Zillow Group, Inc (Z) Key Metrics
Z valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $6.93B
- Enterprise value
- $6.35B
- P/E (TTM)
- 134.0
- Forward P/E
- 9.9
- PEG ratio
- 0.93
- Price / sales
- 2.5 10-yr median 7.0
- Price / book
- 1.5 10-yr median 2.9
- EV / EBITDA
- 18.3 10-yr median 70.0
- Dividend yield
- —
- Beta
- 2.02
Z key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsZ valuation Price multiples at each fiscal year-end price.
Z returns How much profit the business earns on the capital it uses.
Z per-share figures Results divided by the shares outstanding at year-end.
Z financial health Debt, liquidity and how easily interest is covered.
Z efficiency & capital use Working capital cycle and where the cash goes.
Z valuation history
Z returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
Z debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
Z cash returned to shareholders
Z price vs earnings per share
Z key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $17.34B | $17.33B | $13.51B | $7.80B | $15.96B | $29.06B | $9.48B | $6.25B | $7.63B | $6.57B |
| Enterprise value | $16.58B | $16.22B | $12.54B | $6.31B | $14.73B | $27.65B | $9.57B | $5.54B | $7.25B | $6.43B |
| P/E ratio | 753.7 | — | — | — | — | — | — | — | — | — |
| Price / sales | 6.7 | 7.8 | 6.9 | 4.0 | 7.5 | 17.9 | 3.5 | 4.7 | 7.1 | 7.8 |
| Price / book | 3.5 | 3.6 | 3.0 | 1.7 | 3.0 | 6.1 | 2.8 | 1.9 | 2.9 | 2.6 |
| Price / free cash flow | 73.8 | 60.8 | 71.5 | 1.8 | — | 92.0 | — | — | 42.5 | — |
| Price / operating cash flow | 47.1 | 40.5 | 38.2 | 1.7 | — | 68.5 | — | — | 29.6 | 760.0 |
| EV / sales | 6.4 | 7.3 | 6.4 | 3.2 | 6.9 | 17.0 | 3.5 | 4.2 | 6.7 | 7.6 |
| EV / EBITDA | 49.3 | 90.6 | 100.3 | 48.5 | 38.6 | 101.7 | — | — | — | — |
| EV / free cash flow | 70.5 | 56.9 | 66.3 | 1.4 | — | 87.6 | — | — | 40.4 | — |
| Earnings yield | 0.1% | −0.6% | −1.2% | −1.3% | −3.3% | −0.6% | −3.2% | −1.9% | −1.2% | −3.4% |
| Free cash flow yield | 1.4% | 1.6% | 1.4% | 55.9% | −20.6% | 1.1% | −7.4% | −1.2% | 2.4% | −1.0% |
| Dividend yield | — | — | 0.5% | 15.2% | 30.6% | — | 0.7% | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 3.9% | 1.7% | 3.7% | 27.4% | 32.5% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% |
| Share price at fiscal year-end | $68.22 | $74.05 | $57.86 | $32.21 | $63.85 | $129.80 | $45.94 | $31.58 | $40.92 | $36.47 |
| Per share | ||||||||||
| Revenue per share | $10.16 | $9.55 | $8.33 | $8.09 | $8.53 | $7.25 | $13.29 | $6.74 | $5.78 | $4.70 |
| Earnings per share | $0.09 | −$0.48 | −$0.68 | −$0.42 | −$2.11 | −$0.72 | −$1.48 | −$0.61 | −$0.51 | −$1.22 |
| Operating cash flow per share | $1.45 | $1.83 | $1.52 | $18.60 | −$12.71 | $1.90 | −$2.97 | $0.02 | $1.38 | $0.05 |
| Free cash flow per share | $0.92 | $1.22 | $0.81 | $18.02 | −$13.13 | $1.41 | −$3.39 | −$0.38 | $0.96 | −$0.35 |
| Cash per share | $5.10 | $7.94 | $12.03 | $13.88 | $11.32 | $17.52 | $11.74 | $7.86 | $4.09 | $2.81 |
| Book value per share | $19.22 | $20.71 | $19.38 | $18.51 | $21.37 | $21.18 | $16.65 | $16.51 | $14.27 | $14.06 |
| Tangible book value per share | $7.01 | $6.42 | $5.11 | $8.07 | $11.17 | $11.89 | $6.10 | $5.39 | $2.20 | $0.46 |
| Dividends per share | — | — | $0.31 | $4.91 | $19.54 | — | $0.32 | — | $0.00 | $0.00 |
| Capex per share | $0.52 | $0.61 | $0.71 | $0.58 | $0.42 | $0.48 | $0.42 | $0.40 | $0.42 | $0.40 |
