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Z, Zillow Group Inc. Class C Capital Stock

Commercial Services & Supplies asset-light

We are a diversified, transaction-focused platform that integrates our services across various complicated steps in a consumer's housing journey while equipping real estate professionals with tools and insights to support stronger client service and business growth.

As the most visited real estate app and website in the United States 1 , Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions.

For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.

Latest annual: FY2025 10-K

Z · Zillow Group Inc. Class C Capital Stock

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$2.6B

+15.5% YoY · 10% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $2.7B 5-yr avg $2.2B

Gross margin 73% 5-yr avg 79%

Operating margin 0.4% 5-yr avg −3.5%

ROIC 0% 5-yr avg −1%

Owner-earnings margin 12% 5-yr avg 21%

Free cash flow margin 12% 5-yr avg 21%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is led by Residential (66%) and Rentals (24%), with 2 more lines behind.
What moves the needle: Operating margin has reached 11% at its best but run negative through the cycle (median −9.0%) on a 81% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Stock-based pay runs about 13% of sales, a real and recurring claim on owners that the GAAP margin understates. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −3%, above 15% in 0 of 10 years). The steadier read is owner earnings: roughly 10% of revenue reaches owners as cash, though it swings. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Residential is 66% of revenue, with Rentals the other meaningful line at 24%.

Revenue by product line, FY2025

Residential66%$1.7B
Rentals24%$630M
Mortgages8%$199M
Other2%$50M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$847M	$1.1B	$1.3B	$2.7B	$1.6B	$2.1B	$2.0B	$1.9B	$2.2B	$2.6B	$2.7B	RevenueRevenue
—	—	—	44%	84%	85%	81%	78%	76%	74%	73%	Gross marginGross mgn
39%	20%	20%	13%	20%	19%	25%	28%	23%	19%	19%	SG&A / revenueSG&A/rev
30%	30%	31%	13%	20%	20%	25%	29%	26%	23%	23%	R&D / revenueR&D/rev
($193M)	($162M)	($129M)	($247M)	$109M	$239M	($93M)	($270M)	($197M)	($34M)	$11M	Operating incomeOp. inc.
−22.8%	−15.0%	−9.7%	−9.0%	6.7%	11.2%	−4.7%	−13.9%	−8.8%	−1.3%	0.4%	Operating marginOp. mgn
($220M)	($94M)	($120M)	($305M)	($162M)	($528M)	($101M)	($158M)	($112M)	$23M	$61M	Net incomeNet inc.
											Cash flow & returns
$9M	$258M	$4M	($612M)	$423M	($3.2B)	$4.5B	$354M	$428M	$368M	$464M	Operating cash flowOp. cash
$101M	$110M	$99M	$87M	$111M	$130M	$157M	$187M	$240M	$264M	$264M	DepreciationDeprec.
$22M	$129M	($125M)	($593M)	$277M	($3.1B)	$4.0B	($126M)	($148M)	($309M)	($235M)	Working capital & otherWC & other
$62M	$67M	$66M	$67M	$85M	$74M	$115M	$135M	$143M	$133M	$131M	CapexCapex
7.3%	6.2%	5.0%	2.4%	5.2%	3.5%	5.9%	6.9%	6.4%	5.1%	4.9%	Capex / revenueCapex/rev
($53M)	$191M	($62M)	($679M)	$338M	($3.3B)	$4.4B	$219M	$285M	$235M	$333M	Owner earningsOwner earn.
−6.3%	17.8%	−4.7%	−24.8%	20.8%	−152.5%	224.2%	11.3%	12.7%	9.1%	12.4%	Owner earnings marginOE mgn
($53M)	$191M	($62M)	($679M)	$338M	($3.3B)	$4.4B	$219M	$285M	$235M	$333M	Free cash flowFCF
−6.3%	17.8%	−4.7%	−24.8%	20.8%	−152.5%	224.2%	11.3%	12.7%	9.1%	12.4%	Free cash flow marginFCF mgn
$16M	$12M	$55M	$0	$0	$497M	$4M	$433M	$7M	$0	$0	AcquisitionsAcquis.
—	—	—	$0	$0	$302M	$947M	$424M	$301M	$670M	—	BuybacksBuybacks
-6%	-5%	-3%	-4%	2%	4%	-2%	-5%	-4%	-1%	0%	ROICROIC
-9%	-4%	-4%	-9%	-3%	-10%	-2%	-3%	-2%	0%	1%	Return on equityROE
−9%	−4%	−4%	−9%	−3%	−10%	−2%	−3%	−2%	0%	1%	Retained to equityRetained/eq
											Balance sheet
$244M	$352M	$651M	$1.1B	$1.7B	$2.3B	$1.5B	$1.5B	$1.1B	$768M	$1.1B	Cash & investmentsCash+inv
$41M	$54M	$66M	$67M	$70M	$77M	$72M	$96M	$104M	$149M	$153M	ReceivablesReceiv.
$4M	$4M	$7M	$8M	$19M	$11M	$20M	$28M	$30M	$36M	$68M	Accounts payablePayables
$36M	$51M	$59M	$59M	$51M	$66M	$52M	$68M	$74M	$113M	$85M	Operating working capitalOper. WC
$583M	$842M	$1.9B	$3.5B	$5.0B	$7.7B	$3.6B	$3.1B	$2.3B	$2.1B	$1.7B	Current assetsCur. assets
$97M	$118M	$287M	$921M	$909M	$3.9B	$270M	$971M	$831M	$679M	$724M	Current liabilitiesCur. liab.
6.0×	7.1×	6.6×	3.8×	5.5×	2.0×	13.3×	3.2×	2.8×	3.1×	2.3×	Current ratioCurr. ratio
$1.9B	$1.9B	$2.0B	$2.0B	$2.0B	$2.4B	$2.4B	$2.8B	$2.8B	$2.8B	$2.8B	GoodwillGoodwill
$3.1B	$3.2B	$4.3B	$6.1B	$7.5B	$10.7B	$6.6B	$6.7B	$5.8B	$5.7B	$5.2B	Total assetsAssets
$367M	$385M	$849M	$2.3B	$2.3B	$1.4B	$1.7B	$1.7B	$563M	—	$1.3B	Total debtDebt
$124M	$33M	$198M	$1.1B	$581M	($883M)	$231M	$208M	($519M)	—	$267M	Net debt / (cash)Net debt
$2.5B	$2.7B	$3.3B	$3.4B	$4.7B	$5.3B	$4.5B	$4.5B	$4.8B	$4.9B	$4.4B	Shareholders’ equityEquity
12.6%	10.5%	11.2%	7.3%	12.1%	14.6%	23.0%	23.2%	20.0%	15.1%	13.9%	Stock comp / revenueSBC/rev
											Per share
180M	186M	198M	206M	231M	262M	242M	234M	234M	254M	240M	Shares out (diluted)Shares
$4.70	$5.78	$6.74	$13.29	$7.02	$8.14	$8.09	$8.33	$9.55	$10.16	$11.24	Revenue / shareRev/sh
$-1.22	$-0.51	$-0.61	$-1.48	$-0.70	$-2.02	$-0.42	$-0.68	$-0.48	$0.09	$0.25	EPS (diluted)EPS
$-0.30	$1.03	$-0.31	$-3.29	$1.46	$-12.42	$18.12	$0.94	$1.22	$0.92	$1.39	Owner earnings / shareOE/sh
$-0.30	$1.03	$-0.31	$-3.29	$1.46	$-12.42	$18.12	$0.94	$1.22	$0.92	$1.39	Free cash flow / shareFCF/sh
$0.34	$0.36	$0.33	$0.32	$0.37	$0.28	$0.47	$0.58	$0.61	$0.52	$0.55	Cap. spending / shareCapex/sh
$14.06	$14.27	$16.51	$16.64	$20.49	$20.40	$18.51	$19.38	$20.71	$19.22	$18.39	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+9.0%/yr	+7.7%/yr
Owner earnings / share	—	−8.7%/yr
Capital spending / share	+4.8%/yr	+7.3%/yr
Book value / share	+3.5%/yr	−1.3%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

