vs
CoStar Group（CSGP）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是CoStar Group的1.3倍（$1.2B vs $899.9M），利氏兄弟拍卖行净利率更高（9.1% vs 5.2%，领先3.9%），CoStar Group同比增速更快（26.9% vs 5.4%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $101.3M），过去两年CoStar Group的营收复合增速更高（17.1% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
CSGP vs RBA — 直观对比
营收规模更大
RBA
是对方的1.3倍
$899.9M
营收增速更快
CSGP
高出21.4%
5.4%
净利率更高
RBA
高出3.9%
5.2%
自由现金流更多
RBA
多$85.2M
$101.3M
两年增速更快
CSGP
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $899.9M | $1.2B |
| 净利润 | $46.5M | $109.7M |
| 毛利率 | 78.6% | — |
| 营业利润率 | 5.5% | 14.7% |
| 净利率 | 5.2% | 9.1% |
| 营收同比 | 26.9% | 5.4% |
| 净利润同比 | -22.2% | -7.4% |
| 每股收益（稀释后） | $0.12 | $0.53 |
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CSGPRBA
| Q4 25 | $899.9M | $1.2B | ||
| Q3 25 | $833.6M | $1.1B | ||
| Q2 25 | $781.3M | $1.2B | ||
| Q1 25 | $732.2M | $1.1B | ||
| Q4 24 | $709.4M | $1.1B | ||
| Q3 24 | $692.6M | $981.8M | ||
| Q2 24 | $677.8M | $1.1B | ||
| Q1 24 | $656.4M | $1.1B |
净利润CSGPRBA
| Q4 25 | $46.5M | $109.7M | ||
| Q3 25 | $-30.9M | $95.5M | ||
| Q2 25 | $6.2M | $109.8M | ||
| Q1 25 | $-14.8M | $113.4M | ||
| Q4 24 | $59.8M | $118.5M | ||
| Q3 24 | $53.0M | $76.1M | ||
| Q2 24 | $19.2M | $111.1M | ||
| Q1 24 | $6.7M | $107.4M |
毛利率CSGPRBA
| 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CSGPRBA
| Q4 25 | 5.5% | 14.7% | ||
| Q3 25 | -6.1% | 14.5% | ||
| Q2 25 | -3.5% | 15.9% | ||
| Q1 25 | -5.8% | 17.1% | ||
| Q4 24 | 5.6% | 18.1% | ||
| Q3 24 | 3.4% | 15.6% | ||
| Q2 24 | -2.4% | 18.4% | ||
| Q1 24 | -6.5% | 18.7% |
净利率CSGPRBA
| Q4 25 | 5.2% | 9.1% | ||
| Q3 25 | -3.7% | 8.7% | ||
| Q2 25 | 0.8% | 9.3% | ||
| Q1 25 | -2.0% | 10.2% | ||
| Q4 24 | 8.4% | 10.4% | ||
| Q3 24 | 7.7% | 7.8% | ||
| Q2 24 | 2.8% | 10.1% | ||
| Q1 24 | 1.0% | 10.1% |
每股收益（稀释后）CSGPRBA
| Q4 25 | $0.12 | $0.53 | ||
| Q3 25 | $-0.07 | $0.43 | ||
| Q2 25 | $0.01 | $0.53 | ||
| Q1 25 | $-0.04 | $0.55 | ||
| Q4 24 | $0.14 | $0.58 | ||
| Q3 24 | $0.13 | $0.36 | ||
| Q2 24 | $0.05 | $0.54 | ||
| Q1 24 | $0.02 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | $140.0M | $2.3B |
| 股东权益账面价值 | $8.3B | $5.6B |
| 总资产 | $10.5B | $12.1B |
| 负债/权益比越低杠杆越低 | 0.02× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资CSGPRBA
| Q4 25 | $1.6B | $531.5M | ||
| Q3 25 | $1.9B | $674.7M | ||
| Q2 25 | $3.6B | $710.2M | ||
| Q1 25 | $3.7B | $578.1M | ||
| Q4 24 | $4.7B | $533.9M | ||
| Q3 24 | — | $650.7M | ||
| Q2 24 | — | $599.5M | ||
| Q1 24 | — | $462.8M |
总债务CSGPRBA
