Zillow (Z)
Market Price (2/7/2026): $55.0 | Market Cap: $13.3 BilSector: Communication Services | Industry: Interactive Media & Services
Zillow (Z)
Market Price (2/7/2026): $55.0Market Cap: $13.3 BilSector: Communication ServicesIndustry: Interactive Media & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17% | Weak multi-year price returns2Y Excs Rtn is -44%, 3Y Excs Rtn is -46% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -90 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.6% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -31% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 17% | |
| Low stock price volatilityVol 12M is 41% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.3% | |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Smart Buildings & Proptech. Themes include Online Marketplaces, and Real Estate Data Analytics. | Key risksZ key risks include [1] intensifying competition from established rivals and emerging threats like Google, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -31% |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Smart Buildings & Proptech. Themes include Online Marketplaces, and Real Estate Data Analytics. |
| Weak multi-year price returns2Y Excs Rtn is -44%, 3Y Excs Rtn is -46% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -90 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.6% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.3% |
| Key risksZ key risks include [1] intensifying competition from established rivals and emerging threats like Google, Show more. |
Qualitative Assessment
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Zillow (Z) stock has lost about 25% since 10/31/2025 because of the following key factors:
1. Persistent Housing Market Challenges and Affordability Concerns.
Zillow's stock performance has been impacted by the ongoing challenging housing market conditions and macroeconomic uncertainty, which have been a recurring theme since late 2025. Zillow's Q3 2025 outlook already anticipated these challenging conditions to persist. The company's January 2026 market report reiterated that 2026 begins after three years of sluggish transactions and persistent affordability issues. This environment, characterized by affordability hurdles and economic uncertainty, has altered consumer behavior within the housing market, leading to a stretch in the time between moves. Rising interest rates also contribute to a potential reduction in growth and transaction volumes, which can subsequently lead to cuts in realtor advertising budgets and decreased overall profitability.
2. Significant Legal and Regulatory Challenges.
A substantial factor contributing to Zillow's stock decline is the increase in legal and regulatory pressures throughout 2025. Zillow faced eight lawsuits from competitors, regulators, and consumers, encompassing antitrust, copyright, and Real Estate Settlement Procedures Act (RESPA) claims. These lawsuits pose a threat to nearly all aspects of Zillow's business model. A downgrade by Mizuho in January 2026 specifically cited "increasing uncertainty regarding the market structure of the company's real estate listings distribution, the magnitude of its litigation, and the potential implications for Zillow's business" as a reason for their more cautious outlook.
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1. Persistent Housing Market Challenges and Affordability Concerns.
Zillow's stock performance has been impacted by the ongoing challenging housing market conditions and macroeconomic uncertainty, which have been a recurring theme since late 2025. Zillow's Q3 2025 outlook already anticipated these challenging conditions to persist. The company's January 2026 market report reiterated that 2026 begins after three years of sluggish transactions and persistent affordability issues. This environment, characterized by affordability hurdles and economic uncertainty, has altered consumer behavior within the housing market, leading to a stretch in the time between moves. Rising interest rates also contribute to a potential reduction in growth and transaction volumes, which can subsequently lead to cuts in realtor advertising budgets and decreased overall profitability.
2. Significant Legal and Regulatory Challenges.
A substantial factor contributing to Zillow's stock decline is the increase in legal and regulatory pressures throughout 2025. Zillow faced eight lawsuits from competitors, regulators, and consumers, encompassing antitrust, copyright, and Real Estate Settlement Procedures Act (RESPA) claims. These lawsuits pose a threat to nearly all aspects of Zillow's business model. A downgrade by Mizuho in January 2026 specifically cited "increasing uncertainty regarding the market structure of the company's real estate listings distribution, the magnitude of its litigation, and the potential implications for Zillow's business" as a reason for their more cautious outlook.