254Mpeak FY2021

ROIC

−1%low FY2016

Gross margin

74%low FY2019

Net debt ÷ owner earnings

-1.8×peak FY2020

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$235Mowner earningsvs.$23Mnet incomelow FY2021

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $23M of profit into $235M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$23M

Owner earnings$235M · 9% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$23M	($112M)	($158M)	($101M)	($528M)
Depreciation & amortizationnon-cash charge added back	+$264M	+$240M	+$187M	+$157M	+$130M
Stock-based compensationreal costnon-cash, but a real cost	+$390M	+$448M	+$451M	+$451M	+$312M
Working capital & othertiming of cash in and out, other non-cash items	−$309M	−$148M	−$126M	+$4.0B	−$3.1B
Cash from operations	$368M	$428M	$354M	$4.5B	($3.2B)
Capital expenditurecash put back in to keep running and to grow	−$133M	−$143M	−$135M	−$115M	−$74M
Owner earnings	$235M	$285M	$219M	$4.4B	($3.3B)
Owner-earnings marginowner earnings ÷ revenue	9%	13%	11%	224%	-152%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $390M), owner earnings is nearer ($155M).

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -6.2×

Does not cover its interest

Operating income ($34M) ÷ interest expense $5M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $260M

Net debt against an operating loss

Cash $768M + ST investments $291M − debt $1.3B

What this means
Netting $1.1B of cash and short-term investments against $1.3B of debt leaves $260M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. It also holds $83M in longer-dated marketable securities; counting those, it sits at $177M of net debt. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 1d

Tight

DSO 21 + DIO 0 − DPO 20 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)

Is it a good business?

