ZG Nasdaq Real Estate Services Financials FY2016–FY2025
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.
Hi! I read Zillow’s latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
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?
150.8x
One share costs 150.8 times its yearly profit per share. Typical for its sector: 27.8x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA summarises the numbers
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.
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Loss periods are shown in red.
KIRA summarises the numbers
Zillow made $23.0M of net profit in fiscal 2025.
Net income
Net income
Diluted EPS
Diluted EPS
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
KIRA summarises the numbers
Free cash flow was $235M in fiscal 2025, 9.1% of revenue.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
KIRA summarises the numbers
Zillow returned $670M to shareholders in fiscal 2025, 285% of free cash flow.
The diluted share count rose 8.6%.
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
In the last 12 months, insiders sold $14.6M of shares on the open market and bought none.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$14.6M
12 insiders
Of sales under plans
62%
$9.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 3, 2026 | Thielke Claire CormierDirector | Sold plan | 1,187 | $35.71 | $0.0M | Form 4 |
| Sep 3, 2026 | Erik C BlachfordDirector | Sold plan | 792 | $35.71 | $0.0M | Form 4 |
| Aug 17, 2026 | Jeremy WacksmanChief Executive Officer, Director | Sold plan | 9,339 | $34.18 | $0.3M | Form 4 |
| Aug 17, 2026 | Jeremy HofmannCOO & CFO | Sold plan | 5,661 | $34.18 | $0.2M | Form 4 |
| Aug 14, 2026 | Dan SpauldingChief People Officer | Sold | 3,169 | $35.37 | $0.1M | Form 4 |
| Aug 13, 2026 | Jeremy WacksmanChief Executive Officer, Director | Sold plan | 5,786 | $34.24 | $0.2M | Form 4 |
| Aug 13, 2026 | Jeremy HofmannCOO & CFO | Sold plan | 3,510 | $34.24 | $0.1M | Form 4 |
| Aug 13, 2026 | Jennifer RockChief Accounting Officer | Sold | 990 | $34.24 | $0.0M | Form 4 |
| Aug 13, 2026 | Errol G SamuelsonChief Industry Dev. Officer | Sold | 3,154 | $34.24 | $0.1M | Form 4 |
| Aug 13, 2026 | David A. BeitelChief Technology Officer | Sold | 1,798 | $34.24 | $0.1M | Form 4 |
| Aug 13, 2026 | Dan SpauldingChief People Officer | Sold | 1,966 | $34.24 | $0.1M | Form 4 |
| Aug 11, 2026 | Thielke Claire CormierDirector | Sold plan | 1,187 | $33.09 | $0.0M | Form 4 |
| Jun 8, 2026 | Erik C BlachfordDirector | Sold plan | 791 | $34.80 | $0.0M | Form 4 |
| May 22, 2026 | Jeremy WacksmanChief Executive Officer, Director | Sold plan | 9,072 | $36.54 | $0.3M | Form 4 |
| May 18, 2026 | Dan SpauldingChief People Officer | Sold plan | 3,078 | $37.40 | $0.1M | Form 4 |
| May 18, 2026 | Jeremy HofmannChief Financial Officer | Sold plan | 5,501 | $37.40 | $0.2M | Form 4 |
| May 15, 2026 | Bradley D. OwensGeneral Counsel | Sold plan | 3,364 | $37.23 | $0.1M | Form 4 |
| May 14, 2026 | Dan SpauldingChief People Officer | Sold plan | 2,056 | $37.92 | $0.1M | Form 4 |
| May 14, 2026 | Jennifer RockChief Accounting Officer | Sold | 1,034 | $37.99 | $0.0M | Form 4 |
| May 14, 2026 | Errol G SamuelsonChief Industry Dev. Officer | Sold | 2,939 | $37.97 | $0.1M | Form 4 |
| May 14, 2026 | Bradley D. OwensGeneral Counsel | Sold plan | 2,246 | $37.93 | $0.1M | Form 4 |
| May 14, 2026 | Jun ChooChief Operating Officer | Sold | 1,228 | $37.95 | $0.0M | Form 4 |
