Zillow Group, Inc.
Z Communication Services Internet Content & Information
Zillow Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.6 billion, up 15.5% from fiscal 2024. In the quarter to June 2026, revenue grew 17.9%, EPS fell 300.0%, free cash flow fell 179.1% and total debt rose 102.2%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Zillow Group, Inc. (Z) Altman Z-score
Zillow Group, Inc.'s Altman Z-score for fiscal 2025 is 12.64, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 12.64 | 1.91 |
| FY2024 | 10.73 | 6.74 |
| FY2023 | 3.99 | 1.23 |
| FY2022 | 2.77 | 0.50 |
| FY2021 | 2.27 | (4.78) |
| FY2020 | 7.05 | 4.35 |
| FY2019 | 2.71 | (1.40) |
| FY2018 | 4.10 | (4.11) |
| FY2017 | 8.22 | 1.79 |
| FY2016 | 6.43 | 1.08 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.25 | — | 0.30 | |
| Retained earnings / total assets | (0.33) | — | −0.46 | |
| EBIT / total assets | (0.01) | — | −0.02 | |
| Market value of equity / total liabilities | 20.60 | — | 12.36 | |
| Sales / total assets | 0.45 | — | 0.45 | |
| Altman Z-score | Safe zone | 12.64 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.96 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PINS Pinterest, Inc. compare | 15.7× |
| RUM RUM Group Inc. compare | 13.1× |
| ZG Zillow Group, Inc. compare | 12.6× |
| Z Zillow Group, Inc. | 12.6× |
| BZ KANZHUN LIMITED Sponsored ADR compare | 10.1× |
| TME Tencent Music Entertainment Group Sponsored ADR compare | 7.2× |
| BILI Bilibili Inc. Sponsored ADR compare | 1.8× |
| MTCH Match Group Inc. compare | 0.7× |
| SNAP Snap Inc. compare | 0.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets