Z
Zillow Group, Inc. Class CCommunication Services·Internet Content & Information
$35.00
$8.4B market cap
Revenue
$2.7B
Free Cash Flow
$431.0M
Rev Growth
+18.4%
FCF Margin
16.0%
P/FCF
19.5x
EV/FCF
18.7x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Zillow 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 con
2-Year Price History
$36.34-11.3%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 708.0 | 119.0 | 36.0 | 46.0 | 198.0 | 164.0 | -34.0 | 783.0 | 429.0 | 239.6 | 10.6% | 29.8x | 28.4x |
| Act | 2025-Q4 | 654.0 | 61.0 | -11.0 | 3.0 | 72.0 | 44.0 | -28.0 | 1,295 | 536.0 | 252.4 | -2.3% | 12.2x | 56.3x |
| Act | 2025-Q3 | 676.0 | 84.0 | -3.0 | 10.0 | 105.0 | 65.0 | -40.0 | 1,389 | 449.0 | 256.2 | -0.6% | 28.0x | 60.1x |
| Act | 2025-Q2 | 655.0 | 76.0 | -11.0 | 2.0 | 87.0 | 158.0 | -71.0 | 1,158 | 328.0 | 241.1 | -2.8% | 15.2x | 66.3x |
| Act | 2025-Q1 | 598.0 | 80.0 | -9.0 | 8.0 | 104.0 | -40.0 | -144.0 | 1,603 | 687.0 | 256.2 | -1.8% | 16.0x | 74.3x |
| Act | 2024-Q4 | 554.0 | 31.0 | -69.0 | -52.0 | 122.0 | 81.0 | -41.0 | 1,858 | 743.0 | 236.3 | -12.9% | 3.9x | 71.5x |
| Act | 2024-Q3 | 581.0 | 54.0 | -45.0 | -20.0 | 171.0 | 152.0 | -19.0 | 2,173 | 1,164 | 232.5 | -7.5% | 6.0x | 53.1x |
| Act | 2024-Q2 | 572.0 | 61.0 | -38.0 | -17.0 | 55.0 | 11.0 | -44.0 | 2,628 | 1,809 | 233.5 | -5.3% | 6.1x | 64.0x |
| Act | 2024-Q1 | 529.0 | 52.0 | -45.0 | -23.0 | 80.0 | 34.0 | -46.0 | 2,917 | 1,851 | 234.7 | -5.8% | 5.8x | 96.6x |
| Act | 2023-Q4 | 474.0 | 14.0 | -105.0 | -73.0 | 86.0 | 46.0 | -40.0 | 2,810 | 1,832 | 233.0 | -14.1% | 1.6x | 88.6x |
| Act | 2023-Q3 | 496.0 | 36.0 | -53.0 | -28.0 | 75.0 | 34.0 | -41.0 | 3,267 | 1,902 | 233.3 | -6.9% | 4.0x | 136.6x |
| Act | 2023-Q2 | 506.0 | 26.0 | -67.0 | -35.0 | 100.0 | 56.0 | -44.0 | 3,311 | 1,884 | 233.6 | -8.9% | 2.9x | 209.9x |
| Act | 2023-Q1 | 469.0 | 33.0 | -45.0 | -22.0 | 93.0 | 53.0 | -40.0 | 3,369 | 1,865 | 234.4 | -5.9% | 3.7x | 84.1x |
| Act | 2022-Q4 | 435.0 | -17.0 | -73.0 | -72.0 | 84.0 | 48.0 | -36.0 | 3,362 | 1,867 | 236.3 | -9.6% | -1.9x | 42.1x |
| Act | 2022-Q3 | 483.0 | 1.0 | -51.0 | -53.0 | 165.0 | 132.0 | -33.0 | 3,489 | 1,875 | 240.1 | -6.4% | 0.1x | -- |
| Act | 2022-Q2 | 504.0 | 59.0 | 5.0 | 8.0 | 863.0 | 830.0 | -33.0 | 3,543 | 1,890 | 245.2 | 0.6% | 6.6x | -- |
| Act | 2022-Q1 | 536.0 | 87.0 | 36.0 | 16.0 | 3,392 | 3,354 | -38.0 | 3,626 | 2,713 | 252.0 | 2.9% | 10.9x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 32.21 | — | 6.6% | 130 | 42.1× | 1.3× | n/m | 3.6× |
| 2023 | 57.86 | -0.7% | 5.6% | 109 | 88.6× | 51.1× | n/m | 5.5× |
| 2024 | 74.05 | +15.0% | 8.9% | 198 | 71.5× | 51.0× | n/m | 6.8× |
| 2025 | 68.22 | +15.5% | 11.7% | 301 | 56.3× | 74.7× | 770.2× | 6.9× |
| TTM | 35.00 | +16.8% | 12.6% | 340 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$35.00
Market Cap$8.4B
Enterprise Value$8.1B
P/S Ratio3.1x
P/FCF19.5x
EV/FCF18.7x
FCF Margin (TTM)16.0%
FCF Yield5.1%
Dividend Yield (TTM)--
Annual Dilution-6.5%
CurrencyUSD
