Latest Ratios: P/E Ratio 68.6x · EV/EBITDA 21.1x · ROE 0.1%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.4B | $28.3B | $29.2B | $35.6B | $30.7B | $31.2B | $35.4B | $21.9B | $12.3B | $10.0B | $6.1B |
| Enterprise Value | $11.8B | $27.7B | $25.6B | $31.5B | $26.9B | $28.4B | $32.9B | $21.0B | $11.2B | $8.8B | $5.9B |
| P/E Ratio → | 68.59 | 4050.60 | 210.56 | 94.99 | 83.10 | 106.80 | 156.66 | 69.57 | 51.89 | 80.27 | 72.50 |
| P/S Ratio | 3.37 | 8.71 | 10.67 | 14.48 | 14.08 | 16.02 | 21.35 | 15.66 | 10.32 | 10.33 | 7.30 |
| P/B Ratio | 1.54 | 3.39 | 3.87 | 4.85 | 4.47 | 5.45 | 6.59 | 6.44 | 4.07 | 3.76 | 3.70 |
| P/FCF | 189.28 | 689.95 | — | 76.60 | 73.18 | 77.01 | 80.92 | 53.25 | 40.20 | 47.42 | 33.62 |
| P/OCF | 28.79 | 65.79 | 74.36 | 72.64 | 64.22 | 66.32 | 72.87 | 47.87 | 36.65 | 42.47 | 30.47 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.53 | 9.34 | 12.81 | 12.31 | 14.63 | 19.80 | 15.00 | 9.40 | 9.07 | 7.03 |
| EV / EBITDA | 21.11 | 145.02 | 168.57 | 80.69 | 45.64 | 49.74 | 80.90 | 47.21 | 31.87 | 36.87 | 27.36 |
| EV / EBIT | — | 923.30 | 107.60 | 59.05 | 55.25 | 65.30 | 113.61 | 57.75 | 40.93 | 50.30 | 40.12 |
| EV / FCF | — | 675.58 | — | 67.76 | 63.98 | 70.32 | 75.05 | 51.01 | 36.61 | 41.65 | 32.36 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.2% | 75.2% | 79.6% | 80.0% | 81.0% | 81.6% | 81.4% | 79.3% | 77.4% | 77.2% | 79.2% |
| Operating Margin | -2.2% | -2.2% | 0.2% | 11.5% | 20.7% | 22.2% | 17.4% | 26.0% | 23.0% | 18.0% | 17.3% |
| Net Profit Margin | 0.2% | 0.2% | 5.1% | 15.3% | 16.9% | 15.1% | 13.7% | 22.5% | 20.0% | 12.7% | 10.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.1% | 0.1% | 1.9% | 5.3% | 5.9% | 5.3% | 5.2% | 9.8% | 8.4% | 5.7% | 5.3% |
| ROA | 0.1% | 0.1% | 1.5% | 4.3% | 4.7% | 4.1% | 4.2% | 8.8% | 7.7% | 4.9% | 4.0% |
| ROIC | -0.9% | -0.9% | 0.1% | 6.8% | 11.3% | 11.2% | 8.2% | 12.4% | 12.2% | 9.1% | 7.5% |
| ROCE | -0.8% | -0.8% | 0.1% | 3.4% | 6.0% | 6.4% | 5.7% | 10.7% | 9.3% | 7.3% | 7.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.14 | 0.14 | 0.15 | 0.16 | 0.19 | 0.21 | 0.04 | 0.00 | — | 0.20 |
| Debt / EBITDA | 5.99 | 5.99 | 6.88 | 2.85 | 1.88 | 1.95 | 2.77 | 0.34 | 0.01 | — | 1.57 |
| Net Debt / Equity | — | -0.07 | -0.48 | -0.56 | -0.56 | -0.47 | -0.48 | -0.27 | -0.36 | -0.46 | -0.14 |
| Net Debt / EBITDA | -3.08 | -3.08 | -24.00 | -10.53 | -6.56 | -4.73 | -6.33 | -2.07 | -3.12 | -5.10 | -1.06 |
| Debt / FCF | — | -14.37 | — | -8.84 | -9.20 | -6.69 | -5.87 | -2.24 | -3.59 | -5.76 | -1.26 |
| Interest Coverage | 1.58 | 1.58 | 8.67 | 16.96 | — | 13.78 | 16.63 | 139.02 | 96.67 | 19.31 | 14.64 |
Net cash position: cash ($1.7B) exceeds total debt ($1.1B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.84 | 2.84 | 8.96 | 12.01 | 13.92 | 11.78 | 11.75 | 5.79 | 7.87 | 8.78 | 4.05 |
| Quick Ratio | 2.84 | 2.84 | 8.96 | 12.01 | 13.92 | 11.74 | 11.71 | 5.79 | 7.87 | 8.78 | 4.05 |
