Latest Ratios: P/E Ratio -58.9x · EV/EBITDA 55.4x · ROE 0.5%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.1B | $17.3B | $17.3B | $13.5B | $7.8B | $16.0B | $29.1B | $9.5B | $6.3B | $7.6B | $6.6B |
| Enterprise Value | $6.9B | $17.1B | $16.9B | $13.9B | $8.2B | $15.2B | $29.9B | $10.9B | $6.4B | $7.7B | $6.7B |
| P/E Ratio → | -58.92 | 753.81 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.48 | 6.71 | 7.75 | 6.95 | 3.98 | 7.49 | 17.89 | 3.46 | 4.69 | 7.09 | 7.76 |
| P/B Ratio | 1.54 | 3.55 | 3.58 | 2.99 | 1.74 | 2.99 | 6.13 | 2.76 | 1.91 | 2.87 | 2.59 |
| P/FCF | 22.19 | 73.77 | 60.82 | 71.51 | 1.79 | — | 92.04 | — | — | 42.49 | — |
| P/OCF | 19.30 | 47.11 | 40.50 | 38.18 | 1.73 | — | 68.50 | — | 1623.65 | 29.55 | 759.98 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.62 | 7.56 | 7.12 | 4.19 | 7.15 | 18.39 | 3.96 | 4.84 | 7.12 | 7.91 |
| EV / EBITDA | 55.35 | 65.51 | 319.08 | — | 94.27 | 38.90 | 101.13 | — | — | — | — |
| EV / EBIT | — | 397.65 | — | — | — | 66.58 | 160.60 | — | — | — | — |
| EV / FCF | — | 72.76 | 59.34 | 73.29 | 1.88 | — | 94.63 | — | — | 42.68 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.1% | 74.1% | 76.4% | 78.4% | 81.3% | 84.8% | 84.3% | 47.8% | 88.5% | 92.1% | 91.5% |
| Operating Margin | -1.2% | -1.2% | -8.8% | -13.9% | -4.7% | 11.2% | 9.9% | -9.0% | -9.7% | -15.0% | -22.8% |
| Net Profit Margin | 0.9% | 0.9% | -5.0% | -8.1% | -5.2% | -24.8% | -10.0% | -11.1% | -9.0% | -8.8% | -26.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.5% | 0.5% | -2.4% | -3.5% | -2.1% | -10.5% | -4.0% | -9.1% | -4.0% | -3.6% | -8.5% |
| ROA | 0.4% | 0.4% | -1.8% | -2.4% | -1.2% | -5.8% | -2.4% | -5.9% | -3.2% | -3.0% | -7.0% |
| ROIC | -0.5% | -0.5% | -3.2% | -4.2% | -1.5% | 3.5% | 2.3% | -4.5% | -3.1% | -4.5% | -5.4% |
| ROCE | -0.6% | -0.6% | -3.7% | -4.5% | -1.4% | 3.6% | 2.7% | -5.4% | -3.6% | -5.3% | -6.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.11 | 0.11 | 0.14 | 0.40 | 0.42 | 0.30 | 0.53 | 0.73 | 0.26 | 0.14 | 0.15 |
| Debt / EBITDA | 2.05 | 2.05 | 12.45 | — | 21.46 | 4.09 | 8.53 | — | — | — | — |
| Net Debt / Equity | — | -0.05 | -0.09 | 0.07 | 0.09 | -0.13 | 0.17 | 0.40 | 0.06 | 0.01 | 0.05 |
| Net Debt / EBITDA | -0.91 | -0.91 | -7.96 | — | 4.61 | -1.81 | 2.76 | — | — | — | — |
| Debt / FCF | — | -1.01 | -1.48 | 1.78 | 0.09 | — | 2.59 | — | — | 0.19 | — |
| Interest Coverage | 2.39 | 2.39 | -1.97 | -3.28 | -1.43 | 1.79 | 1.20 | -2.04 | -2.66 | -5.69 | -28.74 |
Net cash position: cash ($773M) exceeds total debt ($536M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.13 | 3.13 | 2.81 | 3.24 | 13.34 | 1.98 | 5.46 | 3.81 | 6.58 | 7.11 | 5.98 |
| Quick Ratio | 3.13 | 3.13 | 2.81 | 3.25 | 13.19 | 0.97 | 4.92 | 2.90 | 6.02 | 7.11 | 5.98 |
| Cash Ratio | 1.91 | 1.91 | 2.24 | 2.90 | 12.45 | 0.73 | 4.32 | 2.63 | 5.41 | 6.44 | 5.21 |
| Asset Turnover | — | 0.45 | 0.38 | 0.29 | 0.30 | 0.20 | 0.22 | 0.45 | 0.31 | 0.33 | 0.27 |
| Inventory Turnover | — | — | — | — | 8.53 | 0.08 | 0.52 | 1.71 | 0.94 | — | — |
| Days Sales Outstanding | — | 24.87 | 16.98 | 18.02 | 13.42 | 13.18 | 15.72 | 8.92 | 18.09 | 18.44 | 17.47 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | 0.1% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 4.5% | 1.4% | 1.6% | 1.4% | 55.9% | — | 1.1% | — | — | 2.4% | — |
| Buyback Yield | 9.4% | 3.9% | 1.7% | 3.1% | 12.1% | 1.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 9.4% | 3.9% | 1.7% | 3.1% | 12.1% | 1.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $254M | $234M | $234M | $242M | $250M | $224M | $206M | $198M | $186M | $180M |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying Z stock.
