ZTO Express (Cayman) Inc. (ZTO) 10-Year Financial Performance & Capital Metrics

ZTO • • Industrial / General

IndustrialsFreight & LogisticsIntegrated Express & Parcel DeliveryRegional & Niche Express Services

AboutZTO Express (Cayman) Inc. provides express delivery and other value-added logistics services in the People's Republic of China. The company offers delivery services for e-commerce and traditional merchants, and other express service users. As of December 31, 2021, it operated a fleet of approximately 10,900 trucks. The company was founded in 2002 and is headquartered in Shanghai, the People's Republic of China.Show more

Revenue $44.28B +15.3%
EBITDA $14.8B +14.9%
Net Income $8.82B +0.8%
EPS (Diluted) 10.70 +0.9%
Gross Margin 30.98% +2.0%
EBITDA Margin 33.42% -0.3%
Operating Margin 26.6% +2.1%
Net Margin 19.91% -12.6%
ROE 14.34% -5.9%
ROIC 13.6% +8.0%
Debt/Equity 0.28 +8.1%
Interest Coverage 34.85 +0.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.9%
✓Healthy 5Y average net margin of 18.9%
✓Trading near 52-week high
✓Trading at only 0.3x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y27.49%

5Y14.9%

3Y13.35%

TTM14.7%

Profit (Net Income) CAGR

10Y36.03%

5Y9.22%

3Y22.85%

TTM1.58%

EPS CAGR

10Y35.31%

5Y8.16%

3Y22.65%

TTM1.83%

ROCE

10Y Avg16.37%

5Y Avg13.73%

3Y Avg15.65%

Latest17.78%

Peer Comparison

Regional & Niche Express Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ZTOZTO Express (Cayman) Inc.	13.09B	22.54	2.11	15.26%	18.81%	13.43%	42.22%	0.28
FLXBingEx Limited	177.88M	3.18	-0.42	-1.34%	-5.15%	-24.67%	0.59%	0.06
AIRTAir T, Inc.	54.73M	20.25	-9.08	1.75%	-2.01%	-76.72%	14.28%	23.32
PBIPitney Bowes Inc.	1.73B	10.74	-9.50	-2.52%	3.88%		9.07%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	6.09B	9.79B	13.06B	17.6B	22.11B	25.21B	30.41B	35.38B	38.42B	44.28B
Revenue Growth %	0.56%	0.61%	0.33%	0.35%	0.26%	0.14%	0.21%	0.16%	0.09%	0.15%
Cost of Goods Sold+	4B	6.35B	8.71B	12.24B	15.49B	19.38B	23.82B	26.34B	26.76B	30.56B
COGS % of Revenue	0.66%	0.65%	0.67%	0.7%	0.7%	0.77%	0.78%	0.74%	0.7%	0.69%
Gross Profit+	2.09B	3.44B	4.35B	5.36B	6.62B	5.84B	6.59B	9.04B	11.66B	13.72B
Gross Margin %	0.34%	0.35%	0.33%	0.3%	0.3%	0.23%	0.22%	0.26%	0.3%	0.31%
Gross Profit Growth %	0.84%	0.65%	0.26%	0.23%	0.23%	-0.12%	0.13%	0.37%	0.29%	0.18%
Operating Expenses+	558.49M	673.89M	597.15M	1.03B	1.16B	1.08B	1.09B	1.3B	1.65B	1.94B
