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CoStar Group（CSGP）与Tradeweb Markets Inc.（TW）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Tradeweb Markets Inc.的1.5倍（$899.9M vs $617.8M），Tradeweb Markets Inc.净利率更高（37.7% vs 5.2%，领先32.6%），CoStar Group同比增速更快（26.9% vs 21.2%），CoStar Group自由现金流更多（$101.3M vs $2.0M），过去两年Tradeweb Markets Inc.的营收复合增速更高（23.5% 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。
Tradeweb Markets Inc.总部位于美国纽约，运营面向机构投资者的电子交易平台，支持固定收益产品、ETF及衍生品交易，服务覆盖银行、资管机构、央行、养老基金、保险公司等超3000家客户。2024年其83%营收来自交易手续费及佣金，17%来自订阅费，52%营收来自利率相关产品。
CSGP vs TW — 直观对比
营收规模更大
CSGP
是对方的1.5倍
$617.8M
营收增速更快
CSGP
高出5.6%
21.2%
净利率更高
TW
高出32.6%
5.2%
自由现金流更多
CSGP
多$99.3M
$2.0M
两年增速更快
TW
近两年复合增速
17.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $899.9M | $617.8M |
| 净利润 | $46.5M | $233.2M |
| 毛利率 | 78.6% | — |
| 营业利润率 | 5.5% | 46.5% |
| 净利率 | 5.2% | 37.7% |
| 营收同比 | 26.9% | 21.2% |
| 净利润同比 | -22.2% | 38.5% |
| 每股收益（稀释后） | $0.12 | $0.96 |
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CSGPTW
| Q1 26 | — | $617.8M | ||
| Q4 25 | $899.9M | $521.2M | ||
| Q3 25 | $833.6M | $508.6M | ||
| Q2 25 | $781.3M | $513.0M | ||
| Q1 25 | $732.2M | $509.7M | ||
| Q4 24 | $709.4M | $463.3M | ||
| Q3 24 | $692.6M | $448.9M | ||
| Q2 24 | $677.8M | $405.0M |
净利润CSGPTW
| Q1 26 | — | $233.2M | ||
| Q4 25 | $46.5M | $325.0M | ||
| Q3 25 | $-30.9M | $185.6M | ||
| Q2 25 | $6.2M | $153.8M | ||
| Q1 25 | $-14.8M | $148.4M | ||
| Q4 24 | $59.8M | $142.2M | ||
| Q3 24 | $53.0M | $113.9M | ||
| Q2 24 | $19.2M | $119.2M |
毛利率CSGPTW
| Q1 26 | — | — | ||
| 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% | — |
营业利润率CSGPTW
| Q1 26 | — | 46.5% | ||
| Q4 25 | 5.5% | 42.4% | ||
| Q3 25 | -6.1% | 41.4% | ||
| Q2 25 | -3.5% | 39.0% | ||
| Q1 25 | -5.8% | 40.0% | ||
| Q4 24 | 5.6% | 40.7% | ||
| Q3 24 | 3.4% | 35.5% | ||
| Q2 24 | -2.4% | 40.1% |
净利率CSGPTW
| Q1 26 | — | 37.7% | ||
| Q4 25 | 5.2% | 62.4% | ||
| Q3 25 | -3.7% | 36.5% | ||
| Q2 25 | 0.8% | 30.0% | ||
| Q1 25 | -2.0% | 29.1% | ||
| Q4 24 | 8.4% | 30.7% | ||
| Q3 24 | 7.7% | 25.4% | ||
| Q2 24 | 2.8% | 29.4% |
每股收益（稀释后）CSGPTW
| Q1 26 | — | $0.96 | ||
| Q4 25 | $0.12 | $1.52 | ||
| Q3 25 | $-0.07 | $0.86 | ||
| Q2 25 | $0.01 | $0.71 | ||
| Q1 25 | $-0.04 | $0.69 | ||
| Q4 24 | $0.14 | $0.66 | ||
| Q3 24 | $0.13 | $0.53 | ||
| Q2 24 | $0.05 | $0.55 |
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 | — |
| 股东权益账面价值 | $8.3B | — |
| 总资产 | $10.5B | — |