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Stock Movement Drivers
Fundamental Drivers
The -26.7% change in Z stock from 10/31/2025 to 2/6/2026 was primarily driven by a -26.7% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 2062026 | Change |
|---|---|---|---|
| Stock Price ($) | 74.98 | 54.97 | -26.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,483 | 2,483 | 0.0% |
| P/S Multiple | 7.3 | 5.4 | -26.7% |
| Shares Outstanding (Mil) | 242 | 242 | 0.0% |
| Cumulative Contribution | -26.7% |
Market Drivers
10/31/2025 to 2/6/2026| Return | Correlation | |
|---|---|---|
| Z | -26.7% | |
| Market (SPY) | 1.3% | 45.3% |
| Sector (XLC) | 0.8% | 44.8% |
Fundamental Drivers
The -30.9% change in Z stock from 7/31/2025 to 2/6/2026 was primarily driven by a -35.8% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 2062026 | Change |
|---|---|---|---|
| Stock Price ($) | 79.55 | 54.97 | -30.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,305 | 2,483 | 7.7% |
| P/S Multiple | 8.4 | 5.4 | -35.8% |
| Shares Outstanding (Mil) | 242 | 242 | 0.0% |
| Cumulative Contribution | -30.9% |
Market Drivers
7/31/2025 to 2/6/2026| Return | Correlation | |
|---|---|---|
| Z | -30.9% | |
| Market (SPY) | 9.6% | 33.1% |
| Sector (XLC) | 8.1% | 43.9% |
Fundamental Drivers
The -33.1% change in Z stock from 1/31/2025 to 2/6/2026 was primarily driven by a -39.5% change in the company's P/S Multiple.| (LTM values as of) | 1312025 | 2062026 | Change |
|---|---|---|---|
| Stock Price ($) | 82.22 | 54.97 | -33.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,156 | 2,483 | 15.2% |
| P/S Multiple | 8.9 | 5.4 | -39.5% |
| Shares Outstanding (Mil) | 233 | 242 | -4.0% |
| Cumulative Contribution | -33.1% |
Market Drivers
1/31/2025 to 2/6/2026| Return | Correlation | |
|---|---|---|
| Z | -33.1% | |
| Market (SPY) | 15.8% | 52.4% |
| Sector (XLC) | 14.1% | 53.8% |
Fundamental Drivers
The 24.3% change in Z stock from 1/31/2023 to 2/6/2026 was primarily driven by a 20.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312023 | 2062026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.21 | 54.97 | 24.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,058 | 2,483 | 20.7% |
| P/S Multiple | 5.2 | 5.4 | 4.0% |
| Shares Outstanding (Mil) | 240 | 242 | -0.9% |
| Cumulative Contribution | 24.3% |
Market Drivers
1/31/2023 to 2/6/2026| Return | Correlation | |
|---|---|---|
| Z | 24.3% | |
| Market (SPY) | 76.2% | 47.1% |
| Sector (XLC) | 116.4% | 43.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| Z Return | -51% | -50% | 80% | 28% | -8% | -21% | -58% |
| Peers Return | -25% | -56% | 102% | -15% | 80% | -7% | -6% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 81% |
Monthly Win Rates [3] | |||||||
| Z Win Rate | 50% | 42% | 58% | 42% | 33% | 0% | |
| Peers Win Rate | 39% | 33% | 50% | 42% | 43% | 20% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| Z Max Drawdown | -59% | -58% | 0% | -32% | -19% | -21% | |
| Peers Max Drawdown | -34% | -65% | -8% | -34% | -26% | -12% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CSGP, COMP, EXPI, RKT, OPEN. See Z Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/6/2026 (YTD)
How Low Can It Go
| Event | Z | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -86.5% | -25.4% |
| % Gain to Breakeven | 641.2% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -61.5% | -33.9% |
| % Gain to Breakeven | 159.9% | 51.3% |
| Time to Breakeven | 124 days | 148 days |
| 2018 Correction | ||
| % Loss | -58.6% | -19.8% |
| % Gain to Breakeven | 141.4% | 24.7% |
| Time to Breakeven | 609 days | 120 days |
Compare to CSGP, COMP, EXPI, RKT, OPEN
In The Past
Zillow's stock fell -86.5% during the 2022 Inflation Shock from a high on 2/16/2021. A -86.5% loss requires a 641.2% gain to breakeven.
