Zillow Group, Inc. Class C
- Open
- 35.20
- Day high
- 35.64
- Day low
- 34.80
- Prev close
- 35.66
- Volume
- 3.0M
- Mkt cap
- $7.9B
- P/E (TTM)
- 149.6
- EPS (TTM)
- $0.23
- 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 C (Z) is a Communication Services company listed on NASDAQ. The stock is down 57% 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 Z.
Zillow Group, Inc. Class C (Z) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
Z earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $0.45 | $0.52 | +16.6% | $772M | +1.8% |
| May 6, 2026 | $0.43 | $0.53 | +23.3% | $708M | +0.4% |
| Oct 30, 2025 | $0.43 | $0.44 | +2.8% | $676M | +0.8% |
| May 7, 2025 | $0.37 | $0.41 | +10.9% | $598M | +1.5% |
| May 1, 2024 | $0.36 | $0.36 | +0.3% | $529M | +4.0% |
| Feb 13, 2024 | $0.12 | $0.20 | +66.7% | $474M | +4.9% |
| Nov 1, 2023 | $0.23 | $0.33 | +43.5% | $496M | +3.2% |
| Aug 2, 2023 | $0.18 | $0.39 | +116.7% | $506M | +10.1% |
| May 3, 2023 | $0.12 | $0.35 | +191.7% | $469M | +10.3% |
| Feb 15, 2023 | $0.07 | $0.21 | +200.0% | $435M | +4.9% |
| Nov 2, 2022 | $0.06 | $0.38 | +533.3% | $483M | +5.4% |
| Aug 4, 2022 | $0.33 | $0.47 | +42.4% | $1.0B | +2.5% |
Z 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 | Hofmann Jeremyofficer: COO & CFO | Sell | 3,510 | $34.24 |
| Aug 17, 2026 | Hofmann Jeremyofficer: COO & CFO | Sell | 5,661 | $34.18 |
| Aug 17, 2026 | Spaulding Danofficer: Chief People Officer | Sell | 1,966 | $34.24 |
| Aug 17, 2026 | Rock Jenniferofficer: Chief Accounting Officer | Sell | 990 | $34.24 |
| Aug 17, 2026 | Spaulding Danofficer: Chief People Officer | Sell | 3,169 | $35.37 |
| Aug 17, 2026 | Beitel David A.officer: Chief Technology Officer | Sell | 1,798 | $34.24 |
| Aug 17, 2026 | Samuelson Errol Gofficer: Chief Industry Dev. Officer | Sell | 3,154 | $34.24 |
| Aug 17, 2026 | Wacksman Jeremydirector, officer: Chief Executive Officer | Sell | 9,339 | $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 | 3,078 | $37.40 |
Source: Z SEC Form 4 filings, latest Aug 21, 2026. For informational purposes only — not investment advice.
See the full Z insider & 13F page →Zillow Group, Inc. Class C company profile
Overview
Zillow Group, Inc. (NASDAQ:Z) is a digital real estate company founded in 2006 and headquartered in Seattle, Washington. The company went public in 2015 and has evolved from a simple home valuation website into what it calls a "housing super app" - an integrated platform that aims to digitize and streamline the entire residential real estate transaction process. Zillow operates through multiple brands including its flagship Zillow platform, Trulia, StreetEasy, and various service-oriented subsidiaries, serving millions of users seeking to buy, sell, rent, or finance homes across the United States.
Business
Zillow operates in the digital real estate services industry, functioning as an online marketplace and technology platform that connects various participants in residential real estate transactions. The company's core offering revolves around providing comprehensive real estate information, tools, and services to consumers, real estate agents, property managers, and other industry professionals. The company operates through three primary business segments: 1. **Internet, Media & Technology (IMT) Segment** - This represents approximately 70-75% of total revenue and includes Zillow's flagship consumer-facing platforms. The segment generates revenue primarily through Premier Agent subscriptions, where real estate agents pay to receive leads and advertising placement on Zillow's platforms. The segment also includes Zillow Rentals (a marketplace for rental properties), display advertising, and various software solutions like dotloop (transaction management), ShowingTime (scheduling platform), and Follow Up Boss (customer relationship management). This segment serves over 230 million monthly unique users who search for homes, view property information, and connect with real estate professionals. 2. **Rentals Business** - Representing roughly 20-25% of revenue and growing rapidly at 25-40% annually, this segment operates a two-sided marketplace connecting renters with property owners and managers. The platform features over 2 million rental listings, including more than 55,000 multifamily properties. Revenue comes from subscription fees paid by property managers and landlords to list their properties and access tenant leads. 3. **Mortgages Segment** - The smallest segment at approximately 5-7% of revenue, this includes Zillow Home Loans, which provides purchase mortgages and refinancing services. The company focuses primarily on purchase loans rather than refinancing, integrating mortgage services with its broader platform to capture more of the home-buying transaction value chain. Zillow's platforms aggregate property data, market analytics, neighborhood information, and transaction history, making this information freely accessible to consumers while monetizing through lead generation and advertising services sold to real estate professionals.
