CoStar Group Inc., current enterprise value calculation

Current share price (P)	$84.38
No. shares of common stock outstanding	408,336,600
US$ in thousands
Common equity (market value)¹	34,455,442)
Add: Preferred stock, $0.01 par value; zero outstanding (per books)	—)
Total equity	34,455,442)
Add: Long-term debt, net (per books)	989,210)
Total equity and debt	35,444,652)
Less: Cash and cash equivalents	4,967,970)
Enterprise value (EV)	30,476,682)

Based on: 10-K (reporting date: 2022-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 84.38 × 408,336,600

CoStar Group Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$72.13	$53.50	$83.62	$68.23	$45.75
No. shares of common stock outstanding¹	406,772,431	394,987,704	394,104,410	366,447,340	364,518,290
US$ in thousands
Common equity (market value)³	29,340,495)	21,131,842)	32,955,011)	25,002,702)	16,676,712)
Add: Preferred stock, $0.01 par value; zero outstanding (book value)	—)	—)	—)	—)	—)
Total equity	29,340,495)	21,131,842)	32,955,011)	25,002,702)	16,676,712)
Add: Long-term debt, net (book value)	989,210)	987,944)	986,715)	—)	—)
Total equity and debt	30,329,705)	22,119,786)	33,941,726)	25,002,702)	16,676,712)
Less: Cash and cash equivalents	4,967,970)	3,827,126)	3,755,912)	1,070,731)	1,100,416)
Enterprise value (EV)	25,361,735)	18,292,660)	30,185,814)	23,931,971)	15,576,296)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of CoStar Group Inc. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 72.13 × 406,772,431

Between 2018 and 2022, the financial metrics exhibit a cycle of expansion, significant contraction, and subsequent recovery. The market value of common equity grew from 16.68 billion USD in 2018 to a peak of 32.96 billion USD in 2020, before experiencing a sharp decline to 21.13 billion USD in 2021 and recovering to 29.34 billion USD by the end of 2022.

Enterprise Value Trends: Enterprise value followed the trajectory of market capitalization, increasing from 15.58 billion USD in 2018 to a high of 30.19 billion USD in 2020. A notable correction occurred in 2021, with the value falling to 18.29 billion USD, followed by a rebound to 25.36 billion USD in 2022.
Debt and Equity Structure: In 2018 and 2019, total equity and debt were equivalent to common equity. However, starting in 2020, total equity and debt began to exceed common equity by approximately 986 million to 989 million USD, a gap that remained relatively constant through 2022, suggesting a stabilized debt load.
Net Liquidity Position: Enterprise value remained consistently lower than the market value of common equity throughout the analyzed period. This discrepancy indicates a persistent net cash position, where the organization's cash and cash equivalents exceeded its total debt, thereby reducing the overall enterprise value relative to the equity market cap.

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CoStar Group Inc. (NASDAQ:CSGP)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)