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Zillow Group, Inc. Class A (ZG)

NASDAQ / Communication Services / Internet Content & Information

Share price

32.43 USD Market dataClose of Oct 15, 2026

Market capitalisation

7.29B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 11, 2026
Ratios computed
Oct 15, 2026
Filed years
12, FY2013 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

-0.7% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

360.33x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

2.9% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 846.6M USDFY2016 Net income: -220.4M USDFY2017 Revenue: 1.08B USDFY2017 Net income: -94.4M USDFY2018 Revenue: 1.33B USDFY2018 Net income: -119.9M USDFY2019 Revenue: 2.74B USDFY2019 Net income: -305.4M USDFY2020 Revenue: 1.62B USDFY2020 Net income: -162.0M USDFY2021 Revenue: 2.13B USDFY2021 Net income: -528.0M USDFY2022 Revenue: 1.96B USDFY2022 Net income: -101.0M USDFY2023 Revenue: 1.95B USDFY2023 Net income: -158.0M USDFY2024 Revenue: 2.24B USDFY2024 Net income: -112.0M USDFY2025 Revenue: 2.58B USDFY2025 Net income: 23.0M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 360.33x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits above the highest.

Today, against the Internet Content & Information industry (33 companies), 360.33x sits at the 93rd percentile; the middle half of that group runs from 5.74x to 36.60x.

Is it good

Return on invested capital was -0.7% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Communication Services sector (85 companies), -0.7% sits at the 33rd percentile; the middle half of that group runs from -2.0% to 8.8%.

Is it safe

Zillow Group, Inc. Class A held more cash than debt at the end of FY2025 (net cash of 311.0m USD), so net debt to EBITDA is a net cash position rather than a leverage reading.

Year by year against peers
Whether Zillow Group, Inc. Class A's return on equity stayed above the median of the Internet Content & Information industry, year by year. (FY2022 to FY2025, 4 fiscal years of Zillow Group, Inc. Class A with a comparable figure)
The direction
Which way Zillow Group, Inc. Class A's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Zillow Group, Inc. Class A)
What could explain it
What in Zillow Group, Inc. Class A's filed statements could explain the movements. (6 readings drawn from the statement lines Zillow Group, Inc. Class A filed)
What to check next
What to check next on Zillow Group, Inc. Class A, and where in its filings. (6 questions for Zillow Group, Inc. Class A)
In one paragraph
One paragraph on Zillow Group, Inc. Class A's returns, cash, balance sheet and price. (13 of sixteen figures read for Zillow Group, Inc. Class A)

These are ZG’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research ZGPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 11, 2026, accession 0001617640-26-000015.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Zillow Group, Inc. Class A: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax-0.7% ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Return on equity0.5% ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Return on capital employed, pre-tax-0.7% ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Return on assets0.4% ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Gross margin74.1% ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Operating margin-1.3% ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Net margin0.9% ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
ZG 0.9%
Z 0.9%JOYY 98.8%DJT -19343.4%
-19343.4%98.8%
Net margin: ZG against the 3 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Zillow Group, Inc. Class A: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.09 ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Current ratio3.13 ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Quick ratio3.13 ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Interest coverage
Why n/m

Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

n/m ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Altman Z-score6.45 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Net debt-838.0M ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Total assets 5.68BTotal liabilities 801.0MShareholders' equity 4.88BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Zillow Group, Inc. Class A owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 11, 2026, 0001617640-26-000015).

Zillow Group, Inc. Class A: balance sheet position
Total assets5.68B FiledFY2025 10-K, filed Feb 11, 2026
Total liabilities801.0M FiledFY2025 10-K, filed Feb 11, 2026
Shareholders' equity4.88B FiledFY2025 10-K, filed Feb 11, 2026
Cash1.29B FiledFY2025 10-K, filed Feb 11, 2026
Total debt457.0M FiledFY2025 10-K, filed Feb 11, 2026
Net debt-838.0M
Current ratio3.13
Debt to equity0.09
  • Interest cover: FY2025: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Zillow Group, Inc. Class A: what the market charges, each with its source
FigureValue, source and document
Price to earnings360.33x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
P/E on trailing twelve months130.41x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.69x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Price to sales3.19x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Enterprise value to EBITDA34.48x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Diluted earnings per share0.09 USD FiledFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Graham number6.24 USD ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015

