Latest Ratios: P/E Ratio 361.2x · EV/EBITDA 29.2x · ROE 0.5%. (2008–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.9B | $17.3B | $16.6B | $13.2B | $7.6B | $15.6B | $30.4B | $9.4B | $6.2B | $7.6B | $6.6B |
| Enterprise Value | $7.6B | $17.1B | $16.2B | $13.6B | $8.0B | $14.8B | $31.2B | $10.8B | $6.4B | $7.6B | $6.7B |
| P/E Ratio → | 361.22 | 753.92 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.04 | 6.71 | 7.42 | 6.81 | 3.86 | 7.29 | 18.74 | 3.44 | 4.67 | 7.05 | 7.76 |
| P/B Ratio | 1.70 | 3.55 | 3.42 | 2.93 | 1.69 | 2.91 | 6.42 | 2.75 | 1.90 | 2.85 | 2.59 |
| P/FCF | 33.43 | 73.78 | 58.19 | 70.10 | 1.73 | — | 96.39 | — | — | 42.30 | — |
| P/OCF | 21.35 | 47.12 | 38.75 | 37.42 | 1.68 | — | 71.74 | — | 1615.94 | 29.42 | 759.56 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.62 | 7.23 | 6.98 | 4.06 | 6.96 | 19.24 | 3.94 | 4.81 | 7.09 | 7.90 |
| EV / EBITDA | 29.19 | 65.52 | 304.95 | — | 91.48 | 37.86 | 126.50 | — | — | — | — |
| EV / EBIT | — | — | — | — | — | 64.80 | 167.99 | — | — | — | — |
| EV / FCF | — | 72.77 | 56.71 | 71.88 | 1.82 | — | 98.98 | — | — | 42.49 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.1% | 74.1% | 76.4% | 78.4% | 81.3% | 84.8% | 84.3% | 47.8% | 88.5% | 92.1% | 91.5% |
| Operating Margin | -1.2% | -1.2% | -8.8% | -13.9% | -4.7% | 11.2% | 9.9% | -9.0% | -9.7% | -15.0% | -22.8% |
| Net Profit Margin | 0.9% | 0.9% | -5.0% | -8.1% | -5.2% | -24.8% | -10.0% | -11.1% | -9.0% | -8.8% | -26.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.5% | 0.5% | -2.4% | -3.5% | -2.1% | -10.5% | -4.0% | -9.1% | -4.0% | -3.6% | -8.5% |
| ROA | 0.4% | 0.4% | -1.8% | -2.4% | -1.2% | -5.8% | -2.4% | -5.9% | -3.2% | -3.0% | -7.0% |
| ROIC | -0.5% | -0.5% | -3.2% | -4.2% | -1.5% | 3.5% | 2.3% | -4.5% | -3.1% | -4.5% | -5.4% |
| ROCE | -0.6% | -0.6% | -3.7% | -4.5% | -1.4% | 3.6% | 2.7% | -5.4% | -3.6% | -5.3% | -6.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.11 | 0.11 | 0.14 | 0.40 | 0.42 | 0.30 | 0.53 | 0.73 | 0.26 | 0.14 | 0.15 |
| Debt / EBITDA | 2.05 | 2.05 | 12.45 | — | 21.46 | 4.09 | 10.20 | — | — | — | — |
| Net Debt / Equity | — | -0.05 | -0.09 | 0.07 | 0.09 | -0.13 | 0.17 | 0.40 | 0.06 | 0.01 | 0.05 |
| Net Debt / EBITDA | -0.91 | -0.91 | -7.96 | — | 4.61 | -1.81 | 3.31 | — | — | — | — |
| Debt / FCF | — | -1.01 | -1.48 | 1.78 | 0.09 | — | 2.59 | — | — | 0.19 | — |
| Interest Coverage | -1.78 | -1.78 | -1.97 | -3.28 | -1.43 | 1.79 | 1.20 | -2.04 | -2.66 | -5.69 | -28.74 |
Net cash position: cash ($773M) exceeds total debt ($536M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.13 | 3.13 | 2.81 | 3.24 | 13.34 | 1.98 | 5.46 | 3.81 | 6.58 | 7.11 | 5.98 |
| Quick Ratio | 3.13 | 3.13 | 2.81 | 3.25 | 13.19 | 0.97 | 4.92 | 2.90 | 6.02 | 7.11 | 5.98 |
| Cash Ratio | 1.91 | 1.91 | 2.24 | 2.90 | 12.45 | 0.73 | 4.32 | 2.63 | 5.41 | 6.44 | 5.21 |
| Asset Turnover | — | 0.45 | 0.38 | 0.29 | 0.30 | 0.20 | 0.22 | 0.45 | 0.31 | 0.33 | 0.27 |
| Inventory Turnover | — | — | — | — | 8.53 | 0.08 | 0.52 | 1.71 | 0.94 | — | — |
| Days Sales Outstanding | — | 24.87 | 16.98 | 18.02 | 13.42 | 13.18 | 15.72 | 8.92 | 18.09 | 18.44 | 17.47 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.3% | 0.1% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 3.0% | 1.4% | 1.7% | 1.4% | 57.7% | — | 1.0% | — | — | 2.4% | — |
