Zillow Group, Inc. Class C (Z) Margin Analysis

Zillow Group, Inc. Class C

Z (NASDAQ)

(%)

Models
Zillow Group, Inc. Class C Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 20	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	2,583	2,583	2,236	1,945	1,958
Revenue Growth Rate	0%	15.52%	14.96%	-0.664%	-8.16%
Cost of Revenue	668	668	527	421	367
Gross Profit	1,915	1,915	1,709	1,524	1,591
Gross Margin	74.14%	74.14%	76.43%	78.35%	81.26%
Operating Income	-34	-32	-197	-270	-93
Operating Margin	-1.32%	-1.24%	-8.81%	-13.88%	-4.75%
Net Income	23	23	-112	-158	-101
Net Margin	0.89%	0.89%	-5.01%	-8.12%	-5.16%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 20	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	2,583	2,583	2,236	1,945	1,958
Cash from Operating Activities	368	368	428	354	4,504
Cash from Operating Activities Margin	14.25%	14.25%	19.14%	18.2%	230%
Free Cash Flow	227	235	285	189	4,364
Free Cash Flow Margin	8.79%	9.1%	12.75%	9.72%	222.9%
Depreciation and Amortization	276	272	250	222	180
Depreciation and Amortization Margin	10.69%	10.53%	11.18%	11.41%	9.19%
Capital Expenditure	-141	-133	-143	-165	-140
Capital Expenditure Margin	-5.46%	-5.15%	-6.4%	-8.48%	-7.15%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 81.26}, {"l": "2023", "x": "2023-12-31", "y": 78.35}, {"l": "2024", "x": "2024-12-31", "y": 76.43}, {"l": "2025", "x": "2025-12-31", "y": 74.14}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": -4.75}, {"l": "2023", "x": "2023-12-31", "y": -13.88}, {"l": "2024", "x": "2024-12-31", "y": -8.81}, {"l": "2025", "x": "2025-12-31", "y": -1.24}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": -5.16}, {"l": "2023", "x": "2023-12-31", "y": -8.12}, {"l": "2024", "x": "2024-12-31", "y": -5.01}, {"l": "2025", "x": "2025-12-31", "y": 0.89}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 222.9}, {"l": "2023", "x": "2023-12-31", "y": 9.72}, {"l": "2024", "x": "2024-12-31", "y": 12.75}, {"l": "2025", "x": "2025-12-31", "y": 9.1}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	654	676	655	598	554	581
Revenue Growth Rate	-3.25%	3.21%	9.53%	7.94%	-4.65%
Cost of Revenue	178	185	166	139	134	140
Gross Profit	476	491	489	459	420	441
Gross Margin	72.78%	72.63%	74.66%	76.76%	75.81%	75.9%
Operating Income	-11	-3	-11	-9	-69	-45
Operating Margin	-1.68%	-0.444%	-1.68%	-1.5%	-12.45%	-7.75%
Net Income	3	10	2	8	-52	-20
Net Margin	0.459%	1.48%	0.305%	1.34%	-9.39%	-3.44%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	654	676	655	598	554	581
Cash from Operating Activities	72	105	87	104	122	171
Cash from Operating Activities Margin	11.01%	15.53%	13.28%	17.39%	22.02%	29.43%
Free Cash Flow	44	65	158	-40	81	152
Free Cash Flow Margin	6.73%	9.62%	24.12%	-6.69%	14.62%	26.16%
Depreciation and Amortization	71	69	69	67	64	56
Depreciation and Amortization Margin	10.86%	10.21%	10.53%	11.2%	11.55%	9.64%
Capital Expenditure	-28	-40	71	-144	-41	-19
Capital Expenditure Margin	-4.28%	-5.92%	10.84%	-24.08%	-7.4%	-3.27%

Quarterly Chart

Monetary values in USD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 75.9}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 75.81}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 76.76}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 74.66}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 72.63}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 72.78}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": -7.75}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": -12.45}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": -1.51}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": -1.68}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": -0.444}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": -1.68}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": -3.44}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": -9.39}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 1.34}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 0.305}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 1.48}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 0.459}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 26.16}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 14.62}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": -6.69}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 24.12}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 9.62}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 6.73}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}