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The Moat Index

ZILLOW GROUP, INC.

ZG · Technology · $8.6B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

35/ 100
No moat

The four filters

Pricing power84

Median gross margin 82.8% over 10y, stable.

Returns on capital0

Median ROIC -3.3%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -2x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$33.71
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

14 years of fundamentals

The business, in plain English

ZILLOW GROUP, INC. booked $2.6B of revenue in FY2025 in the Technology sector and kept 74.1% of it as gross profit — a high-margin business by that measure. After every other cost, 0.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $197.5M (FY2013) to $2.6B (FY2025) — about 23.9% a year compounded over 12 years.

It earned −0.8% on invested capital in FY2025, with a median of −3.7% across 13 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $563.0M of total debt in FY2024. Balance-Sheet Safety scores it 28/100.

The share count rose 23.1% between FY2019 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (84/100) and Returns on Capital the weakest (0/100), which is how ZG lands at 35/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2012–FY2025 · 14 fiscal years, normalized from ZG’s SEC filings

RevenueSales, as filed$2.6B FY2025
$0$1B$2B2012201720222025
Gross marginRevenue kept after cost of goods74.1% FY2025
0%50%2012201720222025
Return on invested capitalOperating profit on the capital employed−0.8% FY2025
0%2012201720222025
Owner earningsCash an owner could take out$154.0M FY2025
−$500M−$250M$02012201720222025

Gaps in a line mean that item isn’t in ZG’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale35.4 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — ZG has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#371 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #369STRR STAR EQUITY HOLDINGS, INC.35.5No moat
  2. #370MX MAGNACHIP SEMICONDUCTOR Corp35.4No moat
  3. #372SMTK SmartKem, Inc.35.4No moat
  4. #373WHEN WORLD HEALTH ENERGY HOLDINGS, INC.35.3No moat

Compare ZG with its nearest peers →All Technology companies on the Index →

Common questions about ZG

Does ZILLOW GROUP, INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores ZILLOW GROUP, INC. (ZG) 35.4 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 84, returns on capital 0, balance-sheet safety 28, capital discipline 24.
How has ZG's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 35.4 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ZG. See the disclaimer.

ZILLOW GROUP, INC. (ZG) Moat Score — The Moat Index · Buy Like Buffett