Zillow Group, Inc. Class A (ZG) 10-Year Financial Performance & Capital Metrics

ZG •

Communication ServicesInternet ServicesOnline Marketplaces and Classifieds

AboutZillow Group, Inc., a digital real estate company, operates real estate brands on mobile applications and Websites in the United States. The company operates through three segments: Homes; Internet, Media & Technology; and Mortgages. The Homes segment is involved in resale of homes; and title and escrow services to home buyers and sellers, including title search procedures for title insurance policies, escrow, and other closing services. The IMT segment offers premier agent, rentals, and new construction marketplaces, as well as dotloop, display, and other advertising, as well as business software solutions. The Mortgage segment provides home loans; and marketing products including custom quote and connect services. Its portfolio of brands includes Zillow Rentals, Trulia, StreetEasy, Zillow Closing Services, HotPads, and Out East. The company was incorporated in 2004 and is headquartered in Seattle, Washington.Show more

Revenue $2.58B +15.5%
EBITDA -$34M -164.2%
Net Income $23M +120.5%
EPS (Diluted) 0.09 +118.8%
Gross Margin 74.14% -3.0%
EBITDA Margin -1.32% -155.5%
Operating Margin -1.32% +85.1%
Net Margin 0.89% +117.8%
ROE 0.47% +119.8%
ROIC -0.59% +81.4%
Debt/Equity 0.02 -86.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Weak momentum: RS Rating 11 (bottom 11%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.89%

5Y9.73%

3Y9.67%

TTM15.52%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM120.54%

EPS CAGR

10Y-

5Y-

3Y-

TTM118.5%

ROCE

10Y Avg-2.45%

5Y Avg-1.35%

3Y Avg-2.96%

Latest-0.68%

Peer Comparison

Online Marketplaces and Classifieds

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ZGZillow Group, Inc. Class A	10.77B	44.80	497.78	15.52%	0.89%	0.47%	2.18%	0.02
ZZillow Group, Inc. Class C	10.73B	44.62	495.78	15.52%	-1.29%	-0.64%	2.19%	0.02
FVRRFiverr International Ltd.	388.19M	10.83	19.34	10.07%	4.87%	5.09%	26.78%	0.01
SSTKShutterstock, Inc.	689.62M	16.80	13.44	5.84%	4.6%	7.83%	17.96%	0.23
ATHMAutohome Inc.	9.19B	19.18	9.89	-2.01%	23.62%	6.31%	1.96%	0.00
GETYGetty Images Holdings, Inc.	320.77M	0.78	8.16	2.48%	-9.6%	-13.31%	18.98%	1.89
EVEREverQuote, Inc.	56.95M	15.80	6.01	38.45%	14.34%	41.72%	100%	-0.00
SEATVivid Seats Inc.	22.72M	5.96	5.32	8.8%	-24.08%	-46.21%	100%	0.66