| Cash Ratio | 2.32 | 2.32 | 8.48 | 11.44 | 13.33 | 11.30 | 11.16 | 5.17 | 7.14 | 8.26 | 3.66 |
| Asset Turnover | — | 0.31 | 0.30 | 0.28 | 0.26 | 0.27 | 0.24 | 0.36 | 0.36 | 0.34 | 0.38 |
| Inventory Turnover | — | — | — | — | — | 26.71 | 20.45 | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.5% | 0.0% | 0.5% | 1.1% | 1.2% | 0.9% | 0.6% | 1.4% | 1.9% | 1.2% | 1.4% |
| FCF Yield | 0.5% | 0.1% | — | 1.3% | 1.4% | 1.3% | 1.2% | 1.9% | 2.5% | 2.1% | 3.0% |
| Buyback Yield | 4.6% | 2.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 0.1% | 0.3% |
| Total Shareholder Yield | 4.6% | 2.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 0.1% | 0.3% |
| Shares Outstanding | — | $421M | $408M | $407M | $398M | $394M | $383M | $366M | $364M | $336M | $324M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying CSGP stock.
CoStar Group, Inc.'s current P/E ratio is 68.6x. The historical average is 87.6x. This places it at the 28th percentile of its historical range.
CoStar Group, Inc.'s current EV/EBITDA is 21.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 41.9x.
CoStar Group, Inc.'s return on equity (ROE) is 0.1%. The historical average is -3.8%.
Based on historical data, CoStar Group, Inc. is trading at a P/E of 68.6x. This is at the 28th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CoStar Group, Inc. has 75.2% gross margin and -2.2% operating margin.
CoStar Group, Inc.'s Debt/EBITDA ratio is 6.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
AFFO shortfall versus headline FFO
Metrics are mathematically derived from official filings.
Multiple Re-Rating Outpaces Earnings
CoStar's P/FFO of 19.89x in 2026Q3 marks a steady re-rating from 18.15x two years earlier, despite a TTM P/E of 1,928x that reflects negligible earnings, according to the company's reported ratio data; the multiple appears to price in a residential margin recovery that remains unvalidated.
The compression in P/FFO dispersion across the ten quarters (18.15x–20.84x) suggests the market has treated the Homes.com investment cycle as transitory rather than structural, which is an interpretation rather than a demonstrated fact. At 72.83x EV/EBITDA and 3.99x P/S, the valuation carries a premium that would ordinarily require operating leverage to appear; with management skipping guidance at the 2026-10-27 report, investors should monitor whether subsequent quarters confirm the implied inflection. Absent a reported implied cap rate or FFO-based enterprise multiple, private-market transaction comparisons cannot be reconciled here and warrant separate investigation.
NOI Resilience Masks Return Deficit
NOI margin of 77.8% in 2026Q3 remains below the 80.1% posted in 2024Q4, while trailing ROE holds at just 0.9%, according to the reported ratio table; the gap suggests marketing intensity, not property-level economics, is absorbing incremental revenue.
