Zillow Group shows strong Q1 growth and offers 37% upside with new products and margin recovery.

Zillow Group reported robust Q1 results with significant share gains and growth across core and new business lines, including Mortgages and Rentals. The company is evolving from a lead-generation platform to a full transaction ecosystem, supported by expanding seller tools and an integrated buyer funnel. Despite short-term margin pressure from legal and advertising costs, demand and profit quality remain strong, with expectations for these challenges to ease by year-end. Trading at about 11.5 times forward EBITDA, Zillow offers an estimated 37% upside if it successfully executes new products and margin improvements.