OpEx % of Revenue	0.09%	0.07%	0.05%	0.06%	0.05%	0.04%	0.04%	0.04%	0.04%	0.04%
Selling, General & Admin	591.74M	706M	780.52M	1.21B	1.55B	1.66B	1.88B	2.08B	2.43B	2.69B
SG&A % of Revenue	0.1%	0.07%	0.06%	0.07%	0.07%	0.07%	0.06%	0.06%	0.06%	0.06%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-33.25M	-32.1M	-183.37M	-178.06M	-387.89M	-580.97M	-789.5M	-774.58M	-770.65M	-749.78M
Operating Income+	1.53B	2.77B	3.75B	4.33B	5.46B	4.75B	5.5B	7.74B	10.01B	11.78B
Operating Margin %	0.25%	0.28%	0.29%	0.25%	0.25%	0.19%	0.18%	0.22%	0.26%	0.27%
Operating Income Growth %	1.55%	0.81%	0.35%	0.16%	0.26%	-0.13%	0.16%	0.41%	0.29%	0.18%
EBITDA+	1.69B	3.09B	4.31B	5.19B	6.73B	6.59B	7.72B	10.41B	12.88B	14.8B
EBITDA Margin %	0.28%	0.32%	0.33%	0.29%	0.3%	0.26%	0.25%	0.29%	0.34%	0.33%
EBITDA Growth %	1.54%	0.83%	0.39%	0.2%	0.3%	-0.02%	0.17%	0.35%	0.24%	0.15%
D&A (Non-Cash Add-back)	158.06M	324.98M	560.37M	853.72M	1.26B	1.84B	2.22B	2.67B	2.88B	3.02B
EBIT	1.77B	2.83B	3.84B	5.34B	6.76B	5.07B	5.87B	8.48B	10.98B	12.01B
Net Interest Income+	-1.3M	31.8M	150.66M	400.38M	585.4M	407.39M	237.39M	313.2M	417.23M	655.62M
Interest Income	15.09M	44.79M	166.32M	401.16M	585.4M	442.7M	363.89M	503.72M	706.76M	993.53M
Interest Expense	16.39M	12.99M	15.67M	780K	0	35.31M	126.5M	190.52M	289.53M	337.92M
Other Income/Expense	222.39M	14.61M	56.83M	984.82M	1.29B	261.91M	203.77M	555.82M	685.13M	-43.9M
Pretax Income+	1.75B	2.78B	3.81B	5.32B	6.75B	5.02B	5.71B	8.29B	10.69B	11.73B
Pretax Margin %	0.29%	0.28%	0.29%	0.3%	0.31%	0.2%	0.19%	0.23%	0.28%	0.26%
Income Tax+	420M	731.99M	646.36M	929.13M	1.08B	689.83M	1.01B	1.63B	1.94B	2.85B
Effective Tax Rate %	0.76%	0.74%	0.83%	0.82%	0.84%	0.86%	0.83%	0.82%	0.82%	0.75%
Net Income+	1.33B	2.05B	3.16B	4.38B	5.67B	4.31B	4.75B	6.81B	8.75B	8.82B
Net Margin %	0.22%	0.21%	0.24%	0.25%	0.26%	0.17%	0.16%	0.19%	0.23%	0.2%
Net Income Growth %	2.28%	0.54%	0.54%	0.39%	0.29%	-0.24%	0.1%	0.43%	0.28%	0.01%
Net Income (Continuing)	1.33B	2.05B	3.16B	4.39B	5.67B	4.33B	4.7B	6.66B	8.75B	8.89B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	11.98M	5.71M	6M	52.31M	100.79M	120.89M	290.33M	443.92M	478.66M	612.44M
EPS (Diluted)+	1.65	2.91	4.40	5.82	7.23	5.42	5.80	8.36	10.60	10.70
EPS Growth %	2.17%	0.76%	0.51%	0.32%	0.24%	-0.25%	0.07%	0.44%	0.27%	0.01%
EPS (Basic)	1.65	2.91	4.41	5.83	7.24	5.42	5.80	8.41	10.83	10.95
Diluted Shares Outstanding	783.22M	634.58M	717.6M	752.67M	784.33M	796.15M	819.96M	819.96M	838.95M	838.44M