| May 14, 2026 | Jeremy WacksmanChief Executive Officer, Director | Sold | 6,051 | $37.92 | $0.2M | Form 4 |
| May 14, 2026 | David A. BeitelChief Technology Officer | Sold | 1,879 | $37.93 | $0.1M | Form 4 |
| May 14, 2026 | Jeremy HofmannChief Financial Officer | Sold plan | 3,671 | $37.93 | $0.1M | Form 4 |
| Mar 26, 2026 | Errol G SamuelsonChief Industry Dev. Officer | Sold plan | 4,734 | $44.20 | $0.2M | Form 4 |
| Mar 24, 2026 | Bradley D. OwensGeneral Counsel | Sold plan | 8,800 | $43.67 | $0.4M | Form 4 |
| Mar 3, 2026 | Erik C BlachfordDirector | Sold plan | 966 | $42.85 | $0.0M | Form 4 |
| Mar 3, 2026 | Thielke Claire CormierDirector | Sold plan | 242 | $42.85 | $0.0M | Form 4 |
| Feb 27, 2026 | Gregory B MaffeiDirector | Sold | 8,050 | $45.15 | $0.4M | Form 4 |
| Feb 20, 2026 | Lloyd D FrinkCo -Exec. Chairman & President, Director, Co-Founder | Sold | 39,663 | $45.29 | $1.8M | Form 4 |
| Feb 18, 2026 | Jeremy HofmannChief Financial Officer | Sold plan | 7,786 | $43.73 | $0.3M | Form 4 |
| Feb 17, 2026 | Jeremy WacksmanChief Executive Officer, Director | Sold plan | 13,661 | $44.25 | $0.6M | Form 4 |
| Feb 17, 2026 | Dan SpauldingChief People Officer | Sold plan | 5,361 | $43.95 | $0.2M | Form 4 |
| Feb 13, 2026 | Bradley D. OwensGeneral Counsel | Sold plan | 2,602 | $44.42 | $0.1M | Form 4 |
| Feb 12, 2026 | Jennifer RockChief Accounting Officer | Sold | 2,164 | $44.22 | $0.1M | Form 4 |
| Feb 12, 2026 | Errol G SamuelsonChief Industry Dev. Officer | Sold | 7,015 | $44.21 | $0.3M | Form 4 |
| Feb 12, 2026 | Jeremy HofmannChief Financial Officer | Sold | 5,538 | $44.22 | $0.2M | Form 4 |
| Feb 12, 2026 | David A. BeitelChief Technology Officer | Sold | 3,966 | $44.22 | $0.2M | Form 4 |
| Feb 12, 2026 | Dan SpauldingChief People Officer | Sold plan | 3,901 | $44.19 | $0.2M | Form 4 |
| Feb 12, 2026 | Jun ChooChief Operating Officer | Sold | 2,061 | $44.23 | $0.1M | Form 4 |
| Feb 12, 2026 | Bradley D. OwensGeneral Counsel | Sold plan | 2,017 | $44.20 | $0.1M | Form 4 |
| Feb 12, 2026 | Jeremy WacksmanChief Executive Officer, Director | Sold plan | 4,729 | $44.20 | $0.2M | Form 4 |
| Feb 11, 2026 | Lloyd D FrinkCo -Exec. Chairman & President, Director, Co-Founder | Sold plan | 9,258 | $45.72 | $0.4M | Form 4 |
| Feb 10, 2026 | Lloyd D FrinkCo -Exec. Chairman & President, Director, Co-Founder | Sold plan | 9,258 | $55.19 | $0.5M | Form 4 |
| Feb 9, 2026 | Lloyd D FrinkCo -Exec. Chairman & President, Director, Co-Founder | Sold plan | 9,258 | $54.64 | $0.5M | Form 4 |
| Dec 3, 2025 | Erik C BlachfordDirector | Sold plan | 965 | $72.51 | $0.1M | Form 4 |
| Dec 3, 2025 | Thielke Claire CormierDirector | Sold plan | 241 | $72.51 | $0.0M | Form 4 |
| Nov 19, 2025 | Bradley D. OwensGeneral Counsel | Sold plan | 2,722 | $67.41 | $0.2M | Form 4 |
| Nov 14, 2025 | Jeremy WacksmanChief Executive Officer, Director | Sold plan | 10,855 | $69.99 | $0.8M | Form 4 |
| Nov 14, 2025 | Jeremy HofmannChief Financial Officer | Sold plan | 7,865 | $69.53 | $0.5M | Form 4 |
| Nov 14, 2025 | Dan SpauldingChief People Officer | Sold plan | 5,455 | $69.40 | $0.4M | Form 4 |
| Nov 12, 2025 | Jun ChooChief Operating Officer | Sold | 3,141 | $71.12 | $0.2M | Form 4 |
| Nov 12, 2025 | Jeremy WacksmanChief Executive Officer, Director | Sold plan | 7,546 | $71.13 | $0.5M | Form 4 |
| Nov 12, 2025 | Jeremy HofmannChief Financial Officer | Sold plan | 5,470 | $71.13 | $0.4M | Form 4 |
