Zillow Group, Inc. Class A
- Open
- 36.45
- Day high
- 36.92
- Day low
- 36.45
- Prev close
- 35.44
- Volume
- 5K
- Mkt cap
- $8.0B
- P/E (TTM)
- 151.6
- EPS (TTM)
- $0.24
- P/B
- 1.8
- P/S
- 2.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.3M over the last 3 months (0 open-market buys, 11 sales)
- 🏛Institutions mixed (13F)
Zillow Group, Inc. Class A (ZG) is a Communication Services company listed on NASDAQ. The stock is down 56% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 11 sales (SEC Form 4). Drillr has 1 published research article covering ZG.
Zillow Group, Inc. Class A (ZG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 16 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ZG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $0.44 | $0.52 | +18.2% | $772M | +1.8% |
| May 6, 2026 | $0.43 | $0.53 | +23.3% | $708M | +0.4% |
| Oct 30, 2025 | $0.42 | $0.44 | +3.9% | $676M | +0.9% |
| Aug 6, 2025 | $0.44 | $0.40 | -9.1% | $655M | -1.7% |
| May 1, 2024 | $0.36 | $0.36 | +0.3% | $529M | +4.0% |
| Feb 13, 2024 | $0.12 | $0.20 | +66.7% | $474M | +5.1% |
| Nov 1, 2023 | $0.21 | $0.33 | +57.1% | $496M | +3.2% |
| Aug 2, 2023 | $0.18 | $0.39 | +116.7% | $506M | +10.2% |
| May 3, 2023 | $0.15 | $0.35 | +133.3% | $469M | +10.3% |
| Feb 15, 2023 | $0.10 | $0.21 | +110.0% | $435M | +4.9% |
| Nov 2, 2022 | $0.15 | $0.38 | +153.3% | $483M | +5.4% |
| Aug 4, 2022 | $0.41 | $0.47 | +14.6% | $1.0B | +2.5% |
ZG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 21, 2026 | Knight Cassandraofficer: Chief Legal and Policy Officer | Grant | 70,852 | — |
| Aug 21, 2026 | Knight Cassandraofficer: Chief Legal and Policy Officer | Grant | 212,553 | $35.72 |
| Aug 17, 2026 | Wacksman Jeremydirector, officer: Chief Executive Officer | Sell | 5,786 | $34.24 |
| Aug 17, 2026 | Wacksman Jeremydirector, officer: Chief Executive Officer | Sell | 9,339 | $34.18 |
| Aug 17, 2026 | Beitel David A.officer: Chief Technology Officer | Sell | 1,798 | $34.24 |
| Aug 17, 2026 | Rock Jenniferofficer: Chief Accounting Officer | Sell | 990 | $34.24 |
| Aug 17, 2026 | Samuelson Errol Gofficer: Chief Industry Dev. Officer | Sell | 3,154 | $34.24 |
| Aug 17, 2026 | Spaulding Danofficer: Chief People Officer | Sell | 1,966 | $34.24 |
| Aug 17, 2026 | Spaulding Danofficer: Chief People Officer | Sell | 3,169 | $35.37 |
| Aug 17, 2026 | Hofmann Jeremyofficer: COO & CFO | Sell | 3,510 | $34.24 |
| Aug 17, 2026 | Hofmann Jeremyofficer: COO & CFO | Sell | 5,661 | $34.18 |
| Aug 12, 2026 | Cormier Thielke Clairedirector | Sell | 1,187 | $33.09 |
| Jun 9, 2026 | BLACHFORD ERIK Cdirector | Sell | 791 | $34.80 |
| May 26, 2026 | Wacksman Jeremydirector, officer: Chief Executive Officer | Sell | 9,072 | $36.54 |
| May 18, 2026 | Spaulding Danofficer: Chief People Officer | Sell | 150 | $38.74 |
Source: ZG SEC Form 4 filings, latest Aug 21, 2026. For informational purposes only — not investment advice.