Zillow Group, Inc. Class C's current P/E ratio is -58.9x. This places it at the 50th percentile of its historical range.
Zillow Group, Inc. Class C's current EV/EBITDA is 55.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 66.2x.
Zillow Group, Inc. Class C's return on equity (ROE) is 0.5%. The historical average is -9.3%.
Based on historical data, Zillow Group, Inc. Class C is trading at a P/E of -58.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Zillow Group, Inc. Class C has 74.1% gross margin and -1.2% operating margin.
Zillow Group, Inc. Class C's Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Operating losses persist despite revenue growth
Metrics are mathematically derived from official filings.
Trailing Earnings Distorted, Forward Multiple Reasonable
According to reported figures, Zillow trades at a trailing P/E of 326.52 but a forward P/E of 13.62, a gap that reflects depressed trailing GAAP earnings rather than a conventional valuation signal, with EV/Sales of 2.75 offering a steadier reference point.
The 326.52 trailing P/E is effectively uninformative because net income over the last twelve months is near breakeven, so the ratio compresses toward infinity. The forward P/E of 13.62 and forward EV/EBITDA of 6.83 imply the market expects a substantial earnings recovery, which appears to depend on operating leverage not yet visible in the reported quarters. Investors should monitor whether management's forward earnings expectations are validated by actual operating margin improvement before treating the discount to trailing multiples as evidence of value.
Gross Margin Strength Undercut by Operating Losses
Based on Zillow's reported quarterly figures, gross margin has held between 71% and 77% over ten quarters, yet operating margin turned to -22.2% in 2026Q3, indicating the fixed cost base absorbs nearly all gross profit.
The stable gross margin points to a low marginal cost digital model, but the operating margin trajectory suggests incremental revenue has not been converting into operating profit. Net margin of 0.9% appears to rely on non-operating items rather than core earnings, which warrants further investigation before treating reported profitability as durable. True earning power is more accurately reflected by operating margin, which has been negative in most recent quarters.
Returns Near Zero With No Compounding Trend
As reported in financial statements, Zillow's ROE of 0.5% and ROIC of roughly -0.2% to -2.9% in recent quarters are far below any reasonable cost of capital, indicating the company is not currently compounding invested capital.
Returns on equity and invested capital have hovered near zero across the reported period, with the 2024 quarters showing deeper negative ROIC during the iBuying wind-down. The lack of a sustained positive return trajectory suggests that the capital base, including the buyback-reduced equity, is not yet generating economic value. Any reversal would require operating margins to turn durably positive, which the current data does not yet demonstrate.
Debt Reduction Strengthens Balance Sheet Capacity
Based on reported figures, Zillow's debt-to-equity fell from 0.40 in 2024Q2 to 0.11 in 2026Q3, and total debt declined from $1.8B to $480M, materially lowering refinancing and covenant pressure.
The deleveraging trend reduces financial risk, though interest coverage metrics are distorted by negative operating income and should not be read as a reliable signal of debt service capacity. With leverage now modest, the balance sheet appears less exposed to refinancing stress than in 2024, but the trend warrants monitoring given that operating losses continue to erode the equity base over time.
Liquidity Adequate but Narrowing From Peak
According to recent SEC filings, Zillow's current ratio of 1.76 in 2026Q3 is down from 3.63 in 2025Q3, and cash of $602M compares to roughly $1.1B in late 2024, suggesting the liquidity buffer has been drawn down.
A current ratio above 1.5 still indicates the company can meet near-term obligations, and the quick ratio equals the current ratio given minimal inventory. The decline from peak liquidity appears linked to buybacks and operating losses rather than a structural funding gap. Investors should watch whether cash continues to fall faster than operating cash generation can replenish it.
Scale and Leverage Position Versus Struggling Peers
Based on peer reported figures, Zillow's ROE of 0.5% and net margin of 0.9% compare favorably to Compass, Anywhere, Opendoor, and eXp, all of which report negative net margins and most of which show negative ROE.
Zillow's relative position reflects a lower debt load and a positive, if marginal, net margin against a peer group largely in losses. However, the gap appears partly cyclical, since peers share the same housing turnover exposure, and Zillow's own operating margin remains negative. The advantage over peers is therefore better characterized as relative resilience than as evidence of superior structural economics.
Net Profitability Flatters Weak Operating Economics
Bulls cite a 0.9% net margin and 74.1% gross margin, yet reported operating margin of -1.2% and the ROE of 0.5% suggest that accounting items rather than core operations are producing the headline profit.
The most commonly misapplied ratio for an internet lead-generation business is gross margin, since it ignores the substantial sales, marketing, and technology spend required to maintain traffic and the Premier Agent relationships. Operating margin and free cash flow margin, adjusted for stock-based compensation, better reflect economic earnings. Using those measures, the thesis depends on the Housing Super App producing operating leverage that current quarterly figures have not yet demonstrated.