TTM Financial Snapshot
Revenue$2.7B
Net Income$61.0M
Free Cash Flow$431.0M
Revenue Growth (YoY)+18.4%
EBITDA Margin12.6%
Net Margin2.3%
FCF Margin16.0%
CapEx % of Revenue6.4%
SBC % of Revenue10.9%
ROIC1.2%
WC Change % Rev-0.2%
Interest Coverage20.0x
Forward Outlook & Risk
Short Interest
Short % of Float5.9%
Short Shares12.4M
Days to Cover4.8
Change (vs Prior)-4.9%
Short % Float History
5.90%-0.20pp
Options
Call IV (ATM)51%
Put IV (ATM)53%
ATM Spread1.5%
Call $OI (near money)$2.5M
Put $OI (near money)$5.6M
ATM ExpiryJuly 17, 2026 (56D)
ATM Strike$37.5
Major Expirations7
Near-money chain · July 17, 2026
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $27.50 | $8.80/$10.30 | 0 | $0.25/$0.50 | 963 |
| $30.00 | $6.50/$8.00 | 0 | $0.55/$0.95 | 24 |
| $32.50 | $5.20/$5.60 | 1 | $1.35/$1.45 | 21 |
| $35.00 | $3.50/$4.10 | 35 | $2.05/$2.45 | 26 |
| $37.50 | $2.25/$2.80 | 19 | $3.20/$3.80 | 30 |
| $40.00 | $1.65/$1.90 | 2,586 | $4.90/$5.50 | 2 |
| $42.50 | $0.80/$1.30 | 239 | $6.80/$7.30 | 10 |
| $45.00 | $0.45/$0.85 | 157 | $8.70/$10.20 | 2,000 |
Snapshot: 2026-05-22
Employees
Headcount6,819
Revenue / Employee$394,926
Gross Profit / Employee$289,632
2021: 8,005 → 2022: 5,724 → 2024: 6,856 → 2025: 7,068 (-3% CAGR)
Institutional Ownership
Headline & net flow
NET BUYING
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 10.7% of float, sold 8.4%. 2 filers moved >1% of shares (1 buying, 1 selling).
Net flow · Q1 2026still filing
+2.4% of float (net)
Bought 10.7% · Sold 8.4%
524 filers reported (last quarter: 579)
Ownership composition
Active
61.1%(-41.2% YoY)
457 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
20.3%(-11.2% YoY)
13 filers
Vanguard, iShares, SPDR
Market makers
1.5%(+0.7% YoY)
11 filers
Citadel, Susquehanna
Insiders
0.9%
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Caledonia (Private) Investments Pty Ltd | $1.07B | $49.29 | −$7.9M | −$213M | -1.1% | $3.44B |
| Capital World Investors | $587M | $52.42 | +$139M | +$230M | +0.3% | $732.46B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $580M | $41.38 | +$580M | +$580M | — | $1.91T |
| Independent Franchise Partners LLP | $546M | $38.98 | +$92.9M | +$84.6M | -0.3% | $14.29B |
| BlackRock, Inc.Passive | $414M | $65.05 | +$1.2M | +$50.2M | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $310M | $41.38 | +$310M | +$310M | — | $4.04T |
| TIGER GLOBAL MANAGEMENT LLC | $305M | $64.42 | +$54.3M | +$89.1M | -1.2% | $22.85B |
| Ninety One UK Ltd | $162M | $59.77 | −$35.0M | −$5.2M | -0.6% | $43.13B |
| STATE STREET CORPPassive | $160M | $63.45 | +$1.5M | +$17.3M | -0.2% | $2.89T |
| EMINENCE CAPITAL, LP | $143M | $51.86 | +$55.9M | +$41.9M | -1.4% | $4.36B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $142M | $54.81 | +$3.2M | +$15.2M | +2.3% | $1.61T |
| Technology Crossover Management IX, Ltd. | $126M | $49.29 | +$0 | +$0 | -4.5% | $752M |
| Technology Crossover Management VIII, Ltd. | $113M | $49.29 | +$0 | +$0 | -4.0% | $298M |