| Nov 12, 2025 | Jennifer RockChief Accounting Officer | Sold | 3,291 | $71.12 | $0.2M | Form 4 |
| Nov 12, 2025 | Errol G SamuelsonChief Industry Dev. Officer | Sold | 7,641 | $71.13 | $0.5M | Form 4 |
| Nov 12, 2025 | David A. BeitelChief Technology Officer | Sold | 3,893 | $71.12 | $0.3M | Form 4 |
| Nov 12, 2025 | Dan SpauldingChief People Officer | Sold plan | 3,819 | $71.12 | $0.3M | Form 4 |
| Nov 12, 2025 | Bradley D. OwensGeneral Counsel | Sold | 1,897 | $71.12 | $0.1M | Form 4 |
| Nov 10, 2025 | Jennifer RockChief Accounting Officer | Sold | 2,710 | $73.83 | $0.2M | Form 4 |
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Zillow can carry it.
KIRA summarises the numbers
Zillow has $1.3B more cash than debt.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 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 |
| Net debt / EBITDA | −4.1x | −26.6x | — | −33.5x | −5.6x |
| Debt / equity | 0.3x | 0.4x | 0.4x | 0.1x | 0.0x |
| Interest coverage | 1.9x | −2.7x | −7.5x | −5.5x | −1.9x |
| Current ratio | 2.0x | 13.3x | 3.2x | 2.8x | 3.1x |
| Quick ratio | 2.0x | 13.3x | 3.2x | 2.8x | 3.1x |
| Total assets | $10.7B | $6.6B | $6.7B | $5.8B | $5.7B |
| Total liabilities | $5.4B | $2.1B | $2.1B | $981M | $801M |
| Shareholders' equity | $5.3B | $4.5B | $4.5B | $4.8B | $4.9B |
| Net debt (− = net cash) | −$1.5B | −$1.7B | −$1.2B | −$1.4B | −$1.3B |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
KIRA summarises the numbers
Its return on capital was −0.9%: every 100 invested in the business earned about −1 in a year.
Return on capital, equity and assets (annual)
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
KIRA summarises the numbers
Zillow passes 7 of 9 financial health tests (Piotroski F-score).
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✕ | ✕ |
| Gross margin rose | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 4 / 9 | 5 / 9 | 7 / 9 |
| Accruals ratio | −7.8% | −8.7% | −6.0% |
| Altman Z'' | 3.24 | 5.60 | 6.96 |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
What does the share cost, and how does it compare?
What could happen to the share if things go badly, normally or very well? Pick a story or make your own. These are examples, not forecasts or price targets.
KIRA summarises the numbers
At $33.18 a share, the company is worth $7.6B: 150.8 times its earnings of the last four quarters.
Tap one to see how it is built. Swipe for more.
Share in 5 years
$37.56
+3% a year
If you put in $1,000 today: $1,132
At 106x, earnings only need to grow 7.3% a year for the share to be worth today’s price in 5 years. Faster, you gain; slower, you lose.
These are examples, not forecasts: nobody knows which will happen. Price in 5 years = earnings per share then × the P/E then. Dividends are not included.
Value per share
—
Adds net cash of $1.3B and divides by 254.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
—
Reference multiples: today 154.8x · peers 88.5x · sector 27.8x.
In plain words: In the long run a share tends to follow two things: how much the company earns per share, and how many times those earnings the market is willing to pay (the P/E). Move those two levers and you see what the share could be worth. Different guesses give very different answers.
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
KIRA summarises the numbers
Zillow grew sales faster than 1 of its 4 similar companies.
