A Business at a Glance
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ZILLOW GROUP, INC.
Z
$7.9B
Mkt Cap
$30.76
+3.99%
ZILLOW GROUP, INC. (Z) has a current P/E ratio of 341.8.
ZILLOW GROUP, INC. (Z) has a 5-year average return on invested capital (ROIC) of 1.5%. This is below average and may indicate limited pricing power.
ZILLOW GROUP, INC. (Z) has a market capitalization of $7.4B. It is classified as a mid-cap stock.
ZILLOW GROUP, INC. (Z) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 14.19%.
ZILLOW GROUP, INC. (Z) operates in the Services-Business Services, Nec industry, within the Industrials sector.
ZILLOW GROUP, INC. (Z) reported annual revenue of $2.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
ZILLOW GROUP, INC. (Z) has a net profit margin of 0.9%. This is a modest margin.
Item 1. Business. We are reimagining residential real estate to make home a reality for more and more people. As the most visited real estate app and website in the United States1, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more. Zillow’s ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing. At the core of Zillow is our living database of approximately 173 million U.S.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.7B | 2.6B | 2.2B | 1.9B | 2.0B | 2.1B |
| Net Income | 61M | 23M | -112M | -158M | -101M | -528M |
| EPS | $0.25 | $0.09 | $-0.48 | $-0.68 | $-0.42 | $-2.02 |
| Free Cash Flow | 333M | 235M | 285M | 219M | 4.4B | -3.3B |
| ROIC | 1.4% | 0.5% | -2.2% | -2.7% | -1.6% | 13.5% |
| Gross Margin | 73.3% | 74.1% | 76.4% | 78.4% | 56.3% | 56.0% |
| Debt/Equity | 0.00 | 0.02 | 0.11 | 0.38 | 0.41 | 0.51 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 11M | -34M | -197M | -270M | -93M | 239M |
| Operating Margin | 0.4% | -1.3% | -8.8% | -13.9% | -4.7% | 11.2% |
| ROE | 1.4% | 0.5% | -2.4% | -3.5% | -2.1% | -10.5% |
| Shares Outstanding | 240M | 256M | 233M | 232M | 240M | 261M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 326M | 645M | 847M | 1.1B | 1.3B | 2.7B | 1.6B | 2.1B | 2.0B | 1.9B | 2.2B | 2.6B | 2.7B |
| Gross Margin | 43.3% | 46.7% | 59.4% | 47.0% | 51.3% | 43.7% | 55.0% | 56.0% | 56.3% | 78.4% | 76.4% | 74.1% | 73.3% |
| R&D | 85M | 184M | 256M | 320M | 411M | 351M | 324M | 421M | 498M | 560M | 585M | 607M | 608M |
| SG&A | 66M | 185M | 332M | 211M | 262M | 366M | 324M | 414M | 498M | 553M | 524M | 497M | 499M |
| EBIT | -45M | -150M | -193M | -162M | -129M | -247M | 109M | 239M | -93M | -270M | -197M | -34M | 11M |
| Op. Margin | -13.7% | -23.2% | -22.8% | -15.0% | -9.7% | -9.0% | 6.7% | 11.2% | -4.7% | -13.9% | -8.8% | -1.3% | 0.4% |
| Net Income | -44M | -149M | -220M | -94M | -120M | -305M | -162M | -528M | -101M | -158M | -112M | 23M | 61M |
| Net Margin | -13.4% | -23.1% | -26.0% | -8.8% | -9.0% | -11.1% | -10.0% | -24.8% | -5.2% | -8.1% | -5.0% | 0.9% | 2.3% |
