Zillow Group, Inc. Class C (Z) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-93.5%

$2.19

vs $33.90 price

Levered DCF

$5.47

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.91

Safe zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	717.46×	-147.6×	-83.41×	-74.31×	-29.49×	-188.81×	-30.91×	-51.52×
P/B	3.38×	3.42×	2.93×	1.69×	2.91×	6.42×	2.75×	1.9×
P/S	6.39×	7.42×	6.81×	3.86×	7.29×	18.74×	3.44×	4.67×
EV / EBITDA	48.42×	90.29×	130.63×	61.22×	38.85×	97.53×	-111.21×	-622.36×
Gross margin	74.1%	76.4%	78.4%	81.3%	84.8%	84.3%	47.8%	88.5%
Operating margin	-1.2%	-8.8%	-13.9%	-4.7%	11.2%	9.9%	-9.0%	-9.7%
Net margin	0.9%	-5.0%	-8.1%	-5.2%	-24.8%	-10.0%	-11.1%	-9.0%
Current ratio	3.13×	2.81×	3.24×	13.34×	1.98×	5.46×	3.81×	6.58×
Debt / equity	0.11×	0.14×	0.4×	0.42×	0.3×	0.53×	0.73×	0.26×
Interest coverage	-1.78×	-5.47×	-7.5×	-2.66×	1.87×	1.04×	-2.42×	-3.13×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.5%	-2.3%	-3.5%	-2.3%	-9.9%	-3.4%	-8.9%	-3.7%
Return on invested capital	-0.5%	-3.5%	-4.2%	-1.5%	3.4%	-3.7%	-4.1%	-2.5%
Return on assets	0.4%	-1.9%	-2.4%	-1.5%	-4.9%	-2.2%	-5.0%	-2.8%
Free cash flow yield	1.4%	1.7%	1.4%	57.7%	-21.1%	1.0%	-7.4%	-1.2%
Earnings yield	0.1%	-0.7%	-1.2%	-1.3%	-3.4%	-0.5%	-3.2%	-1.9%
Enterprise value	$16.3B	$16.2B	$13.6B	$8B	$14.8B	$31.2B	$10.8B	$6.4B
Net debt / EBITDA	-0.71×	-2.36×	3.24×	3.08×	-1.86×	2.55×	-14.11×	-19.17×
Cash conversion cycle (days)	5	-4	-9	36	4,422	692	220	387