ZGNasdaqServices-Business Services, NECFiscal year ends December 31Also trades as Z
ZILLOW GROUP, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$31.82−0.06 (-0.19%)
Close on Oct 19, 2026
- Market cap
- $7.25B
- P/E (TTM)
- 144.6
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2012 to 2025
Gross margin
74.1%−10.2 pts over 5 years
Operating margin
-1.3%−8.0 pts over 5 years
Net margin
0.9%+10.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +15.5% | +9.7% | +9.7% | +14.9% | |
| Gross profit | +12.1% | +6.4% | +6.9% | +12.6% | |
| Free cash flow | -17.5% | -62.3% | -7.0% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -8.5% | -4.0% | 0.5% | |
| Return on assets | -7.0% | -2.4% | 0.4% | |
| Current ratio | 5.99 | 5.46 | 3.13 | |
| Debt to equity | 0.15 | 0.34 | – | |
| Net debt to EBITDA | -1.34× | -0.75× | – | |
| Interest coverage | -26.0× | 0.8× | -1.9× | |
| Capex to revenue | 7.3% | 5.2% | 5.1% | |
| Diluted shares | 180M | 231M | 254M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Zillow generated $8.83B from operations and spent $3.24B on capital expenditure, dividends and share buybacks. 18% of that went back into the business.
Generated
$8.83B
Used
$3.24B
Capital expenditure$600.00M18%Dividends$00%Share buybacks$2.64B82%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin0.9%
×Asset turnover0.45×
×Equity multiplier1.18×
=Return on equity, FY20250.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 0.9% | 0.45× | 1.18× | 0.5% |
| FY2024 | -5.0% | 0.36× | 1.33× | -2.4% |
| FY2023 | -8.1% | 0.29× | 1.47× | -3.5% |
| FY2022 | -5.2% | 0.23× | 1.76× | -2.1% |
| FY2021 | -24.8% | 0.23× | 1.80× | -10.5% |
| FY2020 | -10.0% | 0.24× | 1.67× | -4.0% |
| FY2019 | -11.1% | 0.53× | 1.56× | -9.1% |
| FY2018 | -9.0% | 0.35× | 1.27× | -4.0% |
| FY2017 | -8.8% | 0.34× | 1.23× | -3.6% |
| FY2016 | -26.0% | 0.27× | 1.21× | -8.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$23.00M
- Cash generatingOperating cash flow above zero$368.00M
- Return on assets improvedROA up on the prior year-1.7% → 0.4%
- Earnings backed by cashOperating cash flow above net income$368.00M vs $23.00M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.81 → 3.13
- No dilutionShare count did not rise234M → 254M
- Gross margin improvedGross margin up on the prior year76.43% → 74.14%
- More efficientAsset turnover rose0.34 → 0.44