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ZTO Express (Cayman) Inc. (ZTO)

NYSE / Industrials / Integrated Freight & Logistics

Share price

20.02 USD Market dataClose of Oct 15, 2026

Market capitalisation

14.97B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Apr 17, 2026
Ratios computed
Oct 15, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

12.8% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

11.04x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

6.7% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 9.79B CNYFY2016 Net income: 2.05B CNYFY2017 Revenue: 13.06B CNYFY2017 Net income: 3.16B CNYFY2018 Revenue: 17.60B CNYFY2018 Net income: 4.38B CNYFY2019 Revenue: 22.11B CNYFY2019 Net income: 5.67B CNYFY2020 Revenue: 25.21B CNYFY2020 Net income: 4.31B CNYFY2021 Revenue: 30.41B CNYFY2021 Net income: 4.75B CNYFY2022 Revenue: 35.38B CNYFY2022 Net income: 6.81B CNYFY2023 Revenue: 38.42B CNYFY2023 Net income: 8.75B CNYFY2024 Revenue: 44.28B CNYFY2024 Net income: 8.82B CNYFY2025 Revenue: 49.10B CNYFY2025 Net income: 9.08B CNY
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
8 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 11.04x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 10.00x and 15.00x.

Today, against the Industrials sector (412 companies), 11.04x sits at the 18th percentile; the middle half of that group runs from 15.04x to 38.40x.

Is it good

Return on invested capital was 12.8% in FY2025, in the band labelled "Above the cost of capital" (12.0% to 20.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Industrials sector (316 companies), 12.8% sits at the 67th percentile; the middle half of that group runs from 3.4% to 15.3%.

Is it safe

Interest coverage was 42.13x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether ZTO Express (Cayman) Inc.'s return on equity stayed above the median of the Industrials sector, year by year. (FY2022 to FY2025, 4 fiscal years of ZTO Express (Cayman) Inc. with a comparable figure)
The direction
Which way ZTO Express (Cayman) Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of ZTO Express (Cayman) Inc.)
What could explain it
What in ZTO Express (Cayman) Inc.'s filed statements could explain the movements. (7 readings drawn from the statement lines ZTO Express (Cayman) Inc. filed)
What to check next
What to check next on ZTO Express (Cayman) Inc., and where in its filings. (3 questions for ZTO Express (Cayman) Inc.)
In one paragraph
One paragraph on ZTO Express (Cayman) Inc.'s returns, cash, balance sheet and price. (15 of sixteen figures read for ZTO Express (Cayman) Inc.)

These are ZTO’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research ZTOPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Apr 17, 2026, accession 0001104659-26-044613.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

ZTO Express (Cayman) Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax12.8% ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Return on equity13.7% ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Return on capital employed, pre-tax15.4% ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Return on assets10.0% ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Gross margin25.0% ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Operating margin21.3% ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Net margin18.5% ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
ZTO 18.5%
EXPD 7.3%JBHT 5.0%CHRW 3.6%FDX 4.7%XPO 3.9%
3.6%18.5%
Net margin: ZTO against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

ZTO Express (Cayman) Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.17 ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Current ratio1.49 ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Quick ratio1.48 ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Interest coverage42.13x ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Altman Z-score4.24 ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Net debt-14.30B ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Total assets 91.02BTotal liabilities 23.89BShareholders' equity 66.38BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What ZTO Express (Cayman) Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Apr 17, 2026, 0001104659-26-044613).

ZTO Express (Cayman) Inc: balance sheet position
Total assets91.02B FiledFY2025 20-F, filed Apr 17, 2026
Total liabilities23.89B FiledFY2025 20-F, filed Apr 17, 2026
Shareholders' equity66.38B FiledFY2025 20-F, filed Apr 17, 2026
Cash25.63B FiledFY2025 20-F, filed Apr 17, 2026
Total debt11.34B FiledFY2025 20-F, filed Apr 17, 2026
Net debt-14.30B
Current ratio1.49
Debt to equity0.17

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

ZTO Express (Cayman) Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings11.04x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.51x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Price to sales2.04x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Enterprise value to EBIT9.70x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Enterprise value to EBITDA7.33x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Price to earnings over growth0.69 ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613

We publish no fair value or price target of our own. Value ZTO on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for ZTO Express (Cayman) Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

ZTO Express (Cayman) Inc: valuation
Share price20.02 USD
Market capitalisation14.97B USD
Enterprise value to EBITDA7.33x
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like ZTO Express (Cayman) Inc

