Howard Hughes
HHH · Real Estate Services
$70.19
1.0%Zillow
ZG · Real Estate Services
$34.05
3.1%The short version
- Zillow is the larger business, with $2.6B of revenue in fiscal 2025 against $1.5B for Howard Hughes, about 1.8 times as much.
- Zillow grew revenue faster (15.5%, against −15.8%).
- Howard Hughes kept more of each dollar of sales as operating profit (22.5% operating margin, against −1.3% operating margin).
- Howard Hughes turned more of its sales into free cash flow (28.3% FCF margin, against 9.1% FCF margin).
- Howard Hughes earned a higher return on the capital invested in it (3.4%, against −0.9%).
- Investors pay more for each dollar of Zillow’s earnings: a P/E of 154.8x against 14.3x for Howard Hughes.
| Latest fiscal year | HHH · FY25 | ZG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.2B | $7.8B |
| Revenue | $1.5B | $2.6B |
| Free cash flow | $418M | $235M |
| Net income | $124M | $23.0M |
| Growth | ||
| Revenue growth | −15.8% | 15.5% |
| 5-year growth | — | 9.7% |
| Share count change | 12.3% | 8.6% |
| Profitability | ||
| Gross margin | — | 74.1% |
| Operating margin | 22.5% | −1.3% |
| Net margin | 8.4% | 0.9% |
| FCF margin | 28.3% | 9.1% |
| Return on capital | 3.4% | −0.9% |
| Return on equity | 3.8% | 0.5% |
| Balance sheet | ||
| Net debt | $3.6B | −$1.3B |
| Net debt / EBITDA | 7.1x | −5.6x |
| Dividends and buybacks | $0.0M | $670M |
| Valuation & quality | ||
| P/E | 14.3x | 154.8x |
| Piotroski F-score | — | 7 |
FY16
HHH —
ZG $847M
FY17
HHH —
ZG $1.1B
FY18
HHH —
ZG $1.3B
FY19
HHH —
ZG $2.7B
FY20
HHH —
ZG $1.6B
FY21
HHH $1.4B
ZG $2.1B
FY22
HHH $1.5B
ZG $2.0B
FY23
HHH $909M
ZG $1.9B
FY24
HHH $1.8B
ZG $2.2B
FY25
HHH $1.5B
ZG $2.6B
HHH
ZG
FY16
HHH —
ZG −22.8%
FY17
HHH —
ZG −15.0%
FY18
HHH —
ZG −9.7%
FY19
HHH —
ZG −9.0%
FY20
HHH —
ZG 6.7%
FY21
HHH 16.9%
ZG 11.2%
FY22
HHH 28.5%
ZG −4.8%
FY23
HHH 23.8%
ZG −13.9%
FY24
HHH 32.0%
ZG −8.8%
FY25
HHH 22.5%
ZG −1.3%
HHH
ZG
FY16
HHH —
ZG −$53.4M
FY17
HHH —
ZG $191M
FY18
HHH —
ZG −$62.2M
FY19
HHH —
ZG −$679M
FY20
HHH —
ZG $338M
FY21
HHH −$320M
ZG −$3.3B
FY22
HHH $282M
ZG $4.4B
FY23
HHH −$299M
ZG $219M
FY24
HHH $349M
ZG $285M
FY25
HHH $418M
ZG $235M
HHH
ZG
FY16
HHH —
ZG −6.4%
FY17
HHH —
ZG −5.5%
FY18
HHH —
ZG −4.4%
FY19
HHH —
ZG −8.0%
FY20
HHH —
ZG 3.6%
FY21
HHH —
ZG 7.7%
FY22
HHH —
ZG −2.2%
FY23
HHH —
ZG −7.0%
FY24
HHH 5.8%
ZG −4.6%
FY25
HHH 3.4%
ZG −0.9%
HHH
ZG
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.