Saturday 31 October 2026 Export ZTO’s income statement to Excel — free account

ZTO Express (Cayman) Inc.

ZTO Industrials Integrated Freight & Logistics

ZTO Express (Cayman) Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.0 billion, up 15.7% from fiscal 2024. In the quarter to June 2026, revenue grew 29.8%, EPS grew 73.5%, free cash flow grew 121.4% and total debt rose 25.3%, each against the same quarter a year earlier. Revenue growth for ten consecutive years.

20.17 0.29 +1.46%

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Market cap: $10.9B
P/E: 10.6×
Fwd P/E: 10.0×
Dividend yield: 1.93%
F-score: 7/9
Altman Z: 4.65
Beneish M: −2.68
Dividend safety: 68/100

Overview Business Profile Financial Analysis

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 28.40%

Capital & Financial Ratios $m

Market Cap 10,890.00

Revenue 7,938.40

Net Income 1,320.68

Free Cash Flow (299.48)

Net Debt (1,404.32)

Current Ratio 1.67

Debt/Equity 0.34

P/E ratio 10.62

Fwd P/E 10.00

P/S ratio 1.94

P/B ratio 1.64

Past 5Y EPS Growth 14.03%

This Y EPS Growth 21.58%

Next Y EPS Growth 11.37%

Next Y revenue growth 23.41%

Next 5Y EPS Growth 13.90%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 1.47%

10-year low 10-year high

P/S against its own 10 years 1.03%

10-year low 10-year high

P/B against its own 10 years 3.62%

10-year low 10-year high

EV/Sales against its own 10 years 1.03%

10-year low 10-year high

Dividends

Payout Ratio 0.21

Annual Dividend Rate 0.39

Annual Dividend Yield 1.93%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.83	0.39
2025	0.65	0.35 0.30
2024	0.97	0.62 0.35
2023	0.37	0.37
2022	0.00	0.25
2021	0.00	0.25
2020	0.30	0.30
2019	0.00	0.24
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2,884	3,062	3,670	4,621
Receivables	241	367	281	312
Inventory	4	5	6	5
Other	668	724	901	969
	3,796	4,158	4,857	5,906

	2023	2024	2025	Q'26
Payables	360	337	369	384
ST’ Debt	1,094	1,303	1,564	1,713
Other	1,298	1,142	1,275	1,373
	2,826	3,873	3,270	3,532

Compound Annual Growth %

	10y	5y	3y
Sales	22.59%	12.69%	11.03%
Cash Flow	19.80%	17.67%	0.93%
Earnings	20.81%	14.46%	9.57%
Book Value	23.32%	4.99%	6.72%

Earnings Trends EPS, adjusted, against the consensus

Dec 2024 Estimate 0.46 Actual 0.44

0.35 0.38 0.41 0.44 0.48

Jun 2023 Beat +0.05

Sep 2023 Beat +0.03

Dec 2023 Beat +0.01

Dec 2024 Miss −0.02

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Jun 2023	0.37	0.42	Beat by 0.05
Sep 2023	0.36	0.39	Beat by 0.03
Dec 2023	0.37	0.38	Beat by 0.01
Dec 2024	0.46	0.44	Miss by 0.02

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.39	0.56	—	—	—
’25	0.34	0.33	0.44	0.47	1.60
’24	0.24	0.43	0.41	0.40	1.47
’23	0.30	0.42	0.39	0.37	1.49
’22	0.18	0.33	0.33	0.38	1.21
’21	0.10	0.24	0.22	0.34	0.91
’20	0.07	0.26	0.23	0.24	0.83

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,926	2,144	—	—	—
’25	1,501	1,652	1,667	2,202	7,021
’24	1,379	1,476	1,521	1,690	6,066
’23	1,308	1,343	1,244	1,516	5,411
’22	1,247	1,292	1,257	1,332	5,129
’21	988	1,135	1,147	1,502	4,771
’20	553	906	978	1,427	3,864

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	404	679	—	—	—
’25	326	307	455	624	1,711
’24	281	477	470	337	1,566
’23	399	498	397	588	1,882
’22	174	555	354	581	1,664
’21	73	300	278	482	1,133
’20	25	177	226	330	759

