NASDAQ: CSGP · Real Estate Services
CoStar Group
CoStar Group runs real estate information and online marketplaces in two segments. Commercial Real Estate includes the CoStar data subscription, LoopNet and Matterport 3D digital twins. Residential Real Estate includes the Apartments.com network, Homes.com and, since 2025, Australia's Domain. 2025 revenue was $3.25 billion (+19%), but net income fell to $7 million because of heavy Residential marketing spend: the Residential segment's Adjusted EBITDA was −$230 million. In Q2 2026, Residential Adjusted EBITDA turned positive for the first time, according to CoStar. In 2025 it completed the Matterport and Domain acquisitions (about $3.9 billion combined), and in August 2026 it bought Zonda for $800 million.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:07 (SEC EDGAR) · Source 10-K filed: February 26, 2026
Built on10-K FY2025 · filed 2026-02-2610-Q (quarter ended 2026-09-30) · filed 2026-10-28
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 14.4%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- -2.2%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -9.3 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -3.4x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 61.43x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 77.1x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.74
Higher than 78% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 4% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 5% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 2% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 100% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$33.01close on 2026-11-04
Market cap$13.79B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 77.1x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.7x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 68.9x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 0.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 3,362.0x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 3.4x
Book value at FY2025 year-end
At FY2025 year-end: 143.8x
EBITDA for FY2025
At FY2025 year-end: 0.4%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$834M → $952M (vs. a year earlier)↑ +14.1%$834M → $952M (vs. a year earlier)
- Operating margin-6.1% → 8.8% (vs. a year earlier)↑ +14.9 pts-6.1% → 8.8% (vs. a year earlier)
- Net income−$31M → $74M (vs. a year earlier)↑ $74M−$31M → $74M (vs. a year earlier)
- Diluted EPS$-0.07 → $0.18 (vs. a year earlier)↑ $0.18$-0.07 → $0.18 (vs. a year earlier)
- Cash$1.27B → $500M (vs. previous quarter-end)↓ −60.5%$1.27B → $500M (vs. previous quarter-end)
- Long-term debt$1B → $1B (vs. previous quarter-end)→ +0.0%$1B → $1B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
04
Company profileFrom SEC dataShow
- Legal name
- COSTAR GROUP, INC.
- Headquarters
- ARLINGTON, VA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: CSGP
- Industry
- Real Estate Services
- CIK
- 1057352
Workforce (as of FY2025 year-end)
Employees
8,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 49–55 days after quarter end (Feb 24, 2026; Feb 18, 2025; Feb 20, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–55 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 27, 2026 (+27 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 28, 2026 (+28 days) | Jul 29, 2026 10-Q (+29 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 24, 2026 (+55 days) | Feb 26, 2026 10-K (+57 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 28, 2025 (+28 days) | Oct 29, 2025 10-Q (+29 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 22, 2025 (+22 days) | Jul 23, 2025 10-Q (+23 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 29, 2025 (+29 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 18, 2025 (+49 days) | Feb 20, 2025 10-K (+51 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 22, 2024 (+22 days) | Oct 23, 2024 10-Q (+23 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 23, 2024 (+23 days) | Jul 25, 2024 10-Q (+25 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 23, 2024 (+23 days) | Apr 24, 2024 10-Q (+24 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 20, 2024 (+51 days) | Feb 22, 2024 10-K (+53 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Commercial
CoStar
Examples: Property, lease and sales comparable data
2025 revenue $1.26B.
Commercial
LoopNet, Matterport
Examples: Commercial listings, 3D digital twins
Residential
Apartments.com Network
Examples: Apartments.com, ApartmentFinder, ForRent.com
Rental listings.
Residential
Homes.com, Domain
Examples: For-sale listings (U.S.), Domain (Australia)
Brand names are from the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Online real estate marketplaces (Apartments.com, Homes.com, Domain and others)
U.S., Australia, Europe, Canada and Asia-Pacific, by monthly unique visitors and site visits
U.S. share
Leading marketplaces
Company-disclosedPer the 10-K; no percentage is given.
Worldwide share
—
Not disclosed
Sources:
07
Recent strategic focusSite analysis
2025–2026 developments.
