CoStar Group management check
CSGP · Real Estate · Real Estate Services · CEO Andrew C. Florance
Filings as of
2 good · 4 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $112, against $123 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.02 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
560.5% of net income$36.4m of reported pay in fiscal 2025, against $6.5m of net income.
- Good
Do they own the stock?
Insiders are buyingThe CEO holds 1,722,865.03 shares, directly or through trusts (unvested awards not counted): about 1.7 years of pay. 1 insider bought $5.0m on the open market in the last six months, with their own money, near the lows. Sales: $253k.
- Watch
Are owners being diluted?
Share count growingDiluted shares changed +1.7% a year over the last three fiscal years. Stock-based pay was 6.0% of revenue in the latest year.
- Watch
Is leadership stable?
10 leadership filings in 3 yearsCEO in the pay table: Andrew C. Florance. 10 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 40 | 45 | |
| Pay for performance | 51 | 86 | |
| CEO cost | 0 | 23 | |
| Skin in the game | 66 | 32 | |
| Dilution | 29 | 23 | |
| Stable leadership | 75 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Real Estate Services, by management score. CoStar Group is 24th of 29 in its sector.
Pay versus performance
From the proxy statement filed April 30, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Andrew C. Florance | $36.4m | $33.2m | $8.1m | $112 | $123 | $6.5m |
| 2024 | — | $37.4m | $8.2m | $8.2m | $120 | $119 | $138.7m |
| 2023 | — | $29.2m | $28.6m | $7.3m | $146 | $113 | $374.7m |
| 2022 | — | $19.4m | $16.2m | $5.6m | $129 | $101 | $369.5m |
| 2021 | — | $22.2m | $11.4m | $6.6m | $132 | $137 | $292.6m |
The board says pay is tied most to EBITDA. Its other key measures: Revenue, Relative TSR, Net Income.
Insiders and the CEO's stake
Andrew C Florance (President and CEO) held 1,722,865.03 shares directly after their latest Form 4 on May 1, 2026, roughly $61.7m at that filing's price.
1 insider bought $5.0m on the open market in the last six months, with their own money, near the lows. Sales: $253k.
- BoughtAndrew C FloranceFounder and CEO$5.0mAug 4, 2026
- SoldCynthia Cammett CannChief Accounting Officer$147kAug 7, 2026
- SoldJohn W HillDirector$106kAug 5, 2026
Leadership and governance on file
- Jul 13, 2026Leadership change8-K 5.02
- Jun 25, 2026Leadership change8-K 5.02
- Mar 16, 2026Leadership change8-K 5.02
- Feb 13, 2026Leadership change8-K 5.02
- Jan 7, 2026Leadership change8-K 5.02
- Jun 27, 2025Leadership change8-K 5.02
- Apr 7, 2025Leadership change8-K 5.02
- Jul 11, 2024Leadership change8-K 5.02
- Jun 18, 2024Leadership change8-K 5.02
- Feb 20, 2024Leadership change8-K 5.02
- Aug 1, 2023Leadership change8-K 5.02
Latest shareholder vote results: Jun 25, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $500.0m returned to owners in buybacks and dividends, 42% of net income, and $506.9m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.9bn | $2.2bn | $2.5bn | $2.7bn | $3.2bn |
| Net income | $292.6m | $369.5m | $374.7m | $138.7m | $6.5m |
| Stock-based pay | $63.7m | $75.2m | $85.0m | $89.0m | $194.0m |
| Buybacks | — | — | $0 | $0 | $500.0m |
| Dividends | — | — | — | — | — |
| Diluted shares | 394m | 398m | 407m | 408m | 421m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.