| UBS Group AG | $110M | $57.81 | +$40.8M | +$27.3M | -0.3% | $562.11B |
| FMR LLC | $107M | $62.39 | −$264M | −$425M | +0.0% | $1.89T |
| MORGAN STANLEY | $106M | $55.53 | −$25.8M | +$46.2M | -0.3% | $1.65T |
| Dorsal Capital Management, LLC | $101M | $48.76 | −$19.7M | −$24.8M | +0.2% | $2.52B |
| Technology Crossover Management XI, Ltd. | $96.7M | $46.39 | +$0 | +$0 | +5.1% | $582M |
| STATE OF WISCONSIN INVESTMENT BOARD | $85.6M | $41.52 | +$82.1M | +$81.9M | -0.2% | $43.36B |
| DIMENSIONAL FUND ADVISORS LPPassive | $78.5M | $46.10 | +$14.0M | +$15.2M | -0.4% | $480.92B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.80%
avg per quarter
Holders (ex-self)
-0.46%
excl. this stock
Buyers (this Q)
-0.05%
136 buyers · $1.36B in
Sellers (this Q)
-0.59%
176 sellers · $2.81B out
alpha coverage: 87% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-20.4%
how holders react when this stock falls
On quiet Qs
-6.1%
−10% to +10% baseline
On rallies (+10%+)
-7.0%
how they react when this stock rises
Holders' portfolio flow this Q
-0.6%
outflows — trims may be forced
Sellers' portfolio flow this Q
-2.4%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-2.3%
Holder mid (any stock)
-4.2%
Holder rally (any stock)
-4.1%
Biggest decreases this quarter
FMR LLC−$264Mα+0.0Contour Asset Management LLCexited−$222MAltimeter Capital Management, LPexited−$149MSOMA EQUITY PARTNERS LPexited−$122MGreencape Capital Pty Ltd−$52.8Mα+7.3DAVIDSON KEMPNER CAPITAL MANAGEMENT LPexited−$41.0MMANE GLOBAL CAPITAL MANAGEMENT LPexited−$38.8MNinety One UK Ltd−$35.0Mα-0.6MORGAN STANLEY−$25.8Mα-0.3TB Alternative Assets Ltd.exited−$25.0M
New buyers this quarter
Top-5 holders · 43.8%
Caledonia (Private) Investments Pty Ltd--
Capital World Investors--
VANGUARD PORTFOLIO MANAGEMENT LLC--
Independent Franchise Partners LLP--
BlackRock, Inc.--
Put / call ratio: 0.64 (-16.8% QoQ) — net bullish options
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Caledonia (Private) Investments Pty Ltd25.9MMORGAN STANLEY2.6MJPMORGAN CHASE & CO1.6MARK Investment Management LLC167KFMR LLC2.6MBAILLIE GIFFORD & CO966KSRS Investment Management, LLC—Independent Franchise Partners LLP13.2MCapital World Investors14.2MSumitomo Mitsui Trust Group, Inc.611K
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Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (3 analysts)$63.678190.0%
Last Year (5 analysts)$72.2010630.0%
Current Price$35.00
Analyst Ratings
21
23
Buy: 21Hold: 23Sell: 2Consensus: Hold
Consensus Estimates
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2026 Q3 | 772M | 76M | 160M | $0.67 | $0.56 – $0.75 | 5 |
| 2026 Q4 | 741M | 73M | 149M | $0.62 | $0.61 – $0.63 | 1 |
| 2027 Q1 | 794M | 78M | 165M | $0.69 | $0.67 – $0.70 | 1 |
| 2027 Q2 | 857M | 84M | 156M | $0.65 | $0.63 – $0.66 | 1 |
| 2027 Q3 | 877M | 86M | 200M | $0.83 | $0.81 – $0.84 | 1 |
| 2027 Q4 | 846M | 83M | 188M | $0.79 | $0.77 – $0.79 | 1 |
| 2028 Q1 | 914M | 90M | 218M | $0.91 | $0.89 – $0.92 | 2 |