Return on invested capital -4%

Below average through the cycle

10-yr median, range -6%–4%; -1% latest = NOPAT ($31M) ÷ invested capital $5.4B

Industry peers: median 21%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran -1% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 9%

Solid through the cycle

10-yr median margin, range -152%–224%; latest $235M = operating cash $368M − maintenance capex $133M

Industry peers: median 26%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 9% of revenue this year, a 9% median across 10 years. Treating stock comp as the real expense it is (less $390M of SBC) leaves ($155M).
Are earnings backed by cash? 16.00×

Cash-backed

Cash from ops $368M ÷ net income $23M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 285%

Returned more than it generated

Dividends + buybacks $670M ÷ Owner Earnings $235M

What this means
The company returned more than it generated: against $235M of Owner Earnings, $670M (285%) went back to shareholders, $0 dividends, $670M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $390M stock comp, the real buyback was about $280M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
Investing or harvesting? 0.50×

Harvesting

Capex $133M ÷ depreciation $264M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $2.6B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 3.13×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $1.3B vs $1.4B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 9 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.35/share (latest year $0.10), the averaged base the calculator's gate runs on, and book value is $20.72/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 1 of 10

What this means
Lost money in 9 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −16% → −8% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −16% early to −8% lately, median −9% — pricing power intact or improving.
Reinvestment, incremental ROIC −0%

What this means
Reinvested capital came back at a negative incremental return over this window — the invested base grew while operating profit did not. The filings show where it went.
Owner earnings growth +16%/yr

What this means
Owner earnings grew about 16% a year over the record.
Worst year 2016 · −22.8% op. margin

What this means
Operations went underwater in 2016, understand why before trusting the good years.
Share count +3.9%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Elevated contestability

The product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.

In its own filing Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“If we are unable to use AI, it could make our business less efficient and result in competitive disadvantages.”

AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.7B

Cash & short-term investments$969M
Receivables$153M
Other current assets$537M

Current liabilities$724M

Accounts payable$68M
Other current liabilities$656M

Current ratio2.29×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.29×stricter: inventory excluded

Cash ratio1.34×strictest: cash alone against what's due

Working capital$935Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+18.4%the freshest read on whether the business is still growing

Current ratio, recent quarters2.1× → 2.3×

Deeper floors

Tangible book value$1.3Bequity stripped of goodwill & intangibles

Net current asset value$841MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$1.4B$94M of it operating leases

Deferred revenue$74Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $2.6B of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$947M · 37%
Buybacks$2.6B · 103%

Returned to owners$2.6B
164% of the owner earnings the business produced over the span, $0 as dividends and $2.6B as buybacks.
Source of funding−$1.0B
Reinvestment and shareholder returns ran $1.0B beyond the operating cash the business generated, so the gap was financed off the balance sheet: debt rose from $367M to $1.3B.
Average price paid for buybacks$61.08
Across the years where the filing reports a share count, 5M shares were bought for $302M, about $61.08 each.
Net change in share count33.0%
The diluted count rose from 180M to 240M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$3.1B55% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity58%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$1.0Bover 10 years buying other businesses, against $947M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Owner earnings
2021	$21.0M	−$9.7M	($3.3B)
2022	$11.5M	−$324k	$4.4B
2023	$26.4M	$47.4M	$219M
2024	$7.5M	$20.8M	$285M
2024	$15.7M	$25.8M	$285M
2025	$7.1M	$4.6M	$235M
2025	$7.1M	$4.6M	$235M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio39:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$390M
The slice of the business handed to employees in shares this year, 15% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Zillow Group Inc. Class C Capital Stock is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereDid the share count rise anyway?33.0%
Diluted shares grew 33.0% over 2016–2025, even as the company spent $2.6B on buybacks. The repurchases were a treadmill: stock issued to staff outran them, so owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Acquisitions, Stock compensation, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Commercial Services & Supplies

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
CPAYCorpay Inc.	$4.5B	98%	43.9%	11%	37%
FOURShift4 Payments	$4.2B	23%	1.9%	-1%	9%
CARTMaplebear Inc.	$3.7B	74%	2.4%	21%	18%
MSCIMSCI Inc.	$3.1B	80%	52.3%	38%	46%
ETSYEtsy Inc.	$2.9B	70%	10.5%	24%	26%
ZZillow Group Inc. Class C Capital Stock	$2.6B	78%	-8.9%	-3%	10%
EXLSExlService	$2.1B	86%	12.5%	14%	12%
FICOFair Isaac	$2.0B	73%	30.6%	35%	29%
Group median	—	76%	11.5%	18%	22%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Zillow Group Inc. Class C Capital Stock has delivered.

Today’s price $

Through the cycle, Zillow Group Inc. Class C Capital Stock earns about $263M on its 10.2% median owner-earnings margin. This year’s 9.1% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($263M) Net of stock comp (−$374M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−18%/yr

Owner-earnings growth · ’16→’25+16%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $333M on 236M shares outstanding (a weighted basic average, the only count this filer tags); net debt $267M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh Z against another business →

Cite: Owner Scorecard, "Zillow Group Inc. Class C Capital Stock (Z), the owner's record," https://ownerscorecard.com/c/Z, data as of 2026-07-09.

Manual order: ← YUMC its page in the Manual ZBH →

Industry order: ← YOOV the Commercial Services & Supplies chapter ZG →