  1. Expeditors International of Washington, Inc. (EXPD)Market cap 25.83B USD
  2. J.B. Hunt Transport Services, Inc. (JBHT)Market cap 22.10B USD
  3. C.H. Robinson Worldwide, Inc. (CHRW)Market cap 16.78B USD
  4. FedEx Corporation (FDX)Market cap 69.95B USD
  5. XPO Logistics, Inc. (XPO)Market cap 22.11B USD

Same industry (Integrated Freight & Logistics) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

ZTO Express (Cayman) Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield6.7% ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Free cash flow6.75B CNY ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Free cash flow margin13.8% ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Dividend yield3.8% ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Payout ratio41.4% ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
FY2016 Free cash flow: 586.1M CNYFY2016 Net income: 2.05B CNYFY2017 Free cash flow: 1.06B CNYFY2017 Net income: 3.16B CNYFY2018 Free cash flow: 1.08B CNYFY2018 Net income: 4.38B CNYFY2019 Free cash flow: 1.67B CNYFY2019 Net income: 5.67B CNYFY2020 Free cash flow: -2.29B CNYFY2020 Net income: 4.31B CNYFY2021 Free cash flow: -1.14B CNYFY2021 Net income: 4.75B CNYFY2022 Free cash flow: 4.41B CNYFY2022 Net income: 6.81B CNYFY2023 Free cash flow: 6.83B CNYFY2023 Net income: 8.75B CNYFY2024 Free cash flow: 6.22B CNYFY2024 Net income: 8.82B CNYFY2025 Free cash flow: 6.75B CNYFY2025 Net income: 9.08B CNY
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

ZTO Express (Cayman) Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
11.04xFY2025Oct 15, 2026
1.51xFY2025Oct 15, 2026
9.70xFY2025Oct 15, 2026
6.7%FY2025Oct 15, 2026
12.8%FY2025Apr 17, 2026
3.8%FY2025Oct 15, 2026
0.17FY2025Apr 17, 2026
1.49FY2025Apr 17, 2026
2.04xFY2025Oct 15, 2026
0.69FY2025Oct 15, 2026
4.24FY2025Oct 15, 2026
-2.02FY2025Apr 17, 2026
6/9FY2025Apr 17, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports ZTO Express (Cayman) Inc filed with the SEC. Each year names its filing. Amounts in CNY, as filed.

ZTO Express (Cayman) Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202549.10B10.47B9.08Bn/a6.75B21.3%13.7%20-F, Apr 17, 20260001104659-26-044613
FY202444.28B11.78B8.82Bn/a6.22B26.6%14.2%20-F, Apr 17, 20250001410578-25-000774
FY202338.42B10.01B8.75Bn/a6.83B26.1%14.6%20-F, Apr 19, 20240001104659-24-049017
FY202235.38B7.74B6.81Bn/a4.41B21.9%12.6%20-F, Apr 20, 20230001104659-23-047358
FY202130.41B5.50B4.75Bn/a-1.14B18.1%9.8%20-F, Apr 28, 20220001104659-22-051510
FY202025.21B4.75B4.31Bn/a-2.29B18.9%8.8%20-F, Apr 21, 20210001104659-21-052844
FY201922.11B5.46B5.67Bn/a1.67B24.7%14.8%20-F, Apr 21, 20200001104659-20-049056
FY201817.60B4.33B4.38Bn/a1.08B24.6%12.8%20-F, Apr 16, 20190001104659-19-021667
FY201713.06B3.75B3.16Bn/a1.06B28.7%14.7%20-F, Apr 24, 20180001104659-18-025967
FY20169.79B2.77B2.05Bn/a586.1M28.3%10.4%20-F, Apr 27, 20170001104659-17-026948
  • Revenue, compound annual growth FY2016 to FY2025: 19.6%
  • Earnings, compound annual growth FY2016 to FY2025: 18.0%
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow, compound annual growth FY2016 to FY2025: 31.2%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

ZTO Express (Cayman) Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.02 ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Piotroski F-score6/9 ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044613
Named tests met8 of 30 Computed
Beta0.41 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 8 met, 16 not met, 6 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Large cap, low P/E; EV/EBITDA and coverage; High yield, low payout; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Cash-flow yield and ROIC; Cheapest quarter on P/E (David Dreman)
Does not
Defensive investor (Benjamin Graham); Deep value; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); Z-score and coverage (Edward Altman); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
Low PEG, low debt (Peter Lynch); Dividends and buybacks; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); Cash-covered dividend; Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(6)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Ncav: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 6 figures could not be read on this company, among them Positive Earnings Streak, Eps Growth 5Y, Share Count Change Yoy. Each blank in the table above names the rest, with its reason. 6 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.