Park Hotels & Resorts vs Zillow

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KIRA’s take AI analyst

I put Park Hotels & Resorts and Zillow side by side, using each one’s latest annual report. Here is what stands out:

Zillow is the larger business, with $2.6B of revenue in fiscal 2025 against $2.5B for Park Hotels & Resorts.
Zillow grew revenue faster (15.5%, against −2.2%).
Zillow turned more of its sales into free cash flow (9.1% FCF margin, against 4.0%).
Park Hotels & Resorts earned a higher return on the capital invested in it (−0.4%, against −0.9%).

Who comes out ahead

Of the 9 measures where higher (or lower) is clearly better, how many each company leads.

Park Hotels & Resorts

4/9

5-year growthOperating marginReturn on capitalShare count change

Zillow

5/9

Revenue growthNet marginFCF marginReturn on equityNet debt / EBITDA

Side by side

Best in the row

Latest fiscal year	PK FY25	ZG FY25
Size
Market cap	$3.4B	$7.6B
Revenue	$2.5B	$2.6B
Free cash flow	$102M	$235M
Net income	−$283M	$23.0M
Growth
Revenue growth	−2.2%	15.5%
5-year growth	24.4%	9.7%
Share count change	−4.8%	8.6%
Profitability
Gross margin	—	74.1%
Operating margin	−1.3%	−1.3%
Net margin	−11.1%	0.9%
FCF margin	4.0%	9.1%
Return on capital	−0.4%	−0.9%
Return on equity	−8.4%	0.5%
Balance sheet
Net debt	$3.6B	−$1.3B
Net debt / EBITDA	12.0x	−5.6x
Dividends and buybacks	$325M	$670M
Valuation & quality
P/E	—	150.8x
Piotroski F-score	—	7

Ten years

Revenue

FY16

PK $2.7B

ZG $847M

FY17

PK $2.8B

ZG $1.1B

FY18

PK $2.7B

ZG $1.3B

FY19

PK $2.8B

ZG $2.7B

FY20

PK $852M

ZG $1.6B

FY21

PK $1.4B

ZG $2.1B

FY22

PK $2.5B

ZG $2.0B

FY23

PK $2.7B

ZG $1.9B

FY24

PK $2.6B

ZG $2.2B

FY25

PK $2.5B

ZG $2.6B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PK ZG

Operating margin

FY16

PK 15.4%

ZG −22.8%

FY17

PK 13.3%

ZG −15.0%

FY18

PK 18.4%

ZG −9.7%

FY19

PK 15.0%

ZG −9.0%

FY20

PK −141.1%

ZG 6.7%

FY21

PK −13.1%

ZG 11.2%

FY22

PK 11.8%

ZG −4.8%

FY23

PK 12.7%

ZG −13.9%

FY24

PK 15.0%

ZG −8.8%

FY25

PK −1.3%

ZG −1.3%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PK ZG

Free cash flow

FY16

PK $172M

ZG −$53.4M

FY17

PK $468M

ZG $191M

FY18

PK $266M

ZG −$62.2M

FY19

PK $259M

ZG −$679M

FY20

PK −$524M

ZG $338M

FY21

PK −$191M

ZG −$3.3B

FY22

PK $241M

ZG $4.4B

FY23

PK $218M

ZG $219M

FY24

PK $202M

ZG $285M

FY25

PK $102M

ZG $235M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PK ZG

Return on capital

FY16

PK —

ZG −6.4%

FY17

PK —

ZG −5.5%

FY18

PK 5.8%

ZG −4.4%

FY19

PK 4.2%

ZG −8.0%

FY20

PK −10.0%

ZG 3.6%

FY21

PK −1.6%

ZG 7.7%

FY22

PK 3.6%

ZG −2.2%

FY23

PK 3.4%

ZG −7.0%

FY24

PK 5.6%

ZG −4.6%

FY25

PK −0.4%

ZG −0.9%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PK ZG

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.