We publish no fair value or price target of our own. Value ZG on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Zillow Group, Inc. Class A today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Zillow Group, Inc. Class A: valuation
Share price32.43 USD
Market capitalisation7.29B USD
Enterprise value to EBITDA34.48x
Graham number6.24 USD
Diluted earnings per share, FY20250.09 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 116.56x, median 155.75x, high 527.11x, latest 130.41x. 295 trading days with a meaningful ratio, 2,225 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Zillow Group, Inc. Class A

  1. Zillow Group, Inc. Class C (Z)Market cap 7.11B USD
  2. JOYY, Inc. Sponsored ADR Class A (JOYY)Market cap 4.10B USD
  3. Trump Media & Technology Group Corp. (DJT)Market cap 2.06B USD

Same industry (Internet Content & Information) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Zillow Group, Inc. Class A: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield2.9% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Free cash flow235.0M USD ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Free cash flow margin9.1% ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
FY2016 Free cash flow: -53.4M USDFY2016 Net income: -220.4M USDFY2017 Free cash flow: 191.5M USDFY2017 Net income: -94.4M USDFY2018 Free cash flow: -62.2M USDFY2018 Net income: -119.9M USDFY2019 Free cash flow: -679.2M USDFY2019 Net income: -305.4M USDFY2020 Free cash flow: 338.0M USDFY2020 Net income: -162.0M USDFY2021 Free cash flow: -3.25B USDFY2021 Net income: -528.0M USDFY2022 Free cash flow: 4.39B USDFY2022 Net income: -101.0M USDFY2023 Free cash flow: 219.0M USDFY2023 Net income: -158.0M USDFY2024 Free cash flow: 285.0M USDFY2024 Net income: -112.0M USDFY2025 Free cash flow: 235.0M USDFY2025 Net income: 23.0M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Zillow Group, Inc. Class A: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
360.33xFY2025Oct 15, 2026
1.69xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a Operating profit is zero or negative, so there is no profit for a buyer's price to be a multiple of.
2.9%FY2025Oct 15, 2026
-0.7%FY2025Feb 11, 2026
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.09FY2025Feb 11, 2026
3.13FY2025Feb 11, 2026
3.19xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
6.45FY2025Oct 15, 2026
-2.02FY2025Feb 11, 2026
6/9FY2025Feb 11, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 12 filed fiscal years on record, FY2013 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Zillow Group, Inc. Class A filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Zillow Group, Inc. Class A: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20252.58B-34.0M23.0M0.09235.0M-1.3%0.5%10-K, Feb 11, 20260001617640-26-000015
FY20242.24B-197.0M-112.0M-0.48285.0M-8.8%-2.3%10-K, Feb 11, 20250001617640-25-000016
FY20231.95B-270.0M-158.0M-0.68219.0M-13.9%-3.5%10-K, Feb 15, 20240001617640-24-000022
FY20221.96B-93.0M-101.0M-0.424.39B-4.8%-2.3%10-K, Feb 15, 20230001617640-23-000010
FY20212.13B239.0M-528.0M-2.02-3.25B11.2%-9.9%10-K, Feb 10, 20220001617640-22-000013
FY20201.62B109.0M-162.0M-0.70338.0M6.7%-3.4%10-K, Feb 12, 20210001617640-21-000012
FY20192.74B-247.5M-305.4M-1.48-679.2M-9.0%-8.9%10-K, Feb 19, 20200001617640-20-000015
FY20181.33B-129.0M-119.9M-0.61-62.2M-9.7%-3.7%10-K, Feb 21, 20190001617640-19-000005
FY20171.08B-161.9M-94.4M-0.51191.5M-15.0%-3.5%10-K, Feb 15, 20180001193125-18-046862
FY2016846.6M-192.9M-220.4M-1.22-53.4M-22.8%-8.7%10-K, Feb 7, 20170001193125-17-033300
  • Revenue, compound annual growth FY2016 to FY2025: 13.2%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Zillow Group, Inc. Class A: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.02 ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Piotroski F-score6/9 ComputedFY2025 10-K, filed Feb 11, 2026, 0001617640-26-000015
Named tests met0 of 30 Computed
Beta1.09 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 27 not met, 3 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Low PEG, low debt (Peter Lynch); Z-score and coverage (Edward Altman); Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(8)
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 8 figures could not be read on this company, among them EV/EBIT, PEG Ratio, Eps Growth 5Y. Each blank in the table above names the rest, with its reason. 3 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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