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	846.59M	1.08B	1.33B	2.74B	1.62B	2.13B	1.96B	1.95B	2.24B	2.58B
Revenue Growth %	31.32%	27.19%	23.84%	105.68%	-40.79%	31.28%	-8.16%	-0.66%	14.96%	15.52%
Cost of Goods Sold+	71.59M	85.2M	153.59M	1.43B	255M	323M	367M	421M	527M	668M
COGS % of Revenue	8.46%	7.91%	11.52%	52.21%	15.7%	15.15%	18.74%	21.65%	23.57%	25.86%
Gross Profit+	775M	991.59M	1.18B	1.31B	1.37B	1.81B	1.59B	1.52B	1.71B	1.92B
Gross Margin %	91.54%	92.09%	88.48%	47.79%	84.3%	84.85%	81.26%	78.35%	76.43%	74.14%
Gross Profit Growth %	32.92%	27.95%	19%	11.09%	4.44%	32.14%	-12.05%	-4.21%	12.14%	12.05%
Operating Expenses+	967.68M	979M	1.23B	1.56B	1.21B	1.57B	1.68B	1.79B	1.91B	1.95B
OpEx % of Revenue	114.3%	90.92%	91.9%	56.79%	74.38%	73.64%	86.01%	92.24%	85.24%	75.38%
Selling, General & Admin	694.61M	659.02M	814.77M	1.08B	809M	1.13B	1.16B	1.21B	1.31B	1.34B
SG&A % of Revenue	82.05%	61.2%	61.1%	39.39%	49.82%	52.95%	59.35%	62.26%	58.77%	51.88%
Research & Development	273.07M	319.99M	410.82M	477.35M	349M	421M	498M	560M	585M	607M
R&D % of Revenue	32.25%	29.72%	30.81%	17.4%	21.49%	19.75%	25.43%	28.79%	26.16%	23.5%
Other Operating Expenses	2.71M	5.38M	0	0	50M	20M	24M	23M	7M	0
Operating Income+	-192.85M	-161.87M	-128.97M	-246.84M	161M	239M	-93M	-270M	-197M	-34M
Operating Margin %	-22.78%	-15.03%	-9.67%	-9%	9.91%	11.21%	-4.75%	-13.88%	-8.81%	-1.32%
Operating Income Growth %	-28.97%	16.06%	20.32%	-91.38%	165.23%	48.45%	-138.91%	-190.32%	27.04%	82.74%
EBITDA+	-92.26M	-51.72M	-29.58M	-136.23M	247M	392M	87M	-48M	53M	-34M
EBITDA Margin %	-10.9%	-4.8%	-2.22%	-4.97%	15.21%	18.39%	4.44%	-2.47%	2.37%	-1.32%
EBITDA Growth %	-24.44%	43.94%	42.8%	-360.47%	281.32%	58.7%	-77.81%	-155.17%	210.42%	-164.15%
D&A (Non-Cash Add-back)	100.59M	110.16M	99.39M	110.61M	86M	153M	180M	222M	250M	0
EBIT	-212.9M	-156.49M	-109.7M	-207.83M	186M	229M	-50M	-118M	-71M	0
Net Interest Income+	-7.41M	-27.52M	-41.26M	-101.79M	-155.23M	-128M	-35M	-36M	-36M	0
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	7.41M	27.52M	41.26M	101.79M	155.23M	128M	35M	36M	36M	-18M
Other Income/Expense	-27.45M	-22.13M	-105.33M	-62.78M	-164M	-138M	8M	116M	90M	59M
Pretax Income+	-220.31M	-184.01M	-150.96M	-309.62M	-3M	101M	-85M	-154M	-107M	25M
Pretax Margin %	-26.02%	-17.09%	-11.32%	-11.29%	-0.18%	4.74%	-4.34%	-7.92%	-4.79%	0.97%
Income Tax+	130K	-89.59M	-31.1M	-4.26M	-8M	-1M	3M	4M	5M	-2M
Effective Tax Rate %	100.06%	51.31%	79.4%	98.62%	5400%	-522.77%	118.82%	102.6%	104.67%	92%
Net Income+	-220.44M	-94.42M	-119.86M	-305.36M	-162M	-528M	-101M	-158M	-112M	23M
Net Margin %	-26.04%	-8.77%	-8.99%	-11.13%	-9.98%	-24.77%	-5.16%	-8.12%	-5.01%	0.89%
Net Income Growth %	-48.07%	57.17%	-26.94%	-154.77%	46.95%	-225.93%	80.87%	-56.44%	29.11%	120.54%
Net Income (Continuing)	-220.44M	-94.42M	-119.86M	-305.36M	5M	102M	-88M	-158M	-112M	0
Discontinued Operations	0	0	0	0	-167M	-630M	-13M	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1.22	-0.51	-0.61	-1.48	-0.72	-2.11	-0.42	-0.68	-0.48	0.09
EPS Growth %	-38.64%	58.2%	-19.61%	-142.62%	51.35%	-193.06%	80.09%	-61.9%	29.41%	118.75%
EPS (Basic)	-1.22	-0.51	-0.61	-1.48	-0.72	-2.11	-0.42	-0.68	-0.48	0.09
Diluted Shares Outstanding	180.15M	186.45M	197.94M	206.38M	223.85M	249.94M	242.16M	233.57M	234.08M	254.12M
Basic Shares Outstanding	180.15M	186.45M	197.94M	206.38M	223.85M	249.94M	242.16M	233.57M	234.08M	241.93M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	581.81M	841.52M	1.89B	3.51B	4.96B	7.68B	3.6B	3.15B	2.33B	2.12B
