Sunday 11 October 2026
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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.
20.15
0.25
+1.26%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
29.73 | 24.88 | 18.20 | 22.45 | 36.45 | 31.36 | 22.23 | 13.71 | 12.78 | 13.14 |
Piotroski F-Score |
— | 5 | 5 | 4 | 4 | 5 | 7 | 7 | 7 | 7 |
Altman Z-Score |
10.25 | 11.84 | 10.75 | 11.95 | 10.45 | 7.78 | 5.17 | 4.07 | 3.84 | 4.65 |
P/S ratio |
6.18 | 5.87 | 4.65 | 5.76 | 6.01 | 4.85 | 4.35 | 3.09 | 2.59 | 2.37 |
Altman Z″-Score (non-manufacturers) |
9.67 | 9.04 | 10.95 | 9.29 | 8.24 | 6.07 | 4.94 | 4.85 | 4.60 | 6.06 |
P/FCF ratio |
0.00 | 21.10 | 18.58 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
P/Operating CF |
35.19 | 53.90 | 45.47 | 53.88 | 70.33 | 48.03 | 38.44 | 28.42 | 46.69 | 26.71 |
Beneish M-Score |
(1.10) | (1.84) | (0.97) | (2.45) | (2.24) | (2.16) | (3.11) | (2.87) | (2.20) | (2.68) |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 68 |
P/B ratio |
6.76 | 3.57 | 2.39 | 3.32 | 3.09 | 3.01 | 2.83 | 1.97 | 1.83 | 1.74 |
Price to Tangible BV |
23.97 | 4.93 | 2.92 | 4.03 | 3.74 | 3.75 | 3.44 | 2.36 | 2.20 | 2.07 |
EV/Sales |
5.95 | 5.04 | 3.63 | 5.06 | 5.37 | 4.57 | 4.18 | 2.94 | 2.47 | 2.08 |
EV/EBITDA |
7.42 | 17.57 | 14.74 | 20.48 | 28.47 | 25.24 | 19.10 | 11.29 | 9.28 | 9.73 |
EV/Operating CF |
0.00 | 18.14 | 14.50 | 17.74 | 27.34 | 19.23 | 12.87 | 8.46 | 9.56 | 8.52 |
EV/FCF |
0.00 | 18.14 | 14.50 | (20.11) | (8.18) | (7.17) | (7.79) | (13.11) | (12.81) | (19.37) |
Quick Ratio |
3.44 | 2.74 | 3.76 | 2.63 | 2.06 | 1.13 | 1.23 | 1.11 | 0.89 | 1.21 |
Current Ratio |
3.74 | 2.99 | 4.13 | 3.01 | 2.39 | 1.44 | 1.49 | 1.34 | 1.07 | 1.49 |
Net Debt/EBITDA |
(3.71) | (2.49) | (3.51) | (2.32) | (2.44) | (1.11) | (0.59) | (0.44) | (0.87) | (1.05) |
Debt/Assets |
1.92% | 0.97% | 0.00% | 1.75% | 3.27% | 6.39% | 15.52% | 16.72% | 10.30% | 12.17% |
Debt/Equity |
0.02 | 0.01 | 0.00 | 0.02 | 0.04 | 0.08 | 0.22 | 0.25 | 0.15 | 0.17 |
Asset Turnover |
0.57 | 0.55 | 0.53 | 0.51 | 0.49 | 0.50 | 0.48 | 0.45 | 0.48 | 0.55 |
Operating CF/Net income |
1.32 | 1.15 | 1.00 | 1.11 | 1.15 | 1.52 | 1.69 | 1.53 | 1.30 | 1.32 |
Capex/Depreciation |
(8.27) | (5.04) | (4.58) | (4.13) | (5.00) | (4.15) | (2.73) | (2.27) | (1.90) | (1.74) |
Interest Coverage |
213.27 | 239.25 | 5,576.07 | 9.21 | 134.66 | 43.50 | 40.61 | 34.57 | 34.85 | 42.13 |
| 14.84% | 15.82% | 15.40% | 15.52% | 10.14% | 9.82% | 12.68% | 15.04% | 14.15% | 14.28% | |
| 11.15% | 13.23% | 13.09% | 13.18% | 8.44% | 7.89% | 9.30% | 10.34% | 9.62% | 10.12% | |
ROIC |
20.91% | 21.91% | 16.87% | 14.96% | 9.01% | 8.52% | 10.01% | 11.46% | 14.77% | 12.46% |
Return on Tangible Assets |
13.99% | 21.49% | 17.44% | 21.92% | 13.67% | 15.54% | 18.46% | 22.39% | 24.49% | 19.52% |
Average Days of Receivables |
7.38 | 9.83 | 23.12 | 19.59 | 17.92 | 24.55 | 18.27 | 16.23 | 22.11 | 14.59 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
7.21% | 5.98% | 6.88% | 6.99% | 6.60% | 6.17% | 5.87% | 6.31% | 6.07% | 5.37% |
Intangible Assets out of Total Assets |
0.23 | 0.23 | 0.16 | 0.15 | 0.15 | 0.15 | 0.12 | 0.11 | 0.11 | 0.12 |
Share Based Compensation of Revenue |
1.25% | 0.31% | 1.42% | 1.43% | 1.05% | 0.82% | 0.51% | 0.66% | 0.72% | 0.47% |
Graham Net Nets |
