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CoStar Group（CSGP）与STARWOOD PROPERTY TRUST, INC.（STWD）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STARWOOD PROPERTY TRUST, INC.的1.8倍（$899.9M vs $492.9M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs 5.2%，领先14.5%），CoStar Group同比增速更快（26.9% vs 8.5%），过去两年CoStar Group的营收复合增速更高（17.1% vs -2.9%）
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。
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
CSGP vs STWD — 直观对比
营收规模更大
CSGP
是对方的1.8倍
$492.9M
营收增速更快
CSGP
高出18.4%
8.5%
净利率更高
STWD
高出14.5%
5.2%
两年增速更快
CSGP
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $899.9M | $492.9M |
| 净利润 | $46.5M | $96.9M |
| 毛利率 | 78.6% | — |
| 营业利润率 | 5.5% | 26.6% |
| 净利率 | 5.2% | 19.7% |
| 营收同比 | 26.9% | 8.5% |
| 净利润同比 | -22.2% | 87.7% |
| 每股收益（稀释后） | $0.12 | $0.25 |
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CSGPSTWD
| Q4 25 | $899.9M | $492.9M | ||
| Q3 25 | $833.6M | $488.9M | ||
| Q2 25 | $781.3M | $444.3M | ||
| Q1 25 | $732.2M | $418.2M | ||
| Q4 24 | $709.4M | $454.4M | ||
| Q3 24 | $692.6M | $479.5M | ||
| Q2 24 | $677.8M | $489.8M | ||
| Q1 24 | $656.4M | $523.1M |
净利润CSGPSTWD
| Q4 25 | $46.5M | $96.9M | ||
| Q3 25 | $-30.9M | $72.6M | ||
| Q2 25 | $6.2M | $129.8M | ||
| Q1 25 | $-14.8M | $112.3M | ||
| Q4 24 | $59.8M | $51.6M | ||
| Q3 24 | $53.0M | $76.1M | ||
| Q2 24 | $19.2M | $77.9M | ||
| Q1 24 | $6.7M | $154.3M |
毛利率CSGPSTWD
| 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CSGPSTWD
| Q4 25 | 5.5% | 26.6% | ||
| Q3 25 | -6.1% | 19.1% | ||
| Q2 25 | -3.5% | 30.5% | ||
| Q1 25 | -5.8% | 28.7% | ||
| Q4 24 | 5.6% | 15.1% | ||
| Q3 24 | 3.4% | 17.2% | ||
| Q2 24 | -2.4% | 19.1% | ||
| Q1 24 | -6.5% | 30.8% |
净利率CSGPSTWD
| Q4 25 | 5.2% | 19.7% | ||
| Q3 25 | -3.7% | 14.8% | ||
| Q2 25 | 0.8% | 29.2% | ||
| Q1 25 | -2.0% | 26.8% | ||
| Q4 24 | 8.4% | 11.4% | ||
| Q3 24 | 7.7% | 15.9% | ||
| Q2 24 | 2.8% | 15.9% | ||
| Q1 24 | 1.0% | 29.5% |
每股收益（稀释后）CSGPSTWD
| Q4 25 | $0.12 | $0.25 | ||
| Q3 25 | $-0.07 | $0.19 | ||
| Q2 25 | $0.01 | $0.38 | ||
| Q1 25 | $-0.04 | $0.33 | ||
| Q4 24 | $0.14 | $0.15 | ||
| Q3 24 | $0.13 | $0.23 | ||
| Q2 24 | $0.05 | $0.24 | ||
| Q1 24 | $0.02 | $0.48 |
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 | $499.5M |
| 总债务越低越好 | $140.0M | — |
| 股东权益账面价值 | $8.3B | $6.8B |
| 总资产 | $10.5B | $63.2B |