Cash & Short-Term Investments	506.46M	762.54M	1.55B	2.42B	3.92B	2.83B	3.36B	2.81B	1.86B	1.29B
Cash Only	243.59M	352.1M	651.06M	1.14B	1.7B	2.31B	1.47B	1.5B	1.08B	768M
Short-Term Investments	262.87M	410.44M	903.87M	1.28B	2.22B	514M	1.9B	1.32B	776M	527M
Accounts Receivable	40.53M	54.4M	66.08M	67M	69.94M	77M	72M	96M	104M	176M
Days Sales Outstanding	17.47	18.44	18.09	8.92	15.72	13.18	13.42	18.02	16.98	24.87
Inventory	0	0	162.83M	836.63M	491.29M	3.91B	43M	-3M	0	0
Days Inventory Outstanding	-	-	386.96	213.24	703.22	4.42K	42.77	-	-	-
Other Current Assets	34.82M	24.59M	47.79M	126.15M	406.56M	707.78M	1M	243M	372M	651M
Total Non-Current Assets+	2.57B	2.39B	2.4B	2.62B	2.52B	3.02B	2.96B	3.5B	3.5B	3.56B
Property, Plant & Equipment	98.29M	112.27M	135.17M	382.64M	384.11M	345M	397M	401M	419M	406M
Fixed Asset Turnover	8.61x	9.59x	9.87x	7.17x	4.23x	6.18x	4.93x	4.85x	5.34x	6.36x
Goodwill	1.92B	1.93B	1.98B	1.98B	1.98B	2.37B	2.37B	2.82B	2.82B	2.82B
Intangible Assets	527.46M	319.71M	215.9M	190.57M	94.77M	176M	154M	241M	207M	279M
Long-Term Investments	1.05M	10M	10M	0	0	0	5M	0	0	0
Other Non-Current Assets	18.64M	25.93M	62.44M	63.7M	57.89M	120M	35M	44M	46M	55M
Total Assets+	3.15B	3.23B	4.29B	6.13B	7.49B	10.7B	6.56B	6.65B	5.83B	5.68B
Asset Turnover	0.27x	0.33x	0.31x	0.45x	0.22x	0.20x	0.30x	0.29x	0.38x	0.45x
Asset Growth %	0.45%	2.57%	32.83%	42.9%	22.09%	42.86%	-38.63%	1.36%	-12.37%	-2.47%
Total Current Liabilities+	97.24M	118.39M	287.5M	920.52M	908.64M	3.88B	270M	971M	831M	679M
Accounts Payable	4.26M	3.59M	7.47M	8.34M	18.97M	11M	20M	28M	30M	36M
Days Payables Outstanding	21.7	15.37	17.75	2.13	27.16	12.43	19.89	24.28	20.78	19.67
Short-Term Debt	0	0	149.72M	731.59M	670.21M	113M	37M	700M	563M	14M
Deferred Revenue (Current)	30.5M	34.32M	35.82M	39.75M	48.99M	51M	44M	52M	62M	69M
Other Current Liabilities	39.77M	63.77M	64.84M	37.8M	88.36M	3.59B	90M	107M	33M	596M
Current Ratio	5.98x	7.11x	6.58x	3.81x	5.46x	1.98x	13.34x	3.24x	2.81x	3.13x
Quick Ratio	5.98x	7.11x	6.02x	2.90x	4.92x	0.97x	13.19x	3.25x	2.81x	3.13x
Cash Conversion Cycle	-	-	387.29	220.03	691.78	4.42K	36.3	-	-	-
Total Non-Current Liabilities+	518.85M	451.31M	736.44M	1.78B	1.84B	1.47B	1.81B	1.16B	150M	122M
Long-Term Debt	367.4M	385.42M	699.02M	1.54B	1.61B	1.32B	1.66B	1B	83M	79M
Capital Lease Obligations	0	0	0	220.44M	207.72M	148M	139M	95M	83M	0
Deferred Tax Liabilities	136.15M	44.56M	17.47M	12.19M	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	14.86M	5M	12M	60M	67M	43M
Total Liabilities	616.09M	569.69M	1.02B	2.7B	2.74B	5.35B	2.08B	2.13B	981M	801M
Total Debt+	367.4M	385.42M	848.74M	2.51B	2.52B	1.6B	1.87B	1.83B	660M	93M
Net Debt	123.81M	33.32M	197.68M	1.37B	816.63M	-711M	401M	337M	-422M	-675M
Debt / Equity	0.15x	0.14x	0.26x	0.73x	0.53x	0.30x	0.42x	0.40x	0.14x	0.02x
Debt / EBITDA	-	-	-	-	10.20x	4.09x	21.46x	-	12.45x	-
Net Debt / EBITDA	-	-	-	-	3.31x	-1.81x	4.61x	-	-7.96x	-
Interest Coverage	-26.03x	-5.88x	-3.13x	-2.42x	1.04x	1.87x	-2.66x	-7.50x	-5.47x	-
Total Equity+	2.53B	2.66B	3.27B	3.44B	4.74B	5.34B	4.48B	4.53B	4.85B	4.88B
Equity Growth %	-5.43%	5.02%	22.79%	5.15%	38.03%	12.64%	-16.08%	0.98%	7.11%	0.74%
Book Value per Share	14.06	14.27	16.51	16.65	21.18	21.37	18.51	19.38	20.71	19.22
Total Shareholders' Equity	2.53B	2.66B	3.27B	3.44B	4.74B	5.34B	4.48B	4.53B	4.85B	4.88B
Common Stock	18K	20K	21K	21K	24K	25K	0	0	0	0