Its P/E is higher than 2 of 4.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Zillow ZG | $7.6B | 15.5% | −1.3% | 9.1% | −0.9% | 150.8x | 7 | |
| CoStar Group CSGP | $12.9B | 18.7% | −2.2% | 3.8% | −0.6% | 177.8x | 5 | Compare → |
| Newmark Group NMRK | $2.9B | 20.3% | 7.1% | 4.3% | 8.6% | 14.4x | 7 | Compare → |
| Howard Hughes HHH | $4.3B | −15.8% | 22.5% | 28.3% | 3.4% | 14.9x | — | Compare → |
| Compass COMP | $8.2B | 23.7% | −0.9% | 2.9% | — | 162.2x | — | Compare → |
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
Every number, year by year.
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $847M | $1.1B | $1.3B | $2.7B | $1.6B | $2.1B | $2.0B | $1.9B | $2.2B | $2.6B |
| Gross profit | $777M | $992M | $1.2B | $1.2B | $1.4B | $1.8B | $1.6B | $1.5B | $1.7B | $1.9B |
| Research and development | $256M | $320M | $411M | $351M | $324M | $421M | $498M | $560M | $585M | $607M |
| Operating income | −$193M | −$162M | −$129M | −$248M | $109M | $239M | −$93.0M | −$270M | −$197M | −$34.0M |
| Interest expense | $7.4M | $27.5M | $41.3M | $102M | $138M | $128M | $35.0M | $36.0M | $36.0M | $18.0M |
| Pretax income | −$220M | −$184M | −$151M | −$310M | −$3.0M | $101M | −$85.0M | −$154M | −$107M | $25.0M |
| Income tax | $0.1M | −$89.6M | −$31.1M | −$4.3M | −$8.0M | −$1.0M | $3.0M | $4.0M | $5.0M | $2.0M |
| Net income | −$220M | −$94.4M | −$120M | −$305M | −$162M | −$528M | −$101M | −$158M | −$112M | $23.0M |
| Diluted EPS | −$1.22 | −$0.51 | −$0.61 | −$1.48 | −$0.70 | −$2.02 | −$0.42 | −$0.68 | −$0.48 | $0.09 |
| Diluted shares | 0.18B | 0.19B | 0.20B | 0.21B | 0.23B | 0.26B | 0.24B | 0.23B | 0.23B | 0.25B |
| Cash flow | ||||||||||
| Cash from operations | $8.6M | $258M | $3.8M | −$612M | $423M | −$3.2B | $4.5B | $354M | $428M | $368M |
| Capital expenditure | $62.1M | $66.7M | $66.1M | $67.0M | $85.0M | $74.0M | $115M | $135M | $143M | $133M |
| Free cash flow | −$53.4M | $191M | −$62.2M | −$679M | $338M | −$3.3B | $4.4B | $219M | $285M | $235M |
| Depreciation and amortization | $101M | $110M | $99.4M | $87.5M | $111M | $130M | $157M | $187M | $240M | $264M |
| Stock-based compensation | $107M | $114M | $149M | $199M | $197M | $312M | $451M | $451M | $448M | $390M |
| Acquisitions | $16.3M | $11.5M | $55.1M | $0.0M | $0.0M | $497M | $4.0M | $433M | $7.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $302M | $947M | $424M | $301M | $670M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $302M | $947M | $424M | $301M | $670M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $508M | $763M | $1.6B | $2.5B | $4.0B | $2.8B | $3.4B | $2.8B | $1.9B | $1.3B |
| Total debt | $367M | $385M | $699M | $1.6B | $1.6B | $1.3B | $1.7B | $1.6B | $418M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $583M | $842M | $1.9B | $3.5B | $5.0B | $7.7B | $3.6B | $3.1B | $2.3B | $2.1B |
