Zillow
ZG Nasdaq· Real Estate Services
Last close · Oct 26, 2026
$33.73
KIRA · Stoqly’s AI analyst, in plain words
- Zillow had $2.6B of revenue in fiscal 2025, up 15.5% on the year before. Over five years, revenue changed +9.7% a year on average.
- Its operating margin was −1.3%, up 7.5 pts: of every 100 in sales, about −1 is left after running the business.
- Zillow made $23.0M of net profit in fiscal 2025.
- Free cash flow was $235M in fiscal 2025, 9.1% of revenue.
- Zillow returned $670M to shareholders in fiscal 2025, 285% of free cash flow. The diluted share count rose 8.6%.
- Zillow has $1.3B more cash than debt.
Market cap
$7.7B
P/E
153.3x
Revenue
$2.6B
Net income
$23.0M
Free cash flow
$235M
Operating margin
−1.3%
Zillow in 30 seconds · fiscal 2025
Are sales growing?
+15.5%
Yes. Sales grew 15.5% last year.
Does it make a profit?
0.9%
A little. It keeps 0.9% of every sale as profit.
Does profit turn into cash?
9.1%
Partly. 9.1% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
7 / 9
Solid. It passes 7 of 9 health tests.
How is the share priced?
153.3x
One share costs 153.3 times its yearly profit per share. Typical for its sector: 27.8x.
What Zillow does
Zillow runs real estate websites and apps in the United States where people look for homes to buy or rent. Its database covers about 173 million U.S. homes, and it shows a home value estimate for each called the Zestimate. Beyond listings, it offers tools for buyers, sellers, renters, landlords and real estate agents, and a mortgage business, Zillow Home Loans. Zillow earns money from real estate professionals, property managers and lenders. Agents and teams buy advertising and software, such as Zillow Preferred and Follow Up Boss, and the company passes them connections to people who are ready to move. Zillow Preferred is an invite-only program in which agents pay when a deal closes. Multifamily property managers pay to advertise rental vacancies. Zillow Home Loans makes mortgages and generally sells them on the secondary market. In rentals, Zillow had 2.4 million average monthly active rental listings in 2025, and it lets renters tour, apply, sign a lease and pay rent.
Biggest risks, in its own words
- The health of the U.S. residential real estate market, and downturns or big changes in it.
- Real estate partners cutting back or ending their spending with Zillow, or Zillow failing to keep their business.
- Losing access to listings data from brokerages, listing services and other data providers.
- Disputes and rules about the accuracy and display of its Zestimate home values.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 11, 2026
- Legal name
- ZILLOW GROUP, INC.
- CIK
- 0001617640
Zillow · ZG
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $2.1B | $2.0B | $1.9B | $2.2B | $2.6B |
| Revenue growth | 31.3% | −8.2% | −0.7% | 15.0% | 15.5% |
| Gross margin | 84.9% | 81.3% | 78.4% | 76.4% | 74.1% |
| Operating margin | 11.2% | −4.8% | −13.9% | −8.8% | −1.3% |
| Net income | −$528M | −$101M | −$158M | −$112M | $23.0M |
| Net margin | −24.8% | −5.2% | −8.1% | −5.0% | 0.9% |
| Diluted EPS | −$2.02 | −$0.42 | −$0.68 | −$0.48 | $0.09 |
| Cash | |||||
| Cash from operations | −$3.2B | $4.5B | $354M | $428M | $368M |
| Capital expenditure | $74.0M | $115M | $135M | $143M | $133M |
| Free cash flow | −$3.3B | $4.4B | $219M | $285M | $235M |
| FCF margin | −152.5% | 224.2% | 11.3% | 12.8% | 9.1% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $302M | $947M | $424M | $301M | $670M |
| Share count change | 13.1% | −7.5% | −3.6% | 0.2% | 8.6% |
| Debt and strength | |||||
| Cash and short-term investments | $2.8B | $3.4B | $2.8B | $1.9B | $1.3B |
| Debt incl. finance leases | $1.3B | $1.7B | $1.6B | $418M | $0.0M |
| Shareholders' equity | $5.3B | $4.5B | $4.5B | $4.8B | $4.9B |
| Net debt / EBITDA | −4.1x | −26.6x | — | −33.5x | −5.6x |
| Current ratio | 2.0x | 13.3x | 3.2x | 2.8x | 3.1x |
| Interest coverage | 1.9x | −2.7x | −7.5x | −5.5x | −1.9x |
| Returns and quality | |||||
| Return on capital | 7.7% | −2.2% | −7.0% | −4.6% | −0.9% |
| Return on equity | −10.5% | −2.1% | −3.5% | −2.4% | 0.5% |
| Piotroski F-score | 3 | 5 | 4 | 5 | 7 |
| Altman Z'' | 3.0 | 4.7 | 3.2 | 5.6 | 7.0 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$14.6M
12 insiders
Of sales under plans
62%
$9.1M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Zillow · ZG
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Zillow ZG | $7.7B | 15.5% | −1.3% | 9.1% | −0.9% | 153.3x | 7 |
| CoStar Group CSGP | $13.6B | 18.7% | −2.2% | 3.8% | −0.6% | 187.2x | 5 |
| Newmark Group NMRK | $2.9B | 20.3% | 7.1% | 4.3% | 8.6% | 14.2x | 7 |
| Howard Hughes HHH | $4.2B | −15.8% | 22.5% | 28.3% | 3.4% | 14.3x | — |
| Compass COMP | $8.2B | 23.7% | −0.9% | 2.9% | — | 161.5x | — |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $33.73 a share, the company is worth $7.7B: 153.3 times its earnings of the last four quarters.
Zillow grew sales faster than 1 of its 4 similar companies. Its P/E is higher than 2 of 4.
Source: SEC EDGAR XBRL filings (CIK 0001617640). Data updated October 11, 2026. For information only — not investment advice. Check the original filings before relying on any figure.