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About Zillow (Z)
Zillow Group, Inc., a digital real estate company, operates real estate brands on mobile applications and Websites in the United States. The company operates through three segments: Homes; Internet, Media & Technology; and Mortgages. The Homes segment is involved in resale of homes; and title and escrow services to home buyers and sellers, including title search procedures for title insurance policies, escrow, and other closing services. The IMT segment offers premier agent, rentals, and new construction marketplaces, as well as dotloop, display, and other advertising, as well as business software solutions. The Mortgage segment provides home loans; and marketing products including custom quote and connect services. Its portfolio of brands includes Zillow Rentals, Trulia, StreetEasy, Zillow Closing Services, HotPads, and Out East. The company was incorporated in 2004 and is headquartered in Seattle, Washington.
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Here are 1-3 brief analogies to describe Zillow:
- Kayak for real estate
- Expedia for houses
- Kelley Blue Book for homes
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- Zillow & Trulia Marketplaces: Online platforms offering comprehensive listings for homes for sale, rent, and new construction, along with agent directories and home data. (Service Category: Online Real Estate Listing & Information)
- Premier Agent: An advertising service for real estate professionals to connect with potential buyers and sellers on Zillow's platforms. (Service Category: Real Estate Advertising & Lead Generation)
- Zillow Home Loans: A direct mortgage lender providing financing options to homebuyers. (Service Category: Mortgage Lending)
- ShowingTime: A software service facilitating the scheduling and management of property showings for real estate agents. (Service Category: Real Estate Software & Scheduling)
- Zestimate: An automated home valuation model providing estimated market values for properties. (Service Category: Real Estate Data & Valuation)
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Zillow (Symbol: Z) - Major Customers
Zillow primarily sells its services to other companies within the real estate ecosystem rather than directly to individual consumers for a fee. While individual consumers are the end-users of many of Zillow's free services (like searching for homes, getting Zestimates, or finding rentals), Zillow generates revenue by providing advertising, leads, and tools to real estate professionals and related businesses. It's important to note that, according to Zillow's financial disclosures, no single customer accounts for 10% or more of their consolidated revenue. This indicates a highly fragmented customer base, meaning there are no individual "major customer companies" that can be named in the traditional sense (e.g., Company A buying products from Company B). Instead, Zillow serves a vast number of smaller businesses. Based on Zillow's revenue segments and business model, its primary categories of business customers include:- Real Estate Agents and Brokers: This is Zillow's largest customer segment, primarily through its Premier Agent program. Individual real estate agents and brokerages pay Zillow for advertising, lead generation, and business solutions to connect with home buyers and sellers. These are thousands of independent businesses and professionals affiliated with various national and local brokerages.
- Mortgage Lenders: Zillow operates its own mortgage origination business (Zillow Home Loans) and also sells advertising and leads to third-party mortgage lenders who wish to connect with users searching for homes on Zillow's platforms.
- Property Managers and Landlords: Owners and managers of rental properties pay Zillow to list their available units, reach prospective tenants, and utilize tenant screening services.
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- Alphabet Inc. (GOOGL)
- Amazon.com, Inc. (AMZN)
- Snowflake Inc. (SNOW)
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Jeremy Wacksman, Chief Executive Officer
Jeremy Wacksman became Chief Executive Officer of Zillow Group in August 2024. He joined Zillow in 2009 and has held various senior leadership roles including Chief Operating Officer, President of Zillow, and Chief Marketing Officer. He was instrumental in pioneering mobile real estate shopping and evolving Zillow into a prominent brand. Wacksman operationalized Zillow's "housing super app" strategy and led the diversification of the business through Zillow Rentals and Zillow Home Loans. He also championed strategic acquisitions such as ShowingTime and Follow Up Boss. Prior to Zillow, he led marketing and product management at Microsoft (Xbox and mobile) and Trilogy Software. Wacksman advises startup and growth companies and has served as a board director for Rover.com and Room77.
