Zillow Group, Inc. (Z)
NEUTRALFundamental
48
Kurs
$36.45
Marktkapitalisierung
$8.33B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Zillow runs the most-visited real estate websites and apps in the United States — Zillow, Trulia, StreetEasy and HotPads — where people browse home listings, contact agents, and search for apartments to rent. It does not buy or sell homes itself: it exited that business in 2021 after losing money on it. Instead it earns money from three activities built around that audience: selling leads and advertising to real estate agents, helping landlords list and screen renters, and originating mortgages for buyers who found their home through the site.
Wie das Geld verdient wird
Most revenue comes from real estate agents who pay for placement and leads under the Premier Agent program, priced by lead or subscription rather than tied to any single home sale. Rentals revenue comes from landlords paying to list multifamily units and from renters paying application and screening fees. Mortgages revenue is the origination fee Zillow Home Loans earns when it funds a purchase loan for a buyer who found the property through Zillow. None of the three lines requires Zillow to own the property changing hands.
Umsatz nach Segment
Advertising and lead-generation services sold to real estate agents seeking visibility on Zillow's listings — still the core of the business.
Listing fees paid by multifamily landlords plus application and screening fees paid by renters — the fastest-growing line.
Origination fees earned when Zillow Home Loans funds a purchase loan for a buyer who found the home through Zillow.
Smaller lines, including New Construction marketplace advertising, that do not fit the three main segments.
Wettbewerbsvorteil
Netzwerkeffekte · SchmalZillow's audience of home shoppers is the largest of any US real estate site, which is what draws agents to pay for leads — a smaller rival cannot offer the same reach. The advantage stays narrow because multiple listing services feed the same property data to Zillow, Redfin and Realtor.com alike, so an agent can shift ad spend between them at little cost.
Was die Nachfrage antreibt
ZyklischThe advertising revenue that still dominates the business tracks how many homes change hands and how much agents are willing to spend chasing buyers, both of which fall when mortgage rates rise and existing-home sales slow. Rentals and mortgages add some counterweight, since renters keep moving even when buyers wait, but the largest segment still rises and falls with the housing transaction cycle.
Wichtigste Risiken
- Real estate commission structure in flux — Industry-wide settlements over how buyer agents are paid have changed since 2024 and the rules are still shifting; Zillow's advertising revenue depends on agents having commission-funded budgets to spend on leads.
- Sensitivity to mortgage rates and transaction volume — Home sales, and the agent spending that funds Zillow's advertising business, fall when mortgage rates rise or affordability worsens, a cycle largely outside the company's control.
- Competition for agent advertising budgets — Realtor.com, Redfin, and agents' own direct marketing all compete for the same advertising dollars, and an agent can redirect spend elsewhere with little switching cost.
- New mortgage lending business carries credit and rate risk — Zillow Home Loans funds loans directly, exposing the company to interest-rate and credit risk it did not carry when it only referred buyers to outside lenders.
Die Argumente dafür
Buyers argue that Zillow's audience lead is durable, that Rentals and Mortgages are diversifying revenue away from pure transaction advertising, and that a return to more normal home-sale volumes would flow straight through to the dominant Residential segment.
Die Argumente dagegen
Sellers fear that changes to buyer-agent commissions shrink the budgets agents have to spend on leads, that rivals can reach the same audience through the same MLS data, and that a new mortgage-lending business adds balance-sheet risk to what was once a pure advertising model.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Bilanz & Liquidität
Umsatz
$2.81B
Letzte 12 Monate (bis 30.6.2026)
Nettogewinn
$55M
Letzte 12 Monate (bis 30.6.2026)
Freier Cashflow
$235M
Gesamtes Eigenkapital
$4.88B
Gesamtverbindlichkeiten
$801M
Current Ratio
1.92
Zinsdeckungsgrad
0.67
Schulden/EBITDA
2.43
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$21.85
Aktueller Kurs
$36.45
Sicherheitsmarge
-66.8%
Innerer-Wert-Spanne
$14.20 - $29.49
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
168.41
ROE
0.5%
P/B-Verhältnis
-
P/FCF
-
Bruttomarge
72.9%
ROIC
0.2%
Rentabilitäts-Radar
Value Creation (Economic Moat)
ROIC
0.2%
WACC
14.8%
ROIC − WACC
-14.6 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamentalanalyse-Kriterien
Bestanden (11)
- EPS shows upward trend
- Gross Margin 72.9%
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Analyst Consensus 57% Buy
- Earnings Surprise avg 5.8%
- Earnings Quality (OCF/NI) 7.05