Retained Earnings	-497.04M	-592.24M	-671.78M	-977.14M	-1.14B	-1.67B	-1.61B	-1.77B	-1.88B	-1.86B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-242K	-1.1M	-905K	340K	164K	7M	-15M	-5M	-3M	2M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	8.64M	258.19M	3.85M	-612.17M	424.2M	-3.18B	4.5B	354M	428M	368M
Operating CF Margin %	1.02%	23.98%	0.29%	-22.32%	26.12%	-149%	230.03%	18.2%	19.14%	14.25%
Operating CF Growth %	-61.85%	2886.59%	-98.51%	-16000.62%	169.29%	-848.87%	241.78%	-92.14%	20.9%	-14.02%
Net Income	-220.44M	-94.42M	-119.86M	-305.36M	-162.12M	-527.78M	-101M	-158M	-112M	23M
Depreciation & Amortization	100.59M	110.16M	99.39M	110.61M	134.37M	152.49M	180M	222M	250M	272M
Stock-Based Compensation	106.92M	113.57M	149.08M	198.9M	197.55M	312M	451M	451M	448M	390M
Deferred Taxes	-1.37M	-89.59M	-31.1M	-4.26M	-7.52M	-2.75M	0	0	0	0
Other Non-Cash Items	31.87M	212.56M	139.81M	91.02M	219.01M	642.82M	83M	4M	17M	-317M
Working Capital Changes	-8.92M	5.92M	-233.48M	-703.09M	42.91M	-3.75B	3.89B	-165M	-175M	0
Change in Receivables	-13.32M	-21.2M	-12.56M	-3.69M	-5.58M	-82.31M	82M	-24M	-8M	-45M
Change in Inventory	-16.71M	29.81M	-162.83M	-673.8M	345.28M	-3.83B	3.9B	0	0	0
Change in Payables	856K	-373K	1.31M	-496K	12.97M	4.7M	3M	6M	2M	6M
Cash from Investing+	-65.72M	-247.39M	-622.64M	-456.05M	-1.04B	1.09B	-1.53B	25M	395M	-6M
Capital Expenditures	-71.72M	-78.64M	-78.53M	-67.04M	-108.52M	-104.4M	-115M	-135M	-143M	-133M
CapEx % of Revenue	8.47%	7.3%	5.89%	2.44%	6.68%	4.9%	5.87%	6.94%	6.4%	5.15%
Acquisitions	-13.12M	-10.95M	-55.14M	0	23.58M	-497.32M	-4M	-433M	-7M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.96M	-169.13M	-501.45M	-19.59M	-23.58M	0	-25M	-30M	-28M	-134M
Cash from Financing+	71.53M	97.71M	930.14M	1.64B	1.16B	3.15B	-4.34B	-352M	-1.23B	-674M
Debt Issued (Net)	77.55M	0	481.2M	1.73B	306.77M	2.78B	-3.44B	0	-1.14B	0
Equity Issued (Net)	0	0	1000K	0	1000K	1000K	-1000K	-1000K	-1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-616K	-365K	0	0	0	-302M	-947M	-424M	-301M	-670M
Other Financing	-6.02M	97.71M	88.59M	-94.22M	444.02M	126.63M	46M	72M	212M	-674M
Net Change in Cash	14.45M	108.5M	311.35M	567.47M	548.03M	1.06B	-1.37B	27M	-410M	-312M
Free Cash Flow+	-63.08M	179.56M	-74.69M	-698.81M	315.68M	-3.28B	4.36B	189M	285M	235M
FCF Margin %	-7.45%	16.68%	-5.6%	-25.48%	19.44%	-153.9%	222.88%	9.72%	12.75%	9.1%
FCF Growth %	-38.79%	384.66%	-141.59%	-835.68%	145.17%	-1139.37%	233%	-95.67%	50.79%	-17.54%
FCF per Share	-0.35	0.96	-0.38	-3.39	1.41	-13.13	18.02	0.81	1.22	0.92
FCF Conversion (FCF/Net Income)	-0.04x	-2.73x	-0.03x	2.00x	-2.62x	6.02x	-44.59x	-2.24x	-3.82x	16.00x
Interest Paid	0	0	0	42.16M	0	0	50M	28M	35M	0
Taxes Paid	0	0	0	0	0	0	6M	6M	6M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-8.46%	-3.64%	-4.04%	-9.11%	-3.96%	-10.47%	-2.06%	-3.51%	-2.39%	0.47%
Return on Invested Capital (ROIC)	-5.42%	-4.54%	-3.14%	-4.48%	2.33%	3.52%	-1.47%	-4.16%	-3.18%	-0.59%
Gross Margin	91.54%	92.09%	88.48%	47.79%	84.3%	84.85%	81.26%	78.35%	76.43%	74.14%
Net Margin	-26.04%	-8.77%	-8.99%	-11.13%	-9.98%	-24.77%	-5.16%	-8.12%	-5.01%	0.89%
Debt / Equity	0.15x	0.14x	0.26x	0.73x	0.53x	0.30x	0.42x	0.40x	0.14x	0.02x
Interest Coverage	-26.03x	-5.88x	-3.13x	-2.42x	1.04x	1.87x	-2.66x	-7.50x	-5.47x	-
FCF Conversion	-0.04x	-2.73x	-0.03x	2.00x	-2.62x	6.02x	-44.59x	-2.24x	-3.82x	16.00x
Revenue Growth	31.32%	27.19%	23.84%	105.68%	-40.79%	31.28%	-8.16%	-0.66%	14.96%	15.52%

