Kanzhun Ltd (BZ)

Price$16.85Cached quoteAs of 2026-09-08 15:14 UTC

AI: Undervalued

Price checkThe shares look undervalued because the cash-rich balance sheet leaves a modest price on recurring profits.

At roughly $7.9 billion of market value, Kanzhun holds about $2.77 billion of cash, time deposits, and short-term investments. First-half 2026 profit, after removing the unusual investment gain but keeping share-based pay as a real owner cost, annualizes to roughly $454 million. That is about 17 times earnings before any balance-sheet adjustment, and roughly 13 times after netting liquid assets against all liabilities. 2025 free cash flow—cash left after operations and capital spending—was about $653 million, though unusually low capital spending makes that figure flattering."

Big pictureGrowth has slowed from earlier years, but profit and cash generation have improved sharply.

Revenue rose from CNY1.94 billion in 2020 to CNY8.27 billion in 2025, but annual growth slowed to 12.4% in 2025. Operating income more than doubled to CNY2.46 billion, lifting operating margin to about 30% from 16% in 2024. Operating cash flow reached CNY4.55 billion, up 29%. The latest cycle remains mixed: Q1 2026 revenue grew 7.6%, then Q2 accelerated to 14.1%, while Q3 guidance implies 11.4%–15.6%. That supports durable growth, but not a straight line."

Business strengthHigh margins and ample liquid assets give Kanzhun unusual resilience for a hiring platform.

The 2025 gross margin was about 85%, and June 2026 liquid holdings were CNY18.81 billion against total liabilities of CNY5.83 billion; the latest balance sheet showed no separate bank-debt or bond-debt line. Cash generation also survived heavier investment years: 2024 operating cash flow was CNY3.54 billion despite CNY0.86 billion of capital spending. Capital returns are now meaningful: more than $300 million of buybacks plus a roughly $230 million dividend were committed during 2026. However, first-half weighted shares still rose year over year, so employee share awards remain a real dilution check."

What could change the storySustained hiring growth would justify more upside, while dilution or weaker cash conversion would erase it.

The bull case is concrete: paid enterprise customers and monthly active users both grew about 10% in Q2, while operating income grew 33%. If low-teens revenue growth and recent margins persist, the current valuation looks too low. The bear case is equally specific: recruitment demand has been cyclical, with revenue growth falling to about 6% in 2022 before recovering. First-half 2026 operating cash flow grew only about 4%, and Q2 fell 10%. Sustained sub-10% growth or buybacks failing to offset share issuance would weaken the thesis."

AI: News

Q2 growth reacceleratesSecond-quarter growth reaccelerated and margins expanded, showing the hiring platform still has meaningful momentum.

On August 25, revenue rose 14.1% year over year to CNY2.40 billion and operating income rose 32.6% to CNY863 million. Paid enterprise customers increased 10.8% to 7.2 million, while average monthly active users reached 70.2 million. Management guided Q3 revenue to CNY2.41–2.50 billion, implying 11.4%–15.6% growth. Adjusted earnings per depositary share also exceeded the FactSet estimate. Shares were up about 5% during announcement-day trading; that timing supports, but does not prove, an earnings-driven reaction."

Dividend and buybacksKanzhun paired a large cash dividend with aggressive buybacks, strengthening direct returns to shareholders.

Also on August 25, the board declared a $0.510 annual cash dividend per depositary share, requiring roughly $230 million of cash. Kanzhun said it had already completed more than $300 million of share repurchases during 2026, taking combined announced or completed cash returns above $530 million. That is roughly 7% of the observed market value. The shares rose sharply around these announcements, but earnings, guidance, and the dividend arrived together, so the market move cannot reliably be attributed to the payout alone."

Q1 margin surpriseFirst-quarter revenue growth was modest, but faster profit growth showed strong cost control and operating leverage.

On May 20, Q1 revenue increased 7.6% to CNY2.07 billion, while operating income jumped 41.8% to CNY624 million. Adjusted net income rose 12.1%, and operating cash flow increased 18.6% to CNY1.19 billion. Management also disclosed that it had repurchased more than 28 million ordinary shares for about CNY1.4 billion, equal to roughly 3% of issued shares. The quarter mattered because it showed profits could expand substantially even before revenue growth reaccelerated in Q2."

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Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$1.18B	$1.01B	$838.3M	$654.0M	$668.4M	—	—
Gross profit	$1.01B	$837.9M	$689.0M	$544.6M	$581.3M	—	—
Gross margin	85.06%	83.15%	82.19%	83.27%	86.98%	—	—
Research & development	$236.5M	$248.8M	$217.4M	$171.5M	$129.0M	—	—
Operating expenses	$826.7M	$677.2M	$607.2M	$675.4M	$833.3M	—	—
Operating income	$352.4M	$160.7M	$81.8M	−$18.8M	−$162.6M	—	—
Operating margin	29.80%	15.95%	9.76%	−2.87%	−24.33%	—	—
EBITDA	$426.4M	$229.4M	$118.3M	$1.5M	−$150.1M	—	—
EBITDA margin	36.07%	22.77%	14.11%	0.23%	−22.45%	—	—
Net income	$391.1M	$214.7M	$154.8M	$15.5M	−$168.1M	—	—
Net profit margin	33.09%	21.30%	18.47%	2.38%	−25.15%	—	—
Basic EPSper basic share	$0.43	$0.25	$0.18	$0.02	-$0.37	—	—
Diluted EPSper diluted share	$0.42	$0.24	$0.17	$0.02	-$0.37	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of BZ
Holder	Shares held
SCHRODER INVESTMENT MANAGEMENT GROUP	27.52M
BlackRock, Inc.	18.27M
Krane Funds Advisors LLC	13.82M
Capital World Investors	13.81M
CoreView Capital Management Ltd	12.48M
MORGAN STANLEY	12.41M
Perseverance Asset Management International	11.8M
VANGUARD CAPITAL MANAGEMENT LLC	11.76M
BAILLIE GIFFORD & CO	9.56M
Robeco Institutional Asset Management B.V.	9.41M
PRICE T ROWE ASSOCIATES INC /MD/	9.39M
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	7.3M
STATE STREET CORP	7.05M
Assenagon Asset Management S.A.	7.04M
BANK OF AMERICA CORP /DE/	6.06M
THORNBURG INVESTMENT MANAGEMENT INC	5.41M
GOLDMAN SACHS GROUP INC	5.06M
BRILLIANCE ASSET MANAGEMENT LTD	5.01M
NORGES BANK	4.96M
Artisan Partners Limited Partnership	4.89M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)10$1.49M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 16, 2026Form 4	Sun YonggangDirector	SellClass A ordinary shares	548	$6.81	$3.7K	12.8K
Jun 16, 2026Form 4	Chen XuPresident	SellClass A ordinary shares	84	$6.83	$573.72	153.3K
Jun 16, 2026Form 4	WANG XiehuaDirector	SellClass A ordinary shares	71.3K	$6.82	$486.2K	564.7K
Mar 30, 2026Form 4	Mu YangDirector	SellClass A ordinary shares	17.0K	$6.69	$113.5K	81.6K
Mar 30, 2026Form 4	Wang WenbeiDeputy Chief Financial Officer	SellClass A ordinary shares	814	$6.69	$5.4K	123.6K