Basic Shares Outstanding	783.12M	634.58M	717.14M	751.81M	784.01M	796.1M	819.96M	809.44M	825.23M	824M
Dividend Payout Ratio	0.09%	-	-	0.2%	0.22%	0.38%	0.28%	0.19%	0.24%	0.64%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.44B	13.19B	12.38B	21.23B	20.1B	22.32B	18.67B	24.48B	26.95B	30.35B
Cash & Short-Term Investments	2.45B	11.29B	10.65B	18.22B	16.38B	17.9B	12.57B	17.45B	19.79B	22.31B
Cash Only	2.45B	11.29B	5.43B	4.62B	5.27B	14.21B	9.72B	11.69B	12.33B	13.47B
Short-Term Investments	0	0	5.22B	13.6B	11.11B	3.69B	2.85B	5.75B	7.45B	8.85B
Accounts Receivable	80.66M	197.8M	287.83M	597M	695.79M	3.08B	4.57B	4.58B	4.7B	6.27B
Days Sales Outstanding	4.84	7.38	8.04	12.38	11.49	44.61	54.9	47.26	44.61	51.65
Inventory	15.72M	33.96M	34.23M	43.81M	43.84M	53.07M	82.96M	40.54M	28.07M	38.57M
Days Inventory Outstanding	1.43	1.95	1.43	1.31	1.03	1	1.27	0.56	0.38	0.46
Other Current Assets	329.98M	978.31M	1.06B	1.9B	2.4B	509.44M	489.81M	1.3B	1.41B	675.89M
Total Non-Current Assets+	7.14B	10.22B	13.45B	18.45B	25.79B	36.88B	44.11B	54.05B	61.51B	61.99B
Property, Plant & Equipment	1.75B	4.07B	6.47B	9.04B	13.37B	19.44B	25.83B	29.62B	32.85B	34.48B
Fixed Asset Turnover	3.47x	2.41x	2.02x	1.95x	1.65x	1.30x	1.18x	1.19x	1.17x	1.28x
Goodwill	4.09B	4.16B	4.24B	4.24B	4.24B	4.24B	4.24B	4.24B	4.24B	4.24B
Intangible Assets	821.13M	1.3B	1.66B	2.02B	2.56B	4.4B	5.37B	5.47B	5.66B	6.19B
Long-Term Investments	377.43M	537.17M	610.16M	2.21B	4.06B	5.07B	4.94B	11.27B	15.63B	13.89B
Other Non-Current Assets	20.73M	45.95M	308.99M	622.67M	1.16B	3.01B	2.79B	2.69B	2.25B	2.2B
Total Assets+	10.58B	23.4B	25.83B	39.68B	45.89B	59.2B	62.77B	78.52B	88.47B	92.34B
Asset Turnover	0.58x	0.42x	0.51x	0.44x	0.48x	0.43x	0.48x	0.45x	0.43x	0.48x
Asset Growth %	1.13%	1.21%	0.1%	0.54%	0.16%	0.29%	0.06%	0.25%	0.13%	0.04%
Total Current Liabilities+	2.65B	3.52B	4.15B	5.14B	6.68B	9.35B	13B	16.41B	20.06B	28.27B
Accounts Payable	294.2M	636.42M	889.14M	1.31B	1.48B	1.64B	1.96B	2.2B	2.56B	2.46B
Days Payables Outstanding	26.85	36.61	37.24	39.12	34.77	30.81	30	30.53	34.88	29.42
Short-Term Debt	300M	450M	250M	0	0	1.76B	3.63B	5.59B	7.77B	16.78B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	603.04M	591.29M	834.89M	990.53M	1.29B	1.27B	1.69B	2.55B	2.73B	1.45B
Current Ratio	1.30x	3.74x	2.99x	4.13x	3.01x	2.39x	1.44x	1.49x	1.34x	1.07x
Quick Ratio	1.29x	3.73x	2.98x	4.12x	3.00x	2.38x	1.43x	1.49x	1.34x	1.07x