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Zillow Group, Inc. Class A (ZG) 10-Year Financial Performance & Capital Metrics

ZG •

Communication ServicesInternet ServicesOnline Marketplaces and Classifieds

Revenue $2.58B +15.5%
EBITDA -$34M -164.2%
Net Income $23M +120.5%
EPS (Diluted) 0.09 +118.8%
Gross Margin 74.14% -3.0%
EBITDA Margin -1.32% -155.5%
Operating Margin -1.32% +85.1%
Net Margin 0.89% +117.8%
ROE 0.47% +119.8%
ROIC -0.59% +81.4%
Debt/Equity 0.02 -86.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Weak momentum: RS Rating 11 (bottom 11%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.89%

5Y9.73%

3Y9.67%

TTM15.52%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM120.54%

EPS CAGR

10Y-

5Y-

3Y-

TTM118.5%

ROCE

10Y Avg-2.45%

5Y Avg-1.35%

3Y Avg-2.96%

Latest-0.68%

Peer Comparison

Online Marketplaces and Classifieds

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ZGZillow Group, Inc. Class A	10.77B	44.80	497.78	15.52%	0.89%	0.47%	2.18%	0.02
ZZillow Group, Inc. Class C	10.73B	44.62	495.78	15.52%	-1.29%	-0.64%	2.19%	0.02
FVRRFiverr International Ltd.	388.19M	10.83	19.34	10.07%	4.87%	5.09%	26.78%	0.01
SSTKShutterstock, Inc.	689.62M	16.80	13.44	5.84%	4.6%	7.83%	17.96%	0.23
ATHMAutohome Inc.	9.19B	19.18	9.89	-2.01%	23.62%	6.31%	1.96%	0.00
GETYGetty Images Holdings, Inc.	320.77M	0.78	8.16	2.48%	-9.6%	-13.31%	18.98%	1.89
EVEREverQuote, Inc.	56.95M	15.80	6.01	38.45%	14.34%	41.72%	100%	-0.00
SEATVivid Seats Inc.	22.72M	5.96	5.32	8.8%	-24.08%	-46.21%	100%	0.66

