CoStar Group
CSGPNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $30.33 Prior regular-session close from the quote source.
- $29.68–$30.38 Regular-session low and high so far today.
- 3.8M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 23 projected Projected for 2027-02-23 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $25.89–$70.57 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own CSGP if CoStar converts a large, proprietary real-estate database and high-frequency marketplace traffic into sticky subscription revenue, cross-sold analytics and 3D digital-twin services that drive durable cash generation and margin expansion as acquisitions (e.g., Matterport) are.
CSGP price history
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Investment thesis
What must happen next
CoStar's subscription-driven model and auto-renewing license agreements produce resilient, recurring top-line revenue and high cash conversion that insulate the business from one-off transactional swings.StrengtheningMateriality: High
Revenue increased each year: $2,455,000,000 (2023) -> $2,736,000,000 (2024) -> $3,247,000,000 (2025) (consistent growth in subscription/marketplace sales). If true, investors get predictable revenue and strong operating cash flow even if margins fluctuate short-term; if false, revenue will be lumpy and cash generation will fall, damaging valuation.
Watch: Significant declines in renewal/retention rates from large accounts or marketplaces electing to publish/aggregate listings elsewhere (e.g., major portals or MLS feed restrictions).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue increased each year: $2,455,000,000 (2023) -> $2,736,000,000 (2024) -> $3,247,000,000 (2025) (consistent growth in subscription/marketplace sales).
Open source ↗Operating income and margins will recover from 2025 weakness as Matterport and other integrations complete and one-time acquisition-related charges subside, allowing incremental revenue to flow to EBIT.HoldingMateriality: High
Operating income history shows the business can be profitable: $282,000,000 (2023) before falling to $5,000,000 (2024) and -$72,000,000 (2025), indicating 2025 weakness is at least partly timing/acquisition related. Margin recovery is necessary to convert revenue growth into sustainable EPS and justify the current premium valuation; failure to regain margins leaves the stock reliant on multiple expansion.
Watch: Persistent elevated opex/stock compensation/amortization from acquisitions that do not convert into revenue synergies.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating income history shows the business can be profitable: $282,000,000 (2023) before falling to $5,000,000 (2024) and -$72,000,000 (2025), indicating.
Open source ↗Core subscription economics convert into robust operating cash flow that will fund product development, M&A, or capital returns even if GAAP earnings fluctuate.StrengtheningMateriality: Medium
Operating cash flow remained positive and sizable across the period: $490,000,000 (2023), $393,000,000 (2024), $430,000,000 (2025). Strong, stable operating cash flow reduces financing risk and gives management optionality; if cash generation falters, the company may need to curb investment or raise capital.
Watch: A shift in revenue mix toward longer-dated, low-cash transactional revenue or increased working capital requirements (e.g., extended payment terms) that reduce OCF.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow remained positive and sizable across the period: $490,000,000 (2023), $393,000,000 (2024), $430,000,000 (2025).
Open source ↗The proprietary commercial and residential database, large research organization, and marketplace traffic create user switching costs and network effects that protect pricing and enable cross-sell.HoldingMateriality: Medium
Gross profit increased materially: $1,964,000,000 (2023) -> $2,178,000,000 (2024) -> $2,561,000,000 (2025), indicating durable high-margin core content/services. A sustained moat preserves pricing power and margins; if the moat erodes, growth will require heavier spending and margins will compress.
Watch: Large portals or data aggregators (e.g., competing marketplace networks or major tech players) undercut pricing or gain exclusive feed access, reducing CoStar's data uniqueness.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Gross profit increased materially: $1,964,000,000 (2023) -> $2,178,000,000 (2024) -> $2,561,000,000 (2025), indicating durable high-margin core content/services.
Open source ↗
Full investment case & evidence
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Original research
CoStar's subscription-driven model and auto-renewing license agreements produce resilient, recurring top-line revenue and high cash conversion that insulate the business from one-off transactional swings. If true, investors get predictable revenue and strong operating cash flow even if margins fluctuate short-term; if false, revenue will be lumpy and cash generation will fall, damaging valuation.
Operating income and margins will recover from 2025 weakness as Matterport and other integrations complete and one-time acquisition-related charges subside, allowing incremental revenue to flow to EBIT. Margin recovery is necessary to convert revenue growth into sustainable EPS and justify the current premium valuation; failure to regain margins leaves the stock reliant on multiple expansion.