| 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CSGPTW
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $2.1B | ||
| Q3 25 | $1.9B | $1.9B | ||
| Q2 25 | $3.6B | $1.6B | ||
| Q1 25 | $3.7B | $1.3B | ||
| Q4 24 | $4.7B | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.7B |
总债务CSGPTW
| Q1 26 | — | — | ||
| 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 | — |
股东权益CSGPTW
| Q1 26 | — | — | ||
| Q4 25 | $8.3B | $6.5B | ||
| Q3 25 | $8.6B | $6.3B | ||
| Q2 25 | $8.6B | $6.1B | ||
| Q1 25 | $8.6B | $5.9B | ||
| Q4 24 | $7.6B | $5.8B | ||
| Q3 24 | $7.5B | $5.7B | ||
| Q2 24 | $7.4B | $5.6B |
总资产CSGPTW
| Q1 26 | — | — | ||
| Q4 25 | $10.5B | $8.2B | ||
| Q3 25 | $10.8B | $8.0B | ||
| Q2 25 | $10.5B | $8.1B | ||
| Q1 25 | $10.4B | $7.4B | ||
| Q4 24 | $9.3B | $7.3B | ||
| Q3 24 | $9.1B | $7.3B | ||
| Q2 24 | $9.1B | $7.3B |
负债/权益比CSGPTW
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $101.3M | $2.0M |
| 自由现金流率自由现金流/营收 | 11.3% | 0.3% |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | $123.0M | $1.1B |
8季度趋势，按日历期对齐
经营现金流CSGPTW
| Q1 26 | — | — | ||
| Q4 25 | $162.1M | $355.9M | ||
| Q3 25 | $68.2M | $342.3M | ||
| Q2 25 | $146.5M | $409.2M | ||
| Q1 25 | $53.2M | $60.2M | ||
| Q4 24 | $94.6M | $282.0M | ||
| Q3 24 | $100.3M | $292.1M | ||
| Q2 24 | $58.1M | $285.7M |
自由现金流CSGPTW
| Q1 26 | — | $2.0M | ||
| Q4 25 | $101.3M | $336.5M | ||
| Q3 25 | $-5.5M | $328.3M | ||
| Q2 25 | $27.7M | $403.7M | ||
| Q1 25 | $-500.0K | $58.6M | ||
| Q4 24 | $25.2M | $256.8M | ||
| Q3 24 | $40.2M | $287.8M | ||
| Q2 24 | $-14.7M | $280.8M |
自由现金流率CSGPTW
| Q1 26 | — | 0.3% | ||
| Q4 25 | 11.3% | 64.6% | ||
| Q3 25 | -0.7% | 64.5% | ||
| Q2 25 | 3.5% | 78.7% | ||
| Q1 25 | -0.1% | 11.5% | ||
| Q4 24 | 3.6% | 55.4% | ||
| Q3 24 | 5.8% | 64.1% | ||
| Q2 24 | -2.2% | 69.4% |
资本支出强度CSGPTW
| Q1 26 | — | — | ||
| Q4 25 | 6.8% | 3.7% | ||
| Q3 25 | 8.8% | 2.8% | ||
| Q2 25 | 15.2% | 1.1% | ||
| Q1 25 | 7.3% | 0.3% | ||
| Q4 24 | 9.8% | 5.4% | ||
| Q3 24 | 8.7% | 1.0% | ||
| Q2 24 | 10.7% | 1.2% |
现金转化率CSGPTW
| Q1 26 | — | — | ||
| Q4 25 | 3.49× | 1.10× | ||
| Q3 25 | — | 1.84× | ||
| Q2 25 | 23.63× | 2.66× | ||
| Q1 25 | — | 0.41× | ||
| Q4 24 | 1.58× | 1.98× | ||
| Q3 24 | 1.89× | 2.56× | ||
| Q2 24 | 3.03× | 2.40× |
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% |
TW
| Transaction fees and commissions | $523.8M | 85% |
| Subscription fees | $60.3M | 10% |
| LSEG market data fees | $26.7M | 4% |
