Zillow Group, Inc. (Z)
割高ファンダメンタル
50
株価
$28.02
時価総額
$6.33B
パート1 · 企業の価値
概要
Zillow runs the most-visited real estate websites and apps in the United States — Zillow, Trulia, StreetEasy and HotPads — where people browse home listings, contact agents, and search for apartments to rent. It does not buy or sell homes itself: it exited that business in 2021 after losing money on it. Instead it earns money from three activities built around that audience: selling leads and advertising to real estate agents, helping landlords list and screen renters, and originating mortgages for buyers who found their home through the site.
収益の仕組み
Most revenue comes from real estate agents who pay for placement and leads under the Premier Agent program, priced by lead or subscription rather than tied to any single home sale. Rentals revenue comes from landlords paying to list multifamily units and from renters paying application and screening fees. Mortgages revenue is the origination fee Zillow Home Loans earns when it funds a purchase loan for a buyer who found the property through Zillow. None of the three lines requires Zillow to own the property changing hands.
セグメント別売上高
Advertising and lead-generation services sold to real estate agents seeking visibility on Zillow's listings — still the core of the business.
Listing fees paid by multifamily landlords plus application and screening fees paid by renters — the fastest-growing line.
Origination fees earned when Zillow Home Loans funds a purchase loan for a buyer who found the home through Zillow.
Smaller lines, including New Construction marketplace advertising, that do not fit the three main segments.
競争優位性（moat）
ネットワーク効果 · 狭いZillow's audience of home shoppers is the largest of any US real estate site, which is what draws agents to pay for leads — a smaller rival cannot offer the same reach. The advantage stays narrow because multiple listing services feed the same property data to Zillow, Redfin and Realtor.com alike, so an agent can shift ad spend between them at little cost.
需要を左右する要因
景気循環型The advertising revenue that still dominates the business tracks how many homes change hands and how much agents are willing to spend chasing buyers, both of which fall when mortgage rates rise and existing-home sales slow. Rentals and mortgages add some counterweight, since renters keep moving even when buyers wait, but the largest segment still rises and falls with the housing transaction cycle.
主なリスク
- Real estate commission structure in flux — Industry-wide settlements over how buyer agents are paid have changed since 2024 and the rules are still shifting; Zillow's advertising revenue depends on agents having commission-funded budgets to spend on leads.
- Sensitivity to mortgage rates and transaction volume — Home sales, and the agent spending that funds Zillow's advertising business, fall when mortgage rates rise or affordability worsens, a cycle largely outside the company's control.
- Competition for agent advertising budgets — Realtor.com, Redfin, and agents' own direct marketing all compete for the same advertising dollars, and an agent can redirect spend elsewhere with little switching cost.
- New mortgage lending business carries credit and rate risk — Zillow Home Loans funds loans directly, exposing the company to interest-rate and credit risk it did not carry when it only referred buyers to outside lenders.
強気材料
Buyers argue that Zillow's audience lead is durable, that Rentals and Mortgages are diversifying revenue away from pure transaction advertising, and that a return to more normal home-sale volumes would flow straight through to the dominant Residential segment.
