Detailed financial statements for Kanzhun Limited (BZ): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Kanzhun Limited, established in 2013 and headquartered in Beijing, China, manages BOSS Zhipin, a leading online recruitment platform. This service operates within the People's Republic of China, streamlining the hiring journey by connecting individuals seeking employment with various enterprises and corporations looking to expand their teams.
Analysis Summary
Kanzhun Limited reported revenue of 8.27B CNY in the most recent fiscal year, growing at a 5-year CAGR of 33.6%.
Trailing-twelve-month margins: gross margin 85.1%, operating margin 29.8%, net margin 33.1%. Free cash flow grew at 76.7% CAGR over 5 years.
Balance sheet quality for BZ: current ratio of 4.7, net cash position of 19.79B CNY. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 4.43B CNY represents 162% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 998.7M CNY | 1.94B CNY | 4.26B CNY | 4.51B CNY | 5.95B CNY | 7.36B CNY | 8.27B CNY |
| Cost of Revenue | 137.8M CNY | 240.2M CNY | 554.6M CNY | 754.9M CNY | 1.06B CNY | 1.24B CNY | 1.24B CNY |
| Gross Profit | 860.9M CNY | 1.70B CNY | 3.70B CNY | 3.76B CNY | 4.89B CNY | 6.12B CNY | 7.03B CNY |
| Research & Development | 325.6M CNY | 513.4M CNY | 822.0M CNY | 1.18B CNY | 1.54B CNY | 1.82B CNY | 1.65B CNY |
| Selling, General & Admin | 1.05B CNY | 2.14B CNY | 3.93B CNY | 2.72B CNY | 2.80B CNY | 3.17B CNY | 2.89B CNY |
| Operating Expenses | 1.37B CNY | 2.65B CNY | 4.74B CNY | 3.89B CNY | 4.31B CNY | 4.94B CNY | 4.57B CNY |
| Operating Income | -511.9M CNY | -944.9M CNY | -1.04B CNY | -129.5M CNY | 581.0M CNY | 1.17B CNY | 2.46B CNY |
| EBITDA | -454.4M CNY | -836.9M CNY | -822.1M CNY | 404.4M CNY | 1.65B CNY | 2.52B CNY | 4.02B CNY |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -502.1M CNY | -941.9M CNY | -1.01B CNY | 117.0M CNY | 1.22B CNY | 1.83B CNY | 3.20B CNY |
| Income Tax | 0 | 0 | 59.5M CNY | 9.8M CNY | 122.6M CNY | 265.6M CNY | 509.7M CNY |
| Net Income | -502.1M CNY | -937.8M CNY | -1.07B CNY | 107.2M CNY | 1.10B CNY | 1.58B CNY | 2.74B CNY |
| EPS | -1.07 CNY | -2.05 CNY | -2.85 CNY | 0.24 CNY | 2.44 CNY | 3.52 CNY | 5.88 CNY |
| EPS (Diluted) | -1.07 CNY | -2.05 CNY | -2.76 CNY | 0.24 CNY | 2.44 CNY | 3.51 CNY | 5.74 CNY |
| Shares Outstanding (Diluted) | 458.5 M | 458.5 M | 448.1 M | 456.1 M | 451.4 M | 451.4 M | 463.5 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 2.16B CNY | 2.08B CNY | 2.06B CNY | 2.40B CNY |
| Gross Profit | 1.86B CNY | 1.77B CNY | 1.76B CNY | 2.09B CNY |
| Operating Income | 687.1M CNY | 686.0M CNY | 618.8M CNY | 863.2M CNY |
| EBITDA | 947.6M CNY | 1.85B CNY | 1.42B CNY | 2.49B CNY |
| Net Income | 806.6M CNY | 694.2M CNY | 1.15B CNY | 1.95B CNY |
| EPS | 1.76 CNY | 1.46 CNY | 2.48 CNY | 4.28 CNY |