Profitability inflection
Q3 2026 revenue rose 14% to a record $952M; net income was $74M (up $105M) and Adjusted EBITDA a record $229M, double a year earlier and above guidance. CoStar raised 2026 Adjusted EBITDA guidance to $820–840M and revenue to $3.75–3.77B, and identified at least $200M of further potential savings over 12–18 months.
Source: Q3 2026 press release
Zonda acquisition
CoStar bought Zonda (new home construction data and homebuilder software) for $800M in cash; the deal closed in August 2026.
Source: 8-Ks filed 2026-05-29 and 2026-08-21
Vexcel acquisition agreed
On October 27, 2026 CoStar agreed to buy Vexcel, operator of a survey-grade aerial imagery program covering 99.6% of the U.S. population, for about $730M in cash.
Source: 8-K filed 2026-10-27 (Exhibit 99.2)
CFO change
Robin Rossmann, Managing Director for Europe, became CFO on July 31, 2026.
Source: 8-K filed 2026-07-13
Governance changes
In early 2026 CoStar removed a legacy tax gross-up from the CEO's contract and amended the change-in-control definition in its executive severance plan.
Source: 8-Ks filed 2026-01-07 and 2026-02-13
Capex ÷ D&A (FY2025)
1.17x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$307M ÷ $263M = 1.17x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
12.5%
formularesearch & development expense ÷ revenue × 100
e.g.$406M ÷ $3,247M × 100 = 12.5%
M&A spend (6-year total)
$3.35B
Latest year: $2.35B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $0 in FY2020 to $307M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$3.25B
As reported in the 10-K
Revenue CAGR (5 years)
+14.4%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($3,247M ÷ $1,659M) ^ (1÷5) − 1 = 14.4%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
-2.2%▼caution
-19.6pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$-72M ÷ $3,247M × 100 = -2.2%
ROE (FY2025)
0.1%▼caution
6-year average: 3.8%
As reported in the 10-K
P/B (FY2025 end)
3.37x
formulafiscal year-end closing price ÷ book value per share
e.g.$67.24 ÷ $19.94 = 3.37x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
143.8x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($28,100M + $993M − $1,633M) ÷ ($-72M + $263M) = 143.8x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +14.4% a year over 5 years (strong growth)
From $1.66B in FY2020 to $3.25B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Operating margin declined: 17.4% → -2.2%
How much operating profit is left per $100 of revenue. It moved -19.6 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 79.1% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 5 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▼
ROE averaged 3.8% over 6 years (latest: 0.1%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
Commercial Real Estate
Building property databases- Running listing marketplaces
Residential Real Estate
Online listing marketplaces
06 · what it draws on
Key resources
Commercial Real Estate
Researchers, photography and data collectionResidential Real Estate
Brand marketing ($771M of Residential marketing in 2025)
02 · why customers buy
Value propositions
- The most comprehensive commercial real estate database and analytics, plus online marketplaces (LoopNet, Apartments.com, Homes.com).
04 · how it keeps them
Customer relationships
- Subscriptions generally paid monthly; listing subscriptions for property managers.
03 · how it reaches them
Channels
- Direct sales to commercial real estate professionals, property managers and agents.
01 · who it serves
Customer segments
Commercial Real Estate
Brokers, owners, lenders, investorsResidential Real Estate
Property managers, real estate agents and brokers
09 · where money goes
Cost structure
FY2025, share of revenue ($3.25B)
- Cost of revenue21.1%
- Research & development12.5%
- Selling, general & administrative16.9%
- Other operating costs51.7%
Revenue here is reported net of interest expense, so these lines overlap and add up to more than 100%.
Operating profit left: -2.2% of revenue. Depreciation & amortization (inside the costs above): $263M. Capital spending: $307M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Commercial Real Estate
Subscriptions (CoStar $1.26B)- Listing fees (LoopNet $312M)
Residential Real Estate
Advertising and listing subscriptions
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Commercial Real Estate
Subscription access to CoStar's commercial property database and analytics, the LoopNet listings marketplace, and Matterport 3D digital twin technology.
