ZGZILLOW GROUP, INC.

Services-Business Services, NEC

Revenue: $2.6B; 16% YoY
Operating margin: -1.3%; 85% YoY
EBITDA: $230M; 435% YoY
Market cap: $7.5B
Employees: 7,068; $365K revenue each
Net debt / EBITDA: -1.5×; −$342M net debt
AI in 10-K: 3.5; mentions per 10K words

Takeover score 6 of 13

Fixable underperformance 4 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
16× net income
Cash flow under 80% of net income
Dilutive SBCYes
15% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
182% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
53% of assets
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$365K · 36th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.5 per 10K words · 75th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.5× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$15M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.1B	$2.0B	$1.9B	$2.2B	$2.6B	16%
Operating income	$239M	−$93M	−$270M	−$197M	−$34M	83%
Net income	−$528M	−$101M	−$158M	−$112M	$23M	121%
Operating cash flow	−$3.2B	$4.5B	$354M	$428M	$368M	14%
Capex	$74M	$115M	$135M	$143M	$133M	7.0%
Stock-based comp	$312M	$451M	$451M	$448M	$390M	13%
Buybacks	$302M	$947M	$424M	$301M	$670M	123%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 15, 2026	BARTON RICHARD N	SCHEDULE 13D/A	9.2%	Passive
Feb 18, 2026	Frink Lloyd D	SCHEDULE 13D/A	6.7%	Passive
Dec 23, 2025	BARTON RICHARD N	SCHEDULE 13D/A	8.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $15M · 100
Net: −$15M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	50	138
FY2024	—	—	52	115
FY2023	—	—	42	87
FY2022	—	—	23	59
FY2021	—	—	46	98