Kanzhun Ltd
BZdata completeness 88%5 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
Kanzhun Ltd earns about 11% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 75% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $1.73 and $24.31 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $668.4M1 | $654M2 | $838.3M3 | $1.01B4 | $1.18B5 |
| Net income | −$168.1M6 | $15.5M7 | $154.8M8 | $214.7M9 | $391.1M10 |
| Operating cash flow | $257.6M11 | $145.4M12 | $429.2M13 | $485.3M14 | $651M15 |
| Capital expenditure | $40.8M16 | $49.3M17 | $134.6M18 | $117.3M19 | $17M20 |
| Free cash flow (derived) | $216.8M11 | $96.1M12 | $294.6M13 | $368M14 | $633.9M15 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $1.78B21 | $1.41B22 | $348.3M23 | $349.8M24 | $587M25 |
| Diluted shares | 529.3M | 912.1M | 902.7M | 909.2M | 927.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $30.9 of net worth that earned you $4.22 and generated $6.84 of cash last year.
It earned about 11% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is up 75% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $1.73 and $24.31 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$368M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$368M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$154.8M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $6.31 |
| Base | 20.0% | $13.58 |
| Bull | 20.0% | $13.58 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001193125-22-127960 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-050709 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-053379 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000682 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2025-12-31 · accession 0001104659-26-050959 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2021-12-31 · accession 0001193125-22-127960 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-050709 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-053379 (ProfitLoss)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000682 (ProfitLoss)
- 20-F · period ending 2025-12-31 · accession 0001104659-26-050959 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001193125-22-127960 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-050709 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-053379 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000682 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2025-12-31 · accession 0001104659-26-050959 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001193125-22-127960 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-050709 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-053379 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000682 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2025-12-31 · accession 0001104659-26-050959 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001193125-22-127960 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-050709 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-053379 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000682 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2025-12-31 · accession 0001104659-26-050959 (CashAndCashEquivalentsAtCarryingValue)