0.00 | 0.10 | 0.19 | 0.10 | 0.08 | 0.03 | 0.00 | (0.01) | 0.01 | 0.09 |
Graham Number |
0.00 | 8.26 | 11.39 | 12.83 | 13.04 | 13.77 | 16.50 | 18.90 | 19.16 | 20.75 |
Earnings Yield |
3.36% | 4.02% | 5.50% | 4.45% | 2.74% | 3.19% | 4.50% | 7.29% | 7.83% | 7.61% |
Free Cash Flow Yield |
0.00% | 4.74% | 5.38% | (4.36%) | (10.93%) | (13.13%) | (12.32%) | (7.27%) | (7.43%) | (4.52%) |
Revenue per Share |
2.22 | 2.80 | 3.41 | 4.05 | 4.85 | 5.82 | 6.34 | 6.70 | 7.54 | 8.80 |
Operating CF per Share |
0.58 | 0.78 | 0.85 | 1.16 | 0.95 | 1.38 | 2.06 | 2.33 | 1.95 | 2.15 |
Capex per Share |
(0.61) | (0.61) | (0.76) | (0.96) | (1.77) | (1.76) | (1.31) | (1.14) | (0.98) | (1.05) |
Free Cash Flow per Share |
(0.03) | 0.17 | 0.10 | 0.20 | (0.82) | (0.38) | 0.75 | 1.19 | 0.97 | 1.09 |
Cash per Share |
2.71 | 2.36 | 3.53 | 3.00 | 3.47 | 2.41 | 3.29 | 3.57 | 3.80 | 4.60 |
Shareholders Equity per Share |
4.48 | 4.60 | 6.63 | 7.04 | 9.45 | 9.36 | 9.76 | 10.51 | 10.67 | 12.04 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
4.48 | 4.60 | 6.63 | 7.04 | 9.45 | 9.36 | 9.76 | 10.51 | 10.67 | 12.04 |
Free Cash Flow |
(21.99) | 123.57 | 71.92 | 154.81 | (652.45) | (312.16) | 605.97 | 962.66 | 779.76 | 871.10 |
Working Capital |
1,391.84 | 1,265.21 | 2,340.57 | 1,927.28 | 1,988.82 | 889.75 | 1,170.00 | 970.77 | 285.03 | 1,586.65 |
Capital Expenditures |
(387.33) | (434.46) | (568.62) | (750.73) | (1,411.18) | (1,445.17) | (1,058.37) | (919.20) | (786.07) | (840.36) |
Net Current Asset Value |
1,373.04 | 1,228.28 | 2,301.03 | 1,811.48 | 1,872.73 | 756.61 | 61.46 | (173.42) | 94.29 | 1,441.01 |
EV/EBIT |
7.42 | 17.57 | 14.74 | 20.48 | 28.47 | 25.24 | 19.10 | 11.29 | 9.28 | 9.73 |
Capex to Sales |
0.27 | 0.22 | 0.22 | 0.24 | 0.37 | 0.30 | 0.21 | 0.17 | 0.13 | 0.12 |
Price to Operating Income |
7.71 | 20.44 | 18.89 | 23.33 | 31.86 | 26.80 | 19.90 | 11.86 | 9.75 | 11.12 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.08 | 0.09 | 0.09 | 0.10 | 0.10 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 |
Cash ROIC |
(0.48%) | 2.46% | 0.94% | 1.94% | (6.16%) | (3.04%) | 4.92% | 7.15% | 6.02% | 5.86% |
Accounts Receivable Turnover |
75.61 | 48.62 | 23.68 | 19.10 | 21.46 | 18.69 | 17.76 | 21.77 | 19.95 | 21.67 |
Accounts Payable Turnover |
13.45 | 11.73 | 10.87 | 11.05 | 12.84 | 13.40 | 12.19 | 11.09 | 12.00 | 14.92 |
Inventory Turnover |
251.93 | 263.87 | 306.06 | 351.20 | 411.57 | 353.39 | 404.19 | 766.67 | 906.52 | 949.13 |
Average Days of Payables |
36.61 | 37.24 | 39.12 | 34.77 | 30.81 | 30.00 | 30.53 | 34.88 | 29.42 | 25.54 |
Days of Inventory on Hand |
1.95 | 1.43 | 1.31 | 1.03 | 1.00 | 1.27 | 0.56 | 0.38 | 0.46 | 0.40 |
Average Receivables |
18.65 | 41.29 | 108.12 | 166.31 | 180.11 | 255.32 | 288.78 | 248.62 | 304.02 | 324.05 |
Average Payables |
67.97 | 114.16 | 163.73 | 201.35 | 231.31 | 278.95 | 313.27 | 339.75 | 348.82 | 353.01 |
Average Inventory |
3.63 | 5.08 | 5.82 | 6.34 | 7.22 | 10.58 | 9.45 | 4.92 | 4.62 | 5.55 |
Average Assets |
2,481.57 | 3,670.24 | 4,870.63 | 6,181.70 | 7,832.64 | 9,461.94 | 10,617.60 | 11,922.46 | 12,555.32 | 12,833.42 |
Average Common Equity |
1,863.93 | 3,070.08 | 4,139.88 | 5,250.30 | 6,520.58 | 7,601.33 | 7,787.79 | 8,194.04 | 8,538.37 | 9,093.40 |
Columns are period end dates