vs
CoStar Group（CSGP）与斑马技术（ZBRA）财务数据对比。点击上方公司名可切换其他公司
斑马技术的季度营收约是CoStar Group的1.6倍（$1.5B vs $899.9M），CoStar Group净利率更高（5.2% vs 4.7%，领先0.4%），CoStar Group同比增速更快（26.9% vs 10.6%），斑马技术自由现金流更多（$327.0M vs $101.3M），过去两年CoStar Group的营收复合增速更高（17.1% vs 12.0%）
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。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
CSGP vs ZBRA — 直观对比
营收规模更大
ZBRA
是对方的1.6倍
$899.9M
营收增速更快
CSGP
高出16.3%
10.6%
净利率更高
CSGP
高出0.4%
4.7%
自由现金流更多
ZBRA
多$225.7M
$101.3M
两年增速更快
CSGP
近两年复合增速
12.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $899.9M | $1.5B |
| 净利润 | $46.5M | $70.0M |
| 毛利率 | 78.6% | 47.3% |
| 营业利润率 | 5.5% | 9.4% |
| 净利率 | 5.2% | 4.7% |
| 营收同比 | 26.9% | 10.6% |
| 净利润同比 | -22.2% | -57.1% |
| 每股收益（稀释后） | $0.12 | $1.40 |
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CSGPZBRA
| Q4 25 | $899.9M | $1.5B | ||
| Q3 25 | $833.6M | $1.3B | ||
| Q2 25 | $781.3M | $1.3B | ||
| Q1 25 | $732.2M | $1.3B | ||
| Q4 24 | $709.4M | $1.3B | ||
| Q3 24 | $692.6M | $1.3B | ||
| Q2 24 | $677.8M | $1.2B | ||
| Q1 24 | $656.4M | $1.2B |
净利润CSGPZBRA
| Q4 25 | $46.5M | $70.0M | ||
| Q3 25 | $-30.9M | $101.0M | ||
| Q2 25 | $6.2M | $112.0M | ||
| Q1 25 | $-14.8M | $136.0M | ||
| Q4 24 | $59.8M | $163.0M | ||
| Q3 24 | $53.0M | $137.0M | ||
| Q2 24 | $19.2M | $113.0M | ||
| Q1 24 | $6.7M | $115.0M |
毛利率CSGPZBRA
| Q4 25 | 78.6% | 47.3% | ||
| Q3 25 | 79.3% | 48.0% | ||
| Q2 25 | 78.5% | 47.6% | ||
| Q1 25 | 79.1% | 49.3% | ||
| Q4 24 | 80.1% | 48.6% | ||
| Q3 24 | 79.7% | 48.8% | ||
| Q2 24 | 80.0% | 48.4% | ||
| Q1 24 | 78.5% | 47.9% |
营业利润率CSGPZBRA
| Q4 25 | 5.5% | 9.4% | ||
| Q3 25 | -6.1% | 13.9% | ||
| Q2 25 | -3.5% | 14.2% | ||
| Q1 25 | -5.8% | 14.9% | ||
| Q4 24 | 5.6% | 16.9% | ||
| Q3 24 | 3.4% | 15.2% | ||
| Q2 24 | -2.4% | 13.7% | ||
| Q1 24 | -6.5% | 13.5% |
净利率CSGPZBRA
| Q4 25 | 5.2% | 4.7% | ||
| Q3 25 | -3.7% | 7.7% | ||
| Q2 25 | 0.8% | 8.7% | ||
| Q1 25 | -2.0% | 10.4% | ||
| Q4 24 | 8.4% | 12.2% | ||
| Q3 24 | 7.7% | 10.9% | ||
| Q2 24 | 2.8% | 9.3% | ||
| Q1 24 | 1.0% | 9.8% |
每股收益（稀释后）CSGPZBRA
| Q4 25 | $0.12 | $1.40 | ||
| Q3 25 | $-0.07 | $1.97 | ||
| Q2 25 | $0.01 | $2.19 | ||
| Q1 25 | $-0.04 | $2.62 | ||
| Q4 24 | $0.14 | $3.14 | ||
| Q3 24 | $0.13 | $2.64 | ||
| Q2 24 | $0.05 | $2.17 | ||
| Q1 24 | $0.02 | $2.23 |
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 | $125.0M |
| 总债务越低越好 | $140.0M | — |
| 股东权益账面价值 | $8.3B | $3.6B |
| 总资产 | $10.5B | $8.5B |
| 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CSGPZBRA
| Q4 25 | $1.6B | $125.0M | ||
| Q3 25 | $1.9B | $1.1B | ||
| Q2 25 | $3.6B | $872.0M | ||
| Q1 25 | $3.7B | $879.0M | ||
| Q4 24 | $4.7B | $901.0M | ||
| Q3 24 | — | $676.0M | ||