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	404	679	—	—	—
’25	326	307	455	624	871
’24	281	477	470	337	780
’23	399	498	397	588	963
’22	174	555	354	581	606
’21	73	300	278	482	(312)
’20	25	177	226	330	(652)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	12.01	11.14	14.51	15.30	21.58	25.23	16.27	19.70	15.90	16.34		+3.5%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	18.45	18.08	22.67	23.67	38.99	38.96	32.28	30.05	27.50	22.01		+2.0%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	17,324	16,023	15,700	19,009	22,536	23,865	24,888	23,554	24,471	23,399		+3.4%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	0.08	0.13	0.16	0.17	0.17	0.20	0.21	0.23	0.25	0.30		+15.6%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	1,410	2,007	2,560	3,176	3,864	4,771	5,129	5,411	6,066	7,021		+19.5%	8,665	9,386	10,146	+13.1%
	Gross margin, %	35.17	33.27	30.47	29.95	23.15	21.67	25.55	30.36	30.98	24.99		(10.2) pt	Powerpack ZTO Express (Cayman) Inc.’s next three years, line by line Analysts expect revenue to grow 13.1% a year to 2028 — slower than the 19.5% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	406	587	776	971	772	901	1,201	1,505	1,600	1,581		+16.3%
	EBT margin, %	28.81	29.26	30.31	30.56	19.97	18.88	23.42	27.82	26.37	22.51		(6.3) pt
	Net income	295	486	638	815	663	738	965	1,233	1,218	1,321		+18.1%
	Depreciation	47	86	124	182	282	349	387	405	414	483		+29.6%
Per share, $
Per share, $	Revenue	2.22	2.80	3.41	4.05	4.85	5.82	6.34	6.70	7.54	8.80		+16.5%
	Earnings	0.42	0.68	0.85	1.04	0.83	0.91	1.22	1.53	1.50	1.63		+16.3%
	Cash flow	0.58	0.78	0.85	1.16	0.95	1.38	2.06	2.33	1.95	2.15		+15.7%
	Capex	(0.61)	(0.61)	(0.76)	(0.96)	(1.77)	(1.76)	(1.31)	(1.14)	(0.98)	(1.05)		+6.3%
	Free cash flow	(0.03)	0.17	0.10	0.20	(0.82)	(0.38)	0.75	1.19	0.97	1.09		n/m
	Book value	4.48	4.60	6.63	7.04	9.45	9.36	9.76	10.51	10.67	12.04		+11.6%
	Shares, m	635	717	752	784	796	820	809	808	805	798		+2.6%
Valuation, ×
Valuation, ×	P/E	29.73	24.88	18.20	22.45	36.45	31.36	22.23	13.71	12.78	13.14		22.5
	P/S	6.18	5.87	4.65	5.76	6.01	4.85	4.35	3.09	2.59	2.37		4.6
	P/B	6.76	3.57	2.39	3.32	3.09	3.01	2.83	1.97	1.83	1.74		3.0
	EV/Sales	5.95	5.04	3.63	5.06	5.37	4.57	4.18	2.94	2.47	2.08		4.1
	EV/FCF	0.00	18.14	14.50	(20.11)	(8.18)	(7.17)	(7.79)	(13.11)	(12.81)	(19.37)		(5.6)
Cash, $m
Cash, $m	Operating cash flow	365	558	641	906	759	1,133	1,664	1,882	1,566	1,711		+18.7%
	Capex	(387)	(434)	(569)	(751)	(1,411)	(1,445)	(1,058)	(919)	(786)	(840)		+9.0%
	Free cash flow	(22)	124	72	155	(652)	(312)	606	963	780	871		n/m
Balance, $m
Balance, $m	Working capital	1,392	1,265	2,341	1,927	1,989	890	1,170	971	285	1,587		+1.5%
	Total debt	65	38	—	115	297	630	1,766	2,084	1,303	1,584		+42.6%
	Net debt	(1,652)	(1,652)	(2,650)	(2,239)	(2,468)	(1,346)	(893)	(800)	(1,759)	(2,086)		+2.6%
	Shareholders’ equity	2,845	3,295	4,984	5,516	7,525	7,678	7,898	8,490	8,586	9,600		+14.5%
Returns, %
Returns, %	ROA	11.15	13.23	13.09	13.18	8.44	7.89	9.30	10.34	9.62	10.12		(1.0) pt
	ROIC	20.91	21.91	16.87	14.96	9.01	8.52	10.01	11.46	14.77	12.46		(8.5) pt
	ROE	14.84	15.82	15.40	15.52	10.14	9.82	12.68	15.04	14.15	14.28		(0.6) pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
FDX FedEx Corporation	$72.1B	16.9×	14.6×	+12.54% (above 0%: growing)	−4.07% (below 0%: shrinking)	+62.20% (above 0%: growing)	69.62%	6.20%	Compare
EXPD Expeditors International of Washington, Inc.	$25.8B	28.9×	24.8×	+32.07% (above 0%: growing)	+50.37% (above 0%: growing)	+2.03% (above 0%: growing)	30.99%	9.98%	Compare
JBHT J.B. Hunt Transport Services, Inc.	$20.7B	31.3×	31.2×	+19.37% (above 0%: growing)	+45.80% (above 0%: growing)	+29.82% (above 0%: growing)	41.31%	7.42%	Compare
FDXF FedEx Freight Holding Company Inc.	$16.4B	—	—	—	—	—	—	—	Compare
CHRW C.H. Robinson Worldwide, Inc.	$14.7B	23.6×	22.9×	+19.28% (above 0%: growing)	+24.41% (above 0%: growing)	−91.47% (below 0%: shrinking)	14.96%	5.18%	Compare
ZTO ZTO Express (Cayman) Inc.	$10.9B	10.6×	10.0×	+29.83% (above 0%: growing)	+73.53% (above 0%: growing)	+121.35% (above 0%: growing)	25.66%	22.19%
GXO GXO Logistics, Inc.	$5.7B	43.8×	29.7×	+4.30% (above 0%: growing)	−4.35% (below 0%: shrinking)	+127.91% (above 0%: growing)	14.76%	2.24%	Compare
LSTR Landstar System, Inc.	$4.8B	37.1×	27.9×	+18.09% (above 0%: growing)	+20.00% (above 0%: growing)	−950.32% (below 0%: shrinking)	21.71%	4.62%	Compare
PBI Pitney Bowes Inc.	$2.3B	13.1×	11.3×	−2.25% (below 0%: shrinking)	+117.65% (above 0%: growing)	+37.11% (above 0%: growing)	53.66%	23.66%	Compare
Median of peers	$15.6B	28.9×	24.8×	+18.09%	+24.41%	+29.82%	30.99%	6.20%

All 32 Integrated Freight & Logistics stocks →