | 79.1% | 84.1% | ||
| Q4 24 | 80.1% | 83.1% | ||
| Q3 24 | 79.7% | 80.5% | ||
| Q2 24 | 80.0% | 80.8% | ||
| Q1 24 | 78.5% | 84.3% |
营业利润率CSGPPAYC
| Q4 25 | 5.5% | 28.9% | ||
| Q3 25 | -6.1% | 22.8% | ||
| Q2 25 | -3.5% | 23.2% | ||
| Q1 25 | -5.8% | 34.9% | ||
| Q4 24 | 5.6% | 30.1% | ||
| Q3 24 | 3.4% | 23.2% | ||
| Q2 24 | -2.4% | 21.7% | ||
| Q1 24 | -6.5% | 57.2% |
净利率CSGPPAYC
| Q4 25 | 5.2% | 20.9% | ||
| Q3 25 | -3.7% | 22.4% | ||
| Q2 25 | 0.8% | 18.5% | ||
| Q1 25 | -2.0% | 26.3% | ||
| Q4 24 | 8.4% | 23.0% | ||
| Q3 24 | 7.7% | 16.2% | ||
| Q2 24 | 2.8% | 15.5% | ||
| Q1 24 | 1.0% | 49.4% |
每股收益（稀释后）CSGPPAYC
| Q4 25 | $0.12 | $2.06 | ||
| Q3 25 | $-0.07 | $1.96 | ||
| Q2 25 | $0.01 | $1.58 | ||
| Q1 25 | $-0.04 | $2.48 | ||
| Q4 24 | $0.14 | $2.04 | ||
| Q3 24 | $0.13 | $1.31 | ||
| Q2 24 | $0.05 | $1.20 | ||
| Q1 24 | $0.02 | $4.37 |
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 | $370.0M |
| 总债务越低越好 | $140.0M | — |
| 股东权益账面价值 | $8.3B | $1.7B |
| 总资产 | $10.5B | $7.6B |
| 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CSGPPAYC
| Q4 25 | $1.6B | $370.0M | ||
| Q3 25 | $1.9B | $375.0M | ||
| Q2 25 | $3.6B | $532.2M | ||
| Q1 25 | $3.7B | $520.8M | ||
| Q4 24 | $4.7B | $402.0M | ||
| Q3 24 | — | $325.8M | ||
| Q2 24 | — | $346.5M | ||
| Q1 24 | — | $371.3M |
总债务CSGPPAYC
| 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CSGPPAYC
| Q4 25 | $8.3B | $1.7B | ||
| Q3 25 | $8.6B | $1.7B | ||
| Q2 25 | $8.6B | $1.8B | ||
| Q1 25 | $8.6B | $1.7B | ||
| Q4 24 | $7.6B | $1.6B | ||
| Q3 24 | $7.5B | $1.5B | ||
| Q2 24 | $7.4B | $1.4B | ||
| Q1 24 | $7.3B | $1.4B |
总资产CSGPPAYC
| Q4 25 | $10.5B | $7.6B | ||
| Q3 25 | $10.8B | $4.2B | ||
| Q2 25 | $10.5B | $4.0B | ||
| Q1 25 | $10.4B | $4.6B | ||
| Q4 24 | $9.3B | $5.9B | ||
| Q3 24 | $9.1B | $3.5B | ||
| Q2 24 | $9.1B | $4.3B | ||
| Q1 24 | $9.0B | $4.7B |
负债/权益比CSGPPAYC
| 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 | $196.1M |
| 自由现金流经营现金流 - 资本支出 | $101.3M | $122.6M |
| 自由现金流率自由现金流/营收 | 11.3% | 22.5% |
| 资本支出强度资本支出/营收 | 6.8% | 13.5% |
| 现金转化率经营现金流/净利润 | 3.49× | 1.72× |
| 过去12个月自由现金流最近4个季度 | $123.0M | $408.0M |
8季度趋势，按日历期对齐
经营现金流CSGPPAYC
| Q4 25 | $162.1M | $196.1M | ||
| Q3 25 | $68.2M | $177.8M | ||
| Q2 25 | $146.5M | $122.5M | ||
| Q1 25 | $53.2M | $182.5M | ||
| Q4 24 | $94.6M | $160.4M | ||
| Q3 24 | $100.3M | $92.8M | ||
| Q2 24 | $58.1M | $132.1M | ||
| Q1 24 | $139.6M | $148.6M |
自由现金流CSGPPAYC
| Q4 25 | $101.3M | $122.6M | ||
| Q3 25 | $-5.5M | $79.8M | ||
| Q2 25 | $27.7M | $60.8M | ||
| Q1 25 | $-500.0K | $144.8M | ||
| Q4 24 | $25.2M | $109.0M | ||
| Q3 24 | $40.2M | $44.6M | ||
| Q2 24 | $-14.7M | $86.5M | ||
| Q1 24 | $-237.1M | $100.9M |
自由现金流率CSGPPAYC
| Q4 25 | 11.3% | 22.5% | ||
| Q3 25 | -0.7% | 16.2% | ||
| Q2 25 | 3.5% | 12.6% | ||
| Q1 25 | -0.1% | 27.3% | ||
| Q4 24 | 3.6% | 22.1% | ||
| Q3 24 | 5.8% | 9.9% | ||
| Q2 24 | -2.2% | 19.8% | ||
| Q1 24 | -36.1% | 20.2% |
资本支出强度CSGPPAYC
| Q4 25 | 6.8% | 13.5% | ||
| Q3 25 | 8.8% | 19.9% | ||
| Q2 25 | 15.2% | 12.8% | ||
| Q1 25 | 7.3% | 7.1% | ||
| Q4 24 | 9.8% | 10.4% | ||
| Q3 24 | 8.7% | 10.7% | ||
| Q2 24 | 10.7% | 10.4% | ||
| Q1 24 | 57.4% | 9.5% |
现金转化率CSGPPAYC
| Q4 25 | 3.49× | 1.72× | ||
| Q3 25 | — | 1.61× | ||
| Q2 25 | 23.63× | 1.37× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | 1.58× | 1.41× | ||
| Q3 24 | 1.89× | 1.27× | ||
| Q2 24 | 3.03× | 1.94× | ||
| Q1 24 | 20.84× | 0.60× |
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% |
PAYC
| Recurring | $510.3M | 94% |
| Interest On Funds Held For Clients | $27.2M | 5% |
| Implementation And Other | $6.8M | 1% |
