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CoStar Group（CSGP）与UNITED THERAPEUTICS Corp（UTHR）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UNITED THERAPEUTICS Corp的1.1倍（$899.9M vs $790.2M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs 5.2%，领先40.9%），CoStar Group同比增速更快（26.9% vs 7.4%），UNITED THERAPEUTICS Corp自由现金流更多（$173.3M vs $101.3M），过去两年CoStar Group的营收复合增速更高（17.1% vs 8.0%）
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。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
CSGP vs UTHR — 直观对比
营收规模更大
CSGP
是对方的1.1倍
$790.2M
营收增速更快
CSGP
高出19.5%
7.4%
净利率更高
UTHR
高出40.9%
5.2%
自由现金流更多
UTHR
多$72.0M
$101.3M
两年增速更快
CSGP
近两年复合增速
8.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $899.9M | $790.2M |
| 净利润 | $46.5M | $364.3M |
| 毛利率 | 78.6% | 86.9% |
| 营业利润率 | 5.5% | 45.1% |
| 净利率 | 5.2% | 46.1% |
| 营收同比 | 26.9% | 7.4% |
| 净利润同比 | -22.2% | 20.9% |
| 每股收益（稀释后） | $0.12 | $7.66 |
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CSGPUTHR
| Q4 25 | $899.9M | $790.2M | ||
| Q3 25 | $833.6M | $799.5M | ||
| Q2 25 | $781.3M | $798.6M | ||
| Q1 25 | $732.2M | $794.4M | ||
| Q4 24 | $709.4M | $735.9M | ||
| Q3 24 | $692.6M | $748.9M | ||
| Q2 24 | $677.8M | $714.9M | ||
| Q1 24 | $656.4M | $677.7M |
净利润CSGPUTHR
| Q4 25 | $46.5M | $364.3M | ||
| Q3 25 | $-30.9M | $338.7M | ||
| Q2 25 | $6.2M | $309.5M | ||
| Q1 25 | $-14.8M | $322.2M | ||
| Q4 24 | $59.8M | $301.3M | ||
| Q3 24 | $53.0M | $309.1M | ||
| Q2 24 | $19.2M | $278.1M | ||
| Q1 24 | $6.7M | $306.6M |
毛利率CSGPUTHR
| Q4 25 | 78.6% | 86.9% | ||
| Q3 25 | 79.3% | 87.4% | ||
| Q2 25 | 78.5% | 89.0% | ||
| Q1 25 | 79.1% | 88.4% | ||
| Q4 24 | 80.1% | 89.7% | ||
| Q3 24 | 79.7% | 88.9% | ||
| Q2 24 | 80.0% | 89.1% | ||
| Q1 24 | 78.5% | 89.2% |
营业利润率CSGPUTHR
| Q4 25 | 5.5% | 45.1% | ||
| Q3 25 | -6.1% | 48.6% | ||
| Q2 25 | -3.5% | 45.6% | ||
| Q1 25 | -5.8% | 48.2% | ||
| Q4 24 | 5.6% | 48.6% | ||
| Q3 24 | 3.4% | 45.8% | ||
| Q2 24 | -2.4% | 44.7% | ||
| Q1 24 | -6.5% | 52.6% |
净利率CSGPUTHR
| Q4 25 | 5.2% | 46.1% | ||
| Q3 25 | -3.7% | 42.4% | ||
| Q2 25 | 0.8% | 38.8% | ||
| Q1 25 | -2.0% | 40.6% | ||
| Q4 24 | 8.4% | 40.9% | ||
| Q3 24 | 7.7% | 41.3% | ||
| Q2 24 | 2.8% | 38.9% | ||
| Q1 24 | 1.0% | 45.2% |
每股收益（稀释后）CSGPUTHR
| Q4 25 | $0.12 | $7.66 | ||
| Q3 25 | $-0.07 | $7.16 | ||
| Q2 25 | $0.01 | $6.41 | ||
| Q1 25 | $-0.04 | $6.63 | ||
| Q4 24 | $0.14 | $6.23 | ||
| Q3 24 | $0.13 | $6.39 | ||
| Q2 24 | $0.05 | $5.85 | ||
| Q1 24 | $0.02 | $6.17 |
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 | $2.9B |
| 总债务越低越好 | $140.0M | — |
