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