vs
CoStar Group（CSGP）与盛思阳（TSE）财务数据对比。点击上方公司名可切换其他公司
CoStar Group的季度营收约是盛思阳的1.4倍（$899.9M vs $662.6M），CoStar Group净利率更高（5.2% vs -37.9%，领先43.1%），CoStar Group同比增速更快（26.9% vs -19.3%），CoStar Group自由现金流更多（$101.3M vs $6.6M），过去两年CoStar Group的营收复合增速更高（17.1% vs -14.4%）
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。
盛思阳（Trinseo）是一家专注于塑料与乳胶粘合剂生产的材料企业。该公司原隶属于陶氏化学公司，2009年陶氏将其分拆待售，2010年相关资产以斯泰隆（Styron）之名作价16.3亿美元出售给贝恩资本。2016年贝恩清仓全部持股， Trinseo自此成为完全独立的公众上市公司。
CSGP vs TSE — 直观对比
营收规模更大
CSGP
是对方的1.4倍
$662.6M
营收增速更快
CSGP
高出46.2%
-19.3%
净利率更高
CSGP
高出43.1%
-37.9%
自由现金流更多
CSGP
多$94.7M
$6.6M
两年增速更快
CSGP
近两年复合增速
-14.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $899.9M | $662.6M |
| 净利润 | $46.5M | $-251.4M |
| 毛利率 | 78.6% | 4.2% |
| 营业利润率 | 5.5% | -24.7% |
| 净利率 | 5.2% | -37.9% |
| 营收同比 | 26.9% | -19.3% |
| 净利润同比 | -22.2% | -113.2% |
| 每股收益（稀释后） | $0.12 | $-7.02 |
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CSGPTSE
| Q4 25 | $899.9M | $662.6M | ||
| Q3 25 | $833.6M | $743.2M | ||
| Q2 25 | $781.3M | $784.3M | ||
| Q1 25 | $732.2M | $784.8M | ||
| Q4 24 | $709.4M | $821.5M | ||
| Q3 24 | $692.6M | $867.7M | ||
| Q2 24 | $677.8M | $920.0M | ||
| Q1 24 | $656.4M | $904.0M |
净利润CSGPTSE
| Q4 25 | $46.5M | $-251.4M | ||
| Q3 25 | $-30.9M | $-109.7M | ||
| Q2 25 | $6.2M | $-105.5M | ||
| Q1 25 | $-14.8M | $-79.0M | ||
| Q4 24 | $59.8M | $-117.9M | ||
| Q3 24 | $53.0M | $-87.3M | ||
| Q2 24 | $19.2M | $-67.8M | ||
| Q1 24 | $6.7M | $-75.5M |
毛利率CSGPTSE
| Q4 25 | 78.6% | 4.2% | ||
| Q3 25 | 79.3% | 5.0% | ||
| Q2 25 | 78.5% | 4.7% | ||
| Q1 25 | 79.1% | 8.1% | ||
| Q4 24 | 80.1% | 6.8% | ||
| Q3 24 | 79.7% | 9.3% | ||
| Q2 24 | 80.0% | 7.4% | ||
| Q1 24 | 78.5% | 6.7% |
营业利润率CSGPTSE
| Q4 25 | 5.5% | -24.7% | ||
| Q3 25 | -6.1% | -3.8% | ||
| Q2 25 | -3.5% | -4.2% | ||
| Q1 25 | -5.8% | -3.7% | ||
| Q4 24 | 5.6% | -5.4% | ||
| Q3 24 | 3.4% | -1.4% | ||
| Q2 24 | -2.4% | 1.5% | ||
| Q1 24 | -6.5% | -0.4% |
净利率CSGPTSE
| Q4 25 | 5.2% | -37.9% | ||
| Q3 25 | -3.7% | -14.8% | ||
| Q2 25 | 0.8% | -13.5% | ||
| Q1 25 | -2.0% | -10.1% | ||
| Q4 24 | 8.4% | -14.4% | ||
| Q3 24 | 7.7% | -10.1% | ||
| Q2 24 | 2.8% | -7.4% | ||
| Q1 24 | 1.0% | -8.4% |
每股收益（稀释后）CSGPTSE
| Q4 25 | $0.12 | $-7.02 | ||
| Q3 25 | $-0.07 | $-3.05 | ||
| Q2 25 | $0.01 | $-2.95 | ||
| Q1 25 | $-0.04 | $-2.22 | ||
| Q4 24 | $0.14 | $-3.33 | ||
| Q3 24 | $0.13 | $-2.47 | ||
| Q2 24 | $0.05 | $-1.92 | ||
| Q1 24 | $0.02 | $-2.14 |
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 | $146.7M |
| 总债务越低越好 | $140.0M | $2.5B |
| 股东权益账面价值 | $8.3B | $-1.1B |
| 总资产 | $10.5B | $2.3B |
| 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CSGPTSE
| Q4 25 | $1.6B | $146.7M | ||
