ValueScreener

ValueScreener company report

Kanzhun Limited (BZ)

NASDAQ / Industrials / Staffing & Employment Services

Share price

16.37 USD Market dataClose of Oct 15, 2026

Market capitalisation

7.84B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Apr 29, 2026
Ratios computed
Oct 15, 2026
Filed years
7, FY2019 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

13.7% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

19.18x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

8.4% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2019 Revenue: 998.7M CNYFY2019 Net income: -502.1M CNYFY2020 Revenue: 1.94B CNYFY2020 Net income: -941.9M CNYFY2021 Revenue: 4.26B CNYFY2021 Net income: -1.07B CNYFY2022 Revenue: 4.51B CNYFY2022 Net income: 107.2M CNYFY2023 Revenue: 5.95B CNYFY2023 Net income: 1.10B CNYFY2024 Revenue: 7.36B CNYFY2024 Net income: 1.58B CNYFY2025 Revenue: 8.27B CNYFY2025 Net income: 2.74B CNY
Revenue Net income7 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 19.18x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Industrials sector (412 companies), 19.18x sits at the 37th percentile; the middle half of that group runs from 15.04x to 38.40x.

Is it good

Return on equity was 13.7% in FY2025, in the band labelled "Ordinary" (8.0% to 15.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Industrials sector (643 companies), 13.7% sits at the 69th percentile; the middle half of that group runs from -15.6% to 15.8%.

Is it safe

Current ratio was 4.66 in FY2025, in the band labelled "At or above Graham's requirement" (2.00 and above), on lines anchored on Graham's defensive-investor criteria, suggesting short-term assets well above short-term obligations.

Today, against the Industrials sector (673 companies), 4.66 sits at the 88th percentile; the middle half of that group runs from 1.20 to 2.86.

Year by year against peers
Whether Kanzhun Limited's return on equity stayed above the median of the Industrials sector, year by year. (FY2021 to FY2025, 5 fiscal years of Kanzhun Limited with a comparable figure)
The direction
Which way Kanzhun Limited's gross margin has moved, and how steadily. (FY2019 to FY2025, 7 filed years of Kanzhun Limited)
What could explain it
What in Kanzhun Limited's filed statements could explain the movements. (4 readings drawn from the statement lines Kanzhun Limited filed)
What to check next
What to check next on Kanzhun Limited, and where in its filings. (4 questions for Kanzhun Limited)
In one paragraph
One paragraph on Kanzhun Limited's returns, cash, balance sheet and price. (10 of sixteen figures read for Kanzhun Limited)

These are BZ’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research BZPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Apr 29, 2026, accession 0001104659-26-050959.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Kanzhun Limited: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Return on equity13.7% ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Return on capital employed, pre-tax12.2% ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Return on assets11.1% ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Gross margin85.1% ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Operating margin29.8% ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Net margin33.1% ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
BZ 33.1%
KFY 9.4%RHI 2.5%TNET 3.1%MAN -0.1%
-0.1%33.1%
Net margin: BZ against the 4 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Kanzhun Limited: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Current ratio4.66 ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Quick ratio4.66 ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Altman Z-score8.53 ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Net debt
Why n/a

The FY2025 balance sheet carries no net debt we could read.

n/a ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Total assets 24.57BTotal liabilities 4.49BShareholders' equity 20.03BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Kanzhun Limited owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Apr 29, 2026, 0001104659-26-050959).

Kanzhun Limited: balance sheet position
Total assets24.57B FiledFY2025 20-F, filed Apr 29, 2026
Total liabilities4.49B FiledFY2025 20-F, filed Apr 29, 2026
Shareholders' equity20.03B FiledFY2025 20-F, filed Apr 29, 2026
Cash13.56B FiledFY2025 20-F, filed Apr 29, 2026
Total debtn/a FiledFY2025 20-F, filed Apr 29, 2026
Net debtn/a
Current ratio4.66
Debt to equityn/a
  • Debt to equity: FY2025: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Kanzhun Limited: what the market charges, each with its source
FigureValue, source and document
Price to earnings19.18x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book2.62x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Price to sales6.35x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959

