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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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Market cap: $10.9B
P/E: 10.6×
Fwd P/E: 11.3×
Dividend yield: 1.94%
F-score: 7/9
Altman Z: 4.65
Beneish M: −2.68
Dividend safety: 68/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
P/E ratio Full definition →	13.14	12.78	13.71	22.23	31.36	36.45	22.45	18.20	24.88	29.73
Piotroski F-Score Full definition →	7	7	7	7	5	4	4	5	5	—
Altman Z-Score Full definition →	4.65	3.84	4.07	5.17	7.78	10.45	11.95	10.75	11.84	10.25
P/S ratio Full definition →	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) Full definition →	6.06	4.60	4.85	4.94	6.07	8.24	9.29	10.95	9.04	9.67
P/FCF ratio Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18.58	21.10	0.00
P/Operating CF Full definition →	26.71	46.69	28.42	38.44	48.03	70.33	53.88	45.47	53.90	35.19
Beneish M-Score Full definition →	(2.68)	(2.20)	(2.87)	(3.11)	(2.16)	(2.24)	(2.45)	(0.97)	(1.84)	(1.10)
Dividend Safety Score Full definition →	68	—	—	—	—	—	—	—	—	—
P/B ratio Full definition →	1.74	1.83	1.97	2.83	3.01	3.09	3.32	2.39	3.57	6.76
Price to Tangible BV Full definition →	2.07	2.20	2.36	3.44	3.75	3.74	4.03	2.92	4.93	23.97
EV/Sales Full definition →	2.08	2.47	2.94	4.18	4.57	5.37	5.06	3.63	5.04	5.95
EV/EBITDA Full definition →	9.73	9.28	11.29	19.10	25.24	28.47	20.48	14.74	17.57	7.42
EV/Operating CF Full definition →	8.52	9.56	8.46	12.87	19.23	27.34	17.74	14.50	18.14	0.00
EV/FCF Full definition →	(19.37)	(12.81)	(13.11)	(7.79)	(7.17)	(8.18)	(20.11)	14.50	18.14	0.00
Quick Ratio Full definition →	1.21	0.89	1.11	1.23	1.13	2.06	2.63	3.76	2.74	3.44
Current Ratio Full definition →	1.49	1.07	1.34	1.49	1.44	2.39	3.01	4.13	2.99	3.74
Net Debt/EBITDA Full definition →	(1.05)	(0.87)	(0.44)	(0.59)	(1.11)	(2.44)	(2.32)	(3.51)	(2.49)	(3.71)
Debt/Assets Full definition →	12.17%	10.30%	16.72%	15.52%	6.39%	3.27%	1.75%	0.00%	0.97%	1.92%
Debt/Equity Full definition →	0.17	0.15	0.25	0.22	0.08	0.04	0.02	0.00	0.01	0.02
Asset Turnover Full definition →	0.55	0.48	0.45	0.48	0.50	0.49	0.51	0.53	0.55	0.57
Operating CF/Net income Full definition →	1.32	1.30	1.53	1.69	1.52	1.15	1.11	1.00	1.15	1.32
Capex/Depreciation Full definition →	(1.74)	(1.90)	(2.27)	(2.73)	(4.15)	(5.00)	(4.13)	(4.58)	(5.04)	(8.27)
Interest Coverage Full definition →	42.13	34.85	34.57	40.61	43.50	134.66	9.21	5,576.07	239.25	213.27
ROE Full definition →	14.28%	14.15%	15.04%	12.68%	9.82%	10.14%	15.52%	15.40%	15.82%	14.84%
ROA Full definition →	10.12%	9.62%	10.34%	9.30%	7.89%	8.44%	13.18%	13.09%	13.23%	11.15%
ROIC Full definition →	12.46%	14.77%	11.46%	10.01%	8.52%	9.01%	14.96%	16.87%	21.91%	20.91%
Return on Tangible Assets Full definition →	19.52%	24.49%	22.39%	18.46%	15.54%	13.67%	21.92%	17.44%	21.49%	13.99%
Average Days of Receivables Full definition →	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 Full definition →	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 Full definition →	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 Full definition →	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 Full definition →	0.47%	0.72%	0.66%	0.51%	0.82%	1.05%	1.43%	1.42%	0.31%	1.25%
Graham Net Nets Full definition →	0.09	0.01	(0.01)	0.00	0.03	0.08	0.10	0.19	0.10	0.00
Graham Number Full definition →	20.75	19.16	18.90	16.50	13.77	13.04	12.83	11.39	8.26	0.00
Earnings Yield Full definition →	7.61%	7.83%	7.29%	4.50%	3.19%	2.74%	4.45%	5.50%	4.02%	3.36%
Free Cash Flow Yield Full definition →	(4.52%)	(7.43%)	(7.27%)	(12.32%)	(13.13%)	(10.93%)	(4.36%)	5.38%	4.74%	0.00%
Revenue per Share Full definition →	8.80	7.54	6.70	6.34	5.82	4.85	4.05	3.41	2.80	2.22
Operating CF per Share Full definition →	2.15	1.95	2.33	2.06	1.38	0.95	1.16	0.85	0.78	0.58
Capex per Share Full definition →	(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 Full definition →	1.09	0.97	1.19	0.75	(0.38)	(0.82)	0.20	0.10	0.17	(0.03)
Cash per Share Full definition →	4.60	3.80	3.57	3.29	2.41	3.47	3.00	3.53	2.36	2.71
Shareholders Equity per Share Full definition →	12.04	10.67	10.51	9.76	9.36	9.45	7.04	6.63	4.60	4.48
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	12.04	10.67	10.51	9.76	9.36	9.45	7.04	6.63	4.60	4.48
Free Cash Flow Full definition →	871.10	779.76	962.66	605.97	(312.16)	(652.45)	154.81	71.92	123.57	(21.99)
Working Capital Full definition →	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 Full definition →	(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 Full definition →	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 Full definition →	9.73	9.28	11.29	19.10	25.24	28.47	20.48	14.74	17.57	7.42
Capex to Sales Full definition →	0.12	0.13	0.17	0.21	0.30	0.37	0.24	0.22	0.22	0.27
Price to Operating Income Full definition →	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 Full definition →	0.10	0.09	0.09	0.09	0.09	0.10	0.10	0.09	0.09	0.08
Cash ROIC Full definition →	5.86%	6.02%	7.15%	4.92%	(3.04%)	(6.16%)	1.94%	0.94%	2.46%	(0.48%)
Accounts Receivable Turnover Full definition →	21.67	19.95	21.77	17.76	18.69	21.46	19.10	23.68	48.62	75.61
Accounts Payable Turnover Full definition →	14.92	12.00	11.09	12.19	13.40	12.84	11.05	10.87	11.73	13.45
Inventory Turnover Full definition →	949.13	906.52	766.67	404.19	353.39	411.57	351.20	306.06	263.87	251.93
Average Days of Payables Full definition →	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 Full definition →	0.40	0.46	0.38	0.56	1.27	1.00	1.03	1.31	1.43	1.95
Average Receivables Full definition →	324.05	304.02	248.62	288.78	255.32	180.11	166.31	108.12	41.29	18.65
Average Payables Full definition →	353.01	348.82	339.75	313.27	278.95	231.31	201.35	163.73	114.16	67.97
Average Inventory Full definition →	5.55	4.62	4.92	9.45	10.58	7.22	6.34	5.82	5.08	3.63
Average Assets Full definition →	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 Full definition →	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

Fold the line items

Columns are period end dates

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