Z Communication Services

Zillow Group, Inc.

$30.98-4.21%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Communication Services
Industry: Internet Content & Information
Country: United States
Market cap: 7.0B USD
Enterprise value: 6.8B USD
Full-time employees: 7,232

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.98 vs a peer median of 0.65)bigger price swings (beta 1.98 vs peers 0.65)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #287 of 454 communication services companies (bottom 38%)

See how it ranks against its peers

Worth knowing

Returning more cash than it generates. Paid out $1.4B vs $739M of free cash flow over the 3 fiscal years to 2025.
Zillow returned $1.4B to shareholders over three years, 189% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Stock pay is large next to buybacks. Stock-based pay expense $1.3B vs $1.4B spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Zillow recorded $1.3B of stock-based pay expense and spent $1.4B repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years Zillow recorded $1.3B of stock-based pay expense and spent $1.4B repurchasing shares.
Stock-based pay is a large cost. Stock pay was 15% of revenue in 2025.
Zillow paid employees $390M in stock in 2025, 15% of its $2.6B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
Zillow made a profit per share in its latest year after a loss the year before.

StockQuotient Score

44/ 100

Oct 5 45 → Nov 4 44 (-1)

Valuation

Is the price right?

22/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ EBITDA yield
▼ FCF yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield0.8%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.74Sector median: 0.0294 · MAD: 0.0294

EBITDA yield2.6%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -0.92Sector median: 0.0857 · MAD: 0.0649

Free cash flow yield3.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.63Sector median: 0.0740 · MAD: 0.0593

Other data (not scored)

Book yield61.0%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.4780 · MAD: 0.3375

Growth

Is it growing?

91/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 4.3%

Why

Stronger than most peers on:

▲ EPS growth
▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a loss to a profit33% base weight · Z-score 4.87Sector median: 0.0878 · MAD: 0.3126

3-year revenue growth14.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.62Sector median: 0.0303 · MAD: 0.0683

Revenue growth17.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.04Sector median: 0.0299 · MAD: 0.0720

Profitability

Does it earn well?

28/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin0.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.98Sector median: 0.0818 · MAD: 0.0789

Return on assets1.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.53Sector median: 0.0272 · MAD: 0.0318

Return on invested capital0.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.81Sector median: 0.0598 · MAD: 0.0706

Other data (not scored)

Gross margin72.9%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4656 · MAD: 0.1827

Return on equity1.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0529 · MAD: 0.1007

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Debt / equity
▲ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.98

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.41Sector median: 0.6525 · MAD: 0.2880

Current ratio1.92×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.77Sector median: 1.3848 · MAD: 0.6948

Debt / equity0.13×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.72Sector median: 0.3697 · MAD: 0.3335

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Zillow

Is Zillow getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 44/100 since Oct 28, 2026.
How is Zillow valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 22/100 against 512 communication services peers. EBITDA yield 2.6% vs a peer median of 8.6% (weaker than 75% of peers).EBITDA yield 2.6% vs peers 8.6% (weaker than 75% of peers).
Is Zillow growing?: Yes, faster than most of its peers. Growth scores 91/100 against 512 communication services peers. Revenue growth 17.7% vs a peer median of 3.0% (stronger than 84% of peers).Revenue growth 17.7% vs peers 3.0% (stronger than 84% of peers).
How profitable is Zillow?: Less profitable than most of its peers. Profitability scores 28/100 against 512 communication services peers. Operating margin 0.4% vs a peer median of 8.2% (weaker than 78% of peers).Operating margin 0.4% vs peers 8.2% (weaker than 78% of peers).
How risky is Zillow?: Moderate risk relative to 512 communication services peers, judged on debt, liquidity and share-price swings. Debt / equity 0.13× vs a peer median of 0.37× (stronger than 69% of peers).Debt / equity 0.13× vs peers 0.37× (stronger than 69% of peers). Beta 1.98 vs a peer median of 0.65 (weaker than 100% of peers).Beta 1.98 vs peers 0.65 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	2.7B USD	2.8B USD	+4.3%
Net income (12 months)	61.0M USD	55.0M USD	−9.8%
Operating margin	0.4%	0.4%	+0.0 pts
Free cash flow (12 months)	333.0M USD	258.0M USD	−22.5%
Cash	678.0M USD	572.0M USD	−15.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Communication Services · 67 companies

Valuations in Communication Services are within their usual range since 2016.

46% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +13% and earnings +11% (medians): earnings grew faster than prices.
Median price-to-sales is −6% vs the whole market, against a usual −7%.