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	846.59M	1.08B	1.33B	2.74B	1.62B	2.13B	1.96B	1.95B	2.24B	2.58B
Revenue Growth %	31.32%	27.19%	23.84%	105.68%	-40.79%	31.28%	-8.16%	-0.66%	14.96%	15.52%
Cost of Goods Sold+	71.59M	85.2M	153.59M	1.43B	255M	323M	367M	421M	527M	668M
COGS % of Revenue	8.46%	7.91%	11.52%	52.21%	15.7%	15.15%	18.74%	21.65%	23.57%	25.86%
Gross Profit+	775M	991.59M	1.18B	1.31B	1.37B	1.81B	1.59B	1.52B	1.71B	1.92B
Gross Margin %	91.54%	92.09%	88.48%	47.79%	84.3%	84.85%	81.26%	78.35%	76.43%	74.14%
Gross Profit Growth %	32.92%	27.95%	19%	11.09%	4.44%	32.14%	-12.05%	-4.21%	12.14%	12.05%
Operating Expenses+	967.68M	979M	1.23B	1.56B	1.21B	1.57B	1.68B	1.79B	1.91B	1.95B
OpEx % of Revenue	114.3%	90.92%	91.9%	56.79%	74.38%	73.64%	86.01%	92.24%	85.24%	75.38%
Selling, General & Admin	694.61M	659.02M	814.77M	1.08B	809M	1.13B	1.16B	1.21B	1.31B	1.34B
SG&A % of Revenue	82.05%	61.2%	61.1%	39.39%	49.82%	52.95%	59.35%	62.26%	58.77%	51.88%
Research & Development	273.07M	319.99M	410.82M	477.35M	349M	421M	498M	560M	585M	607M
R&D % of Revenue	32.25%	29.72%	30.81%	17.4%	21.49%	19.75%	25.43%	28.79%	26.16%	23.5%
Other Operating Expenses	2.71M	5.38M	0	0	50M	20M	24M	23M	7M	0
Operating Income+	-192.85M	-161.87M	-128.97M	-246.84M	161M	239M	-93M	-270M	-197M	-34M
Operating Margin %	-22.78%	-15.03%	-9.67%	-9%	9.91%	11.21%	-4.75%	-13.88%	-8.81%	-1.32%
Operating Income Growth %	-28.97%	16.06%	20.32%	-91.38%	165.23%	48.45%	-138.91%	-190.32%	27.04%	82.74%
EBITDA+	-92.26M	-51.72M	-29.58M	-136.23M	247M	392M	87M	-48M	53M	-34M
EBITDA Margin %	-10.9%	-4.8%	-2.22%	-4.97%	15.21%	18.39%	4.44%	-2.47%	2.37%	-1.32%
EBITDA Growth %	-24.44%	43.94%	42.8%	-360.47%	281.32%	58.7%	-77.81%	-155.17%	210.42%	-164.15%
D&A (Non-Cash Add-back)	100.59M	110.16M	99.39M	110.61M	86M	153M	180M	222M	250M	0
EBIT	-212.9M	-156.49M	-109.7M	-207.83M	186M	229M	-50M	-118M	-71M	0
Net Interest Income+	-7.41M	-27.52M	-41.26M	-101.79M	-155.23M	-128M	-35M	-36M	-36M	0
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	7.41M	27.52M	41.26M	101.79M	155.23M	128M	35M	36M	36M	-18M
Other Income/Expense	-27.45M	-22.13M	-105.33M	-62.78M	-164M	-138M	8M	116M	90M	59M
Pretax Income+	-220.31M	-184.01M	-150.96M	-309.62M	-3M	101M	-85M	-154M	-107M	25M
Pretax Margin %	-26.02%	-17.09%	-11.32%	-11.29%	-0.18%	4.74%	-4.34%	-7.92%	-4.79%	0.97%
Income Tax+	130K	-89.59M	-31.1M	-4.26M	-8M	-1M	3M	4M	5M	-2M
Effective Tax Rate %	100.06%	51.31%	79.4%	98.62%	5400%	-522.77%	118.82%	102.6%	104.67%	92%
Net Income+	-220.44M	-94.42M	-119.86M	-305.36M	-162M	-528M	-101M	-158M	-112M	23M
Net Margin %	-26.04%	-8.77%	-8.99%	-11.13%	-9.98%	-24.77%	-5.16%	-8.12%	-5.01%	0.89%
Net Income Growth %	-48.07%	57.17%	-26.94%	-154.77%	46.95%	-225.93%	80.87%	-56.44%	29.11%	120.54%
Net Income (Continuing)	-220.44M	-94.42M	-119.86M	-305.36M	5M	102M	-88M	-158M	-112M	0
Discontinued Operations	0	0	0	0	-167M	-630M	-13M	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1.22	-0.51	-0.61	-1.48	-0.72	-2.11	-0.42	-0.68	-0.48	0.09
EPS Growth %	-38.64%	58.2%	-19.61%	-142.62%	51.35%	-193.06%	80.09%	-61.9%	29.41%	118.75%
EPS (Basic)	-1.22	-0.51	-0.61	-1.48	-0.72	-2.11	-0.42	-0.68	-0.48	0.09
Diluted Shares Outstanding	180.15M	186.45M	197.94M	206.38M	223.85M	249.94M	242.16M	233.57M	234.08M	254.12M
Basic Shares Outstanding	180.15M	186.45M	197.94M	206.38M	223.85M	249.94M	242.16M	233.57M	234.08M	241.93M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	581.81M	841.52M	1.89B	3.51B	4.96B	7.68B	3.6B	3.15B	2.33B	2.12B
Cash & Short-Term Investments	506.46M	762.54M	1.55B	2.42B	3.92B	2.83B	3.36B	2.81B	1.86B	1.29B