01 what it draws on
Inputs & resources
- Researchers, photography and data collection
02 what it does
Activities
- Building property databases
- Running listing marketplaces
03 who it serves
Customers
- Brokers, owners, lenders, investors
04 how money comes in
How it earns
- Subscriptions (CoStar $1.26B)
- Listing fees (LoopNet $312M)
Commercial Real Estate: how it makes money
- 2025 segment revenue $1.79B, Adjusted EBITDA $672M.
Residential Real Estate
Apartments.com (rental listings paid by property managers) and Homes.com (for-sale listings with agent and broker marketing), plus Domain in Australia.
01 what it draws on
Inputs & resources
- Brand marketing ($771M of Residential marketing in 2025)
02 what it does
Activities
- Online listing marketplaces
03 who it serves
Customers
- Property managers, real estate agents and brokers
04 how money comes in
How it earns
- Advertising and listing subscriptions
Residential Real Estate: how it makes money
- 2025 segment revenue $1.46B (+20%), Adjusted EBITDA −$230M.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
CoStar’s expansion incentives carry conditions, and tariffs affect clients.
Government funding & tax credits
Expansion incentives
Grants, tax credits or abatements for its expansion could be clawed back if requirements are not met.
Supports and constrainsTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Trade & export rules
Tariffs and trade policy
Tariffs and trade barriers could affect clients.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Commercial Real Estate
1,787 (55%)profit 672 · margin 37.6%
Residential Real Estate
1,460 (45%)profit -230 · margin -15.8%
Source: Form 10-K (FY2025) — segment note Profit is segment Adjusted EBITDA (non-GAAP). By brand: CoStar $1,259M, LoopNet $312M, other commercial $216M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Commercial real estate professionals, property managers, and residential agents and brokers.
Named by the company
No customer is named as significant.
Suppliers
Cloud hosting (including AWS) and marketing channels.
Named by the company
No supplier is named as significant.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K describes competitors as online real estate marketplaces, information and analytics providers, and software vendors, without naming them.
Competitors named in the 10-K
CoStar's 10-K doesn't name competitors.
Peer group the company chose
2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Autodesk and DocuSign were added; MercadoLibre and ServiceNow were removed.
- Autodesksite ↗
- MSCIsite ↗
- Akamai Technologiessite ↗
- Paycomsite ↗
- ANSYSsite ↗
- PTCsite ↗
- DocuSignsite ↗
- TransUnionsite ↗
- Equifaxsite ↗
- Tyler Technologiessite ↗
- FactSetsite ↗
- VeriSignsite ↗
- Fair Isaac (FICO)site ↗
- Verisk Analyticssite ↗
- Gartnersite ↗
- Workdaysite ↗
- Zillow Groupsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
CoStar has made several large acquisitions recently.
Cash spent on acquisitions, FY2020–FY2025: $3.35B
2025-02-28
Matterport
Part of about $3.9B combined with Domain
3D digital twin technology.
- Stated purpose (company)
- Not stated.
Source: Form 10-K (FY2025)
2025-08-27
Domain Holdings Australia
A$4.43 per share; A$2.5B ($1.6B) for the remaining shares after a 17% stake
One of Australia's leading property marketplaces.
- Stated purpose (company)
- Not stated.
Source: Form 10-K (FY2025) — Note 4
2026-08
Zonda
$800M cash
New home construction data, homebuilder software and residential marketplace solutions.
- Stated purpose (company)
- Not stated.