Jeremy Hofmann, Chief Financial Officer
Jeremy Hofmann was promoted to Chief Financial Officer of Zillow Group in May 2023. He joined the company in 2017 and oversees finance and accounting, treasury, investor relations, capital markets, corporate strategy, mergers and acquisitions (M&A), and partnerships. Hofmann previously served as Senior Vice President of Corporate Development and Strategy, where he led Zillow's "Housing Super App" strategy. Before joining Zillow, he spent nearly a decade in financial services, primarily as a Vice President of Investment Banking at Goldman Sachs, closing over $40 billion in transactions. He also held roles at Credit Suisse and BBR Partners. Hofmann has raised over $2.5 billion in equity capital and led the acquisition of ShowingTime in 2021.
Rich Barton, Co-Executive Chairman
Rich Barton co-founded Zillow in 2004/2006. He served as Zillow's CEO from its inception until 2010, returned to the CEO role in February 2019, and transitioned to Co-Executive Chairman in August 2024. A serial entrepreneur, Barton also founded Expedia within Microsoft in 1994, leading it as CEO after its spin-off as a public company in 1999. He also co-founded Glassdoor in 2007. Barton was a venture partner at Benchmark, a venture capital firm, from 2005 to 2018. He currently serves on the boards of Netflix and Qurate Retail Group.
Errol Samuelson, Chief Industry Development Officer
Errol Samuelson joined Zillow Group in 2014 and serves as Chief Industry Development Officer. In this role, he is responsible for the company's real estate industry relations strategy, business-to-business product development, new construction, display advertising businesses, and Zillow Canada. Samuelson brings over 25 years of experience in the technology and real estate sectors. Prior to Zillow, he held various leadership positions at Move, Inc., including Chief Strategy Officer, Chief Revenue Officer, and President of Realtor.com (2007-2014) and Top Producer Systems (2003-2007). He also co-founded the real estate consultancy Pranix and was an original designer of T-III, a system that introduced interactive mapping and internet networking to the multiple listing service business.
Dan Spaulding, Chief People Officer
Dan Spaulding leads Zillow Group's people operations as Chief People Officer, overseeing human resources, talent acquisition, engagement & belonging, learning & development, organizational & talent strategy, and Cloud HQ experience. He joined Zillow Group in April 2016 as Vice President of People and Culture and oversaw the company's transition to a flexible, distributed workforce model (Cloud HQ). Before Zillow, Spaulding was Vice President of U.S. Stores and Operations and Human Resources for Starbucks. He also held leadership roles in human resources at Life Technologies and Dell, Inc., where he was recognized for scaling organizations through mergers and acquisitions.
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The key risks to Zillow's business include the following:
- Macroeconomic and Housing Market Volatility: Zillow's business is highly susceptible to macroeconomic forces, particularly those affecting the housing market. Persistent high interest rates, affordability issues, limited housing inventory due to the "lock-in effect" (homeowners being reluctant to sell due to low historical mortgage rates), and reduced overall housing transaction volumes significantly impact Zillow's core revenue streams, especially its crucial Premier Agent segment.
- Increased Competition and Regulatory Landscape Shifts: Zillow faces significant competition from established real estate platforms like Opendoor and Redfin, as well as emerging threats such as the National Association of Realtors' (NAR) consumer portal and Google's testing of new home listing features in search results, which is considered a long-term risk. Additionally, regulatory changes in the real estate industry, including MLS privacy trends, pocket listings, and potential commission caps, could reduce Zillow's data coverage and impact its business model.
- Reliance on Real Estate Agents and Product Adoption: Zillow's Premier Agent business model relies heavily on real estate agents paying for leads and advertising. The company faces risks related to the pace of agent adoption for its new products and solutions, which is crucial for its strategy to enhance market coverage and integrate software solutions.
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- CoStar Group's aggressive expansion and re-platforming of Homes.com represents a direct, well-funded competitive threat. CoStar is actively investing significant resources to build Homes.com into a major consumer portal, directly challenging Zillow's market dominance in online real estate search and lead generation. Their strategy often involves a different revenue model for agents, potentially undermining Zillow's Premier Agent program.