| 2028 Q2 | 978M | 96M | 247M | $1.03 | $1.01 – $1.04 | 2 |
| 2028 Q3 | 1.0B | 99M | 256M | $1.07 | $1.05 – $1.08 | 2 |
| 2028 Q4 | 971M | 95M | 240M | $1.00 | $0.98 – $1.01 | 2 |
Corporate
Executive Compensation (2023-2025)
Direct Pay$88.3M
Incentive & Other$248.8M
Total Compensation$337.1M
% of Revenue4.8%
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$70.18M
88 txns · 14 insiders · 925,713 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$29.84M
2 txns · 1 insider · 350,000 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-18 | SELL | Hofmann Jeremy | officer: Chief Financial Officer | 5,501 | $37.40 | $206K | $2.55M |
| 2026-05-18 | SELL | Spaulding Dan | officer: Chief People Officer | 3,078 | $37.40 | $115K | $1.86M |
| 2026-05-15 | SELL | Owens Bradley D. | officer: General Counsel | 3,364 | $37.23 | $125K | $2.43M |
| 2026-05-14 | SELL | Rock Jennifer | officer: Chief Accounting Officer | 1,034 | $37.99 | $39K | $2.27M |
| 2026-05-14 | SELL | Spaulding Dan | officer: Chief People Officer | 2,056 | $37.93 | $78K | $2.00M |
| 2026-05-14 | SELL | Samuelson Errol G | officer: Chief Industry Dev. Officer | 2,939 | $37.97 | $112K | $5.09M |
| 2026-05-14 | SELL | Wacksman Jeremy | director, officer: Chief Executive Officer | 6,051 | $37.92 | $229K | $6.17M |
| 2026-05-14 | SELL | Owens Bradley D. | officer: General Counsel | 2,246 | $37.93 | $85K | $2.60M |
| 2026-05-14 | SELL | Hofmann Jeremy | officer: Chief Financial Officer | 3,671 | $37.93 | $139K | $2.80M |
| 2026-05-14 | SELL | Choo Jun | officer: Chief Operating Officer | 1,228 | $37.95 | $47K | $4.09M |
| 2026-05-14 | SELL | Beitel David A. | officer: Chief Technology Officer | 1,879 | $37.93 | $71K | $5.11M |
| 2026-03-26 | SELL | Samuelson Errol G | officer: Chief Industry Dev. Officer | 4,734 | $44.20 | $209K | $6.05M |
| 2026-03-24 | SELL | Owens Bradley D. | officer: General Counsel | 8,800 | $43.67 | $384K | $3.09M |
| 2026-03-03 | SELL | BLACHFORD ERIK C | director | 966 | $42.85 | $41K | $1.53M |
| 2026-03-03 | SELL | Cormier Thielke Claire | director | 242 | $42.85 | $10K | $203K |
| 2026-02-27 | SELL | MAFFEI GREGORY B | director | 8,050 | $45.15 | $363K | $28.80M |
| 2026-02-20 | SELL | Frink Lloyd D | director, officer, other: Co -Exec. Chairman & President | 39,663 | $45.29 | $1.80M | $101.89M |
| 2026-02-18 | SELL | Hofmann Jeremy | officer: Chief Financial Officer | 7,786 | $43.73 | $340K | $2.51M |
| 2026-02-17 | SELL | Spaulding Dan | officer: Chief People Officer | 5,361 | $43.95 | $236K | $1.81M |
| 2026-02-17 | SELL | Wacksman Jeremy | director, officer: Chief Executive Officer | 13,661 | $44.25 | $605K | $5.15M |
Order Flow (FINRA, ~3w lag)
15.6%retail-5.9pp
22.7%dark+5.2pp
week of 2026-04-27
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Revenue Breakdown
Revenue Segments
By Product (2026-Q1)
| Sales Revenue | $514.0M | +12% |
| Residential Revenue | $450.0M | +8% |
| Rental Revenue | $183.0M | +42% |