| 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CSGPSTWD
| Q4 25 | $1.6B | $499.5M | ||
| Q3 25 | $1.9B | $301.1M | ||
| Q2 25 | $3.6B | $259.9M | ||
| Q1 25 | $3.7B | $440.6M | ||
| Q4 24 | $4.7B | $377.8M | ||
| Q3 24 | — | $357.9M | ||
| Q2 24 | — | $259.3M | ||
| Q1 24 | — | $327.4M |
总债务CSGPSTWD
| 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CSGPSTWD
| Q4 25 | $8.3B | $6.8B | ||
| Q3 25 | $8.6B | $6.9B | ||
| Q2 25 | $8.6B | $6.4B | ||
| Q1 25 | $8.6B | $6.4B | ||
| Q4 24 | $7.6B | $6.4B | ||
| Q3 24 | $7.5B | $6.5B | ||
| Q2 24 | $7.4B | $6.2B | ||
| Q1 24 | $7.3B | $6.3B |
总资产CSGPSTWD
| Q4 25 | $10.5B | $63.2B | ||
| Q3 25 | $10.8B | $62.4B | ||
| Q2 25 | $10.5B | $62.4B | ||
| Q1 25 | $10.4B | $62.2B | ||
| Q4 24 | $9.3B | $62.6B | ||
| Q3 24 | $9.1B | $64.2B | ||
| Q2 24 | $9.1B | $64.1B | ||
| Q1 24 | $9.0B | $66.2B |
负债/权益比CSGPSTWD
| 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 | $488.8M |
| 自由现金流经营现金流 - 资本支出 | $101.3M | — |
| 自由现金流率自由现金流/营收 | 11.3% | — |
| 资本支出强度资本支出/营收 | 6.8% | — |
| 现金转化率经营现金流/净利润 | 3.49× | 5.04× |
| 过去12个月自由现金流最近4个季度 | $123.0M | — |
8季度趋势，按日历期对齐
经营现金流CSGPSTWD
| Q4 25 | $162.1M | $488.8M | ||
| Q3 25 | $68.2M | $337.6M | ||
| Q2 25 | $146.5M | $-87.4M | ||
| Q1 25 | $53.2M | $238.9M | ||
| Q4 24 | $94.6M | $295.6M | ||
| Q3 24 | $100.3M | $241.8M | ||
| Q2 24 | $58.1M | $53.3M | ||
| Q1 24 | $139.6M | $55.9M |
自由现金流CSGPSTWD
| Q4 25 | $101.3M | — | ||
| Q3 25 | $-5.5M | — | ||
| Q2 25 | $27.7M | — | ||
| Q1 25 | $-500.0K | — | ||
| Q4 24 | $25.2M | — | ||
| Q3 24 | $40.2M | — | ||
| Q2 24 | $-14.7M | — | ||
| Q1 24 | $-237.1M | — |
自由现金流率CSGPSTWD
| Q4 25 | 11.3% | — | ||
| Q3 25 | -0.7% | — | ||
| Q2 25 | 3.5% | — | ||
| Q1 25 | -0.1% | — | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | 5.8% | — | ||
| Q2 24 | -2.2% | — | ||
| Q1 24 | -36.1% | — |
资本支出强度CSGPSTWD
| Q4 25 | 6.8% | — | ||
| Q3 25 | 8.8% | — | ||
| Q2 25 | 15.2% | — | ||
| Q1 25 | 7.3% | — | ||
| Q4 24 | 9.8% | — | ||
| Q3 24 | 8.7% | — | ||
| Q2 24 | 10.7% | — | ||
| Q1 24 | 57.4% | — |
现金转化率CSGPSTWD
| Q4 25 | 3.49× | 5.04× | ||
| Q3 25 | — | 4.65× | ||
| Q2 25 | 23.63× | -0.67× | ||
| Q1 25 | — | 2.13× | ||
| Q4 24 | 1.58× | 5.72× | ||
| Q3 24 | 1.89× | 3.18× | ||
| Q2 24 | 3.03× | 0.68× | ||
| Q1 24 | 20.84× | 0.36× |
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% |
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