- The National Association of Realtors (NAR) settlement, which eliminates mandatory commission sharing on the Multiple Listing Service (MLS), poses a significant structural threat to Zillow's primary revenue stream. Effective mid-2024, this change could fundamentally alter how real estate agents, particularly buyer agents, are compensated, potentially leading to reduced commissions, agents having to directly negotiate with buyers for payment, and a decreased willingness or ability for agents to pay for lead generation services like Zillow's Premier Agent program. This shift could diminish the value proposition of Zillow's core offering to real estate professionals.
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Zillow, a prominent public company (symbol: Z), operates within the U.S. real estate market, offering a variety of products and services. The estimated addressable markets for their main offerings, primarily within the United States, are as follows:
- Residential (For Sale): The total addressable market (TAM) for Zillow's residential purchase products and services was estimated at $117 billion in 2023 in the U.S.. This segment encompasses services like the Premier Agent program and various advertising solutions for home sales.
- Mortgages: Zillow's mortgage segment, including Zillow Home Loans for pre-approvals and financing, had an estimated addressable market of $45 billion in 2023 in the U.S..
- Rentals: The addressable market for Zillow's rental products and services, which includes advertising spend and property management software revenue, was estimated at $25 billion in 2023 in the U.S..
Combining the residential (for sale) and mortgage markets, the total addressable market for Zillow's 'For Sale' products in the U.S. was $162 billion in 2023. Overall, Zillow's total addressable market across its "For Sale and Rentals" segments was $187 billion in 2023.
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Here are 3-5 expected drivers of future revenue growth for Zillow (Z) over the next 2-3 years:
- Accelerated Growth in the Rentals Segment: Zillow anticipates significant continued revenue growth from its Rentals sector, particularly through increased engagement in multifamily properties. The company reported a 41% year-over-year increase in Rentals revenue in Q3 2025, with multifamily revenue surging by 62% year-over-year. For Q4 2025, Zillow forecasts Rentals revenue to grow by over 45% year-over-year, and approximately 40% for the full year 2025. This growth is driven by expanding its rental market and introducing innovative tools for landlords and renters.
- Expansion of Zillow Home Loans and Mortgage Origination Volume: Zillow's mortgage business is a key growth area. The company's Mortgages revenue spiked by 36% year-over-year in Q3 2025, largely due to a 57% increase in purchase loan origination volume. Zillow Home Loans aims to streamline the financing process and is seen as a significant component of the company's "housing super app" strategy, offering substantial future revenue potential.
- Development and Expansion of the "Housing Super App" and Integrated Transaction Experience: Zillow is strategically transforming into a "housing super app" by integrating various services across the real estate transaction lifecycle. This includes expanding programs like Zillow Pro, a new membership service for real estate agents, and Zillow Preferred, leveraging AI and technical advancements to enhance the consumer experience. These initiatives aim to capture additional market share through innovations in property listings, home-loan applications, and seller solutions.
- Product Innovation and Market Share Gains in the For Sale Segment: Despite challenging housing market conditions, Zillow is focused on outperforming industry trends in its For Sale segment. This involves continuous digital product innovation, such as the introduction of AI-powered virtual staging in Zillow Showcase, and enhancing agent offerings. The company has demonstrated its ability to grow its residential revenue by consistently outperforming broader industry growth.
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Share Repurchases
- In December 2021, Zillow Group authorized a share repurchase program of up to $750 million. This authorization was supplemented by an additional $750 million in August 2023.
- An additional $1 billion for stock repurchases was authorized in May 2025.
- Since the fourth quarter of 2021, Zillow Group has repurchased approximately $2 billion of stock, acquiring 44 million shares at a weighted average price of $45.10 per share, and $146 million in convertible senior notes. As of the end of Q3 2025, $943 million remained under its repurchase authorizations.
Share Issuance
- In May 2020, Zillow Group priced public offerings of 8 million shares of its Class C capital stock at $48.00 per share, generating approximately $374.1 million in net proceeds.
