Kanzhun Ltd is a US-listed company in the interactive media & services industry. Its financial year ends in December.
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~$31
Cash-flow model
Base case. Range ~$24–$39 across our lower- and higher-growth cases (11.1%–21.1% a year).
Undervalued
The price is below our entire value range; our base value is 80% above it.
Price used: $17.06, November 2, 2026
Kanzhun Ltd valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $1.15bn, up 12.5% on a year earlier, slower than the 21.5% growth a quarter earlier. Free-cash-flow margin rose to 53.6% from 32.4% a year earlier. Operating margin widened to 29.8% from -24.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $30.64 a share, against a share price of $16.54.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Kanzhun Ltd's trailing-twelve-month revenue grew 12.5% year on year, with a free-cash-flow margin of 53.6%. Where it stands out: free-cash-flow margin of 53.6% ranks 2 of 59 interactive media & services companies we cover. Where it lags: change in growth rate of -9.0pp ranks 58 of 63 interactive media & services companies we cover.
Our discounted-cash-flow model values the business at ~$31 per share in the base case (~$24–$39 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 12.5% (-9.0pp vs the prior quarter), the 2nd consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
The share price implies about 3.7% a year of cash-flow growth for five years.That is slower than the 32.5% a year revenue growth Kanzhun has delivered.
Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.
Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($17.01, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies
Our value per share comes from a discounted-cash-flow model of Kanzhun Ltd's free cash flow after stock-based pay ( $325M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
We value Kanzhun Ltd as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.08 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | ~$31 ~$24–$39 | Primary model, counts double |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$1.1 ~$5.1–$15 | Left out: out of range vs price (0.07x) |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$3.3 ~$2.3–$4.9 | Left out: out of range vs price (0.19x) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$1.8 ~$1.6–$2.1 | Left out: out of range vs price (0.11x) |
| Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$31 ~$24–$39 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Kanzhun Ltd with Interactive Media & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| Discount rate ↓ / growth → | −5% growth | 0% growth | 5% growth | 10% growth | 15% growth | 20% growth |
|---|---|---|---|---|---|---|
| 7% | $14 | $18 | $23 | $29 | $37 | $48 |
| 8.5% | $12 | $15 | $18 | $23 | $28 | $36 |
| 10% | $10 | $13 | $15 | $19 | $23 | $29 |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 17, 2026, before the open.
No analyst estimates are published for Kanzhun Ltd: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $2.17 | $2.23 | +2.9% |
| Mar 2026 | $1.79 | $1.87 | +4.7% |
| Dec 2025 | $1.90 | $1.90 | 0.0% |
| Sept 2025 | $2.06 | $2.16 | +5.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
How Kanzhun Ltd’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
Not offered: fundamentals grade C+ (needs B+ or better).
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.
For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.
Not offered: the shares trade below our fair value: a collar caps upside the model expects.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY19 Q4 | $144.6M |
| FY20 Q4 | $281.8M |
| FY21 Q4 | $660.3M |
| FY22 Q4 | $671.8M |
| FY23 Q4 | $841.2M |
| FY24 Q4 | $1B |
| FY25 Q4 | $1.2B |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY20 Q4 | 94.8% |
| FY21 Q4 | 134.3% |
| FY22 Q4 | 1.7% |
| FY23 Q4 | 25.2% |
| FY24 Q4 | 21.5% |
| FY25 Q4 | 12.5% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY19 Q4 | -51.3% |
| FY20 Q4 | -48.6% |
| FY21 Q4 | -24.3% |
| FY22 Q4 | -2.9% |
| FY23 Q4 | 9.8% |
| FY24 Q4 | 15.9% |
| FY25 Q4 | 29.8% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY19 Q4 | -17.0% |
| FY20 Q4 | 13.3% |
| FY21 Q4 | 32.4% |
| FY22 Q4 | 14.7% |
| FY23 Q4 | 35.1% |
| FY24 Q4 | 36.5% |
| FY25 Q4 | 53.6% |
Each dollar Kanzhun took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.