Core subscription economics convert into robust operating cash flow that will fund product development, M&A, or capital returns even if GAAP earnings fluctuate. Strong, stable operating cash flow reduces financing risk and gives management optionality; if cash generation falters, the company may need to curb investment or raise capital.
The proprietary commercial and residential database, large research organization, and marketplace traffic create user switching costs and network effects that protect pricing and enable cross-sell. A sustained moat preserves pricing power and margins; if the moat erodes, growth will require heavier spending and margins will compress.
All standing thesis claims
Original report summary
CoStar converts a large, proprietary real-estate database and high-frequency marketplace traffic into sticky subscription revenue, cross-sold analytics and 3D digital-twin services that drive durable cash generation and margin expansion as acquisitions (e.g., Matterport) are.
Bull case and bear case
Bull case and bear case for Costar Group
Where the evidence on Costar Group stands: Holding on the latest evidence (Nov 12, 2026). Of its 4 thesis points, 2 strengthening and 2 holding.
Bull case: what the evidence supports
CoStar's subscription-driven model and auto-renewing license agreements produce resilient, recurring top-line revenue and high cash conversion that insulate the business from one-off transactional swings.
Operating income and margins will recover from 2025 weakness as Matterport and other integrations complete and one-time acquisition-related charges subside, allowing incremental revenue to flow to EBIT.
Core subscription economics convert into robust operating cash flow that will fund product development, M&A, or capital returns even if GAAP earnings fluctuate.
The proprietary commercial and residential database, large research organization, and marketplace traffic create user switching costs and network effects that protect pricing and enable cross-sell.
Bear case: what would count against it
Significant declines in renewal/retention rates from large accounts or marketplaces electing to publish/aggregate listings elsewhere (e.g., major portals or MLS feed restrictions).
Persistent elevated opex/stock compensation/amortization from acquisitions that do not convert into revenue synergies.
A shift in revenue mix toward longer-dated, low-cash transactional revenue or increased working capital requirements (e.g., extended payment terms) that reduce OCF.
Thesis-Break Engine
What has broken in Costar Group’s thesis
Each break OptimistFi flagged on Costar Group, dated — with what has historically followed the same kind of break across the market, not a forecast for Costar Group.
- Price target fell below the stockcondition set before this filing
Across all companies, this kind of break has happened 1,809 times before. Those stocks trailed comparable companies by a median of 1% over the next six months, and 33% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Costar Group filed an SEC 8-K on 2026-10-27: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
Costar Group filed an SEC 8-K on 2026-08-21: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Costar Group filed an SEC 8-K on 2026-07-28: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Significant declines in renewal/retention rates from large accounts or marketplaces electing to publish/aggregate listings elsewhere (e.g., major portals or MLS feed restrictions).
- Persistent elevated opex/stock compensation/amortization from acquisitions that do not convert into revenue synergies.
- A shift in revenue mix toward longer-dated, low-cash transactional revenue or increased working capital requirements (e.g., extended payment terms) that reduce OCF.
- Large portals or data aggregators (e.g., competing marketplace networks or major tech players) undercut pricing or gain exclusive feed access, reducing CoStar's data uniqueness.
CSGP news
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Financial statements
CSGP income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
CSGP: quick answers
- When does Costar Group (CSGP) report earnings next?
- Costar Group's next results are projected for February 23, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 27, 2026. Earnings calendar
- What is CSGP's short interest?
- As of October 30, 2026, 12.5M CSGP shares were sold short, 3.11% of its shares outstanding, down 16.6% from the count before. At the stock's average daily volume that is 1.7 days to cover. FINRA publishes the count twice a month. CSGP short interest history
- Have members of Congress traded CSGP?
- Reports made public in the last 90 days disclose 6 trades in CSGP by 3 filers: 4 purchases and 2 sales. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed CSGP trade
- Which well-known investors own CSGP?
- 1 of the 37 well-known funds tracked here reported CSGP shares in their latest 13F filing. By share of the fund's portfolio: Akre Capital Management (Chuck Akre), 6.5%. Fund portfolios
CSGP in well-known investors’ portfolios
1 of 37 funds reported CSGP shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Chuck AkreAkre Capital Management | 6.5% | $331M | +13.1% | Q2 2026 |