- Concurrently in May 2020, Zillow Group also priced $500 million aggregate principal amount of 2.75% convertible senior notes due 2025, yielding approximately $489.6 million in net proceeds.
- The net proceeds from these offerings were primarily intended for the repurchase of a portion of outstanding 2.00% convertible senior notes due 2021 and for general corporate purposes, including potential acquisitions or investments.
Outbound Investments
- Zillow Group acquired ShowingTime, an online scheduling platform for home showings, for $500 million, with the definitive agreement made in February 2021 and the acquisition closing in October 2021.
- In October 2024, Zillow Group acquired Virtual Staging AI, an AI-powered virtual staging application designed for real estate professionals.
- Zillow Group has made a total of 10 acquisitions, with a focus on the Real Estate IT sector, including ShowingTime, VRX Media, and Follow Up Boss in the 2020s.
Capital Expenditures
- From fiscal years ending December 2020 to 2024, Zillow's capital expenditures averaged $110.4 million.
- Capital expenditures reached a peak of $143 million in December 2024 and a 5-year low of $74 million in December 2021.
- Capital expenditures for 2025 are focused on strategic investments to support adaptability in the innovation-driven market, including strengthening the Premier Agent marketplace, AI tools, and expanding business through technology platform improvements, new products and services, and sales and marketing.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 15.57 |
| Mkt Cap | 10.1 |
| Rev LTM | 4,699 |
| Op Inc LTM | -81 |
| FCF LTM | 129 |
| FCF 3Y Avg | 114 |
| CFO LTM | 282 |
| CFO 3Y Avg | 282 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.9% |
| Rev Chg 3Y Avg | 1.3% |
| Rev Chg Q | 18.4% |
| QoQ Delta Rev Chg LTM | 4.4% |
| Op Mgn LTM | -2.7% |
| Op Mgn 3Y Avg | -3.9% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 7.4% |
| CFO/Rev 3Y Avg | 9.6% |
| FCF/Rev LTM | 2.6% |
| FCF/Rev 3Y Avg | 3.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 10.1 |
| P/S | 3.2 |
| P/EBIT | -123.1 |
| P/E | -96.8 |
| P/CFO | 21.7 |
| Total Yield | -0.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 0.7% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -14.9% |
| 3M Rtn | -22.1% |
| 6M Rtn | 0.0% |
| 12M Rtn | 15.5% |
| 3Y Rtn | 62.7% |
| 1M Excs Rtn | -15.0% |
| 3M Excs Rtn | -21.1% |
| 6M Excs Rtn | -12.9% |
| 12M Excs Rtn | 3.8% |
| 3Y Excs Rtn | -5.5% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Single Segment | 1,945 | 1,958 | |||
| Internet, Media & Technology (IMT) | 1,886 | 1,450 | 1,277 | ||
| Mortgages | 246 | 174 | 101 | ||
| Homes | 1,715 | 1,365 | |||
| Total | 1,945 | 1,958 | 2,132 | 3,340 | 2,743 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Single Segment | -270 | ||||
| Homes | -254 | -303 | -45 | ||
| Internet, Media & Technology (IMT) | 545 | 258 | 80 | ||
| Mortgages | -52 | 4 | -282 | ||
| Total | -270 | 239 | -41 | -247 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Single Segment | -158 | ||||
| Total | -158 |
Price Behavior
Price Behavior
| Market Price | $54.97 | |
| Market Cap ($ Bil) | 13.3 | |
| First Trading Date | 07/20/2011 | |
| Distance from 52W High | -39.1% | |
| 50 Days | 200 Days | |