| Non-Recurring | 2.8M | 53M | -3.7M | 342M | 154M | -7.2M | 154M | 114M | 48M | 38M | 12M | 4.0M | 4.0M |
| Returns on Capital | |||||||||||||
| ROIC | -7.5% | -8.5% | -7.6% | -3.2% | -3.4% | -6.8% | 9.8% | 13.5% | -1.6% | -2.7% | -2.2% | 0.5% | 1.4% |
| ROE | -7.5% | -9.1% | -8.5% | -3.6% | -4.0% | -9.1% | -4.0% | -10.5% | -2.1% | -3.5% | -2.4% | 0.5% | 1.4% |
| ROA | -13.0% | -7.9% | -7.0% | -3.0% | -3.2% | -5.9% | -2.4% | -5.8% | -1.2% | -2.4% | -1.8% | 0.4% | 1.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 46M | 23M | 8.6M | 258M | 3.9M | -612M | 423M | -3.2B | 4.5B | 354M | 428M | 368M | 464M |
| Free Cash Flow | 14M | -30M | -53M | 191M | -62M | -679M | 338M | -3.3B | 4.4B | 219M | 285M | 235M | 333M |
| Owner Earnings | -24M | -158M | -199M | 34M | -245M | -899M | 115M | -3.6B | 3.9B | -284M | -260M | -286M | -174M |
| CapEx | 32M | 53M | 62M | 67M | 66M | 67M | 85M | 74M | 115M | 135M | 143M | 133M | 131M |
| Maint. CapEx | 36M | 75M | 101M | 110M | 99M | 87M | 111M | 130M | 157M | 187M | 240M | 264M | 264M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 36M | 75M | 101M | 110M | 99M | 87M | 111M | 130M | 157M | 187M | 240M | 264M | 264M |
| CapEx/OCF | N/A | 232.5% | 717.9% | 25.8% | 1715.7% | N/A | 20.0% | N/A | 2.6% | 38.1% | 33.4% | 36.1% | 28.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 302M | 947M | 424M | 301M | 670M | 1.0B |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.9% | 12.6% | 3.1% | 1.7% | 3.8% | 14.2% |
| Stock-Based Comp | 34M | 105M | 107M | 114M | 149M | 199M | 197M | 312M | 451M | 451M | 448M | 390M | 374M |
| Debt Repayment | 0 | 0 | 370M | 0 | 0 | 0 | 195M | 1.0M | 1.2B | 56M | 1.2B | 419M | 419M |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | -290M | -139M | -729M | -1.5B | -1.9B | -3.9B | -2.4B | -3.0B | -2.6B | -1.3B | -1.2B | -783M |
| Cash & Equiv. | 126M | 229M | 244M | 352M | 651M | 1.1B | 1.7B | 2.3B | 1.5B | 1.5B | 1.1B | 768M | 783M |
| Long-Term Debt | N/A | 230M | 367M | 385M | 699M | 1.5B | 1.6B | 1.3B | 1.7B | 1.0B | 0 | N/A | N/A |
| Debt/Equity | 0.10 | 0.09 | 0.15 | 0.14 | 0.21 | 0.52 | 0.39 | 0.51 | 0.41 | 0.38 | 0.11 | 0.02 | 0.00 |
| Interest Coverage | N/A | -27.2 | -26.0 | -5.9 | -3.1 | -2.4 | 0.8 | 1.9 | -2.7 | -7.5 | -5.5 | -1.9 | 0.6 |
| Equity | 589M | 2.7B | 2.5B | 2.7B | 3.3B | 3.4B | 4.7B | 5.3B | 4.5B | 4.5B | 4.8B | 4.9B | 4.4B |
| Total Assets | 650M | 3.1B | 3.1B | 3.2B | 4.3B | 6.1B | 7.5B | 10.7B | 6.6B | 6.7B | 5.8B | 5.7B | 5.2B |
| Total Liabilities | 61M | 457M | 616M | 570M | 1.0B | 2.7B | 2.7B | 5.4B | 2.1B | 2.1B | 981M | 801M | 818M |
| Intangibles | 27M | 559M | 527M | 320M | 216M | 191M | 95M | 176M | 154M | 241M | 207M | 279M | 272M |
| Retained Earnings | -128M | -277M | -497M | -592M | -672M | -977M | -1.1B | -1.7B | -1.6B | -1.8B | -1.9B | -1.9B | -1.8B |