We publish no fair value or price target of our own. Value BZ on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Kanzhun Limited today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Kanzhun Limited: valuation
Share price16.37 USD
Market capitalisation7.84B USD
Enterprise value to EBITDAn/a
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Kanzhun Limited

  1. Korn Ferry (KFY)Market cap 3.98B USD
  2. Robert Half International Inc. (RHI)Market cap 3.52B USD
  3. TriNet Group, Inc. (TNET)Market cap 3.23B USD
  4. ManpowerGroup Inc. (MAN)Market cap 2.03B USD

Same industry (Staffing & Employment Services) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Kanzhun Limited: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield8.4% ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Free cash flow4.43B CNY ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Free cash flow margin53.6% ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Dividend yield
Why n/a

No common dividend is on file for the year before, so one payment is not shown to be a run rate.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Payout ratio20.2% ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
FY2019 Free cash flow: -169.7M CNYFY2019 Net income: -502.1M CNYFY2020 Free cash flow: 257.7M CNYFY2020 Net income: -941.9M CNYFY2021 Free cash flow: 1.38B CNYFY2021 Net income: -1.07B CNYFY2022 Free cash flow: 662.9M CNYFY2022 Net income: 107.2M CNYFY2023 Free cash flow: 2.09B CNYFY2023 Net income: 1.10B CNYFY2024 Free cash flow: 2.69B CNYFY2024 Net income: 1.58B CNYFY2025 Free cash flow: 4.43B CNYFY2025 Net income: 2.74B CNY
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Kanzhun Limited: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
19.18xFY2025Oct 15, 2026
2.62xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a Enterprise value is the market value plus total debt less cash, and the filed balance sheet reports no debt total or no cash.
8.4%FY2025Oct 15, 2026
n/aFY2025Apr 29, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
n/aFY2025Oct 15, 2026
n/a No common dividend is on file for the year before, so one payment is not shown to be a run rate.
n/aFY2025Apr 29, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
4.66FY2025Apr 29, 2026
6.35xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed income statement reports no earnings per share.
8.53FY2025Oct 15, 2026
-2.05FY2025Apr 29, 2026
6/9FY2025Apr 29, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 7 filed fiscal years on record, FY2019 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

7 filed fiscal years, FY2019 to FY2025, read from the annual reports Kanzhun Limited filed with the SEC. Each year names its filing. Amounts in CNY, as filed.

Kanzhun Limited: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20258.27B2.46B2.74Bn/a4.43B29.8%13.7%20-F, Apr 29, 20260001104659-26-050959
FY20247.36B1.17B1.58Bn/a2.69B15.9%10.7%20-F, Apr 10, 20250001410578-25-000682
FY20235.95B581.0M1.10Bn/a2.09B9.8%8.2%20-F, Apr 29, 20240001104659-24-053379
FY20224.51B-129.5M107.2Mn/a662.9M-2.9%0.9%20-F, Apr 27, 20230001104659-23-050709
FY20214.26B-1.04B-1.07Bn/a1.38B-24.3%-10.0%20-F, Apr 28, 20220001193125-22-127960
FY20201.94B-944.9M-941.9Mn/a257.7M-48.6%n/m20-F, Apr 28, 20220001193125-22-127960
FY2019998.7M-511.9M-502.1Mn/a-169.7M-51.3%n/a20-F, Apr 28, 20220001193125-22-127960
  • Revenue, compound annual growth FY2019 to FY2025: 42.2%
  • Earnings: Earnings was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Free cash flow was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Kanzhun Limited: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.05 ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Piotroski F-score6/9 ComputedFY2025 20-F, filed Apr 29, 2026, 0001104659-26-050959
Named tests met0 of 30 Computed
Beta1.30 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 19 not met, 11 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); Low beta, profitable; Near the 52-week low; High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Earnings yield and ROIC (Joel Greenblatt); Low PEG, low debt (Peter Lynch); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; ROIC at or above WACC; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(14)
  • Debt to Equity: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Dividend Yield: No common dividend is on file for the year before, so one payment is not shown to be a run rate.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Ncav: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 14 figures could not be read on this company, among them Debt to Equity, Positive Earnings Streak, EV/EBIT. Each blank in the table above names the rest, with its reason. 11 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 7 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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