| Q3 25 | $1.9B | $112.1M | ||
| Q2 25 | $3.6B | $137.0M | ||
| Q1 25 | $3.7B | $126.1M | ||
| Q4 24 | $4.7B | $209.8M | ||
| Q3 24 | — | $165.3M | ||
| Q2 24 | — | $105.6M | ||
| Q1 24 | — | $166.4M |
总债务CSGPTSE
| Q4 25 | $140.0M | $2.5B | ||
| Q3 25 | $1.0B | $2.5B | ||
| Q2 25 | $1.0B | $2.5B | ||
| Q1 25 | $1.0B | $2.5B | ||
| Q4 24 | $1.0B | $2.4B | ||
| Q3 24 | $1.0B | $2.4B | ||
| Q2 24 | $1.0B | $2.3B | ||
| Q1 24 | $1.0B | $2.3B |
股东权益CSGPTSE
| Q4 25 | $8.3B | $-1.1B | ||
| Q3 25 | $8.6B | $-861.6M | ||
| Q2 25 | $8.6B | $-750.3M | ||
| Q1 25 | $8.6B | $-679.2M | ||
| Q4 24 | $7.6B | $-619.9M | ||
| Q3 24 | $7.5B | $-480.0M | ||
| Q2 24 | $7.4B | $-413.8M | ||
| Q1 24 | $7.3B | $-348.0M |
总资产CSGPTSE
| Q4 25 | $10.5B | $2.3B | ||
| Q3 25 | $10.8B | $2.5B | ||
| Q2 25 | $10.5B | $2.6B | ||
| Q1 25 | $10.4B | $2.7B | ||
| Q4 24 | $9.3B | $2.6B | ||
| Q3 24 | $9.1B | $2.9B | ||
| Q2 24 | $9.1B | $2.8B | ||
| Q1 24 | $9.0B | $3.0B |
负债/权益比CSGPTSE
| 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 | $22.6M |
| 自由现金流经营现金流 - 资本支出 | $101.3M | $6.6M |
| 自由现金流率自由现金流/营收 | 11.3% | 1.0% |
| 资本支出强度资本支出/营收 | 6.8% | 2.4% |
| 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 | $-153.4M |
8季度趋势，按日历期对齐
经营现金流CSGPTSE
| Q4 25 | $162.1M | $22.6M | ||
| Q3 25 | $68.2M | $-21.6M | ||
| Q2 25 | $146.5M | $6.8M | ||
| Q1 25 | $53.2M | $-110.2M | ||
| Q4 24 | $94.6M | $85.1M | ||
| Q3 24 | $100.3M | $8.8M | ||
| Q2 24 | $58.1M | $-41.9M | ||
| Q1 24 | $139.6M | $-66.2M |
自由现金流CSGPTSE
| Q4 25 | $101.3M | $6.6M | ||
| Q3 25 | $-5.5M | $-38.1M | ||
| Q2 25 | $27.7M | $-3.0M | ||
| Q1 25 | $-500.0K | $-118.9M | ||
| Q4 24 | $25.2M | $63.9M | ||
| Q3 24 | $40.2M | $-3.4M | ||
| Q2 24 | $-14.7M | $-56.1M | ||
| Q1 24 | $-237.1M | $-81.9M |
自由现金流率CSGPTSE
| Q4 25 | 11.3% | 1.0% | ||
| Q3 25 | -0.7% | -5.1% | ||
| Q2 25 | 3.5% | -0.4% | ||
| Q1 25 | -0.1% | -15.2% | ||
| Q4 24 | 3.6% | 7.8% | ||
| Q3 24 | 5.8% | -0.4% | ||
| Q2 24 | -2.2% | -6.1% | ||
| Q1 24 | -36.1% | -9.1% |
资本支出强度CSGPTSE
| Q4 25 | 6.8% | 2.4% | ||
| Q3 25 | 8.8% | 2.2% | ||
| Q2 25 | 15.2% | 1.2% | ||
| Q1 25 | 7.3% | 1.1% | ||
| Q4 24 | 9.8% | 2.6% | ||
| Q3 24 | 8.7% | 1.4% | ||
| Q2 24 | 10.7% | 1.5% | ||
| Q1 24 | 57.4% | 1.7% |
现金转化率CSGPTSE
| Q4 25 | 3.49× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 23.63× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.58× | — | ||
| Q3 24 | 1.89× | — | ||
| Q2 24 | 3.03× | — | ||
| Q1 24 | 20.84× | — |
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% |
TSE
| Other | $325.2M | 49% |
| Asia Pacific | $142.2M | 21% |
| Engineered Materials | $105.0M | 16% |
| Latex | $59.9M | 9% |
| Polymer Solutions | $30.3M | 5% |