Source: 8-K filed 2026-05-29
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 1,659 | 1,944 | 2,182 | 2,455 | 2,736 | 3,247 |
| Operating income | 289 | 432 | 451 | 282 | 5 | -72 |
| Pretax income | 271 | 404 | 487 | 502 | 210 | 30 |
| Net income (attributable) | 227 | 293 | 370 | 375 | 139 | 7 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 17.2% | 12.3% | 12.5% | 11.4% | 18.7% |
| Operating margincalcoperating income ÷ revenue × 100 | 17.4% | 22.2% | 20.7% | 11.5% | 0.2% | -2.2% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 13.7% | 15.1% | 16.9% | 15.3% | 5.1% | 0.2% |
| Balance sheet ($M) | ||||||
| Total assets | 6,915 | 7,257 | 8,403 | 8,920 | 9,257 | 10,538 |
| Total equity | 5,375 | 5,712 | 6,870 | 7,339 | 7,553 | 8,371 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 993 |
| Equity ratio | 77.7% | 78.7% | 81.8% | 82.3% | 81.6% | 79.1% |
| ROE | 4.2% | 5.3% | 5.9% | 5.3% | 1.9% | 0.1% |
| Cash flow ($M) | ||||||
| Operating CF | 486 | 470 | 479 | 490 | 393 | 430 |
| Investing CF | -464 | -381 | -69 | -239 | -913 | -2,816 |
| Financing CF | 2,662 | -16 | 734 | -4 | -14 | -559 |
| Free cash flowcalccash flow from operations − capital expenditures | 486 | 346 | 444 | 372 | -186 | 123 |
| Cash and equivalents | 3,694 | 3,827 | 4,968 | 5,216 | 4,681 | 1,633 |
| Per share & other | ||||||
| EPS ($) | 0.59 | 0.74 | 0.93 | 0.92 | 0.34 | 0.02 |
| BVPS ($) | 13.63 | 14.46 | 16.89 | 17.98 | 18.44 | 19.94 |
| P/E (x) | 156.7 | 106.8 | 83.1 | 95.0 | 210.6 | 3,362.0 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 83.1 | 49.6 | 46.6 | 80.6 | 168.7 | 143.8 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 6.78 | 5.46 | 4.57 | 4.86 | 3.88 | 3.37 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $952M+14.1% | $84M | $74M | $0.18 |
| 2026-06-30 | $925M+18.4% | $76M | $55M+816.7% | $0.14 |
| 2026-03-31 | $897M+22.5% | $3M | $3M | $0.01 |
| 2025-12-31 † | $900M+26.9% | $49M+21.9% | $47M-21.8% | — |
| 2025-09-30 | $834M | −$51M | −$31M | $-0.07 |
| 2025-06-30 | $781M | −$27M | $6M | $0.01 |
| 2025-03-31 | $732M | −$43M | −$15M | $-0.04 |
| 2024-12-31 † | $709M | $40M | $60M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
-0.6%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$-72M × (1 − 30%) ÷ $8,959M × 100 = -0.6%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
8.78%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $28.1B ÷ ($28.1B + $993M) = 96.6%
e.g.Debt weight: $993M ÷ ($28.1B + $993M) = 3.4%
e.g.WACC: 9.0% × 96.6% + 2.8% × (1 − 30%) × 3.4% = 8.78%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.2%–10.7% and ROIC − WACC runs −11.3 to −7.8 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 8.78% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.74 (price-derived adjusted beta, but correlation with the market is low (R² 0.06), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 9.02%
- Cost of debt
- 2.82%
- Tax rate
- 30% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 97% : 3%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 8.78%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.74 (price-derived adjusted beta. Raw β 0.61, R² 0.06, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.613 + 0.33 = 0.740
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.74 × 5.5% = 9.0%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
7.8%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.8% − 0.9%
Past FCF growth (FY2020–FY2025)
-24.0%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+14.4%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $123M (operating CF − capex); enterprise value $13.15B = market cap $13.79B (latest close, 2026-11-04) + debt $993M − cash and short-term investments $1.63B; r = WACC of 8.8% using this page’s default assumptions (β 0.74, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$12.3B
FCF $123M ÷ (8.8% − 7.8%)
Theoretical ÷ actual enterprise value
0.94x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.8% | 7.8% | 8.8% | 9.8% | 10.8% |
|---|---|---|---|---|---|
| 0% | 0.14x | 0.12x | 0.11x | 0.10x | 0.09x |
| 2% | 0.19x | 0.16x | 0.14x | 0.12x | 0.11x |
| 4% | 0.33x | 0.25x | 0.19x | 0.16x | 0.14x |
| 6% | 1.17x | 0.52x | 0.33x | 0.25x | 0.19x |
| 8% | — | — | 1.17x | 0.52x | 0.33x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 11.77x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.3%
A small share of profit rests on accounting estimates.
- !
Core-earnings share (operating income ÷ pretax income): -240%
Non-operating items (interest income, equity-method gains, other income/expense) are having a bigger effect.