| Revenue | $1.2B | |
|---|---|---|
| Other income | $109M | 9.4% of revenue |
| Cost of revenue | $172M | 14.9% of revenue |
| Gross profit | $979M | 85.1% of revenue |
| Research and development | $230M | 20.0% of revenue |
| Selling, general and admin | $402M | 35.0% of revenue |
| Operating income | $343M | 29.8% of revenue |
| Income tax | $70.9M | 6.2% of revenue |
| Net income | $381M | 33.1% of revenue |
| Fiscal year | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 145 | 282 | 660 | 672 | 841 | 1,022 | 1,150 |
| Gross profit | 125 | 247 | 574 | 559 | 691 | 850 | 979 |
| EBITDA | −72 | −131 | −148 | 2 | 119 | 228 | 415 |
| Operating income | −74 | −137 | −161 | −19 | 82 | 163 | 343 |
| Net income | −73 | −137 | −166 | 16 | 155 | 220 | 381 |
| Diluted EPS | — | — | — | $0.04 | $0.34 | $0.48 | $0.82 |
| Growth (year on year) | |||||||
| Revenue | — | +94.8% | +134.3% | +1.7% | +25.2% | +21.5% | +12.5% |
| EBITDA | — | — | — | — | — | +92.2% | +81.9% |
| Operating income | — | — | — | — | — | +98.6% | +110.3% |
| Net income | — | — | — | — | +872.7% | +41.8% | +72.8% |
| Diluted EPS | — | — | — | — | +864.8% | +40.3% | +69.7% |
| Margins | |||||||
| Gross margin | 86.2% | 87.6% | 87.0% | 83.3% | 82.2% | 83.1% | 85.1% |
| EBITDA margin | −49.4% | −46.5% | −22.5% | 0.2% | 14.1% | 22.3% | 36.1% |
| Operating margin | −51.3% | −48.6% | −24.3% | −2.9% | 9.8% | 15.9% | 29.8% |
| Net margin | −50.3% | −48.4% | −25.1% | 2.4% | 18.5% | 21.5% | 33.1% |
| Free-cash-flow margin | −17.0% | 13.3% | 32.4% | 14.7% | 35.1% | 36.5% | 53.6% |
| Cash flow | |||||||
| Cash from operations | −15 | 57 | 254 | 149 | 431 | 492 | 633 |
| Capital spending | 9 | 20 | 40 | 51 | 135 | 119 | 17 |
| Free cash flow | −25 | 37 | 214 | 99 | 296 | 373 | 617 |
| Stock-based pay | 5 | 18 | 65 | 103 | 149 | 159 | 127 |
| Free cash flow after stock pay | −30 | 19 | 149 | −4 | 146 | 214 | 490 |
| Balance sheet | |||||||
| Cash | 59 | 613 | 1,780 | 1,414 | 348 | 350 | 587 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −59 | −613 | −1,780 | −1,414 | −348 | −350 | −587 |
| Diluted shares | 268m | 278m | 265m | 456m | 451m | 455m | 463m |
| Returned to shareholders | |||||||
| Dividends | — | — | — | — | 80 | — | 77 |
| Buybacks | 0 | 0 | 2 | 137 | 10 | 230 | 20 |
| Total returned | 0 | 0 | 2 | 137 | 90 | 230 | 97 |
| Last 12 months unless stated | BZ | TREE | QNST | MAX | ANGI | WBTN | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.2bn | $1.3bn | $1.3bn | $1.3bn | $993m | $1.4bn | $615m |
| Revenue growth, last 12 months | 12.5% | 25.3% | 18.3% | 15.2% | −8.8% | −0.5% | 2.4% |
| Revenue growth, 3-year average | — | 15.5% | 30.6% | 48.5% | −13.2% | — | 5.0% |
| Revenue growth, latest quarter | — | 25.3% | 42.7% | 22.7% | −10.9% | −2.8% | 2.4% |
| Gross margin | 85.1% | 29.8% | 11.3% | 14.8% | 95.7% | 24.4% | 60.4% |
| Operating margin | 29.8% | 8.2% | 2.7% | 7.2% | −21.7% | −3.8% | 0.3% |
| Operating margin, 3-year average | — | 3.2% | −0.4% | 4.2% | −5.5% | −4.9% | −0.4% |
| Net margin | 33.1% | 14.3% | 6.3% | 8.4% | −22.3% | −25.1% | 3.8% |