See the full ZG insider & 13F page →Zillow Group, Inc. Class A company profile
Overview
Zillow Group, Inc. (NASDAQ:ZG) is a digital real estate company founded in 2004 and headquartered in Seattle, Washington. The company went public in 2011 and has evolved from a simple home valuation website into a comprehensive digital real estate platform. Zillow operates as an intermediary in the residential real estate market, connecting buyers, sellers, renters, and real estate professionals through its suite of online platforms and mobile applications. The company has undergone significant strategic transformation over the years, including a notable pivot away from direct home buying and selling (iBuying) to focus on its core marketplace and services business model.
Business
Zillow operates in the digital real estate industry, serving as a technology-enabled marketplace that connects various participants in the housing market. The real estate industry in the United States is traditionally fragmented and relationship-driven, with transactions typically facilitated by real estate agents, mortgage brokers, and various service providers. Zillow's role is to digitize and streamline these processes through technology. The company operates through three main business segments. The Internet, Media & Technology (IMT) segment represents the largest portion of revenue, generating approximately 70-75% of total revenues. This segment includes Zillow's core marketplace platforms where real estate agents pay to advertise their services to potential buyers and sellers. The platform generates leads through its popular home search and valuation tools, then connects these leads with paying real estate professionals through its Premier Agent program. The Rentals segment accounts for roughly 20-25% of revenues and operates rental marketplaces including Zillow Rentals, which connects landlords with potential tenants. This segment has shown strong growth, particularly in multifamily properties, and includes both single-family and multifamily rental listings. The Mortgages segment represents the smallest portion at approximately 5-10% of revenues but has been growing rapidly. Through Zillow Home Loans, the company provides mortgage origination services, primarily focusing on purchase loans rather than refinancing. This segment benefits from the integrated customer experience where home buyers discovered through Zillow's platforms can be seamlessly connected to mortgage services. Zillow's primary consumer-facing products include Zillow.com and its mobile app, which provide home search functionality, automated valuation models (called Zestimates), neighborhood information, and market data. The company also operates Trulia, another popular real estate search platform, and StreetEasy, which focuses on the New York City market. These platforms collectively attract over 230 million monthly unique users, making Zillow one of the most visited real estate websites in the United States.
Revenue model
Zillow's business model is primarily based on lead generation and advertising revenue from real estate professionals. In the IMT segment, real estate agents and brokers pay Zillow to receive leads generated from the platform's massive user base. This operates on a cost-per-lead model where agents pay when potential buyers or sellers express interest in their services. The company has been expanding its "Enhanced Markets" strategy, where it takes a more integrated approach by providing additional services like touring coordination, CRM tools, and transaction management, allowing it to capture a higher revenue share per transaction. The Rentals segment generates revenue through subscription fees from landlords and property management companies who list their properties on Zillow's rental platforms. The company charges monthly fees for listing services and additional fees for premium placement and marketing services. This segment benefits from the recurring nature of rental turnover and the fragmented rental market. The Mortgages segment earns revenue through origination fees and loan sales. When Zillow originates a mortgage, it typically earns fees upfront and may sell the loan to investors while retaining servicing rights or selling the servicing as well. This segment benefits from Zillow's customer acquisition advantage, as mortgage customers acquired through Zillow's platforms cost significantly less than those acquired through traditional marketing channels. Several factors influence Zillow's margins and profitability. Positive factors include housing market activity levels, as more transactions mean more demand for agent services and mortgage originations. Interest rate environments affect both home sales velocity and mortgage demand. The company's ability to increase its market share and improve its revenue per transaction through Enhanced Markets expansion also drives margin improvement. Technology improvements and automation can reduce operational costs while improving service quality. Negative factors include housing market downturns, which reduce transaction volumes and agent spending on leads. Rising interest rates can dampen home buying activity. Increased competition from other real estate platforms or traditional players investing in technology could pressure pricing. Regulatory changes in the real estate industry, such as recent National Association of Realtors settlement changes affecting commission structures, create uncertainty. The company also faces the challenge of maintaining its market position while investing heavily in new services and geographic expansion.