- ✓
Days sales outstanding: 23 → 24 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$430M ÷ $7M = 61.43x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$-72M ÷ $30M × 100 = -240%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($188M + $234M) ÷ 2 ÷ $3,247M × 365 = 24 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- 1.2%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- 1.2%
- Institutional-ownership rank
- 43 of 416
- Beta (adjusted)
- 0.74
Reported total 102.2%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 10% of covered companies have more
above 1 = swings more than the market
- 413.9M shares reported by 757 13F filers ÷ 405.2M shares outstanding on 2026-07-27. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-30 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-27)
19
Strengths & weaknessesSite analysis
Strengths
1. Consistent growth
Q2 2026 was CoStar's 61st consecutive quarter of double-digit revenue growth, according to the company.
Evidence: Q2 2026 press release
2. Profitable commercial franchise
Commercial Real Estate Adjusted EBITDA was $672M in 2025.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Residential losses
The Residential segment lost $230M of Adjusted EBITDA in 2025 because of heavy marketing.
Evidence: Form 10-K (FY2025)
2. Thin GAAP earnings
Net income fell from $375M (2023) to $7M (2025).
Evidence: SEC EDGAR XBRL
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
3,362.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
0.4%
(Operating CF − capex) ÷ market cap
1. Margin expansion
Q2 2026 operating cost growth was held to 2%, and 2026 cost savings are now expected to total about $150M versus the original guidance.
- What has to hold
- Residential marketing spending stays controlled.
- The other side
- Continued investment in growth.
Evidence: Q2 and Q3 2026 press releases
2. Buybacks
$1.5B repurchase authorization from December 2025.
- What has to hold
- Cash after acquisitions.
- The other side
- Cash fell to $1.6B after acquisitions.
Evidence: Form 10-K (FY2025)
CoStar pays no dividend. EPS and PER are distorted by low GAAP earnings in 2024–2025.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$1.63B vs. —
Interest coverage (operating income ÷ interest expense)
-2.6x
−$72M vs. $28M
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -1540.0% in FY2025 ($5M → −$72M) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Leverage
Interest-bearing debt was about $1.0B, mainly 2.800% senior notes due 2030, against $1.6B of cash at the end of 2025.
Source: Form 10-K (FY2025)
Bookings
Annualized net new bookings were about $308M in 2025.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
CoStar paid $109 million in Q2 2026 to satisfy the Brown judgment inherited with Matterport, and the related litigation bond was released. It otherwise reports litigation incidental to its business.
0 open matters · 1 settled or closed
Brown v. Matterport judgment
ResolvedLawsuitWilliam J. Brown (Delaware Court of Chancery; Delaware Supreme Court)
A former Matterport employee won a ruling that transfer restrictions on his shares were invalid. The Delaware Supreme Court largely affirmed the $79 million award in April 2025.
- Amounts
- $109 million paid in Q2 2026, including interest; CoStar realized net recoveries of $24 million in the first nine months of 2026.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Company statement: Management does not expect current legal matters to have a material effect.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Incumbent competitors
- Company disclosure (summarized from the 10-K)
- Many competitors, especially in Residential, are incumbents that may have greater name recognition, resources and AI adoption.
- Company’s stated mitigation
- Product launches such as Homes.com Ai and Apartments.com Ai.
- This site’s assessment
- Impact Med / Likelihood High
- 2M&A & integration
Acquisition integration
- Company disclosure (summarized from the 10-K)
- CoStar may not realize the benefits of Matterport and Domain and has lost some key employees.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Demand & macro
Real estate market
- Company disclosure (summarized from the 10-K)
- Results depend on commercial and residential real estate activity.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Information security
Confidential data
- Company disclosure (summarized from the 10-K)
- CoStar handles customer, tenant and renter data, including payment information.
- Company’s stated mitigation
- Cybersecurity Cybersecurity Risk Management and Strategy We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
If third-party suppliers upon which Matterport relies are not able to fulfill its needs, Matterport's ability to timely and cost effectively bring its hardware products to market could be affected.
Failure to comply with the terms of the underlying open source software licenses could restrict our ability to deliver our products or services or subject us to litigation or other action s .
We are expanding our operations outside of the United States, which may subject us to increased business, regulatory, and economic risks that could harm our business.
