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CoStar Group（CSGP）与罗塞塔石碑（STEP）财务数据对比。点击上方公司名可切换其他公司
CoStar Group的季度营收约是罗塞塔石碑的1.5倍（$899.9M vs $586.5M），CoStar Group净利率更高（5.2% vs -21.0%，领先26.2%），罗塞塔石碑同比增速更快（73.0% vs 26.9%），CoStar Group自由现金流更多（$101.3M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 17.1%）
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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
CSGP vs STEP — 直观对比
营收规模更大
CSGP
是对方的1.5倍
$586.5M
营收增速更快
STEP
高出46.1%
26.9%
净利率更高
CSGP
高出26.2%
-21.0%
自由现金流更多
CSGP
多$74.6M
$26.7M
两年增速更快
STEP
近两年复合增速
17.1%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $899.9M | $586.5M |
| 净利润 | $46.5M | $-123.5M |
| 毛利率 | 78.6% | — |
| 营业利润率 | 5.5% | -33.2% |
| 净利率 | 5.2% | -21.0% |
| 营收同比 | 26.9% | 73.0% |
| 净利润同比 | -22.2% | 35.7% |
| 每股收益（稀释后） | $0.12 | $-1.55 |
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CSGPSTEP
| Q4 25 | $899.9M | $586.5M | ||
| Q3 25 | $833.6M | $454.2M | ||
| Q2 25 | $781.3M | $364.3M | ||
| Q1 25 | $732.2M | $377.7M | ||
| Q4 24 | $709.4M | $339.0M | ||
| Q3 24 | $692.6M | $271.7M | ||
| Q2 24 | $677.8M | $186.4M | ||
| Q1 24 | $656.4M | $356.8M |
净利润CSGPSTEP
| Q4 25 | $46.5M | $-123.5M | ||
| Q3 25 | $-30.9M | $-366.1M | ||
| Q2 25 | $6.2M | $-38.4M | ||
| Q1 25 | $-14.8M | $-18.5M | ||
| Q4 24 | $59.8M | $-192.0M | ||
| Q3 24 | $53.0M | $17.6M | ||
| Q2 24 | $19.2M | $13.3M | ||
| Q1 24 | $6.7M | $30.8M |
毛利率CSGPSTEP
| 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CSGPSTEP
| Q4 25 | 5.5% | -33.2% | ||
| Q3 25 | -6.1% | -148.8% | ||
| Q2 25 | -3.5% | -5.6% | ||
| Q1 25 | -5.8% | 2.6% | ||
| Q4 24 | 5.6% | -101.7% | ||
| Q3 24 | 3.4% | 21.3% | ||
| Q2 24 | -2.4% | 29.4% | ||
| Q1 24 | -6.5% | 26.5% |
净利率CSGPSTEP
| Q4 25 | 5.2% | -21.0% | ||
| Q3 25 | -3.7% | -80.6% | ||
| Q2 25 | 0.8% | -10.5% | ||
| Q1 25 | -2.0% | -4.9% | ||
| Q4 24 | 8.4% | -56.6% | ||
| Q3 24 | 7.7% | 6.5% | ||
| Q2 24 | 2.8% | 7.2% | ||
| Q1 24 | 1.0% | 8.6% |
每股收益（稀释后）CSGPSTEP
| Q4 25 | $0.12 | $-1.55 | ||
| Q3 25 | $-0.07 | $-4.66 | ||
| Q2 25 | $0.01 | $-0.49 | ||
| Q1 25 | $-0.04 | $-0.37 | ||
| Q4 24 | $0.14 | $-2.61 | ||
| Q3 24 | $0.13 | $0.26 | ||
| Q2 24 | $0.05 | $0.20 | ||
| Q1 24 | $0.02 | $0.47 |
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 | — |
| 总债务越低越好 | $140.0M | $270.2M |
| 股东权益账面价值 | $8.3B | $-378.8M |
| 总资产 | $10.5B | $5.2B |
| 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CSGPSTEP
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $3.7B | — | ||
| Q4 24 | $4.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务CSGPSTEP