| EPS (Diluted) | 1.70 CNY | 1.40 CNY | 2.40 CNY | 4.20 CNY |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 407.4M CNY | 4.00B CNY | 11.34B CNY | 9.75B CNY | 2.47B CNY | 2.55B CNY | 4.10B CNY |
| Short-term Investments | 1.14B CNY | 536.4M CNY | 885.0M CNY | 3.46B CNY | 10.44B CNY | 12.13B CNY | 15.84B CNY |
| Receivables | 75.5M CNY | 121.9M CNY | 411.7M CNY | 249.5M CNY | 233.6M CNY | 167.7M CNY | 186.4M CNY |
| Inventory | 82.7M CNY | 0 | 0 | 0 | 0 | 3.0M CNY | 2.4M CNY |
| Total Current Assets | 1.71B CNY | 4.75B CNY | 12.96B CNY | 13.83B CNY | 13.37B CNY | 15.10B CNY | 20.36B CNY |
| Property, Plant & Equipment | 170.6M CNY | 335.4M CNY | 678.2M CNY | 980.7M CNY | 2.08B CNY | 2.04B CNY | 1.41B CNY |
| Goodwill | 0 | 0 | 0 | 5.7M CNY | 5.7M CNY | 6.5M CNY | 6.5M CNY |
| Intangible Assets | 640,000 CNY | 549,000 CNY | 458,000 CNY | 10.3M CNY | 8.1M CNY | 252.6M CNY | 100.9M CNY |
| Total Assets | 1.88B CNY | 5.08B CNY | 13.64B CNY | 14.83B CNY | 17.94B CNY | 19.31B CNY | 24.57B CNY |
| Accounts Payable | 42.6M CNY | 19.5M CNY | 33.0M CNY | 185.3M CNY | 629.2M CNY | 110.7M CNY | 120.0M CNY |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 1.01B CNY | 1.72B CNY | 2.78B CNY | 3.03B CNY | 4.36B CNY | 4.19B CNY | 4.37B CNY |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 3.54B CNY | 7.38B CNY | 2.97B CNY | 3.19B CNY | 4.51B CNY | 4.35B CNY | 4.49B CNY |
| Retained Earnings | -1.68B CNY | -2.62B CNY | -3.69B CNY | -3.59B CNY | -2.49B CNY | -917.6M CNY | 1.22B CNY |
| Total Equity | -1.66B CNY | -2.30B CNY | 10.67B CNY | 11.64B CNY | 13.43B CNY | 14.87B CNY | 20.03B CNY |
| Total Debt | 94.9M CNY | 135.9M CNY | 310.9M CNY | 295.0M CNY | 280.1M CNY | 302.1M CNY | 158.0M CNY |
| Net Debt | -1.45B CNY | -4.40B CNY | -11.92B CNY | -12.91B CNY | -12.63B CNY | -14.38B CNY | -19.79B CNY |
| Working Capital | 699.9M CNY | 3.03B CNY | 10.17B CNY | 10.80B CNY | 9.02B CNY | 10.91B CNY | 15.98B CNY |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 4.70B CNY | 4.10B CNY | 3.34B CNY | 2.58B CNY |
| Total Assets | 24.16B CNY | 24.57B CNY | 25.54B CNY | 26.89B CNY |
| Total Liabilities | 4.87B CNY | 4.49B CNY | 5.07B CNY | 5.83B CNY |
| Total Equity | 19.20B CNY | 20.03B CNY | 20.46B CNY | 21.06B CNY |
| Total Debt | 165.8M CNY | 158.0M CNY | 123.1M CNY | 216.2M CNY |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -502.1M CNY | -941.9M CNY | -1.07B CNY | 107.2M CNY | 1.10B CNY | 1.57B CNY | 2.69B CNY |
| Depreciation & Amortization | 57.5M CNY | 108.0M CNY | 189.4M CNY | 287.4M CNY | 427.9M CNY | 683.5M CNY | 815.0M CNY |
| Stock-based Compensation | 34.2M CNY | 124.1M CNY | 417.3M CNY | 692.2M CNY | 1.06B CNY | 1.14B CNY | 912.0M CNY |
| Change in Working Capital | 304.6M CNY | 567.2M CNY | 603.9M CNY | -41.0M CNY | 737.7M CNY | 146.4M CNY | 162.8M CNY |
| Operating Cash Flow | -105.7M CNY | 395.9M CNY | 1.64B CNY | 1.00B CNY | 3.05B CNY | 3.54B CNY | 4.55B CNY |