| Q4 25 | $140.0M | $2.3B | ||
| Q3 25 | $1.0B | $2.6B | ||
| Q2 25 | $1.0B | $2.6B | ||
| Q1 25 | $1.0B | $2.6B | ||
| Q4 24 | $1.0B | $2.6B | ||
| Q3 24 | $1.0B | $2.7B | ||
| Q2 24 | $1.0B | $2.8B | ||
| Q1 24 | $1.0B | $2.9B |
股东权益CSGPRBA
| Q4 25 | $8.3B | $5.6B | ||
| Q3 25 | $8.6B | $5.5B | ||
| Q2 25 | $8.6B | $5.5B | ||
| Q1 25 | $8.6B | $5.3B | ||
| Q4 24 | $7.6B | $5.2B | ||
| Q3 24 | $7.5B | $5.2B | ||
| Q2 24 | $7.4B | $5.2B | ||
| Q1 24 | $7.3B | $5.1B |
总资产CSGPRBA
| Q4 25 | $10.5B | $12.1B | ||
| Q3 25 | $10.8B | $12.2B | ||
| Q2 25 | $10.5B | $12.2B | ||
| Q1 25 | $10.4B | $11.9B | ||
| Q4 24 | $9.3B | $11.8B | ||
| Q3 24 | $9.1B | $11.9B | ||
| Q2 24 | $9.1B | $12.1B | ||
| Q1 24 | $9.0B | $12.0B |
负债/权益比CSGPRBA
| Q4 25 | 0.02× | 0.42× | ||
| Q3 25 | 0.12× | 0.47× | ||
| Q2 25 | 0.12× | 0.47× | ||
| Q1 25 | 0.12× | 0.50× | ||
| Q4 24 | 0.13× | 0.50× | ||
| Q3 24 | 0.13× | 0.52× | ||
| Q2 24 | 0.14× | 0.55× | ||
| Q1 24 | 0.14× | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $101.3M | $186.5M |
| 自由现金流率自由现金流/营收 | 11.3% | 15.5% |
| 资本支出强度资本支出/营收 | 6.8% | 5.7% |
| 现金转化率经营现金流/净利润 | 3.49× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $123.0M | $719.2M |
8季度趋势，按日历期对齐
经营现金流CSGPRBA
| Q4 25 | $162.1M | $255.2M | ||
| Q3 25 | $68.2M | $239.7M | ||
| Q2 25 | $146.5M | $326.5M | ||
| Q1 25 | $53.2M | $156.8M | ||
| Q4 24 | $94.6M | $184.5M | ||
| Q3 24 | $100.3M | $285.4M | ||
| Q2 24 | $58.1M | $337.3M | ||
| Q1 24 | $139.6M | $124.8M |
自由现金流CSGPRBA
| Q4 25 | $101.3M | $186.5M | ||
| Q3 25 | $-5.5M | $188.5M | ||
| Q2 25 | $27.7M | $241.7M | ||
| Q1 25 | $-500.0K | $102.5M | ||
| Q4 24 | $25.2M | $127.9M | ||
| Q3 24 | $40.2M | $248.5M | ||
| Q2 24 | $-14.7M | $308.6M | ||
| Q1 24 | $-237.1M | $79.6M |
自由现金流率CSGPRBA
| Q4 25 | 11.3% | 15.5% | ||
| Q3 25 | -0.7% | 17.3% | ||
| Q2 25 | 3.5% | 20.4% | ||
| Q1 25 | -0.1% | 9.2% | ||
| Q4 24 | 3.6% | 11.2% | ||
| Q3 24 | 5.8% | 25.3% | ||
| Q2 24 | -2.2% | 28.2% | ||
| Q1 24 | -36.1% | 7.5% |
资本支出强度CSGPRBA
| Q4 25 | 6.8% | 5.7% | ||
| Q3 25 | 8.8% | 4.7% | ||
| Q2 25 | 15.2% | 7.2% | ||
| Q1 25 | 7.3% | 4.9% | ||
| Q4 24 | 9.8% | 5.0% | ||
| Q3 24 | 8.7% | 3.8% | ||
| Q2 24 | 10.7% | 2.6% | ||
| Q1 24 | 57.4% | 4.2% |
现金转化率CSGPRBA
| Q4 25 | 3.49× | 2.33× | ||
| Q3 25 | — | 2.51× | ||
| Q2 25 | 23.63× | 2.97× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | 1.58× | 1.56× | ||
| Q3 24 | 1.89× | 3.75× | ||
| Q2 24 | 3.03× | 3.04× | ||
| Q1 24 | 20.84× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