Cash Conversion Cycle	-20.58	-27.28	-27.76	-25.44	-22.25	14.8	26.17	17.3	10.11	22.69
Total Non-Current Liabilities+	85.06M	130.52M	240.31M	271.84M	806.16M	757.47M	848.45M	7.65B	8.12B	1.39B
Long-Term Debt	0	0	0	0	0	0	0	6.79B	7.03B	0
Capital Lease Obligations	0	0	0	0	504.44M	502.48M	556.09M	510.35M	455.88M	377.72M
Deferred Tax Liabilities	85.06M	130.52M	157.32M	157.94M	207.9M	254.99M	292.36M	346.47M	638.2M	1.01B
Other Non-Current Liabilities	0	0	82.99M	113.9M	93.82M	0	0	0	0	0
Total Liabilities	2.74B	3.65B	4.39B	5.41B	7.49B	10.11B	13.84B	24.05B	28.18B	29.67B
Total Debt+	300M	450M	250M	0	803.17M	2.51B	4.44B	13.12B	15.44B	17.35B
Net Debt	-2.15B	-10.84B	-5.18B	-4.62B	-4.47B	-11.7B	-5.28B	1.43B	3.1B	3.88B
Debt / Equity	0.04x	0.02x	0.01x	-	0.02x	0.05x	0.09x	0.24x	0.26x	0.28x
Debt / EBITDA	0.18x	0.15x	0.06x	-	0.12x	0.38x	0.57x	1.26x	1.20x	1.17x
Net Debt / EBITDA	-1.28x	-3.50x	-1.20x	-0.89x	-0.66x	-1.77x	-0.68x	0.14x	0.24x	0.26x
Interest Coverage	93.29x	213.23x	239.24x	5554.13x	-	134.66x	43.50x	40.61x	34.57x	34.85x
Total Equity+	7.85B	19.75B	21.44B	34.27B	38.4B	49.1B	48.93B	54.47B	60.28B	62.67B
Equity Growth %	1.31%	1.52%	0.09%	0.6%	0.12%	0.28%	-0%	0.11%	0.11%	0.04%
Book Value per Share	10.02	31.12	29.88	45.53	48.96	61.67	59.67	66.43	71.85	74.75
Total Shareholders' Equity	7.83B	19.75B	21.44B	34.22B	38.3B	48.98B	48.64B	54.03B	59.8B	62.06B
Common Stock	390K	471K	471K	523K	517K	553K	535K	535K	525K	523K
Retained Earnings	1.59B	3.51B	6.67B	11.05B	16.73B	21.04B	22.72B	29.46B	36.3B	39.1B
Treasury Stock	0	0	-914.61M	-1.55B	-1.44B	-2.58B	-2.07B	-2.06B	-510.99M	-1.13B
Accumulated OCI	-13.75M	294.65M	-295.9M	571.72M	675.72M	-95.57M	-242.1M	-86.67M	-190.72M	-294.69M
Minority Interest	11.98M	5.71M	6M	52.31M	100.79M	120.89M	290.33M	443.92M	478.66M	612.44M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.87B	2.54B	3.63B	4.4B	6.3B	4.95B	7.22B	11.48B	13.36B	11.43B
Operating CF Margin %	0.31%	0.26%	0.28%	0.25%	0.29%	0.2%	0.24%	0.32%	0.35%	0.26%
Operating CF Growth %	0.74%	0.36%	0.43%	0.21%	0.43%	-0.21%	0.46%	0.59%	0.16%	-0.14%
Net Income	1.33B	2.05B	3.16B	4.39B	5.67B	4.33B	4.7B	6.66B	8.75B	8.89B
Depreciation & Amortization	158.06M	324.98M	560.37M	853.72M	1.26B	1.84B	2.22B	2.67B	2.88B	3.02B
Stock-Based Compensation	116.8M	122.5M	40.73M	249.48M	316.67M	264.15M	248.03M	178.98M	254.98M	318.69M
Deferred Taxes	5.05M	-30.55M	-29.04M	-139.08M	-40.53M	-271.97M	-192.09M	244.62M	157.78M	292.54M