| Current liabilities | $97.2M | $118M | $288M | $921M | $909M | $3.9B | $270M | $971M | $831M | $679M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $98.3M | $112M | $135M | $171M | $196M | $215M | $271M | $328M | $360M | $350M |
| Total assets | $3.1B | $3.2B | $4.3B | $6.1B | $7.5B | $10.7B | $6.6B | $6.7B | $5.8B | $5.7B |
| Total liabilities | $616M | $570M | $1.0B | $2.7B | $2.7B | $5.4B | $2.1B | $2.1B | $981M | $801M |
| Shareholders' equity | $2.5B | $2.7B | $3.3B | $3.4B | $4.7B | $5.3B | $4.5B | $4.5B | $4.8B | $4.9B |
| Margins | ||||||||||
| Gross margin | 91.8% | 92.1% | 88.5% | 43.7% | 84.3% | 84.9% | 81.3% | 78.4% | 76.4% | 74.1% |
| Operating margin | −22.8% | −15.0% | −9.7% | −9.0% | 6.7% | 11.2% | −4.8% | −13.9% | −8.8% | −1.3% |
| EBITDA margin | −10.9% | −4.8% | −2.2% | −5.8% | 13.6% | 17.3% | 3.3% | −4.3% | 1.9% | 8.9% |
| Net margin | −26.0% | −8.8% | −9.0% | −11.1% | −10.0% | −24.8% | −5.2% | −8.1% | −5.0% | 0.9% |
| FCF margin | −6.3% | 17.8% | −4.7% | −24.8% | 20.8% | −152.5% | 224.2% | 11.3% | 12.8% | 9.1% |
| Returns | ||||||||||
| Return on capital | −6.4% | −5.5% | −4.4% | −8.0% | 3.6% | 7.7% | −2.2% | −7.0% | −4.6% | −0.9% |
| Return on capital employed | −6.3% | −5.3% | −3.6% | −5.4% | 1.9% | 3.6% | −1.4% | −4.5% | −3.7% | −0.7% |
| Return on equity | −8.5% | −3.6% | −4.0% | −9.1% | −4.0% | −10.5% | −2.1% | −3.5% | −2.4% | 0.5% |
| Return on assets | −7.0% | −3.0% | −3.2% | −5.9% | −2.4% | −5.8% | −1.2% | −2.4% | −1.8% | 0.4% |
| Growth | ||||||||||
| Revenue growth | 31.3% | 27.2% | 23.8% | 105.7% | −40.8% | 31.3% | −8.2% | −0.7% | 15.0% | 15.5% |
| FCF growth | — | — | −132.5% | — | — | −1,061.8% | — | −95.0% | 30.1% | −17.5% |
| Share count change | 6.1% | 3.5% | 6.2% | 4.3% | 12.1% | 13.1% | −7.5% | −3.6% | 0.2% | 8.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | — | — | — | −10.8x | −4.1x | −26.6x | — | −33.5x | −5.6x |
| Debt / equity | 0.2x | 0.1x | 0.2x | 0.5x | 0.3x | 0.3x | 0.4x | 0.4x | 0.1x | 0.0x |
| Interest coverage | −26.0x | −5.9x | −3.1x | −2.4x | 0.8x | 1.9x | −2.7x | −7.5x | −5.5x | −1.9x |
| Current ratio | 6.0x | 7.1x | 6.6x | 3.8x | 5.5x | 2.0x | 13.3x | 3.2x | 2.8x | 3.1x |
| Quick ratio | 6.0x | 7.1x | 6.6x | 3.8x | 5.5x | 2.0x | 13.3x | 3.2x | 2.8x | 3.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 7.3% | 6.2% | 5.0% | 2.4% | 5.2% | 3.5% | 5.9% | 6.9% | 6.4% | 5.2% |
| Stock comp / revenue | 12.6% | 10.6% | 11.2% | 7.3% | 12.1% | 14.6% | 23.0% | 23.2% | 20.0% | 15.1% |
| Payouts / FCF | — | 0.0% | — | — | 0.0% | — | 21.6% | 193.6% | 105.6% | 285.1% |
| Quality scores | ||||||||||
| Piotroski F-score | 5.0 | 6.0 | 3.0 | 1.0 | 6.0 | 3.0 | 5.0 | 4.0 | 5.0 | 7.0 |
| Altman Z'' | 4.4 | 5.4 | 5.1 | 3.3 | 5.0 | 3.0 | 4.7 | 3.2 | 5.6 | 7.0 |
| Accruals ratio | −7.3% | −11.1% | −3.3% | 5.9% | −8.6% | 29.1% | −53.4% | −7.8% | −8.7% | −6.0% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
Source: SEC EDGAR XBRL filings (CIK 0001617640). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.
