Zillow Group, Inc. (ZG)
NEUTRALファンダメンタル
52
株価
$37.24
時価総額
$8.27B
パート1 · 企業の価値
概要
Zillow runs the website and app most home shoppers in the United States use to browse listings, estimate what a home is worth, and find a real-estate agent. It does not buy or sell homes itself: it makes money by connecting the people looking at its site with agents, lenders and property managers who pay to reach them. The audience is the product; real estate transactions happen off Zillow's books.
収益の仕組み
Most revenue comes from real-estate agents and brokerages who pay for leads and advertising placement tied to Zillow's traffic, plus a growing slice from advertising sold to landlords and property managers listing rentals, and from fees earned originating mortgages. Because Zillow is paid for attention and leads rather than for closing a sale, its revenue rises and falls with how many people are actively browsing homes, not with home prices themselves.
セグメント別売上高
Advertising and software sold to real-estate agents and brokerages, plus new-construction listings — the core of the business.
Advertising and listing tools sold to landlords and property managers for rental units, the fastest-growing part of the business.
Revenue from originating home loans and from advertising sold to mortgage lenders on Zillow's site.
Mainly display advertising not tied to the other three lines.
競争優位性（moat）
ネットワーク効果 · 狭いMore home shoppers on Zillow's site makes it more attractive for agents to advertise there, and more agent listings make the site more useful to shoppers — a loop that has made Zillow the largest audience in U.S. real estate search. It is not unbreakable: a large share of listing traffic depends on data-sharing agreements with brokers and portals, and a competitor like Google inserting listings directly into search results could intercept that audience before it reaches Zillow at all.
需要を左右する要因
景気循環型Zillow's revenue tracks the health of the housing market: low inventory, fewer new listings, and volatile mortgage rates reduce the transactions that fund agent advertising budgets, even if browsing traffic stays high. Rentals and mortgages add some diversification, but the core business still rises and falls with how active the housing market is.
主なリスク
- Sensitivity to housing market conditions — Low housing inventory, fewer new for-sale listings, and volatile mortgage rates can reduce both the number of transactions consumers complete and demand for advertising from agents.
- Search platforms bypassing Zillow — Large search engines have begun showing home listings directly in their own results, which could divert the traffic Zillow depends on before it ever reaches Zillow's site.
- Legal and regulatory disputes — The company faces litigation, including antitrust claims tied to a rentals partnership with a competitor, from consumers, industry participants and government bodies, which could result in costs or forced changes to its business practices.
強気材料
Buyers argue that Zillow's audience lead in real-estate search is difficult to replicate, that rentals and mortgages are diversifying revenue away from pure for-sale transactions and growing faster than the core business, and that full-year revenue growth well ahead of the housing industry's own growth shows Zillow taking share regardless of the market cycle.
弱気材料
Sellers fear that a business built on advertising to agents remains hostage to housing transaction volumes it does not control, that large search platforms inserting listings directly into their own results could erode the traffic advantage Zillow relies on, and that ongoing litigation adds cost and uncertainty on top of an already cyclical business.
Written by the editors, published on 2026年8月18日
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.
貸借対照表と流動性
売上高
$2.81B
直近12か月（2026/6/30まで）
純利益
$55M
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$235M
自己資本合計
$4.88B
負債合計
$801M
流動比率
1.92
利払い倍率
0.67
負債/EBITDA
2.43
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$22.39
現在株価
$37.24
安全マージン
-66.3%
適正価値レンジ
$14.56 - $30.23
推定方法
バリュエーション指標
P/E レシオ
172.50
ROE
0.5%
P/B レシオ
0.36
P/FCF
6.09
粗利益率
72.9%
ROIC
0.2%
収益性レーダー
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.
ファンダメンタル分析基準
合格（13）
- EPS shows upward trend
- Gross Margin 72.9%
- P/FCF 6.09
- P/B Ratio 0.36
- 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
不合格（12）
- Price CAGR 0.09%
- ROIC 0.2%
- Operating Margin 0.4%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Unknown)
- ROE 1.2%
- Revenue Growth 5Y -5.0%
- Share Dilution 9.5%
データなし（2）
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-スコア
財務健全性が高い
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
新株を発行しており、所有権を希薄化している
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for ZG, sourced from Markets Gazette.
- 2/27/2026POSITIVEZillow predicts major mortgage rate change, homebuying shift
Real estate platform Zillow anticipates a significant turning point in the U.S. housing market, with mortgage rates expected to decline. This prediction suggests that affordability, long a distant dream for many homebuyers, could finally become a tangible reality. A drop in rates would make homeownership more accessible, stimulating demand and potentially revitalizing the sector. For investors, this outlook points to a potential strengthening of the real estate market, benefiting companies directly tied to the industry, such as Zillow itself, which would see increased transactions on its platform.
via Markets Gazette