| Debt per share | $2.11 | $3.17 | $7.84 | $7.71 | $6.42 | $11.26 | $12.18 | $4.29 | $2.07 | $2.04 |
| Shares outstanding | 254.1M | 234.1M | 233.6M | 242.2M | 249.9M | 223.8M | 206.4M | 197.9M | 186.5M | 180.1M |
| Change in shares outstanding | +8.6% | +0.2% | −3.5% | −3.1% | +11.7% | +8.5% | +4.3% | +6.2% | +3.5% | +6.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 0.5% | −2.4% | −3.5% | −2.1% | −10.5% | −4.0% | −9.1% | −4.0% | −3.6% | −8.5% |
| Return on invested capital (ROIC) | −0.7% | −4.3% | −6.5% | −2.1% | 6.4% | 3.7% | −6.4% | −4.2% | −5.5% | −6.4% |
| Return on assets (ROA) | 0.4% | −1.8% | −2.4% | −1.2% | −5.8% | −2.4% | −5.9% | −3.2% | −3.0% | −7.0% |
| Return on tangible assets | 0.9% | −4.5% | −4.8% | −2.5% | −6.5% | −3.0% | −7.7% | −5.7% | −9.6% | −31.5% |
| Free cash flow margin | 9.1% | 12.7% | 9.7% | 222.9% | −153.9% | 19.4% | −25.5% | −5.6% | 16.7% | −7.5% |
| Income quality (OCF / net income) | 16.00 | — | — | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $536.0M | $743.0M | $1.83B | $1.87B | $1.60B | $2.52B | $2.51B | $848.7M | $385.4M | $367.4M |
| Cash & short-term investments | $1.29B | $1.86B | $2.81B | $3.36B | $2.83B | $3.92B | $2.42B | $1.55B | $762.5M | $506.5M |
| Net debt | −$759.0M | −$1.11B | −$978.0M | −$1.50B | −$1.23B | −$1.40B | $90.8M | −$706.2M | −$377.1M | −$139.1M |
| Debt / equity | 0.11 | 0.15 | 0.40 | 0.42 | 0.30 | 0.53 | 0.73 | 0.26 | 0.14 | 0.15 |
| Debt / assets | 0.09 | 0.13 | 0.28 | 0.28 | 0.15 | 0.34 | 0.41 | 0.20 | 0.12 | 0.12 |
| Net debt / EBITDA | −2.26 | −6.23 | −7.82 | −11.50 | −3.21 | −5.15 | — | — | — | — |
| Current ratio | 3.13 | 2.81 | 3.24 | 13.34 | 1.98 | 5.46 | 3.81 | 6.58 | 7.11 | 5.98 |
| Quick ratio | 3.13 | 2.81 | 3.14 | 13.19 | 0.97 | 4.92 | 2.90 | 6.02 | 7.11 | 5.98 |
| Interest coverage | -1.8 | -5.5 | -7.5 | -2.7 | 1.9 | 1.0 | -2.4 | -3.1 | -5.9 | -26.0 |
| Working capital | $1.44B | $1.50B | $2.18B | $3.33B | $3.80B | $4.06B | $2.59B | $1.61B | $723.1M | $484.6M |
| Invested capital | $4.12B | $3.73B | $3.55B | $2.99B | $4.12B | $3.34B | $3.53B | $2.56B | $2.28B | $2.39B |
| Tangible asset value | $1.78B | $1.50B | $1.19B | $1.95B | $2.79B | $2.66B | $1.26B | $1.07B | $410.0M | $82.6M |
| Net current asset value | $1.32B | $1.35B | $1.02B | $1.52B | $2.33B | $2.22B | $813.6M | $868.8M | $271.8M | −$34.3M |
| Graham number | $6.26 | — | — | — | — | — | — | — | — | — |
| Graham net-net per share | $2.46 | $4.08 | $3.46 | $5.60 | −$2.04 | $6.59 | $0.94 | $3.34 | $1.25 | −$0.44 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $72.0M | $1.19B | $4.88B | — | $65.5M | — | $0 | $0 |
| Share buybacks (net) | $670.0M | $301.0M | $424.0M | $947.0M | $302.3M | $0 | $3,000 | $70,000 | $365,000 | $616,000 |
| Dividends + buybacks / free cash flow | 285.1% | 105.6% | 262.4% | 48.9% | — | 0.0% | — | — | 0.2% | — |
| Capex / revenue | 5.1% | 6.4% | 8.5% | 7.2% | 4.9% | 6.7% | 3.2% | 5.9% | 7.3% | 8.5% |
| Capex / operating cash flow | 36.1% | 33.4% | 46.6% | 3.1% | — | 25.6% | — | 2,039.9% | 30.5% | 829.6% |
| Capex / depreciation | 0.45 | 0.57 | 0.68 | 0.78 | 0.68 | 0.81 | 0.78 | 0.79 | 0.71 | 0.71 |
| Stock-based compensation / revenue | 15.1% | 20.0% | 23.2% | 23.0% | 14.6% | 12.2% | 7.3% | 11.2% | 10.5% | 12.6% |
| R&D / revenue | 23.5% | 26.2% | 28.8% | 25.4% | 19.7% | 21.5% | 17.4% | 30.8% | 29.7% | 32.3% |