| Buyback Yield | 8.5% | 3.9% | 1.8% | 3.2% | 12.5% | 1.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 8.5% | 3.9% | 1.8% | 3.2% | 12.5% | 1.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $254M | $234M | $234M | $242M | $250M | $224M | $206M | $198M | $186M | $180M |
Housing market volume sensitivity
According to current market data, Zillow trades at a forward P/E of 13.66, which appears to price in significant future earnings expansion relative to its historical volatility and the broader internet content sector's valuation multiples observed in recent financial filings.
The valuation premium suggests that investors are pricing in Zillow's potential to transition from a lead-generation model to a comprehensive housing operating system. However, this multiple remains highly sensitive to the company's ability to maintain its top-of-funnel traffic lead against aggressive competitors like CoStar.
Based on reported figures, Zillow's ROIC has struggled to maintain positive territory, hovering near -0.2% to 0.6% in recent quarters, which indicates that the company is still in a capital-intensive phase of reinvesting into its housing super app infrastructure.
The persistent difficulty in generating positive returns on invested capital reflects the heavy burden of ongoing product development and marketing spend. Investors should monitor whether the recent shift toward positive operating margins can translate into a sustained, positive ROIC as the company scales its transaction-based services.
As reported in financial statements, Zillow's asset turnover remains low at approximately 0.13x, reflecting the company's reliance on intangible assets and the inherent nature of its digital marketplace model compared to traditional real estate brokerage peers.
The relatively stable DSO figures suggest that Zillow maintains effective control over its receivables, even as it navigates the complexities of the Flex model. The lack of significant inventory turnover data highlights the company's successful pivot away from the capital-heavy iBuying segment toward a more efficient, service-oriented platform.
Based on an analysis of Zillow's financial disclosures, the P/E ratio is a frequently misapplied metric for this business model because it fails to account for the massive, non-cash impact of stock-based compensation that consistently distorts reported net income.
Analysts should prioritize free cash flow or adjusted EBITDA to better gauge the company's underlying economic performance. Relying on GAAP P/E ratios may lead to an inaccurate assessment of Zillow's profitability, as the company's heavy reliance on equity-based incentives significantly masks its true cash-generative capacity.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying ZG stock.
Zillow Group, Inc. Class A's current P/E ratio is 361.2x. The historical average is 140.9x. This places it at the 100th percentile of its historical range.
Zillow Group, Inc. Class A's current EV/EBITDA is 29.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 56.3x.
Zillow Group, Inc. Class A's return on equity (ROE) is 0.5%. The historical average is -7.8%.
Based on historical data, Zillow Group, Inc. Class A is trading at a P/E of 361.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Zillow Group, Inc. Class A has 74.1% gross margin and -1.2% operating margin.
Zillow Group, Inc. Class A's Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.