With respect to our products or services that incorporate AI Technologies, the market for such products and services is rapidly evolving and unproven in many industries, including our own, and important assumptions about the characteristics of targeted markets, pricing, sales cycles, cost, performance, and perceived value associated with our services or products may be inaccurate. Our failure to successfully develop and commercialize our products or services involving AI Technologies could harm our ability to expand our business; provide, improve and diversify our product offerings; continue our operations and efficiently manage our operating expenses; and respond effectively to competitive developments, which could adversely affect our business, results of operations, and financial condition.
We may be unable to realize the benefits of the acquisition of either Matterport or Domain, which could have an adverse effect on us. Read more
On February 28, 2025, the Company completed the Matterport Acquisition, and on August 27, 2025, the Company
If third-party suppliers upon which Matterport relies are not able to fulfill its needs, Matterport’s ability to timely and cost effectively bring its hardware products to market could be affected. Read more
Matterport relies on a limited number of suppliers to supply its hardware components for its cameras and other hardware products, including in some cases only a single supplier for some products and components. This reliance on a limited number of manufacturers increases its risks, since Matterport does not currently have proven reliable alternative or replacement manufacturers beyond these key parties. In the event of interruption, we may not be able to increase capacity from other sources or develop alternate or secondary sources, and if such sources become available, they may result in material additional costs and substantial delays.
Unexpected changes in business conditions, materials pricing, labor issues, wars, trade policies, natural disasters, health epidemics, trade and shipping disruptions, port congestions, and other factors beyond our or our suppliers’ control could also affect these suppliers’ ability to deliver components to us or to remain solvent and operational. Such disruptions could adversely affect our business if we are not able to meet customer demands. In addition, some of our suppliers are located in China. Our access to suppliers in China may be limited or impaired as a result of tariffs, including those that have been recently introduced by the current U.S. administration, or other government restrictions in response to geopolitical factors. There is no guarantee we may be able to continually use alternative suppliers and alternative parts as we scale production to meet our growth targets.…
If we face supply constraints for any of the reasons described above, it may not be possible to obtain or increase supplies on acceptable terms, which may undermine our ability to satisfy customer demands in a timely manner. Read more
For example, it may take a significant amount of time to identify a manufacturer that has the capability and resources to build and supply necessary hardware components in sufficient volume. Identifying suitable suppliers can be an extensive process that requires us to become satisfied with our suppliers’ quality control, technical capabilities, responsiveness and service, financial stability, regulatory compliance, and labor and other ethical practices. Accordingly, a loss of any significant suppliers or manufacturers would have an adverse effect on our business, financial condition, and operating results.
No longer in the text (2)
We may be unable to complete the acquisition of Matterport or otherwise realize the benefits of the pending Matterport acquisition, which could have an adverse effect on us. Read more
On April 22, 2024, we announced that we had entered into the Matterport Merger Agreement to acquire Matterport. Pursuant to the Matterport Merger Agreement, and subject to the terms and conditions contained therein, at the closing of the acquisition, we will acquire all of the outstanding shares of Matterport Common Stock in a cash and stock transaction. The closing of the acquisition is subject to customary conditions, including: expiration or termination of the applicable waiting periods under applicable antitrust laws; no injunction, award, law or order restraining, enjoining or otherwise prohibiting or making illegal the consummation of the Mergers; accuracy of each party’s representations and warranties,…
The interpretation and application of many privacy and data protection laws are uncertain. Read more
These laws may be interpreted and applied in a manner that is inconsistent with our existing data management practices or the features of our products. If so, in addition to the possibility of negative publicity, fines, lawsuits, and other claims and penalties, we could be required to fundamentally change our business activities and practices or modify our products, which could harm our business.
12 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 26, 2026 ↗ with the 10-K filed Feb 20, 2025 ↗.
25
What to watch going forwardSite analysis
- Residential profitability after reaching positive Adjusted EBITDA in Q2 2026, and delivery of the 2028 Adjusted EBITDA target of $1.25B.
- Homes.com market share.
- Integration of Matterport, Domain and Zonda.
- Buybacks ($1.5B authorization from December 2025).
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:07 (SEC EDGAR) · Source 10-K filed: February 26, 2026
Built on10-K FY2025 · filed 2026-02-26
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent CoStar Group’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.