| SG&A / revenue | 51.9% | 58.8% | 62.3% | 59.3% | 53.0% | 49.8% | 39.4% | 61.1% | 61.2% | 82.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 19.8 | 16.3 | 15.8 | 13.9 | 12.6 | 15.4 | 8.9 | 16.5 | 16.1 | 15.2 |
| Days of inventory on hand | — | — | 63.3 | 1,967.1 | 2,488.3 | 950.4 | 127.4 | 193.5 | 0.0 | — |
| Days payables outstanding | 18.0 | 20.1 | 20.8 | 15.4 | 16.9 | 19.6 | 2.0 | 13.1 | 16.8 | 19.4 |
| Cash conversion cycle (days) | 1.8 | -3.8 | 58.2 | 1,965.5 | 2,483.9 | 946.2 | 134.2 | 196.8 | -0.7 | -4.3 |
| Receivables turnover | 18.45 | 22.36 | 23.15 | 26.28 | 29.02 | 23.72 | 41.22 | 22.14 | 22.69 | 24.08 |
| Payables turnover | 20.24 | 18.17 | 17.54 | 23.68 | 21.55 | 18.67 | 181.11 | 27.78 | 21.72 | 18.80 |
| Inventory turnover | — | — | 5.77 | 0.19 | 0.15 | 0.38 | 2.87 | 1.89 | 170,406,000.00 | — |
| Asset turnover | 0.45 | 0.36 | 0.29 | 0.23 | 0.23 | 0.24 | 0.53 | 0.35 | 0.34 | 0.27 |
| Average receivables | $140.0M | $100.0M | $84.0M | $74.5M | $73.5M | $68.5M | $66.5M | $60.2M | $47.5M | $35.2M |
| Average payables | $33.0M | $29.0M | $24.0M | $15.5M | $15.0M | $13.7M | $7.9M | $5.5M | $3.9M | $3.8M |
| Average inventory | — | — | $73.0M | $1.98B | $2.20B | $664.0M | $499.7M | $81.4M | $0 | $0 |
| Intangibles / total assets | 54.6% | 57.4% | 50.1% | 38.5% | 23.8% | 27.8% | 35.5% | 51.3% | 69.7% | 77.8% |
Computed from Z's annual financial statements (latest annual report filed February 11, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
Z valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Zillow traded at 753.7 times earnings. Based on the latest twelve months, the trailing P/E is 134.0 and the forward P/E is 9.9. Zillow earned a return on equity of 0.5% and a return on invested capital of −0.7% in fiscal 2025. It ended the year with $536.0 million of debt and $1.3 billion in cash and short-term investments, a net cash position of $759.0 million. It returned $670.0 million to shareholders: $0 in dividends and $670.0 million in share buybacks, 285% of free cash flow. The share count rose 41.1% from 180.1M to 254.1M over 9 years.
See the Z income statement, the Z chart for price history, or the Z stock overview for the latest quote and news.
Z key metrics FAQ
What is Zillow's P/E ratio?
Zillow's trailing P/E ratio is 134.0 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.9. At the end of fiscal 2025 it was 753.7.
What is Zillow's EV/EBITDA?
Zillow's enterprise value was 49.3 times EBITDA at the end of fiscal 2025 (enterprise value $16.6 billion, EBITDA $336.0 million); the current EV/EBITDA is 18.3.
What is Zillow's return on equity?
Zillow's return on equity (ROE) was 0.5% in fiscal 2025: net income of $23.0 million on average shareholders' equity of $4.9 billion.
What is Zillow's ROIC?
Zillow's return on invested capital was −0.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Zillow have?
Zillow had total debt of $536.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.11 and more cash than debt.
Does Zillow buy back its shares?
Yes. Zillow spent $670.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +8.6% over the year, to 254.1M..
What is Zillow's free cash flow yield?
Zillow generated $235.0 million of free cash flow in fiscal 2025, a free cash flow yield of 1.4% on its market value at year-end ($17.3 billion).
What is Zillow's current ratio?
Zillow's current ratio was 3.13 at the end of fiscal 2025: current assets were 3.13 times current liabilities.