| Cash from operations / revenue | 55.1% | 6.8% | 10.1% | 4.3% | 6.1% | 0.4% | 11.4% |
| Free-cash-flow margin | 53.6% | 5.8% | 9.9% | 4.2% | −0.5% | −0.3% | 7.5% |
| Free-cash-flow margin, 3-year average | — | 5.8% | 6.2% | 5.8% | 3.5% | 1.3% | 7.2% |
| Stock pay / revenue | 11.0% | 1.9% | 2.9% | 2.4% | 2.0% | 2.6% | 3.7% |
| Change in share count | 2.0% | 7.2% | −0.2% | 9.7% | −15.8% | 2.4% | 2.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 12.5% | 2.4% | 28 of 63 |
| Change in growth rate Growth | -9.0pp | -0.2pp | 58 of 63 |
| Gross margin Profitability | 85.1% | 60.9% | 10 of 54 |
| Operating margin Profitability | 29.8% | 0.3% | 5 of 63 |
| Net margin Profitability | 33.1% | 3.8% | 6 of 63 |
| Free-cash-flow margin Cash generation | 53.6% | 8.9% | 2 of 59 |
| Stock pay as % of revenue Cash generation | 11.0% | 3.9% | 47 of 61 |
| Change in share count Balance sheet | 2.0% | 1.7% | 29 of 55 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Schroder Investment Management Group | $354M | 27.5M | 8.8% | ▲ 3.4% |
| Blackrock, Inc. | $235M | 18.3M | 5.9% | ▼ 10.1% |
| Krane Funds Advisors LLC | $178M | 13.8M | 4.4% | ▼ 2.9% |
| Capital World Investors | $178M | 13.8M | 4.4% | ▲ 9597.8% |
| Coreview Capital Management Ltd | $161M | 12.5M | 4.0% | ▲ 19.1% |
| Morgan Stanley | $160M | 12.4M | 4.0% | ▲ 7.1% |
| Perseverance Asset Management International | $152M | 11.8M | 3.8% | ▲ 175.2% |
| Vanguard Capital Management LLC | $151M | 11.8M | 3.8% | ▲ 21.6% |
| Baillie Gifford & Co | $123M | 9.6M | 3.1% | ▼ 3.9% |
| Robeco Institutional Asset Management B.V. | $121M | 9.4M | 3.0% | ▼ 1.6% |
| Price T Rowe Associates Inc | $121M | 9.4M | 3.0% | ▲ 0.9% |
| UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC | $93.9M | 7.3M | 2.3% | ▲ 425700.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Kanzhun Ltd's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Zhao Peng Jonathan Chief Executive Officer | September 21, 2026 | Sell | 4,459,560 | $7.25 | $32.3M |
| Zhao Peng Jonathan Chief Executive Officer | September 21, 2026 | Sell | 10,710,440 | $7.25 | $77.7M |
| Mu Yang Director | September 17, 2026 | Sell | 60,704 | $7.46 | $452,852 |
| Zhao Peng Jonathan Chief Executive Officer | September 11, 2026 | Sell | 359,600 | $8.28 | $3M |
| Chen Xu Chief Marketing Officer | September 10, 2026 | Sell | 200,000 | $8.15 | $1.6M |
| Zhao Peng Jonathan Chief Executive Officer | September 10, 2026 | Sell | 384,000 | $8.18 | $3.1M |
| Chen Xu Chief Marketing Officer | September 4, 2026 | Sell | 400,000 | $8.50 | $3.4M |
| Wang Xiehua Director | June 16, 2026 | Sell | 71,288 | $6.82 | $486,184 |
| Chen Xu President | June 16, 2026 | Sell | 84 | $6.83 | $574 |
| Sun Yonggang Director | June 16, 2026 | Sell | 548 | $6.81 | $3,732 |
| Wang Wenbei Deputy Chief Financial Officer | March 30, 2026 | Sell | 814 | $6.69 | $5,446 |
| Mu Yang Director | March 30, 2026 | Sell | 16,968 | $6.69 | $113,516 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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