| Q4 25 | $140.0M | $270.2M | ||
| Q3 25 | $1.0B | $269.9M | ||
| Q2 25 | $1.0B | $269.6M | ||
| Q1 25 | $1.0B | $269.3M | ||
| Q4 24 | $1.0B | $168.9M | ||
| Q3 24 | $1.0B | $172.3M | ||
| Q2 24 | $1.0B | $172.1M | ||
| Q1 24 | $1.0B | $148.8M |
股东权益CSGPSTEP
| Q4 25 | $8.3B | $-378.8M | ||
| Q3 25 | $8.6B | $-233.5M | ||
| Q2 25 | $8.6B | $153.9M | ||
| Q1 25 | $8.6B | $179.4M | ||
| Q4 24 | $7.6B | $209.8M | ||
| Q3 24 | $7.5B | $397.5M | ||
| Q2 24 | $7.4B | $366.9M | ||
| Q1 24 | $7.3B | $324.5M |
总资产CSGPSTEP
| Q4 25 | $10.5B | $5.2B | ||
| Q3 25 | $10.8B | $5.3B | ||
| Q2 25 | $10.5B | $4.8B | ||
| Q1 25 | $10.4B | $4.6B | ||
| Q4 24 | $9.3B | $4.3B | ||
| Q3 24 | $9.1B | $4.0B | ||
| Q2 24 | $9.1B | $3.8B | ||
| Q1 24 | $9.0B | $3.8B |
负债/权益比CSGPSTEP
| Q4 25 | 0.02× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.12× | 1.75× | ||
| Q1 25 | 0.12× | 1.50× | ||
| Q4 24 | 0.13× | 0.81× | ||
| Q3 24 | 0.13× | 0.43× | ||
| Q2 24 | 0.14× | 0.47× | ||
| Q1 24 | 0.14× | 0.46× |
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 | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $101.3M | $26.7M |
| 自由现金流率自由现金流/营收 | 11.3% | 4.6% |
| 资本支出强度资本支出/营收 | 6.8% | 0.1% |
| 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 | $18.6M |
8季度趋势，按日历期对齐
经营现金流CSGPSTEP
| Q4 25 | $162.1M | $27.2M | ||
| Q3 25 | $68.2M | $16.2M | ||
| Q2 25 | $146.5M | $46.3M | ||
| Q1 25 | $53.2M | $-66.5M | ||
| Q4 24 | $94.6M | $27.6M | ||
| Q3 24 | $100.3M | $53.7M | ||
| Q2 24 | $58.1M | $50.2M | ||
| Q1 24 | $139.6M | $7.6M |
自由现金流CSGPSTEP
| Q4 25 | $101.3M | $26.7M | ||
| Q3 25 | $-5.5M | $15.9M | ||
| Q2 25 | $27.7M | $45.2M | ||
| Q1 25 | $-500.0K | $-69.2M | ||
| Q4 24 | $25.2M | $27.0M | ||
| Q3 24 | $40.2M | $52.4M | ||
| Q2 24 | $-14.7M | $49.6M | ||
| Q1 24 | $-237.1M | $6.7M |
自由现金流率CSGPSTEP
| Q4 25 | 11.3% | 4.6% | ||
| Q3 25 | -0.7% | 3.5% | ||
| Q2 25 | 3.5% | 12.4% | ||
| Q1 25 | -0.1% | -18.3% | ||
| Q4 24 | 3.6% | 8.0% | ||
| Q3 24 | 5.8% | 19.3% | ||
| Q2 24 | -2.2% | 26.6% | ||
| Q1 24 | -36.1% | 1.9% |
资本支出强度CSGPSTEP
| Q4 25 | 6.8% | 0.1% | ||
| Q3 25 | 8.8% | 0.1% | ||
| Q2 25 | 15.2% | 0.3% | ||
| Q1 25 | 7.3% | 0.7% | ||
| Q4 24 | 9.8% | 0.2% | ||
| Q3 24 | 8.7% | 0.5% | ||
| Q2 24 | 10.7% | 0.3% | ||
| Q1 24 | 57.4% | 0.3% |
现金转化率CSGPSTEP
| Q4 25 | 3.49× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 23.63× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.58× | — | ||
| Q3 24 | 1.89× | 3.05× | ||
| Q2 24 | 3.03× | 3.76× | ||
| Q1 24 | 20.84× | 0.25× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
