What is Zillow Group, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Zillow Group, Inc.'s reported free cash flow gives $24.39 per share. The share price was $31.28 on November 9, 2026, 28% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 4.5% | 10.0% | $16.06 | -49% |
| Base | 9.5% | 9.0% | $24.39 | -22% |
| Bull | 14.5% | 8.0% | $40.98 | +31% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $30.65 | $32.58 | $34.93 | $37.88 | $41.66 |
| 8.0% | $25.97 | $27.22 | $28.69 | $30.46 | $32.63 |
| 9.0% | $22.55 | $23.40 | $24.39 | $25.54 | $26.90 |
| 10.0% | $19.95 | $20.56 | $21.25 | $22.03 | $22.94 |
| 11.0% | $17.91 | $18.35 | $18.85 | $19.41 | $20.05 |
Where the presets come from
Base: years 1 to 5 grow at Zillow Group, Inc.'s revenue growth rate over the last 5 fiscal years (9.7% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions