CoStar Group CSGP
Nasdaq · Services-Business Services, Nec · $13.2BNo closes on file for CSGP yet.
Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.
1 story has a settled next close so far (1 on the Wire). The record starts speaking at three.
The numbers
fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via DatabentoMarket cap$13.2B
EV / FCF94.4x
Revenue$3.2B +18.7%
True FCF (ex-SBC)$-71.0M +166.1%
Rule of 4022.5%
ROIC-0.2%
True FCF Yield-0.5%
EPS, diluted$0.02 −94.1%
Modern Valuation (EOD)
Market Cap$13.2B
Enterprise Value$11.6B
EV / True FCF—
EV / FCF94.38
EV / Gross Profit4.53
EV / EBIT—
EV / Sales3.58
P / E (GAAP)2030.97
P / FCF107.33
P / Oper. CF30.70
P / Book1.58
Owner & Cash Yields
True FCF Yield-0.5%
FCF Yield0.9%
Owner Earn. Yield-1.8%
Earnings Yield0.0%
Shareholder Yield+2.3%
Buyback Yield3.8%
Dividend Yield—
Dividend / sh—
Payout Ratio—
FCF / sh$0.31
EPS (diluted)$0.02
Compounder & Returns
Rule of 4022.5%
ROIC-0.2%
Cash ROIC (CROIC)1.8%
GP / Assets24.3%
ROE0.1%
ROA0.1%
Gross Margin78.9%
Oper. Margin-2.2%
Net Margin0.2%
FCF Margin3.8%
True FCF Margin-2.2%
Quality & Dilution
Cash Conversion1892%
Accrual Ratio−4.0%
SBC % of FCF157.7%
SBC % of Rev6.0%
Reinvest. Rate71%
Sales Growth Y/Y+18.7%
Sales 3Y CAGR+14.2%
EPS Growth Y/Y−94.1%
FCF Growth Y/Y+166.1%
FCF 3Y CAGR−34.8%
Share Change Y/Y+3.2%
Balance Sheet & Scale
Revenue (FY)$3.2B
Gross Profit (FY)$2.6B
Oper. Income (FY)$-72.0M
GAAP Net Income$6.5M
True FCF (ex-SBC)$-71.0M
Cash & Equiv$1.7B
Total Debt$140.0M
Net Cash (Debt)$1.6B
Net Cash % MCap+12.1%
Debt / FCF (yrs)1.1y
Current Ratio2.84402.34M sh
Price & Technicals (EOD)
Perf Week—
Perf Month—
Perf Quarter—
Perf Half Y—
Perf YTD—
SMA 20 Dist—
SMA 50 Dist—
SMA 100 Dist—
Window High—
Window Low—
RSI (14) · Vol—
Income Distribution & Cash Flow ConversionHow every dollar of CSGP revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow
Where Every $100 of Revenue Goes (FY2025)
Cost of Revenue (COGS)$686.0M ($21.1 / $100)
Operating Expenses$2.6B ($81.1 / $100)
Tax & Non-Operating$0 ($0.0 / $100)
Net Profit Kept$6.5M ($0.0 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2025)
GAAP Net Income$6.5M (0.2% margin)
Operating Cash Flow (OCF)$430.0M(13.2% of rev)
Less: Capital Expenditures−$307.0M(9.5% of rev)
Standard Free Cash Flow (FCF)$123.0M(3.8% margin)
Less: Stock-Based Comp (SBC)−$194.0M(157.7% of FCF)
True FCF (Owner Cash ex-SBC)$-71.0M(-2.2% of rev)
Revenue by fiscal year
Operating leverage — margins
GrossOperatingNet
| Line Item (USD) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY Δ | 4Y CAGR | Trend |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | $1.9B | $2.2B | $2.5B | $2.7B | $3.2B | +18.7% | +13.7% | |
| Cost of Revenue (COGS) | $357.2M | $414.0M | $491.0M | $558.0M | $686.0M | +22.9% | +17.7% | |
| Gross Profit | $1.6B | $1.8B | $2.0B | $2.2B | $2.6B | +17.6% | +12.7% | |
| Total Operating Expenses | $1.2B | $1.3B | $1.7B | $2.2B | $2.6B | +21.2% | +22.9% | |
| Operating Income (EBIT) | $432.3M | $451.0M | $282.0M | $5.0M | $-72.0M | −1540.0% | — | |
| Interest Expense | — | $32.3M | $31.0M | $27.0M | $19.0M | −29.6% | −16.2% | |
| Income Tax Expense | $111.4M | $117.0M | $127.0M | $71.0M | $23.0M | −67.6% | −32.6% | |
| GAAP Net Income | $292.6M | $369.5M | $374.7M | $138.7M | $6.5M | −95.3% | −61.4% | |
| Diluted EPS | $0.74 | $0.93 | $0.92 | $0.34 | $0.02 | −94.1% | −59.5% | |
| Diluted Shares | 394.2M | 397.8M | 406.9M | 407.8M | 420.7M | +3.2% | +1.6% | |
| Balance Sheet | ||||||||
| Cash & Equivalents | $3.8B | $5.0B | $5.2B | $4.7B | $1.7B | −63.0% | −18.0% | |
| Inventory | $20.0M | $20.0M | $20.0M | $20.0M | $6.0M | −70.0% | −26.0% | |
| Total Current Assets | $4.0B | $5.2B | $5.5B | $5.0B | $2.1B | −57.2% | −14.6% | |
| Total Assets | $7.3B | $8.4B | $8.9B | $9.3B | $10.5B | +13.8% | +9.8% | |
| Total Current Liabilities | $338.7M | $372.7M | $455.8M | $552.0M | $746.0M | +35.1% | +21.8% | |
| Total Debt (Short + Long Term) | $1.0B | $1.0B | $1.0B | $1.0B | $140.0M | −86.0% | −38.8% | |
| Total Liabilities | $1.5B | $1.5B | $1.6B | $1.7B | $2.2B | +27.2% | +8.8% | |
| Stockholders' Equity | $5.7B | $6.9B | $7.3B | $7.6B | $8.4B | +10.8% | +10.0% | |
| Net Cash / (Net Debt) | $2.8B | $4.0B | $4.2B | $3.7B | $1.6B | −56.7% | −13.4% | |
| Invested Capital | $2.9B | $2.9B | $3.1B | $3.9B | $6.8B | +75.1% | +23.8% | |
| Cash Flow & Capital Allocation | ||||||||
| Operating Cash Flow (OCF) | $469.7M | $478.7M | $490.0M | $393.0M | $430.0M | +9.4% | −2.2% | |
| Depreciation & Amortization (D&A) | $139.6M | $137.9M | $108.0M | $147.0M | $263.0M | +78.9% | +17.2% | |
| Stock-Based Compensation (SBC) | $63.7M | $75.2M | $85.0M | $89.0M | $194.0M | +118.0% | +32.1% | |
| Capital Expenditures (CapEx) | $123.7M | $35.2M | $118.0M | $579.0M | $307.0M | −47.0% | +25.5% | |
| Free Cash Flow (FCF) | $346.0M | $443.5M | $372.0M | $-186.0M | $123.0M | +166.1% | −22.8% | |
| True FCF (ex-SBC Owner Cash) | $282.3M | $368.3M | $287.0M | $-275.0M | $-71.0M | +74.2% | — | |
| Share Repurchases (Buybacks) | — | — | $0 | $0 | $500.0M | — | — | |
Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.
On the Wire
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