| Capital Expenditure | -64.0M CNY | -138.2M CNY | -259.9M CNY | -340.1M CNY | -955.5M CNY | -856.0M CNY | -119.1M CNY |
| Acquisitions | 0 | 0 | 0 | -9.9M CNY | -66,000 CNY | 0 | 0 |
| Stock Repurchased | 0 | 0 | -11.6M CNY | -918.9M CNY | -71.8M CNY | -1.65B CNY | -142.8M CNY |
| Dividends Paid | 0 | 0 | 0 | 0 | -562.9M CNY | 0 | -553.0M CNY |
| Free Cash Flow | -169.7M CNY | 257.7M CNY | 1.38B CNY | 662.9M CNY | 2.09B CNY | 2.69B CNY | 4.43B CNY |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 1.17B CNY | 1.32B CNY | 1.19B CNY | 944.8M CNY |
| Capital Expenditure | 0 | -119.1M CNY | 0 | 0 |
| Free Cash Flow | 1.17B CNY | 1.20B CNY | 1.19B CNY | 944.8M CNY |
| Dividends Paid | 0 | -553.0M CNY | 0 | 0 |
| Stock-based Compensation | 216.4M CNY | 214.1M CNY | 191.0M CNY | 186.4M CNY |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +94.7% | +119.1% | +5.9% | +31.9% | +23.6% | +12.4% | |
| Net Income Growth (YoY) | -86.8% | -14.2% | +110.0% | +925.0% | +44.2% | +72.6% | |
| EPS Growth (YoY) | -91.6% | -39.0% | +108.4% | +916.7% | +44.3% | +67.0% | |
| Shares Change (YoY) | +0.0% | -2.2% | +1.8% | -1.0% | +0.0% | +2.7% | |
| FCF Growth (YoY) | +251.9% | +436.1% | -52.0% | +215.5% | +28.4% | +65.0% | |
| Gross Margin | 86.2% | 87.6% | 87.0% | 83.3% | 82.2% | 83.1% | 85.1% |
| Operating Margin | -51.3% | -48.6% | -24.3% | -2.9% | 9.8% | 15.9% | 29.8% |
| EBITDA Margin | -45.5% | -43.0% | -19.3% | 9.0% | 27.7% | 34.2% | 48.6% |
| Net Margin | -50.3% | -48.2% | -25.1% | 2.4% | 18.5% | 21.5% | 33.1% |
| FCF Margin | -17.0% | 13.3% | 32.4% | 14.7% | 35.1% | 36.5% | 53.6% |
| Effective Tax Rate | -0.0% | -0.0% | -5.9% | 8.3% | 10.0% | 14.5% | 15.9% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | -0.37 CNY | 0.56 CNY | 3.08 CNY | 1.45 CNY | 4.63 CNY | 5.95 CNY | 9.56 CNY |
| Dividends Per Share | 0.00 CNY | 0.00 CNY | 0.00 CNY | 0.00 CNY | 1.25 CNY | 0.00 CNY | 1.19 CNY |
| Shares Outstanding (Basic) | 458.5 M | 458.5 M | 433.3 M | 434.5 M | 450.5 M | 450.0 M | 450.5 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 13.66% |
| Return on Invested Capital | 10.21% |
| Return on Assets | 11.13% |
| Gross Margin | 85.06% |
| Operating Margin | 29.80% |
| Net Margin | 33.09% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 4.66 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 10.10 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -242.03 | -118.40 | -77.74 | 585.40 | 48.31 | 28.61 | 24.24 |
| P/B | -71.48 | -48.38 | 8.99 | 5.24 | 3.95 | 3.05 | 3.21 |
| P/S | 118.88 | 57.23 | 22.54 | 13.53 | 8.92 | 6.16 | 7.77 |
| Gross Margin | 86.2% | 87.6% | 87.0% | 83.3% | 82.2% | 83.1% | 85.1% |
| Operating Margin | -51.3% | -48.6% | -24.3% | -2.9% | 9.8% | 15.9% | 29.8% |
| Net Margin | -50.3% | -48.2% | -25.1% | 2.4% | 18.5% | 21.5% | 33.1% |
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