| 股东权益账面价值 | $8.3B | $7.1B |
| 总资产 | $10.5B | $7.9B |
| 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CSGPUTHR
| Q4 25 | $1.6B | $2.9B | ||
| Q3 25 | $1.9B | $2.8B | ||
| Q2 25 | $3.6B | $3.0B | ||
| Q1 25 | $3.7B | $3.3B | ||
| Q4 24 | $4.7B | $3.3B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.7B |
总债务CSGPUTHR
| 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CSGPUTHR
| Q4 25 | $8.3B | $7.1B | ||
| Q3 25 | $8.6B | $6.6B | ||
| Q2 25 | $8.6B | $7.2B | ||
| Q1 25 | $8.6B | $6.8B | ||
| Q4 24 | $7.6B | $6.4B | ||
| Q3 24 | $7.5B | $6.1B | ||
| Q2 24 | $7.4B | $5.7B | ||
| Q1 24 | $7.3B | $5.3B |
总资产CSGPUTHR
| Q4 25 | $10.5B | $7.9B | ||
| Q3 25 | $10.8B | $7.4B | ||
| Q2 25 | $10.5B | $7.9B | ||
| Q1 25 | $10.4B | $7.7B | ||
| Q4 24 | $9.3B | $7.4B | ||
| Q3 24 | $9.1B | $7.1B | ||
| Q2 24 | $9.1B | $6.7B | ||
| Q1 24 | $9.0B | $6.5B |
负债/权益比CSGPUTHR
| 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 | $346.2M |
| 自由现金流经营现金流 - 资本支出 | $101.3M | $173.3M |
| 自由现金流率自由现金流/营收 | 11.3% | 21.9% |
| 资本支出强度资本支出/营收 | 6.8% | 21.9% |
| 现金转化率经营现金流/净利润 | 3.49× | 0.95× |
| 过去12个月自由现金流最近4个季度 | $123.0M | $1.0B |
8季度趋势，按日历期对齐
经营现金流CSGPUTHR
| Q4 25 | $162.1M | $346.2M | ||
| Q3 25 | $68.2M | $562.1M | ||
| Q2 25 | $146.5M | $191.7M | ||
| Q1 25 | $53.2M | $461.2M | ||
| Q4 24 | $94.6M | $341.2M | ||
| Q3 24 | $100.3M | $377.2M | ||
| Q2 24 | $58.1M | $232.2M | ||
| Q1 24 | $139.6M | $376.5M |
自由现金流CSGPUTHR
| Q4 25 | $101.3M | $173.3M | ||
| Q3 25 | $-5.5M | $351.6M | ||
| Q2 25 | $27.7M | $129.5M | ||
| Q1 25 | $-500.0K | $386.3M | ||
| Q4 24 | $25.2M | $254.5M | ||
| Q3 24 | $40.2M | $300.7M | ||
| Q2 24 | $-14.7M | $187.1M | ||
| Q1 24 | $-237.1M | $338.3M |
自由现金流率CSGPUTHR
| Q4 25 | 11.3% | 21.9% | ||
| Q3 25 | -0.7% | 44.0% | ||
| Q2 25 | 3.5% | 16.2% | ||
| Q1 25 | -0.1% | 48.6% | ||
| Q4 24 | 3.6% | 34.6% | ||
| Q3 24 | 5.8% | 40.2% | ||
| Q2 24 | -2.2% | 26.2% | ||
| Q1 24 | -36.1% | 49.9% |
资本支出强度CSGPUTHR
| Q4 25 | 6.8% | 21.9% | ||
| Q3 25 | 8.8% | 26.3% | ||
| Q2 25 | 15.2% | 7.8% | ||
| Q1 25 | 7.3% | 9.4% | ||
| Q4 24 | 9.8% | 11.8% | ||
| Q3 24 | 8.7% | 10.2% | ||
| Q2 24 | 10.7% | 6.3% | ||
| Q1 24 | 57.4% | 5.6% |
现金转化率CSGPUTHR
| Q4 25 | 3.49× | 0.95× | ||
| Q3 25 | — | 1.66× | ||
| Q2 25 | 23.63× | 0.62× | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | 1.58× | 1.13× | ||
| Q3 24 | 1.89× | 1.22× | ||
| Q2 24 | 3.03× | 0.83× | ||
| Q1 24 | 20.84× | 1.23× |
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% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
