Latest Ratios: P/E Ratio 1702.4x · EV/EBITDA 63.9x · 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 | $11.5B | $28.3B | $29.2B | $35.6B | $30.7B | $31.2B | $35.4B | $21.9B | $12.3B | $10.0B | $6.1B |
| Enterprise Value | $10.9B | $27.7B | $25.6B | $31.5B | $26.9B | $28.4B | $32.9B | $21.0B | $11.2B | $8.8B | $5.9B |
| P/E Ratio → | 1702.41 | 4050.60 | 210.56 | 94.99 | 83.10 | 106.80 | 156.66 | 69.57 | 51.89 | 80.27 | 72.50 |
| P/S Ratio | 3.53 | 8.71 | 10.67 | 14.48 | 14.08 | 16.02 | 21.35 | 15.66 | 10.32 | 10.33 | 7.30 |
| P/B Ratio | 1.43 | 3.39 | 3.87 | 4.85 | 4.47 | 5.45 | 6.59 | 6.44 | 4.07 | 3.76 | 3.70 |
| P/FCF | 279.29 | 689.95 | — | 76.60 | 73.18 | 77.01 | 80.92 | 53.25 | 40.20 | 47.42 | 33.62 |
| P/OCF | 26.63 | 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 | 63.89 | 162.93 | 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 | 6.73 | 6.73 | 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 | -3.46 | -3.46 | -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 | 0.1% | 0.0% | 0.5% | 1.1% | 1.2% | 0.9% | 0.6% | 1.4% | 1.9% | 1.2% | 1.4% |
| FCF Yield | 0.4% | 0.1% | — | 1.3% | 1.4% | 1.3% | 1.2% | 1.9% | 2.5% | 2.1% | 3.0% |
| Buyback Yield | 5.0% | 2.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 0.1% | 0.3% |
| Total Shareholder Yield | 5.0% | 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 1702.4x. The historical average is 87.6x. This places it at the 100th percentile of its historical range.
CoStar Group, Inc.'s current EV/EBITDA is 63.9x. 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 1702.4x. This is at the 100th 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 6.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Residential expansion margin compression
Metrics are mathematically derived from official filings.
Premium Multiple Reflects Growth Bet
CSGP trades at 19.6x forward FFO, a premium to peers, as per latest filings, implying the market prices in sustained residential expansion despite negative AFFO.
The P/FFO of 19.6x in Q2 2026 is elevated relative to the REIT sector average, reflecting expectations of high growth from Homes.com. However, with AFFO negative in most quarters, the multiple on distributable cash flow is not calculable, suggesting the valuation is based on future potential rather than current earnings. The implied cap rate, derived from NOI and enterprise value, is low, indicating a rich valuation that leaves little room for execution missteps.
NOI Margin Holds Despite Spend
NOI margin contracted to 74.8% in Q2 2026 from 78.5% a year earlier, as reported, yet remains robust, indicating core pricing power persists amid heavy investment.
The 370 basis point decline in NOI margin reflects increased operating expenses, likely from residential marketing, but the absolute level above 70% underscores the high-margin nature of the data business. FFO growth of 89.7% year-over-year in Q2 2026 is driven by organic subscription growth and marketplace expansion, not acquisitions, as the asset base grew only modestly. The stability of the core commercial data segment provides a cushion against the margin dilution from Homes.com.
No Dividend, AFFO Negative
CSGP pays no dividend, and AFFO per share was negative in six of the last ten quarters, as per financial statements, indicating no distributable cash flow to shareholders.
The absence of a dividend is consistent with a growth-oriented strategy, but the persistent negative AFFO—cumulative deficit exceeding $400M over the trailing four quarters—means the company is not generating enough cash to cover its own reinvestment needs, let alone pay distributions. This suggests the company is relying on cash reserves and potentially external funding to finance its expansion, which is a key risk to monitor.
Minimal Debt, Strong Coverage
Debt-to-equity stands at 0.15 with interest coverage of 38x in Q2 2026, as reported, reflecting a conservative balance sheet that supports aggressive spending.
The low leverage and high interest coverage provide ample financial flexibility, but cash reserves have declined from $4.0B to $1.3B over the past year, a 68% drop, as per the balance sheet. While debt is manageable, the rapid cash burn—averaging over $600M per quarter—could strain liquidity if the residential investment does not generate returns. The company's ability to fund its growth without increasing leverage is a positive, but the trajectory of cash depletion warrants close attention.
Core Data Moat Intact
Occupancy and retention remain strong in the core data segment, with NOI up 34% year-over-year in Q2 2026, as reported, indicating the commercial data franchise is resilient.
The high NOI margin and consistent revenue growth suggest the proprietary database continues to command pricing power, with renewal rates historically high. However, the aggressive push into residential via Homes.com introduces a new, less predictable revenue stream that is heavily dependent on marketing spend and consumer traffic. The concentration of revenue in North America (over 90%) exposes the company to regional economic cycles, though the diversified product lines within real estate provide some buffer.
P/E Misleads on Earnings Power
The standard P/E of 1943x is distorted by depreciation and amortization, as per SEC filings, obscuring the underlying cash generation of the data business.
For REITs and data companies, P/E is misleading because depreciation on real estate and intangibles depresses GAAP earnings. CSGP's FFO of $136M in Q2 2026 versus net income of $55M highlights the gap. Investors should use P/FFO or P/AFFO, but given negative AFFO, a more appropriate metric is EV/EBITDA, which at 73x still reflects a premium valuation. The market's focus on P/E may understate the company's operational performance, but the negative AFFO raises questions about true cash flow sustainability.