The NOI margin has oscillated between 73.9% and 79.3% over ten quarters, a range that appears more consistent with the timing of national advertising outlays than with any deterioration in the underlying subscription base, though that inference warrants confirmation from segment disclosure. FFO per share growth decelerated to 2.9% in 2026Q3 from 161.5% in 2026Q1, implying the prior surge reflected a depressed comparison base rather than an organic acceleration. Because ROE remains under 1% while revenue grew 14.2% year-over-year, reported profitability suggests the residential build-out has not yet generated commensurate returns on the capital deployed.
No Payout, Thin Distributable Base
CoStar paid no dividend across all ten reported quarters, and with 2026Q3 AFFO per share of $0.04 trailing FFO per share of $0.43, the payout ratio is unavailable, per the company's ratio data; distributable cushion appears far thinner than headline FFO implies.
Because the FFO payout ratio is the central dividend-safety metric for a REIT and no dividend exists, the more revealing reading is the AFFO conversion rate: 2026Q3 AFFO equals roughly 9% of that quarter's FFO, which suggests recurring capex, stock compensation, and capitalized items absorb most reported earnings. The AFFO per share series also swings from -$0.44 in 2025Q3 and 2025Q4 to positive $0.07–$0.08 in 2026H1, indicating cash conversion is governed by expenditure timing rather than a stable distributable stream. Any future dividend initiation should therefore be assessed against AFFO rather than FFO, as headline FFO appears to overstate what could actually be funded.
Deleveraged Posture Rests on Drawdown
Debt-to-equity fell to 0.03 in 2026Q3 as total debt was reduced to $230.0M, while interest coverage reached 84.0x, based on CoStar's reported balance sheet and ratio disclosures; leverage looks ample, though the cash buffer supporting it has drawn down materially.
The trajectory from a 0.15 debt-to-equity ratio in 2024Q2 to 0.03 suggests deleveraging was discretionary rather than forced, and the 84.0x coverage reading implies refinancing risk on the remaining $230.0M is presently remote. However, cash declining from roughly $4.9B to $500.0M over four quarters indicates the balance sheet strength is being funded by liquidating reserves, so the more relevant constraint may be liquidity runway rather than leverage. With total liabilities rising to $2.3B even as debt was retired, non-borrowing obligations appear to be absorbing capital, and their composition warrants closer disclosure before the fixed-charge profile can be judged fully.
Conservative Leverage, Laggard Returns
Against a peer set of Zillow, Compass, and Opendoor, CoStar's 0.03 debt-to-equity is the most conservative and its 0.9% ROE the second-weakest, as shown in peer comparison data; the profile reads as balance-sheet strength paired with sub-par returns.
CoStar's leverage sits well below Compass at 0.60 and Zillow at 0.11, which may give it more capacity to fund the residential expansion internally, but that advantage is offset by returns that trail Zillow's 1.2% ROE and Compass's 3.6%. Its 72.83x EV/EBITDA is broadly in line with Compass at 74.28x yet far above Zillow at 28.60x, suggesting the premium is attached to the data-moat narrative rather than superior current earnings conversion. Relative to Opendoor and Compass, which post negative net margins, CoStar's 0.2% net margin is comparatively resilient, implying competitive positioning is stronger on stability than on realized profitability.
P/E Misleads on Depreciation Distortion
CoStar's TTM P/E of 1,928x is the ratio most misapplied to this REIT, since depreciation and acquisition-intangible amortization reduced 2026Q1 net income to $3M against $85M of FFO, as reported in quarterly filings; P/FFO and P/AFFO are the defensible anchors instead.
The 50.67x FFO-to-net-income ratio observed in 2026Q1 demonstrates that GAAP earnings here are an artifact of non-cash charges amplified by acquisition intangibles, so any screening tool ranking CSGP on P/E will either discard it as uninvestable or price it at a meaningless multiple. The correct substitution is P/FFO for earnings yield and, more stringently, P/AFFO for cash-backed value, because the AFFO series reveals that a large share of reported FFO does not survive recurring outlays. A secondary caution applies to debt-to-equity: with book equity eroding to $8.0B while assets total $10.3B, leverage measured against gross assets would present a different picture, so investors should treat the 0.03 ratio as flattering rather than conclusive.