회사 개요
Zillow Group, Inc. is a leading provider of real estate technology and information services that connects consumers with real estate agents, mortgage professionals, and digital solutions throughout the United States. The company operates within the Communication Services sector, specifically in the Internet Content & Information industry, positioning it as a key digital intermediary in the housing market. According to the latest available data, the enterprise holds a market capitalization of $10.03B and reports a trailing twelve-month revenue of $2.58B, supported by a workforce of 7,068 employees. These financial metrics indicate that while the company has achieved significant revenue scale, its market valuation reflects the high-growth expectations often associated with internet content platforms, particularly given its dominant position in residential real estate search and transaction services.
재무 건전성
The company reported a trailing twelve-month revenue of $2.58B with a corresponding net income of $23.00M and an EBITDA of $69.00M, highlighting a substantial gap between top-line revenue and bottom-line profitability that underscores the heavy investment in technology infrastructure and customer acquisition costs inherent to its business model. Despite the low net income, the firm generated $84.75M in free cash flow, which provides a critical buffer for operational flexibility and the ability to fund future initiatives without relying solely on external financing. The company's profitability structure is characterized by a gross margin of 74.1%, indicating high efficiency in delivering its digital services, yet this is offset by an operating margin of -1.7% and a profit margin of 0.9%, suggesting that operating expenses currently exceed operating income. On the balance sheet, Zillow Group maintains $1.30B in cash against $457.00M in debt, resulting in a debt-to-equity ratio of 9.36, which signals a highly leveraged capital structure where debt levels are significant relative to shareholders' equity. However, the current ratio stands at 3.12, indicating a robust liquidity position where current assets significantly exceed current liabilities, ensuring the ability to meet short-term obligations. Furthermore, the return on equity is recorded at 0.5% while the return on assets is -0.3%, revealing that management has yet to generate positive returns on the capital invested, a common characteristic for high-growth technology companies still in the scaling phase.
밸류에이션 평가
Valuation multiples for Zillow Group present a complex picture, with a trailing P/E ratio of 460.33 contrasted sharply against a forward P/E of 13.96, implying that the market expects a dramatic improvement in earnings performance in the coming year to justify current share prices. The price-to-book ratio is calculated at 2.04, indicating that the stock trades at a moderate premium over its book value, reflecting intangible assets and market dominance that are not fully captured on the balance sheet. Alternative valuation metrics such as the price-to-sales ratio of 3.88 and an EV/EBITDA of 131.80 further emphasize the high valuation relative to current earnings and sales, suggesting investors are pricing in substantial future growth potential. Price action over the last year has seen the stock fluctuate between a 52-week low of $39.05 and a high of $93.88, with the current share price trading significantly below the recent highs, reflecting a correction from peak valuations. The stock exhibits a beta of 2.11, meaning its price volatility is more than double that of the broader market, exposing investors to higher risk in exchange for potential upside during market rallies.
Growth & Income
Revenue growth for the trailing twelve-month period stands at 18.1%, demonstrating strong top-line expansion, whereas earnings growth is marked as N/A due to the recent earnings figure being relatively small compared to total revenue. The absence of a reported earnings growth rate, combined with the low net income, suggests that profitability is lagging behind revenue generation, a typical pattern for companies reinvesting heavily to capture market share. As a non-dividend payer, Zillow Group has a dividend yield of N/A and a payout ratio of 0.0%, indicating that the company retains all its earnings to fund research, development, and strategic acquisitions rather than distributing cash to shareholders. Overall, the growth and income profile of Zillow Group is defined by robust revenue expansion and significant cash generation, though the lack of dividends and current profitability constraints means the primary value proposition relies on future capital appreciation rather than current income distributions.