CoStar Group, Inc. (CSGP)
SurévaluéFondamental
44
Prix
$27.40
Capitalisation boursière
$11.29B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
CoStar Group builds and sells databases of commercial and residential real estate listings, prices and property information that brokers, landlords, lenders and investors pay to access. Its main products are subscription research and analytics tools for commercial real estate professionals, marketplaces such as LoopNet where landlords and agents list space for lease or sale, and the newer Homes.com and Apartments.com consumer sites, which compete for home shoppers' attention against Zillow.
Comment l'entreprise gagne de l'argent
Most revenue comes from recurring subscriptions that commercial real estate professionals renew year after year to keep access to CoStar's data, which makes that part of the business predictable and high-margin. Homes.com and Apartments.com instead earn money mainly from advertising paid by agents and landlords wanting more visibility, a newer and more competitive model that CoStar has been spending heavily to build into a leading consumer destination for home shoppers.
Chiffre d'affaires par segment
Advertising-funded marketplaces for apartment rentals and home sales, including the newer Homes.com consumer-facing search platform.
Subscription research and analytics on commercial real estate, the company's original and most profitable product line.
Online marketplace listing commercial properties for sale or lease, monetized largely through advertising from brokers and owners.
Smaller commercial real estate products including Ten-X property auctions, Matterport 3D tours and the BizBuySell business marketplace.
Avantage concurrentiel
Coûts de changement · LargeCoStar built its commercial real estate database over decades by sending researchers to physically verify property data, which is expensive and slow for a rival to replicate, and brokers who rely on it daily are reluctant to give up a tool their workflow is built around. That advantage is strongest in CoStar Suite; it does not yet extend to Homes.com, which is still fighting an established leader.
Ce qui stimule la demande
Modérément cycliqueSubscription revenue from commercial real estate professionals is fairly sticky and holds up reasonably well through the cycle, since brokers need data whether the market is up or down. Advertising-funded residential revenue is more exposed to the health of the housing market and to how much agents and landlords are willing to spend to attract renters and buyers.
Principaux risques
- Homes.com investment losses — CoStar has been spending heavily to build Homes.com into a leading consumer destination, and management has indicated the business may not reach positive profitability for several more years.
- Competition from Zillow and Google — Homes.com and Apartments.com compete against Zillow and potentially Google for consumer attention, and restricted or more expensive access to listing data could raise CoStar's customer acquisition costs.
- Acquisition integration — CoStar has grown partly through a series of acquisitions, including Matterport and Domain, and integrating each new business carries execution risk and can strain management attention.
- Real estate market cyclicality — A slowdown in commercial or residential real estate activity would reduce the transaction volumes and advertising spend that support parts of CoStar's revenue.
Les arguments en faveur
Buyers argue that CoStar Suite and LoopNet remain a durable, high-margin data franchise that funds the company's push into residential, and that if Homes.com even partly closes the gap with Zillow, the payoff from a business already generating strong commercial cash flow could be large.
Les arguments contre
Sellers worry that Homes.com is burning cash against an entrenched leader with no clear timeline to profitability, and that continued heavy spending there could keep consuming the profits generated by the commercial business for years without a guaranteed payoff.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
Zillow's home-search and rentals portals compete head-on with CoStar's Homes.com and Apartments.com for the same US agent advertising budgets and property-manager listing fees.
Through Moody's Analytics CRE and the Reis database, it sells commercial property comparables, valuations and market forecasts to the brokers, lenders and appraisers who subscribe to CoStar Suite.
Its Real Capital Analytics transaction database and real assets indexes compete for the institutional investors and lenders who pay CoStar for commercial property analytics.
Realtor.com, the News Corp-owned portal, sells the same lead and listing-promotion subscriptions to US residential agents that CoStar is trying to win with Homes.com.
Yardi's RentCafe marketplace and Yardi Matrix research service compete for the same multifamily owners and property managers that buy Apartments.com advertising and CoStar market data.
Crexi runs a commercial property listing marketplace with paid data and intelligence tiers aimed at the same brokers CoStar serves with LoopNet and CoStar Suite.
Bilan & Liquidités
Chiffre d'affaires
$3.56B
12 derniers mois (au 30/06/2026)
Résultat net
$74M
12 derniers mois (au 30/06/2026)
Flux de trésorerie libre
$123M
Capitaux propres totaux
$8.33B
Passif total
$2.17B
Ratio de liquidité général
2.21
Couverture des intérêts
3.21
Dette/EBITDA
6.05
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$18.12
Prix actuel
$27.40
Marge de sécurité
-51.2%
Fourchette de juste valeur
$11.78 - $24.46
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
137.00
ROE
0.1%
Ratio P/B
1.40
P/FCF
39.65
Marge brute
78.7%
ROIC
0.7%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
0.7%
WACC
8.2%
ROIC − WACC
-7.6 pp
Le ROIC est inférieur au coût du capital — l'entreprise détruit de la valeur pour chaque dollar investi.
Critères d'analyse fondamentale
Réussi (12)
- Gross Margin 78.7%
- P/B Ratio 1.40
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Revenue Growth 5Y 14.4%
- Analyst Consensus 57% Buy
- Earnings Surprise avg 16.5%
- Earnings Quality (OCF/NI) 6.72
- Share Dilution -14.4%
- Piotroski F-Score 5/9
Échoué (14)
- EPS shows upward trend
- EPS CAGR -21.39%
- Price CAGR 4.13%
- ROIC 0.6%
- P/FCF 39.65
- Operating Margin 2.2%
- CapEx intensity
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- ROE 0.9%
- Net Margin Trend 2.1% vs 3.6%
Indisponible (2)
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Andrew C. Florance | President, Founder, CEO & Director | 61 |
| Ms. Lisa C. Ruggles | Senior Vice President of Global Operations | 58 |
| Mr. Frank A. Simuro | Chief Technology Officer | 58 |
| Mr. Frederick G. Saint | President of Marketplaces | 59 |
| Mr. Robin Rossmann | Chief Financial Officer | 44 |
| Ms. Cyndi Eakin | CAO & Cotroller | - |
| Mr. Jason Butler | Chief Information Officer | - |
| Mr. Richard Simonelli | Head of Investor Relations | - |
| Mr. Gene Boxer | General Counsel & Corporate Secretary | 50 |
| Mr. Matthew R. Blocher | Vice President of Marketing & Communications | - |
Risque d'audit
2
Risque du conseil
1
Risque de rémunération
9
Risque droits des actionnaires
4
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-02-26
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-07-29
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-08-21
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for CSGP, sourced from Markets Gazette.