- Net Margin Trend 2.0% vs -2.6%
- Piotroski F-Score 7/9
Nicht bestanden (11)
- Price CAGR -0.16%
- ROIC 0.2%
- Operating Margin 0.4%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- DCF valuation (Unknown)
- ROE 1.2%
- Revenue Growth 5Y -5.0%
- Share Dilution 9.5%
Nicht verfügbar (5)
- P/FCF NaN
- P/B Ratio NaN
- Dividend Payout NaN%
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-Score
Starke finanzielle Gesundheit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Neue Aktien werden ausgegeben, Eigentum wird verwässert
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Richard N. Barton | Co-Founder & Co-Executive Chair | 57 |
| Mr. Lloyd D. Frink | Co-Founder, Co-Executive Chairman & President | 60 |
| Mr. Jeremy Wacksman | CEO & Director | 48 |
| Mr. Jeremy Hofmann | COO & CFO | 39 |
| Ms. Jennifer A. Rock | Chief Accounting Officer | 43 |
| Mr. David A. Beitel | Chief Technology Officer | 55 |
| Mr. Bradley Allen Berning | Vice President of Investor Relations | - |
| Mr. Dan Spaulding | Chief People Officer | 48 |
| Mr. Errol G. Samuelson | Chief Industry Development Officer | 59 |
| Mr. Christopher Roberts | Chief Product Officer | - |
Prüfungsrisiko
3
Vorstandsrisiko
9
Vergütungsrisiko
10
Aktionärsrechterisiko
10
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for Z, sourced from Markets Gazette.
- 20d agoPOSITIVEZillow’s Revenue Jumps as Rentals Offer ‘Bright Spot’
Zillow Group Inc. reported a significant 18% year-over-year increase in second-quarter revenue, reaching $772 million. The company highlighted its rentals segment as a 'bright spot,' with rental agreements growing at a faster pace than home purchases on its platform. This robust performance in the rental market suggests Zillow's diversified business model is effectively capitalizing on current real estate trends, potentially signaling strong future growth and increased user engagement across its services. Investors may view this as a positive indicator of the company's adaptability and market position.
- 7/8/2026NEGATIVEZillow, Rocket to Face August FTC Trial Over Rental-Listing Deal
Zillow Group Inc. and Rocket Companies Inc.'s Redfin will face an August trial concerning their rental-listing partnership, as a Virginia judge denied the FTC's early ruling request. This legal challenge introduces significant uncertainty for Zillow's strategic alliances and could impact its market position in the rental sector. Investors will be closely watching the proceedings for potential regulatory hurdles that might affect future business development and profitability.
- 5/6/2026NEGATIVEZillow Drops as Profit View Misses on Legal, Ad Costs
Zillow Group Inc. experienced a significant decline of up to 9% in after-hours trading following the release of its second-quarter profit forecast, which fell short of Wall Street's projections. The company attributed the weaker outlook to increased legal and advertising expenditures, coupled with a stagnant housing market. This forecast miss signals potential headwinds for Zillow's profitability in the near term, impacting investor sentiment and potentially leading to further price adjustments.
- 3/7/2026POSITIVE$30K Boost in Buying Power Reshapes Home Market for Aspiring Buyers
A median-income U.S. household now possesses the buying power for a home valued at $331,483, an increase of $30,302 from the previous year. This marks the most favorable affordability condition since March 2022, according to Zillow Group Inc. The enhanced purchasing capacity for aspiring homeowners suggests a potential uptick in demand for real estate, which could positively influence related market segments and companies like Zillow, which are integral to the housing transaction process.
- 3/5/2026POSITIVEZillow Stock Rises After $1.25B Share Buyback Authorization
Zillow Group (NASDAQ:Z) announced a $1.25 billion share buyback plan, driving its stock to higher trading levels. This strategic move signals management's confidence in the company's intrinsic value and aims to return capital to shareholders, potentially boosting earnings per share. For investors, a buyback of this magnitude can indicate that the stock is undervalued and provide price support in the short to medium term, while also reducing the number of outstanding shares.
- 2/18/2026POSITIVEZillow’s CTO says AI is reinventing every step of the home buying process
Zillow's Chief Technology Officer, David Beitel, has stated that artificial intelligence is reinventing every step of the home buying process. Since its inception, Beitel has spearheaded technology integration across the real estate website, with a consistent focus on infusing innovation into all stages of the user experience. This proactive strategy in AI adoption positions Zillow at the forefront of the digital real estate sector, promising greater efficiency, personalization, and an enhanced user experience. For investors, Zillow's commitment to AI suggests a potential competitive advantage and future growth, solidifying its market leadership in an evolving industry.
via Markets Gazette