BZNasdaqServices-Computer Programming, Data Processing, Etc.Fiscal year ends December 31
Kanzhun Ltd
Financials through fiscal 2025, year ended Dec 31, 2025
$16.69−0.05 (-0.30%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
85.1%−2.6 pts over 5 years
Operating margin
29.8%+78.4 pts over 5 years
Net margin
33.1%+81.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +12.4% | +22.4% | +33.6% | – | |
| Gross profit | +15.0% | +23.2% | +32.8% | – | |
| Operating income | +110.1% | – | – | – | |
| Net income | +72.6% | +194.4% | – | – | |
| EPS, diluted | +69.5% | +190.8% | – | – | |
| Free cash flow | +65.0% | +88.4% | +76.7% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 47.6% | 15.7% | |
| Return on assets | – | – | 12.5% | |
| Current ratio | – | 2.76 | 4.66 | |
| Capex to revenue | – | 7.1% | 1.4% | |
| Diluted shares | – | 111M | 927M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Kanzhun generated CN¥13.79B from operations and spent CN¥6.44B on capital expenditure, dividends and share buybacks. 39% of that went back into the business.
Generated
CN¥13.79B
Used
CN¥6.44B
Capital expenditureCN¥2.53B39%DividendsCN¥1.12B17%Share buybacksCN¥2.80B43%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin33.1%
×Asset turnover0.38×
×Equity multiplier1.26×
=Return on equity, FY202515.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 33.1% | 0.38× | 1.26× | 15.7% |
| FY2024 | 21.5% | 0.39× | 1.32× | 11.2% |
| FY2023 | 18.5% | 0.36× | 1.31× | 8.8% |
| FY2022 | 2.4% | 0.32× | 1.28× | 1.0% |
| FY2021 | -25.1% | 0.45× | 2.24× | -25.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥2.74B
- Cash generatingOperating cash flow above zeroCN¥4.55B
- Return on assets improvedROA up on the prior year8.8% → 14.2%
- Earnings backed by cashOperating cash flow above net incomeCN¥4.55B vs CN¥2.74B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.60 → 4.66
- No dilutionShare count did not rise909M → 927M
- Gross margin improvedGross margin up on the prior year83.15% → 85.06%
- More efficientAsset turnover rose0.41 → 0.43