Kanzhun Limited (BZ) Stock Price & How to Invest

Kanzhun Limited operates BOSS Zhipin, a mobile-first online recruitment platform in China built around direct chat between job seekers and the people actually doing the hiring, rather than the resume-database model that defined the previous generation of Chinese job boards. Job seekers use the app for free; revenue comes almost entirely from enterprise customers who pay for job-post visibility, candidate discovery tools, resume access and subscription packages, which is why the business runs at a gross margin near ~85%. The platform reported ~7.1 million paid enterprise customers over the trailing twelve months to March 2026, up ~10.9% year over year, with average monthly active users of ~60.9 million in the first quarter and a March peak above ~72 million. Kanzhun listed on Nasdaq in June 2021 at ~$19.00 per ADS and added a dual primary listing on the Hong Kong Stock Exchange (ticker 2076) in December 2022, so the same equity trades in two venues.

The investment picture is a highly profitable, cash-generative platform whose growth rate has compressed alongside China's hiring cycle. Fiscal 2025 revenue of ~RMB 8.27 billion grew ~12.4%, down from ~23.6% in 2024 and ~31.9% in 2023, and first-quarter 2026 revenue of ~RMB 2.07 billion grew only ~7.6%. Profitability moved the other way: trailing operating income of ~RMB 2.65 billion and net income of ~RMB 3.37 billion (~$489 million) reflect real operating leverage plus meaningful interest and investment income on a large cash pile. Management has leaned into returning that cash, committing to distribute at least ~50% of prior-year adjusted net income through dividends and buybacks over the next three years and lifting the repurchase authorization to ~$400 million. Valuation sits at roughly ~15.8 times trailing earnings and ~13.3 times forward earnings, though ~$2.97 billion of cash and investments against ~$18 million of debt means the enterprise value of ~$4.4 billion is far below the market cap.

China's hiring cycle drives almost all of Kanzhun's revenue, so weak domestic demand, elevated youth unemployment or a slowdown in small-business formation feeds directly into paid enterprise customer counts, and revenue growth has already decelerated from ~31.9% in 2023 to ~7.6% in the first quarter of 2026. Regulatory exposure is concrete rather than theoretical: the Cyberspace Administration of China ordered a cybersecurity review of BOSS Zhipin in July 2021 that suspended new user registrations for roughly a year, and China's data security and personal information laws bear directly on a business that handles resumes at scale. As a China-based issuer, Kanzhun conducts part of its operations through variable interest entities rather than direct equity ownership, an arrangement that carries contractual-enforcement and tax risk, and the Holding Foreign Companies Accountable Act framework means US delisting risk would return if PCAOB inspection access in mainland China were withdrawn, partly mitigated by the dual primary Hong Kong listing. Holders own ADSs rather than ordinary shares, results are reported in renminbi so US-dollar returns move with the exchange rate, and a dual-class structure concentrates voting control with founder and chief executive Peng Zhao. A securities class action filed in 2021 over disclosures around the cybersecurity review was resolved through a settlement valued at ~$2.25 million rather than litigated to judgment, and competition from short-video and super-app platforms entering blue-collar recruitment remains an ongoing pressure on pricing.

21 analysts publish price targets on BZ, averaging $20.87 against a $16.47 price as of August 2026, or +26.7%. The published targets run from $15.76 to $26.27, a moderate spread, and the ratings split 21 buy, 1 hold, 0 sell. Over the last six months there has been 1 raise and 1 cut among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full BZ forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Kanzhun Limited. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Paid enterprise customer growth and the blue-collar mix. Kanzhun's monetization engine is the count of paying employers, which reached ~7.1 million on a trailing-twelve-month basis in the first quarter of 2026, up ~10.9%. The most optimistic published target, $26.27, assumes this works close to its best case.

The case against. China's hiring cycle drives almost all of Kanzhun's revenue, so weak domestic demand, elevated youth unemployment or a slowdown in small-business formation feeds directly into paid enterprise customer counts, and revenue growth has already decelerated from ~31.9% in 2023 to ~7.6% in the first quarter of 2026. The most pessimistic target, $15.76, is roughly what BZ is worth if this bites instead.

Read the full bull and bear case on BZ, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Kanzhun Limited's investor relations page or your broker.

• Revenue (TTM): ~RMB 8.41 billion (~$1.22 billion), up ~11% year over year
• Net income (TTM): ~RMB 3.37 billion (~$489 million), a ~40% net margin
• Gross margin (TTM): ~85%
• Market cap / enterprise value: ~$7.4 billion market cap, ~$4.4 billion enterprise value
• P/E ratio: ~15.8 trailing, ~13.3 forward
• Cash and debt: ~$2.97 billion cash and investments against ~$18 million total debt

Kanzhun screens cheaply on headline earnings, but roughly ~40% of the market cap is cash, so the operating business carries an enterprise value near ~$4.4 billion on ~RMB 4.7 billion of trailing free cash flow. First-quarter 2026 net income of ~RMB 1.13 billion grew ~119.8% year over year while operating income was ~RMB 624 million, meaning a large share of the bottom-line jump came from interest and investment income rather than the core platform. The ADS fell roughly ~18% over the trailing year, so the multiple compression reflects the slower revenue trajectory more than any deterioration in profitability.

Other names that sit close to BZ: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get BZ exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so BZ sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where BZ fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Kanzhun pairs an ~85% gross margin recruitment platform and a net-cash balance sheet with single-digit revenue growth and the regulatory, VIE and currency exposures that come with a China-based ADS.

Whether BZ is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is BZ a buy or a sell?, and where the stock could go from here in the BZ stock forecast.

For income investors, whether BZ pays a dividend and how the payout looks is covered in does BZ pay a dividend? And to weigh BZ against a peer, read the full side-by-side comparisons: BZ vs MSFT and BZ vs VRT.