2016Shaded: most expensive fifth of its range2026

Shown for Communication Services: too few Internet Content & Information companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	84.8%	81.3%	78.4%	76.4%	74.1%	▼ 2.3 pts
Operating margin	11.2%	-4.7%	-13.9%	-8.8%	-1.3%	▲ 7.5 pts
Net margin	-24.8%	-5.2%	-8.1%	-5.0%	0.9%	▲ 5.9 pts
Return on assets (ROA)	-4.9%	-1.5%	-2.4%	-1.9%	0.4%	▲ 2.3 pts
Return on equity (ROE)	-9.9%	-2.3%	-3.5%	-2.3%	0.5%	▲ 2.8 pts
Free cash flow margin	-152.5%	224.2%	11.3%	12.7%	9.1%	▼ 3.6 pts
Current ratio	1.98×	13.34×	3.24×	2.81×	3.13×	▲ 11%
Debt to equity	0.27×	0.38×	0.38×	0.12×	—	—
Interest coverage	1.87×	-2.66×	-7.50×	-5.47×	-1.89×	▲ 65%

Z price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.98 vs a peer median of 0.65)bigger price swings (beta 1.98 vs peers 0.65)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #287 of 454 communication services companies (bottom 38%)

See how it ranks against its peers

Worth knowing

Returning more cash than it generates. Paid out $1.4B vs $739M of free cash flow over the 3 fiscal years to 2025.

Zillow returned $1.4B to shareholders over three years, 189% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

Stock pay is large next to buybacks. Stock-based pay expense $1.3B vs $1.4B spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years Zillow recorded $1.3B of stock-based pay expense and spent $1.4B repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years Zillow recorded $1.3B of stock-based pay expense and spent $1.4B repurchasing shares.

Stock-based pay is a large cost. Stock pay was 15% of revenue in 2025.

Zillow paid employees $390M in stock in 2025, 15% of its $2.6B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

Zillow made a profit per share in its latest year after a loss the year before.

Questions investors ask about Zillow

Is Zillow getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 44/100 since Oct 28, 2026.

How is Zillow valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 22/100 against 512 communication services peers. EBITDA yield 2.6% vs a peer median of 8.6% (weaker than 75% of peers).EBITDA yield 2.6% vs peers 8.6% (weaker than 75% of peers).

Is Zillow growing?

Yes, faster than most of its peers. Growth scores 91/100 against 512 communication services peers. Revenue growth 17.7% vs a peer median of 3.0% (stronger than 84% of peers).Revenue growth 17.7% vs peers 3.0% (stronger than 84% of peers).

How profitable is Zillow?

Less profitable than most of its peers. Profitability scores 28/100 against 512 communication services peers. Operating margin 0.4% vs a peer median of 8.2% (weaker than 78% of peers).Operating margin 0.4% vs peers 8.2% (weaker than 78% of peers).

How risky is Zillow?

Moderate risk relative to 512 communication services peers, judged on debt, liquidity and share-price swings. Debt / equity 0.13× vs a peer median of 0.37× (stronger than 69% of peers).Debt / equity 0.13× vs peers 0.37× (stronger than 69% of peers). Beta 1.98 vs a peer median of 0.65 (weaker than 100% of peers).Beta 1.98 vs peers 0.65 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

2.7B USD

2.8B USD

+4.3%

Net income (12 months)

61.0M USD

55.0M USD

−9.8%

Operating margin

0.4%

0.4%

+0.0 pts

Free cash flow (12 months)

333.0M USD

258.0M USD

−22.5%

Cash

678.0M USD

572.0M USD

−15.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

84.8%

81.3%

78.4%

76.4%

74.1%

▼ 2.3 pts

Operating margin

11.2%

-4.7%

-13.9%

-8.8%

-1.3%

▲ 7.5 pts

Net margin

-24.8%

-5.2%

-8.1%

-5.0%

0.9%

▲ 5.9 pts

Return on assets (ROA)

-4.9%

-1.5%

-2.4%

-1.9%

0.4%

▲ 2.3 pts

Return on equity (ROE)

-9.9%

-2.3%

-3.5%

-2.3%

0.5%

▲ 2.8 pts

Free cash flow margin

-152.5%

224.2%

11.3%

12.7%

9.1%

▼ 3.6 pts

Current ratio

1.98×

13.34×

3.24×

2.81×

3.13×

▲ 11%

Debt to equity

0.27×

0.38×

0.12×

—

Interest coverage

1.87×

-2.66×

-7.50×

-5.47×

-1.89×

▲ 65%