| Working Capital | 352M | 494M | 486M | 723M | 1.6B | 2.6B | 4.1B | 3.8B | 3.3B | 2.2B | 1.5B | 1.4B | 935M |
| Current Assets | 401M | 574M | 583M | 842M | 1.9B | 3.5B | 5.0B | 7.7B | 3.6B | 3.1B | 2.3B | 2.1B | 1.7B |
| Current Liabilities | 49M | 80M | 97M | 118M | 287M | 921M | 909M | 3.9B | 270M | 971M | 831M | 679M | 724M |
| Per Share Data | |||||||||||||
| EPS | -0.36 | -0.88 | -1.22 | -0.51 | -0.61 | -1.48 | -0.70 | -2.02 | -0.42 | -0.68 | -0.48 | 0.09 | 0.25 |
| Owner EPS | -0.20 | -0.93 | -1.10 | 0.19 | -1.24 | -4.35 | 0.50 | -13.85 | 16.20 | -1.22 | -1.11 | -1.12 | -0.73 |
| Book Value | 4.86 | 15.84 | 14.02 | 14.37 | 16.63 | 16.65 | 20.49 | 20.43 | 18.64 | 19.48 | 20.78 | 19.11 | 18.39 |
| Cash Flow/Share | 0.38 | 0.13 | 0.05 | 1.39 | 0.02 | -2.97 | 1.83 | -12.15 | 18.73 | 1.52 | 1.83 | 1.44 | 1.36 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 121.1M | 169.2M | 180.7M | 185.1M | 196.5M | 206.3M | 231.4M | 261.4M | 240.5M | 232.4M | 233.3M | 255.6M | 239.6M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 775.7 | 122.6 |
| P/FCF | N/A | N/A | N/A | 40.1 | N/A | N/A | 90.8 | N/A | 1.7 | 62.4 | 62.4 | 75.9 | 22.1 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 63.3 | N/A | N/A | N/A | N/A | 598.9 |
| Price/Book | N/A | 1.5 | 2.7 | 2.9 | 1.9 | 2.8 | 6.3 | 3.0 | 1.7 | 3.0 | 3.7 | 3.7 | 1.7 |
| Price/Sales | N/A | 6.9 | 6.4 | 6.9 | 7.1 | 2.9 | 4.8 | 13.6 | 5.0 | 5.5 | 5.8 | 7.4 | 2.7 |
| FCF Yield | N/A | -0.7% | -0.8% | 2.5% | -1.0% | -7.1% | 1.1% | -20.1% | 58.3% | 1.6% | 1.6% | 1.3% | 4.5% |
| Market Cap | N/A | 4.1B | 6.7B | 7.7B | 6.2B | 9.5B | 29.9B | 16.1B | 7.5B | 13.7B | 17.8B | 17.8B | 7.4B |
| Avg. Price | N/A | 26.37 | 29.88 | 40.19 | 47.86 | 38.06 | 70.51 | 111.22 | 40.78 | 45.79 | 55.84 | 74.57 | 30.76 |
| Year-End Price | N/A | 23.95 | 37.18 | 41.42 | 31.51 | 46.10 | 132.68 | 61.73 | 31.29 | 58.85 | 76.18 | 69.81 | 30.76 |
ZILLOW GROUP, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 6.0x vs a median of 62.4x. The company's 5-year average ROIC is 1.5% with a gross margin of 68.3%. Total shareholder yield (buybacks) is 14.2%. At current prices, the estimated annualized return to fair value is +76.2%.
ZILLOW GROUP, INC. (Z) generated $235 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ZILLOW GROUP, INC. (Z) has a debt-to-equity ratio of 0.02. This indicates a conservatively financed balance sheet.
ZILLOW GROUP, INC. (Z) reported earnings per share (EPS) of $0.09 in its most recent fiscal year.
ZILLOW GROUP, INC. (Z) has a return on equity (ROE) of 0.5%. This indicates moderate shareholder returns.
ZILLOW GROUP, INC. (Z) has a 5-year average gross margin of 68.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 13 years of financial data for ZILLOW GROUP, INC. (Z), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ZILLOW GROUP, INC. (Z) has a book value per share of $19.11, based on its most recent annual SEC filing.