Zillow GROUP, Inc. (ZG) intrinsic value & 10-year financials
Zillow GROUP, Inc. (ZG) has a Graham intrinsic value of $2.71 per share. At $31.88 on Oct 17, 2026, the stock trades 1076% above that value. Over the last 10 fiscal years revenue grew 13.2% a year to $2.6B, with an average return on invested capital of -4.6%.
- Graham intrinsic value
- $2.71
- Share price (Oct 17, 2026)
- $31.88
- Price vs Graham value
- 1076% above
- Market cap
- $8.1B
- Revenue (FY2025)
- $2.6B
- Revenue growth (10-yr CAGR)
- 13.2%
- ROIC (10-yr avg)
- -4.6%
- Free cash flow (FY2025)
- $235.0M
ZG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.6B | $23.0M | $0.09 | $235.0M | -1.3% | -0.8% |
| FY2024 | $2.2B | -$112.0M | -$0.48 | $285.0M | -8.8% | -5.6% |
| FY2023 | $1.9B | -$158.0M | -$0.68 | $219.0M | -13.9% | -8.6% |
| FY2022 | $2.0B | -$101.0M | -$0.42 | $4.4B | -4.7% | -2.5% |
| FY2021 | $8.1B | -$527.8M | -$2.11 | -$3.2B | -4.0% | -7.2% |
| FY2020 | $3.3B | -$162.1M | -$0.72 | $339.3M | -1.2% | -0.9% |
| FY2019 | $2.7B | -$305.4M | -$1.48 | -$679.2M | -9.0% | -6.6% |
| FY2018 | $1.3B | -$119.9M | — | -$62.2M | -9.7% | -3.4% |
| FY2017 | $1.1B | -$94.4M | — | $191.5M | -15.0% | -3.1% |
| FY2016 | $846.6M | -$220.4M | — | -$53.4M | -22.8% | -7.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ZILLOW GROUP, INC. is a consistent compounder, expanding top-line revenue at 13.2% annually over the past decade.
ZILLOW GROUP, INC. has historically struggled to out-earn its cost of capital, averaging just -4.6% ROIC.
ZILLOW GROUP, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ZILLOW GROUP, INC. is modeled at 13.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $2.71 per share.