Revenue model
Zillow employs multiple revenue models across its business segments, primarily operating as a lead generation and advertising platform rather than directly facilitating transactions. The **Premier Agent model** generates the majority of revenue through subscription-based advertising services. Real estate agents pay monthly fees (typically ranging from hundreds to thousands of dollars) to receive leads from consumers browsing properties in specific geographic areas. Agents essentially bid for the right to be contacted by potential buyers and sellers, with pricing varying based on market competitiveness and lead volume. This creates a recurring revenue stream that scales with market activity and agent demand. The **Rentals business** operates on a subscription model where property managers and landlords pay fees to list properties and access renter leads. Revenue grows as more properties join the platform and as rental market activity increases. The company targets reaching over $1 billion in rental revenue as the segment matures. **Mortgage operations** generate revenue through loan origination fees, interest rate spreads, and loan servicing. As an integrated service within Zillow's ecosystem, the mortgage business benefits from internal lead generation, reducing customer acquisition costs compared to standalone mortgage companies. Several factors influence Zillow's margins and profitability. **Positive margin drivers** include: increasing market share allowing for higher lead prices; growing adoption of "Enhanced Markets" where Zillow provides more integrated services commanding premium pricing; expanding rental marketplace creating network effects; and operational leverage as fixed technology costs spread across growing user bases. **Negative margin pressures** come from: housing market cyclicality affecting transaction volumes and agent spending; intense competition from other real estate platforms and traditional brokerages; regulatory changes in real estate commission structures; and significant technology investment requirements to maintain platform leadership. The company's margins also fluctuate with broader economic conditions, as real estate activity correlates strongly with interest rates, employment levels, and consumer confidence.
Competitive moat
Zillow's competitive moat centers on its **network effects and data advantages**, though the strength of these moats faces ongoing challenges. The company benefits from a powerful two-sided marketplace dynamic where more consumer traffic attracts more real estate agents, which in turn improves the platform's value proposition for consumers through better service coverage and competition among agents. With over 230 million monthly unique users, Zillow has achieved significant scale that creates barriers for new entrants. The company's **data moat** stems from aggregating vast amounts of property information, transaction history, and user behavior data over nearly two decades. This data powers Zillow's automated valuation models (Zestimate), neighborhood insights, and market analytics that are difficult for competitors to replicate quickly. The integration of multiple services - from home search to mortgage lending to closing services - creates switching costs and increases customer lifetime value. However, Zillow's moat faces **significant competitive pressures**. Traditional real estate brokerages like Compass and eXp Realty have invested heavily in technology platforms, while companies like Opendoor compete in direct home buying/selling. The National Association of Realtors (NAR) settlement changes in 2024 have altered commission structures, potentially disrupting Zillow's lead generation model. Additionally, tech giants like Google and Facebook possess superior advertising platforms and could theoretically enter real estate lead generation. The **rental marketplace** represents Zillow's strongest emerging moat, as network effects are more pronounced in rentals due to inventory turnover frequency and the importance of comprehensive listing coverage. However, established players like Apartments.com and newer entrants continue to compete aggressively. Overall, while Zillow maintains competitive advantages through scale and data, the real estate industry's fragmented nature and regulatory environment limit the defensibility of its position compared to other platform businesses.
Risks & safety
Zillow demonstrates a **strong financial safety profile** with substantial liquidity and manageable debt levels, though valuation metrics suggest limited margin of safety at current prices. **Liquidity and Solvency:** - Cash and short-term investments: $914 million as of Q1 2025 - Current ratio: 2.46x indicating strong short-term liquidity - Debt-to-equity ratio: 0.14x showing minimal leverage - Free cash flow: Recently turned negative at -$40 million in Q1 2025, but historically positive - No significant solvency risk given strong balance sheet position **Valuation Metrics:** - EV/EBITDA: 51.2x (Q1 2025) - extremely high multiple suggesting overvaluation - Price-to-book ratio: 3.49x - premium to historical averages - Graham number suggests significant overvaluation relative to conservative metrics - Revenue multiple implies high growth expectations already priced in **Other Considerations:** - Business model transition risk as company shifts toward integrated services - Cyclical real estate market exposure creates earnings volatility - Regulatory uncertainty following NAR settlement changes - High customer acquisition costs in competitive market environment The margin of safety appears limited given current valuations, despite the company's solid financial foundation.
Recent development
Over the past several years, Zillow has undergone a significant strategic transformation from a simple property information website to an integrated "housing super app." The most notable pivot occurred in 2021 when the company shut down its **Zillow Offers** home-flipping business after substantial losses, refocusing entirely on its marketplace and services model. The company's current strategy centers on **Enhanced Markets expansion**, where Zillow provides more integrated services beyond basic lead generation. Starting with 9 markets in early 2023, the program has expanded to 43 markets by 2024, with 24% of customer connections now occurring in Enhanced Markets. The company targets reaching 35% by year-end 2025. In these markets, Zillow offers comprehensive services including touring coordination, mortgage lending, and closing services, capturing higher revenue per transaction. **Zillow's rental marketplace** has emerged as a major growth driver, with the segment achieving 25-47% annual growth rates. The company has expanded from 37,000 multifamily properties in 2023 to over 55,000 in 2025, building toward a $1 billion revenue target. Strategic partnerships with companies like Redfin and Appfolio have accelerated this growth by expanding property listings and improving lead quality. The **mortgage business integration** has deepened significantly, with Zillow Home Loans achieving 80-125% year-over-year growth in purchase loan originations. The company has focused on purchase mortgages rather than refinancing, integrating lending services directly into the home-buying workflow through its Enhanced Markets program. **Technology and AI investments** have accelerated, with new products like Zillow Showcase (premium listing features), real-time touring connections, and BuyAbility (affordability calculator) launching across markets. The company has also made strategic acquisitions including Follow Up Boss (CRM platform) and expanded its ShowingTime scheduling services. Following the 2024 NAR settlement changes affecting real estate commissions, Zillow has positioned itself to benefit from increased transaction transparency and potential market share gains among top-performing agents who can demonstrate clear value to consumers.
Z company profile · for informational purposes only — not investment advice.
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