Competitive moat
Zillow's competitive moat is primarily built on network effects and scale advantages, though the strength of this moat is moderate and faces ongoing challenges. The company's most significant advantage lies in its massive user base of over 230 million monthly unique users, which creates a powerful two-sided marketplace dynamic. Home buyers and sellers come to Zillow because of its comprehensive listings and data, while real estate professionals pay to access these potential customers. This creates a virtuous cycle where more users attract more agents, and more agent participation improves the platform's value for users. The company has built substantial brand recognition and trust in the real estate space, with Zillow becoming synonymous with online home search for many consumers. Its Zestimate automated valuation model, while not always perfectly accurate, has become a widely referenced benchmark that keeps users engaged with the platform. Zillow's data assets, accumulated over nearly two decades of operation, provide insights into market trends and consumer behavior that are difficult for competitors to replicate quickly. However, Zillow's moat faces several vulnerabilities. The real estate industry remains heavily relationship-driven, and agents can potentially bypass Zillow's platform once they establish direct relationships with clients. Large real estate brokerages like Compass, Redfin, and traditional players are investing heavily in their own technology platforms. Additionally, the recent NAR settlement changes regarding commission structures could alter how the industry operates, potentially reducing the value of Zillow's lead generation model. The company's expansion into adjacent services like mortgages and rentals helps strengthen its moat by creating more touchpoints with customers and increasing switching costs. However, these markets have established competitors with deep expertise. The mortgage business faces competition from both traditional lenders and fintech companies, while the rental market includes established players like Apartments.com and newer entrants. Overall, while Zillow maintains a strong market position, its moat is not insurmountable and requires continuous innovation and expansion to maintain its competitive advantages in an evolving industry landscape.
Risks & safety
Zillow demonstrates a strong financial position with substantial margin of safety, though profitability remains a work in progress. **Cash and Liquidity Position:** - Strong cash position of $1.08 billion as of Q4 2024 - Current ratio of 2.81, indicating solid short-term liquidity - Minimal debt burden with debt-to-equity ratio of only 0.14 - Positive operating cash flow of $428 million for full year 2024 - Free cash flow positive at $285 million annually **Valuation Metrics:** - EV/EBITDA of 85.4x appears elevated, though EBITDA was modest at $198 million - Price-to-book ratio of 3.58x reflects premium valuation - Company targeting positive GAAP net income for 2025 - Revenue growth trajectory of low-to-mid teens expected for 2025 **Other Considerations:** - Net loss of $112 million in 2024, though improving from prior years - Strong balance sheet with $4.8 billion in shareholders' equity - Minimal capital expenditure requirements for digital business model - Market leadership position provides defensive characteristics during downturns
Recent development
Over the past few years, Zillow has undergone significant strategic transformation following its decision to exit the iBuying business (direct home purchasing) in late 2021. The company has since focused on building what it calls a "housing super app" - an integrated platform that handles multiple aspects of real estate transactions. The most significant development has been the expansion of Enhanced Markets, launched in select cities where Zillow provides more comprehensive services beyond simple lead generation. In these markets, the company offers integrated touring coordination, mortgage services, and transaction management tools. This strategy has shown promising results, with revenue per transaction growing 80% in the initial Enhanced Markets compared to traditional markets. The company plans to expand Enhanced Markets from covering 21% of connections to 35% by the end of 2025. Zillow has made several strategic acquisitions and launches to support this integrated approach. The company acquired Follow Up Boss, a real estate CRM platform that helps agents manage their leads more effectively. It also launched Zillow Showcase, a premium listing service that helps agents market properties more effectively, now representing 1.7% of new U.S. listings with potential to reach 5-10% market penetration. The Rentals business has emerged as a major growth driver, with the segment growing 25% in Q4 2024. The company has expanded its multifamily property listings to 50,000 properties and formed partnerships, including a recent agreement with Redfin to expand multifamily listings. Management sees a clear path to over $1 billion in rental revenue. The Mortgages segment has shown remarkable growth, with revenue increasing 86% in Q4 2024. The company is leveraging its customer acquisition advantages and integrating mortgage services more deeply into the home buying journey. Leadership changes have also been significant, with Jeremy Wacksman taking over as CEO from founder Rich Barton, who remains as Co-Executive Chairman, signaling the company's transition to its next growth phase.
ZG company profile · for informational purposes only — not investment advice.
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