Cash Only	243.59M	352.1M	651.06M	1.14B	1.7B	2.31B	1.47B	1.5B	1.08B	768M
Short-Term Investments	262.87M	410.44M	903.87M	1.28B	2.22B	514M	1.9B	1.32B	776M	527M
Accounts Receivable	40.53M	54.4M	66.08M	67M	69.94M	77M	72M	96M	104M	176M
Days Sales Outstanding	17.47	18.44	18.09	8.92	15.72	13.18	13.42	18.02	16.98	24.87
Inventory	0	0	162.83M	836.63M	491.29M	3.91B	43M	-3M	0	0
Days Inventory Outstanding	-	-	386.96	213.24	703.22	4.42K	42.77	-	-	-
Other Current Assets	34.82M	24.59M	47.79M	126.15M	406.56M	707.78M	1M	243M	372M	651M
Total Non-Current Assets+	2.57B	2.39B	2.4B	2.62B	2.52B	3.02B	2.96B	3.5B	3.5B	3.56B
Property, Plant & Equipment	98.29M	112.27M	135.17M	382.64M	384.11M	345M	397M	401M	419M	406M
Fixed Asset Turnover	8.61x	9.59x	9.87x	7.17x	4.23x	6.18x	4.93x	4.85x	5.34x	6.36x
Goodwill	1.92B	1.93B	1.98B	1.98B	1.98B	2.37B	2.37B	2.82B	2.82B	2.82B
Intangible Assets	527.46M	319.71M	215.9M	190.57M	94.77M	176M	154M	241M	207M	279M
Long-Term Investments	1.05M	10M	10M	0	0	0	5M	0	0	0
Other Non-Current Assets	18.64M	25.93M	62.44M	63.7M	57.89M	120M	35M	44M	46M	55M
Total Assets+	3.15B	3.23B	4.29B	6.13B	7.49B	10.7B	6.56B	6.65B	5.83B	5.68B
Asset Turnover	0.27x	0.33x	0.31x	0.45x	0.22x	0.20x	0.30x	0.29x	0.38x	0.45x
Asset Growth %	0.45%	2.57%	32.83%	42.9%	22.09%	42.86%	-38.63%	1.36%	-12.37%	-2.47%
Total Current Liabilities+	97.24M	118.39M	287.5M	920.52M	908.64M	3.88B	270M	971M	831M	679M
Accounts Payable	4.26M	3.59M	7.47M	8.34M	18.97M	11M	20M	28M	30M	36M
Days Payables Outstanding	21.7	15.37	17.75	2.13	27.16	12.43	19.89	24.28	20.78	19.67
Short-Term Debt	0	0	149.72M	731.59M	670.21M	113M	37M	700M	563M	14M
Deferred Revenue (Current)	30.5M	34.32M	35.82M	39.75M	48.99M	51M	44M	52M	62M	69M
Other Current Liabilities	39.77M	63.77M	64.84M	37.8M	88.36M	3.59B	90M	107M	33M	596M
Current Ratio	5.98x	7.11x	6.58x	3.81x	5.46x	1.98x	13.34x	3.24x	2.81x	3.13x
Quick Ratio	5.98x	7.11x	6.02x	2.90x	4.92x	0.97x	13.19x	3.25x	2.81x	3.13x
Cash Conversion Cycle	-	-	387.29	220.03	691.78	4.42K	36.3	-	-	-
Total Non-Current Liabilities+	518.85M	451.31M	736.44M	1.78B	1.84B	1.47B	1.81B	1.16B	150M	122M
Long-Term Debt	367.4M	385.42M	699.02M	1.54B	1.61B	1.32B	1.66B	1B	83M	79M
Capital Lease Obligations	0	0	0	220.44M	207.72M	148M	139M	95M	83M	0
Deferred Tax Liabilities	136.15M	44.56M	17.47M	12.19M	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	14.86M	5M	12M	60M	67M	43M
Total Liabilities	616.09M	569.69M	1.02B	2.7B	2.74B	5.35B	2.08B	2.13B	981M	801M
Total Debt+	367.4M	385.42M	848.74M	2.51B	2.52B	1.6B	1.87B	1.83B	660M	93M
Net Debt	123.81M	33.32M	197.68M	1.37B	816.63M	-711M	401M	337M	-422M	-675M
Debt / Equity	0.15x	0.14x	0.26x	0.73x	0.53x	0.30x	0.42x	0.40x	0.14x	0.02x
Debt / EBITDA	-	-	-	-	10.20x	4.09x	21.46x	-	12.45x	-
Net Debt / EBITDA	-	-	-	-	3.31x	-1.81x	4.61x	-	-7.96x	-
Interest Coverage	-26.03x	-5.88x	-3.13x	-2.42x	1.04x	1.87x	-2.66x	-7.50x	-5.47x	-
Total Equity+	2.53B	2.66B	3.27B	3.44B	4.74B	5.34B	4.48B	4.53B	4.85B	4.88B
Equity Growth %	-5.43%	5.02%	22.79%	5.15%	38.03%	12.64%	-16.08%	0.98%	7.11%	0.74%
Book Value per Share	14.06	14.27	16.51	16.65	21.18	21.37	18.51	19.38	20.71	19.22
Total Shareholders' Equity	2.53B	2.66B	3.27B	3.44B	4.74B	5.34B	4.48B	4.53B	4.85B	4.88B
Common Stock	18K	20K	21K	21K	24K	25K	0	0	0	0
Retained Earnings	-497.04M	-592.24M	-671.78M	-977.14M	-1.14B	-1.67B	-1.61B	-1.77B	-1.88B	-1.86B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-242K	-1.1M	-905K	340K	164K	7M	-15M	-5M	-3M	2M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	8.64M	258.19M	3.85M	-612.17M	424.2M	-3.18B	4.5B	354M	428M	368M