弱気材料
Sellers fear that changes to buyer-agent commissions shrink the budgets agents have to spend on leads, that rivals can reach the same audience through the same MLS data, and that a new mortgage-lending business adds balance-sheet risk to what was once a pure advertising model.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$2.81B
直近12か月（2026/6/30まで）
純利益
$55M
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$235M
自己資本合計
$4.88B
負債合計
$801M
流動比率
1.92
利払い倍率
0.67
負債/EBITDA
2.43
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$21.81
現在株価
$28.02
安全マージン
-28.5%
適正価値レンジ
$14.18 - $29.45
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
126.14
ROE
0.5%
P/B レシオ
1.14
P/FCF
19.07
粗利益率
72.9%
ROIC
0.2%
収益性レーダー
価値創造（経済的モート）
ROIC
0.2%
WACC
14.6%
ROIC − WACC
-14.4 pp
ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。
ファンダメンタル分析基準
合格（13）
- EPS shows upward trend
- Gross Margin 72.9%
- P/FCF 19.07
- P/B Ratio 1.14
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Analyst Consensus 57% Buy
- Earnings Surprise avg 5.8%
- Earnings Quality (OCF/NI) 7.05
- Net Margin Trend 2.0% vs -2.6%
- Piotroski F-Score 7/9
不合格（12）
- Price CAGR -2.38%
- ROIC 0.2%
- Operating Margin 0.4%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Unknown)
- ROE 1.2%
- Revenue Growth 5Y -5.0%
- Share Dilution 9.5%
データなし（2）
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-スコア
財務健全性が高い
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
新株を発行しており、所有権を希薄化している
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Richard N. Barton | Co-Founder & Co-Executive Chair | 57 |
| Mr. Lloyd D. Frink | Co-Founder, Co-Executive Chairman & President | 60 |
| Mr. Jeremy Wacksman | CEO & Director | 48 |
| Mr. Jeremy Hofmann | COO & CFO | 39 |
| Mr. David A. Beitel | Chief Technology Officer | 55 |
| Mr. Bradley Allen Berning | Vice President of Investor Relations | - |
| Ms. Cassandra Knight | Chief Legal & Policy Officer | 55 |
| Mr. Dan Spaulding | Chief People Officer | 48 |
| Mr. Errol G. Samuelson | Chief Industry Development Officer | 59 |
監査リスク
3
取締役会リスク
9
報酬リスク
10
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for Z, sourced from Markets Gazette.
- 16d agoNEGATIVEZillow Loses Antitrust Battle Over Chicago Area Listing Feed
Zillow Group Inc. has lost a crucial antitrust legal battle in Illinois, failing to secure access to the Chicago area's largest real estate listing feed. This ruling prevents Zillow from obtaining proprietary data from the provider, potentially impacting its market intelligence and competitive positioning in the region. The decision could limit Zillow's ability to offer comprehensive and up-to-date property information, a core aspect of its business model. Investors will monitor Zillow's strategy to overcome this data access hurdle and its potential financial implications.
- 8/5/2026POSITIVEZillow’s Revenue Jumps as Rentals Offer ‘Bright Spot’
Zillow Group Inc. reported a significant 18% year-over-year increase in second-quarter revenue, reaching $772 million. The company highlighted its rentals segment as a 'bright spot,' with rental agreements growing at a faster pace than home purchases on its platform. This robust performance in the rental market suggests Zillow's diversified business model is effectively capitalizing on current real estate trends, potentially signaling strong future growth and increased user engagement across its services. Investors may view this as a positive indicator of the company's adaptability and market position.
- 7/8/2026NEGATIVEZillow, Rocket to Face August FTC Trial Over Rental-Listing Deal
Zillow Group Inc. and Rocket Companies Inc.'s Redfin will face an August trial concerning their rental-listing partnership, as a Virginia judge denied the FTC's early ruling request. This legal challenge introduces significant uncertainty for Zillow's strategic alliances and could impact its market position in the rental sector. Investors will be closely watching the proceedings for potential regulatory hurdles that might affect future business development and profitability.
- 5/6/2026NEGATIVEZillow Shares Drop As Profit Outlook Miss Overshadows Upbeat 1Q
Zillow Group Inc. experienced an 8% decline in post-market trading following the release of its first-quarter results. While the company presented strong first-quarter performance, its projected profit outlook for the second quarter fell short of Wall Street's consensus estimates. This forward-looking guidance miss is a key concern for investors, suggesting potential headwinds or increased operational costs that could impact future profitability. The discrepancy between current performance and future expectations often leads to a reassessment of the stock's valuation.
- 3/7/2026POSITIVE$30K Boost in Buying Power Reshapes Home Market for Aspiring Buyers
A median-income U.S. household now possesses the buying power for a home valued at $331,483, an increase of $30,302 from the previous year. This marks the most favorable affordability condition since March 2022, according to Zillow Group Inc. The enhanced purchasing capacity for aspiring homeowners suggests a potential uptick in demand for real estate, which could positively influence related market segments and companies like Zillow, which are integral to the housing transaction process.
via Markets Gazette