| DMA Price | $68.54 | $73.50 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -19.8% | -25.2% |
| 3M | 1YR | |
| Volatility | 41.9% | 40.6% |
| Downside Capture | 245.42 | 148.74 |
| Upside Capture | 58.12 | 81.00 |
| Correlation (SPY) | 43.6% | 52.1% |
Z Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.16 | 1.25 | 1.34 | 1.14 | 1.08 | 1.38 |
| Up Beta | 1.02 | 0.98 | 1.56 | 2.32 | 1.05 | 1.24 |
| Down Beta | 2.31 | 1.93 | 1.43 | 1.37 | 1.09 | 1.22 |
| Up Capture | -63% | -4% | 60% | 17% | 77% | 352% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 10 | 20 | 28 | 57 | 131 | 380 |
| Down Capture | 123% | 183% | 168% | 113% | 118% | 110% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 10 | 21 | 32 | 67 | 117 | 369 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with Z | |
|---|---|---|---|---|
| Z | -37.4% | 40.6% | -1.06 | - |
| Sector ETF (XLC) | 14.0% | 18.7% | 0.56 | 54.5% |
| Equity (SPY) | 15.4% | 19.4% | 0.61 | 52.7% |
| Gold (GLD) | 73.9% | 24.8% | 2.19 | -3.1% |
| Commodities (DBC) | 8.9% | 16.6% | 0.34 | 10.1% |
| Real Estate (VNQ) | 4.6% | 16.5% | 0.10 | 50.0% |
| Bitcoin (BTCUSD) | -33.5% | 42.9% | -0.83 | 31.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with Z | |
|---|---|---|---|---|
| Z | -17.0% | 53.5% | -0.15 | - |
| Sector ETF (XLC) | 12.2% | 20.8% | 0.49 | 50.8% |
| Equity (SPY) | 14.4% | 17.0% | 0.68 | 48.9% |
| Gold (GLD) | 21.4% | 16.9% | 1.03 | 11.2% |
| Commodities (DBC) | 11.5% | 18.9% | 0.49 | 7.0% |
| Real Estate (VNQ) | 5.0% | 18.8% | 0.17 | 44.0% |
| Bitcoin (BTCUSD) | 13.9% | 57.8% | 0.46 | 28.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with Z | |
|---|---|---|---|---|
| Z | 10.2% | 53.0% | 0.40 | - |
| Sector ETF (XLC) | 9.5% | 22.5% | 0.52 | 49.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.74 | 46.2% |
| Gold (GLD) | 15.7% | 15.5% | 0.84 | 10.0% |
| Commodities (DBC) | 8.0% | 17.6% | 0.37 | 13.7% |
| Real Estate (VNQ) | 6.0% | 20.7% | 0.25 | 40.2% |
| Bitcoin (BTCUSD) | 67.1% | 66.6% | 1.07 | 17.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/30/2025 | 4.5% | 0.8% | 0.5% |
| 8/6/2025 | -0.6% | -0.4% | 3.2% |
| 5/7/2025 | 0.0% | 0.6% | 3.6% |
| 2/11/2025 | -9.4% | -7.5% | -20.8% |
| 11/6/2024 | 23.8% | 27.2% | 40.1% |
| 8/7/2024 | 18.3% | 28.4% | 27.7% |
| 5/1/2024 | -4.9% | -0.6% | -2.2% |
| 2/13/2024 | 7.8% | -0.2% | 2.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 13 |
| # Negative | 9 | 10 | 11 |
| Median Positive | 10.5% | 4.5% | 10.1% |
| Median Negative | -4.9% | -5.0% | -10.7% |
| Max Positive | 23.8% | 28.5% | 40.1% |
| Max Negative | -24.9% | -23.9% | -51.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/10/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Blachford, Erik C | Direct | Sell | 12042025 | 72.51 | 965 | 69,972 | 2,432,203 | Form | |
| 2 | Cormier, Thielke Claire | Direct | Sell | 12042025 | 72.51 | 241 | 17,475 | 17,547 | Form | |
| 3 | Owens, Bradley D | General Counsel | Direct | Sell | 11202025 | 67.41 | 2,722 | 183,490 | 2,559,827 | Form |
| 4 | Choo, Jun | Chief Operating Officer | Direct | Sell | 11142025 | 71.12 | 3,141 | 223,398 | 7,893,808 | Form |
| 5 | Owens, Bradley D | General Counsel | Direct | Sell | 11142025 | 71.12 | 1,897 | 134,910 | 2,894,210 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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