Operating CF Margin %	1.02%	23.98%	0.29%	-22.32%	26.12%	-149%	230.03%	18.2%	19.14%	14.25%
Operating CF Growth %	-61.85%	2886.59%	-98.51%	-16000.62%	169.29%	-848.87%	241.78%	-92.14%	20.9%	-14.02%
Net Income	-220.44M	-94.42M	-119.86M	-305.36M	-162.12M	-527.78M	-101M	-158M	-112M	23M
Depreciation & Amortization	100.59M	110.16M	99.39M	110.61M	134.37M	152.49M	180M	222M	250M	272M
Stock-Based Compensation	106.92M	113.57M	149.08M	198.9M	197.55M	312M	451M	451M	448M	390M
Deferred Taxes	-1.37M	-89.59M	-31.1M	-4.26M	-7.52M	-2.75M	0	0	0	0
Other Non-Cash Items	31.87M	212.56M	139.81M	91.02M	219.01M	642.82M	83M	4M	17M	-317M
Working Capital Changes	-8.92M	5.92M	-233.48M	-703.09M	42.91M	-3.75B	3.89B	-165M	-175M	0
Change in Receivables	-13.32M	-21.2M	-12.56M	-3.69M	-5.58M	-82.31M	82M	-24M	-8M	-45M
Change in Inventory	-16.71M	29.81M	-162.83M	-673.8M	345.28M	-3.83B	3.9B	0	0	0
Change in Payables	856K	-373K	1.31M	-496K	12.97M	4.7M	3M	6M	2M	6M
Cash from Investing+	-65.72M	-247.39M	-622.64M	-456.05M	-1.04B	1.09B	-1.53B	25M	395M	-6M
Capital Expenditures	-71.72M	-78.64M	-78.53M	-67.04M	-108.52M	-104.4M	-115M	-135M	-143M	-133M
CapEx % of Revenue	8.47%	7.3%	5.89%	2.44%	6.68%	4.9%	5.87%	6.94%	6.4%	5.15%
Acquisitions	-13.12M	-10.95M	-55.14M	0	23.58M	-497.32M	-4M	-433M	-7M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.96M	-169.13M	-501.45M	-19.59M	-23.58M	0	-25M	-30M	-28M	-134M
Cash from Financing+	71.53M	97.71M	930.14M	1.64B	1.16B	3.15B	-4.34B	-352M	-1.23B	-674M
Debt Issued (Net)	77.55M	0	481.2M	1.73B	306.77M	2.78B	-3.44B	0	-1.14B	0
Equity Issued (Net)	0	0	1000K	0	1000K	1000K	-1000K	-1000K	-1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-616K	-365K	0	0	0	-302M	-947M	-424M	-301M	-670M
Other Financing	-6.02M	97.71M	88.59M	-94.22M	444.02M	126.63M	46M	72M	212M	-674M
Net Change in Cash	14.45M	108.5M	311.35M	567.47M	548.03M	1.06B	-1.37B	27M	-410M	-312M
Free Cash Flow+	-63.08M	179.56M	-74.69M	-698.81M	315.68M	-3.28B	4.36B	189M	285M	235M
FCF Margin %	-7.45%	16.68%	-5.6%	-25.48%	19.44%	-153.9%	222.88%	9.72%	12.75%	9.1%
FCF Growth %	-38.79%	384.66%	-141.59%	-835.68%	145.17%	-1139.37%	233%	-95.67%	50.79%	-17.54%
FCF per Share	-0.35	0.96	-0.38	-3.39	1.41	-13.13	18.02	0.81	1.22	0.92
FCF Conversion (FCF/Net Income)	-0.04x	-2.73x	-0.03x	2.00x	-2.62x	6.02x	-44.59x	-2.24x	-3.82x	16.00x
Interest Paid	0	0	0	42.16M	0	0	50M	28M	35M	0
Taxes Paid	0	0	0	0	0	0	6M	6M	6M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-8.46%	-3.64%	-4.04%	-9.11%	-3.96%	-10.47%	-2.06%	-3.51%	-2.39%	0.47%
Return on Invested Capital (ROIC)	-5.42%	-4.54%	-3.14%	-4.48%	2.33%	3.52%	-1.47%	-4.16%	-3.18%	-0.59%
Gross Margin	91.54%	92.09%	88.48%	47.79%	84.3%	84.85%	81.26%	78.35%	76.43%	74.14%
Net Margin	-26.04%	-8.77%	-8.99%	-11.13%	-9.98%	-24.77%	-5.16%	-8.12%	-5.01%	0.89%
Debt / Equity	0.15x	0.14x	0.26x	0.73x	0.53x	0.30x	0.42x	0.40x	0.14x	0.02x
Interest Coverage	-26.03x	-5.88x	-3.13x	-2.42x	1.04x	1.87x	-2.66x	-7.50x	-5.47x	-
FCF Conversion	-0.04x	-2.73x	-0.03x	2.00x	-2.62x	6.02x	-44.59x	-2.24x	-3.82x	16.00x
Revenue Growth	31.32%	27.19%	23.84%	105.68%	-40.79%	31.28%	-8.16%	-0.66%	14.96%	15.52%

Zillow Group, Inc. Class A (ZG) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare ZG vs Peers

vs Z

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Dividend History

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Revenue History

Financial Ratios

Zillow Group, Inc. Class A (ZG) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare ZG vs Peers

vs Z

vs ATHM

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios