# Kanzhun (BZ.US)

Canonical: https://gigainvestors.com/s/BZ

Analysis as of: 2026-10-16T07:27:10.675Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $16.37 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 0

- Years with a net loss: 3

- Operating margin variation: 2.89×

Chart: Operating margin; fiscal year observations.

- FY2019: -0.51×

- FY2020: -0.49×

- FY2021: -0.24×

- FY2022: -0.03×

- FY2023: 0.10×

- FY2024: 0.16×

- FY2025: 0.30×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 0.0%

- ROIC, second-lowest year: -1.0%

- Typical minus recent gross margin: 1.9 pp

- Typical gross margin (annual median): 85.1%

- Recent gross margin (lower of latest and 3-year median): 83.1%

- Years with nonpositive capital: 4

- Capital spending / revenue: 7.1%

- ROIC including acquisitions, ten-year median: >100%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 0.0%

- FY2020: 0.0%

- FY2021: -7.5%

- FY2022: -1.0%

- FY2023: 65.8%

- FY2024: >100%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 4.9B

- Net income, five-year total: CNY 4.5B

- Return on incremental invested capital: 2233.2%

- Working capital / revenue, annual change: -2.8 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.93×

- FY2023: 0.80×

- FY2024: 1.00×

- FY2025: 1.25×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 0.0% vs 208.1%

- Per-share earnings: -2.32 to 5.72 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 6.1%

- Diluted shares, 5-year annual growth: 6.1%

- Per-share value change: CNY 8.04

- Per-share value, starting three-year median: CNY -2.32

- Per-share value, ending three-year median: CNY 5.72

- Buybacks concentrated in cheaper years (correlation): 0.70

- Average buyback yield: 2.0%

- Buyback history: 5 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 0.0%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2019: CNY -1.10

- FY2020: CNY -2.63

- FY2021: CNY -2.32

- FY2022: CNY 0.25

- FY2023: CNY 4.87

- FY2024: CNY 7.05

- FY2025: CNY 5.72

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -7.4%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 20.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.66×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -21.1%

- FY2020: -26.2%

- FY2021: -19.9%

- FY2022: -6.0%

- FY2023: -10.9%

- FY2024: -10.1%

- FY2025: -7.4%

## Holders

## Price story

Down 53% since Oct 2021 · sales +12.4%

Story as of 2026-10-16T09:58:26.759Z; price observation 2026-10-15.

- 2026-08-26: Stronger Profits And New Dividend Policy Could Be A Game Changer For Kanzhun (BZ) ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/stronger-profits-dividend-policy-could-150845147.html))

### Sales · FY2024–2025

sales +12.4%; source https://www.sec.gov/Archives/edgar/data/1842827/000110465926050959/bz-20251231x20f.htm; observed 2026-04-29.

- FY2019: CNY 999M 

- FY2020: CNY 1.9B 

- FY2021: CNY 4.3B 

- FY2022: CNY 4.5B 

- FY2023: CNY 6.0B 

- FY2024: CNY 7.4B 

- FY2025: CNY 8.3B 

### Gross margin · FY2025

gross margin 85.1%; source https://www.sec.gov/Archives/edgar/data/1842827/000110465926050959/bz-20251231x20f.htm; observed 2026-04-29.

- FY2019: 86.2% 

- FY2020: 87.6% 

- FY2021: 87.0% 

- FY2022: 83.3% 

- FY2023: 82.2% 

- FY2024: 83.1% 

- FY2025: 85.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet content & information; annual sales are CNY 8.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1842827/000110465926050959/bz-20251231x20f.htm (filed 2026-04-29); FY2025: revenue 8267518000; grossProfit 7032365000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BZ.US: Kanzhun Limited, together with its subsidiaries, operates an online recruitment platform in the People's Republic of China. It offers job seeking services that allow job seekers to receive job recommendations, initiate direct chats, and deliver resumes upon mutual consent, as well as value-added tools. The company also provides direct recruitment services to enterprise users to post jobs, receive personalized candidate recommendations, engage in direct communication, and receive resumes upon mutual consent. In addition, it offers online recruitment services through BOSS Zhipin, a mobile app; and management consultancy and technical services. Kanzhun Limited was founded in 2013 and is headquartered in Beijing, the People's Republic of China.