| Q2 24 | — | $411.0M | ||
| Q1 24 | — | $127.0M |
总债务CSGPZBRA
| Q4 25 | $140.0M | — | ||
| Q3 25 | $1.0B | $2.2B | ||
| Q2 25 | $1.0B | $2.2B | ||
| Q1 25 | $1.0B | $2.2B | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.0B | $2.2B | ||
| Q2 24 | $1.0B | $2.2B | ||
| Q1 24 | $1.0B | $2.1B |
股东权益CSGPZBRA
| Q4 25 | $8.3B | $3.6B | ||
| Q3 25 | $8.6B | $3.7B | ||
| Q2 25 | $8.6B | $3.6B | ||
| Q1 25 | $8.6B | $3.6B | ||
| Q4 24 | $7.6B | $3.6B | ||
| Q3 24 | $7.5B | $3.4B | ||
| Q2 24 | $7.4B | $3.3B | ||
| Q1 24 | $7.3B | $3.2B |
总资产CSGPZBRA
| Q4 25 | $10.5B | $8.5B | ||
| Q3 25 | $10.8B | $8.1B | ||
| Q2 25 | $10.5B | $7.9B | ||
| Q1 25 | $10.4B | $7.9B | ||
| Q4 24 | $9.3B | $8.0B | ||
| Q3 24 | $9.1B | $7.7B | ||
| Q2 24 | $9.1B | $7.5B | ||
| Q1 24 | $9.0B | $7.3B |
负债/权益比CSGPZBRA
| Q4 25 | 0.02× | — | ||
| Q3 25 | 0.12× | 0.58× | ||
| Q2 25 | 0.12× | 0.60× | ||
| Q1 25 | 0.12× | 0.60× | ||
| Q4 24 | 0.13× | — | ||
| Q3 24 | 0.13× | 0.64× | ||
| Q2 24 | 0.14× | 0.66× | ||
| Q1 24 | 0.14× | 0.66× |
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 | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $101.3M | $327.0M |
| 自由现金流率自由现金流/营收 | 11.3% | 22.2% |
| 资本支出强度资本支出/营收 | 6.8% | 2.0% |
| 现金转化率经营现金流/净利润 | 3.49× | 5.10× |
| 过去12个月自由现金流最近4个季度 | $123.0M | $831.0M |
8季度趋势，按日历期对齐
经营现金流CSGPZBRA
| Q4 25 | $162.1M | $357.0M | ||
| Q3 25 | $68.2M | $235.0M | ||
| Q2 25 | $146.5M | $147.0M | ||
| Q1 25 | $53.2M | $178.0M | ||
| Q4 24 | $94.6M | $306.0M | ||
| Q3 24 | $100.3M | $294.0M | ||
| Q2 24 | $58.1M | $288.0M | ||
| Q1 24 | $139.6M | $125.0M |
自由现金流CSGPZBRA
| Q4 25 | $101.3M | $327.0M | ||
| Q3 25 | $-5.5M | $216.0M | ||
| Q2 25 | $27.7M | $130.0M | ||
| Q1 25 | $-500.0K | $158.0M | ||
| Q4 24 | $25.2M | $288.0M | ||
| Q3 24 | $40.2M | $277.0M | ||
| Q2 24 | $-14.7M | $278.0M | ||
| Q1 24 | $-237.1M | $111.0M |
自由现金流率CSGPZBRA
| Q4 25 | 11.3% | 22.2% | ||
| Q3 25 | -0.7% | 16.4% | ||
| Q2 25 | 3.5% | 10.1% | ||
| Q1 25 | -0.1% | 12.1% | ||
| Q4 24 | 3.6% | 21.6% | ||
| Q3 24 | 5.8% | 22.1% | ||
| Q2 24 | -2.2% | 22.8% | ||
| Q1 24 | -36.1% | 9.4% |
资本支出强度CSGPZBRA
| Q4 25 | 6.8% | 2.0% | ||
| Q3 25 | 8.8% | 1.4% | ||
| Q2 25 | 15.2% | 1.3% | ||
| Q1 25 | 7.3% | 1.5% | ||
| Q4 24 | 9.8% | 1.3% | ||
| Q3 24 | 8.7% | 1.4% | ||
| Q2 24 | 10.7% | 0.8% | ||
| Q1 24 | 57.4% | 1.2% |
现金转化率CSGPZBRA
| Q4 25 | 3.49× | 5.10× | ||
| Q3 25 | — | 2.33× | ||
| Q2 25 | 23.63× | 1.31× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | 1.58× | 1.88× | ||
| Q3 24 | 1.89× | 2.15× | ||
| Q2 24 | 3.03× | 2.55× | ||
| Q1 24 | 20.84× | 1.09× |
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% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
