Howard Hughes vs Zillow
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KIRAβs take AI analyst
I put Howard Hughes and Zillow side by side, using each oneβs latest annual report. Here is what stands out:
- 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 β15.8%).
- Howard Hughes kept more of each dollar of sales as operating profit (22.5% operating margin, against β1.3%).
- Howard Hughes turned more of its sales into free cash flow (28.3% FCF margin, against 9.1%).
- Howard Hughes earned a higher return on the capital invested in it (3.4%, against β0.9%).
- Investors pay more for each dollar of Zillowβs earnings: a P/E of 153.3x against 14.3x for Howard Hughes.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Howard Hughes
HHH
5/8
Operating marginNet marginFCF marginReturn on capitalReturn on equity
Zillow
ZG
3/8
Revenue growthNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | HHH FY25 | ZG FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.2B | $7.7B |
| Revenue | $1.5B | $2.6B |
| Free cash flow | $418M | $235M |
| Net income | $124M | $23.0M |
| Growth | ||
| Revenue growth | β15.8% | 15.5% |
| 5-year growth | β | 9.7% |
| Share count change | 12.3% | 8.6% |
| Profitability | ||
| Gross margin | β | 74.1% |
| Operating margin | 22.5% | β1.3% |
| Net margin | 8.4% | 0.9% |
| FCF margin | 28.3% | 9.1% |
| Return on capital | 3.4% | β0.9% |
| Return on equity | 3.8% | 0.5% |
| Balance sheet | ||
| Net debt | $3.6B | β$1.3B |
| Net debt / EBITDA | 7.1x | β5.6x |
| Dividends and buybacks | $0.0M | $670M |
| Valuation & quality | ||
| P/E | 14.3x | 153.3x |
| Piotroski F-score | β | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.