### Why customers stay

Margins ranged from 82.2% to 85.1% during 2023–25; it earns 0% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: grossProfit / revenue = 82.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: grossProfit / revenue = 83.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1842827/000110465926050959/bz-20251231x20f.htm (filed 2026-04-29); FY2025: grossProfit / revenue = 85.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 7-year return on capital observations [[2019,0],[2020,0],[2021,-0.0745285732700516],[2022,-0.009946912106841064],[2023,0.6583313640453355],[2024,2.0813803188052535],[2025,8.742028619043914]]; median 0. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 7 years; bought back CNY 142.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2022: growth capex 45343135.719415426; upkeep 294776864.2805846; owner earnings 99868135.71941543. Growth capex / owner earnings = 0.4540300606672909.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: growth capex 307999665.716063; upkeep 647511334.283937; owner earnings 879604665.716063. Growth capex / owner earnings = 0.3501569258563773.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: growth capex 172560428; upkeep 683486572; owner earnings 1584664000. Growth capex / owner earnings = 0.10889401664958628.

- Source: https://www.sec.gov/Archives/edgar/data/1842827/000110465926050959/bz-20251231x20f.htm (filed 2026-04-29); FY2025: growth capex 0; upkeep 119123000; owner earnings 3431228000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,0],[2023,562899000],[2024,0],[2025,553010000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1842827/000110465926050959/bz-20251231x20f.htm (filed 2026-04-29); FY2025: cash repurchases 142798000 CNY.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BZ.US SharesStats.PercentInsiders = 0.07200000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price is 6.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Closing price 16.37 USD; reporting-to-trading FX 0.14944; FY2025 annual sales per share 17.294163297964136; price multiple 6.3340613438900535. FY2025 cash earnings/share 7.1775129300652125. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-06: $39.65 per share

- 2021-07: $34.45 per share

- 2021-08: $36.86 per share

- 2021-09: $35.99 per share

- 2021-10: $35.10 per share

- 2021-11: $31.98 per share

- 2021-12: $34.88 per share

- 2022-01: $30.29 per share

- 2022-02: $32.30 per share

- 2022-03: $24.91 per share

- 2022-04: $23.53 per share

- 2022-05: $20.22 per share

- 2022-06: $26.28 per share

- 2022-07: $23.51 per share

- 2022-08: $23.49 per share

- 2022-09: $16.88 per share

- 2022-10: $10.93 per share

- 2022-11: $18.82 per share

- 2022-12: $20.37 per share

- 2023-01: $24.29 per share

- 2023-02: $20.15 per share

- 2023-03: $19.03 per share

- 2023-04: $18.49 per share

- 2023-05: $13.87 per share

- 2023-06: $15.05 per share

- 2023-07: $18.68 per share

- 2023-08: $14.80 per share

- 2023-09: $15.17 per share

- 2023-10: $14.80 per share

- 2023-11: $16.53 per share

- 2023-12: $16.61 per share

- 2024-01: $13.91 per share

- 2024-02: $15.65 per share

- 2024-03: $17.53 per share

- 2024-04: $19.79 per share

- 2024-05: $21.25 per share

- 2024-06: $18.81 per share

- 2024-07: $13.58 per share

- 2024-08: $12.46 per share

- 2024-09: $17.36 per share

- 2024-10: $14.55 per share

- 2024-11: $13.50 per share

- 2024-12: $13.80 per share

- 2025-01: $14.41 per share

- 2025-02: $16.00 per share

- 2025-03: $19.17 per share

- 2025-04: $15.30 per share

- 2025-05: $16.96 per share

- 2025-06: $17.84 per share

- 2025-07: $18.96 per share

- 2025-08: $23.62 per share

- 2025-09: $23.36 per share

- 2025-10: $22.16 per share

- 2025-11: $22.10 per share

- 2025-12: $20.38 per share

- 2026-01: $18.52 per share

- 2026-02: $16.08 per share

- 2026-03: $13.39 per share

- 2026-04: $13.52 per share

- 2026-05: $13.57 per share

- 2026-06: $12.87 per share

- 2026-07: $16.28 per share

- 2026-08: $17.36 per share

- 2026-09: $14.80 per share

- 2026-10: $15.73 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1842827/000110465926050959/bz-20251231x20f.htm); period 2025-12-31, filed 2026-04-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.