Other Non-Cash Items	-213.81M	30.18M	77.32M	-504.7M	-647.57M	185.13M	102.1M	-54.03M	6.93M	1.06B
Working Capital Changes	469.82M	37.83M	-177.59M	-443.28M	-260.21M	-1.39B	139.09M	1.78B	1.32B	-2.15B
Change in Receivables	-11.92M	-141.84M	-100.23M	-309.43M	-84.47M	-79.83M	-209.85M	-14.88M	477.77M	-875.29M
Change in Inventory	-10.77M	-18.24M	-271K	-9.58M	-32K	-9.22M	-29.96M	28.96M	12.46M	-10.49M
Change in Payables	142.14M	342.22M	252.72M	422.67M	156.06M	160.63M	354.48M	528.3M	364.58M	-93.61M
Cash from Investing+	-1.45B	-3.09B	-8.29B	-12.87B	-3.66B	-3.55B	-8.76B	-16.04B	-12.25B	-5.98B
Capital Expenditures	-1.48B	-2.69B	-2.83B	-3.98B	-5.23B	-9.21B	-9.33B	-7.41B	-6.53B	-5.21B
CapEx % of Revenue	0.24%	0.27%	0.22%	0.23%	0.24%	0.37%	0.31%	0.21%	0.17%	0.12%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	240.53M	35.05M	22.08M	86.12M	118.27M	-493.42M	-239.25M	89.08M	588.62M	-327.63M
Cash from Financing+	1.87B	9.08B	-1.06B	7.04B	-1.98B	8.34B	-2.9B	7.06B	-769.84M	-5B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-115M	0	0	-895.14M	-1.27B	-1.65B	-1.35B	-1.32B	-2.07B	-5.61B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.93B	-254.86M	-3.9M	-184.84M	51.36M	10.35M	234.78M	262.81M	-45.36M	20.34M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	391.67M	-152.66M	803.95M	422.77M	1.08B	-4.26B	-2.11B	4.07B	6.69B	5.53B
FCF Margin %	0.06%	-0.02%	0.06%	0.02%	0.05%	-0.17%	-0.07%	0.11%	0.17%	0.12%
FCF Growth %	0.39%	-1.39%	6.27%	-0.47%	1.55%	-4.95%	0.5%	2.93%	0.65%	-0.17%
FCF per Share	0.50	-0.24	1.12	0.56	1.37	-5.35	-2.57	4.96	7.98	6.59
FCF Conversion (FCF/Net Income)	1.40x	1.24x	1.15x	1.00x	1.11x	1.15x	1.52x	1.69x	1.53x	1.30x
Interest Paid	16.39M	12.99M	15.67M	780K	0	34.62M	126.81M	177.46M	249.06M	295.62M
Taxes Paid	331.24M	646.16M	871.78M	893.2M	1.42B	991.36M	1.14B	1.25B	1.67B	2.4B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	23.69%	14.88%	15.34%	15.73%	15.62%	9.86%	9.7%	13.17%	15.25%	14.34%
Return on Invested Capital (ROIC)	25%	28.44%	22.33%	14.15%	12.89%	10%	10.19%	11.66%	12.58%	13.6%
Gross Margin	34.3%	35.17%	33.27%	30.47%	29.95%	23.15%	21.67%	25.55%	30.36%	30.98%
Net Margin	21.88%	20.98%	24.19%	24.9%	25.66%	17.1%	15.64%	19.25%	22.77%	19.91%
Debt / Equity	0.04x	0.02x	0.01x	-	0.02x	0.05x	0.09x	0.24x	0.26x	0.28x
Interest Coverage	93.29x	213.23x	239.24x	5554.13x	-	134.66x	43.50x	40.61x	34.57x	34.85x
FCF Conversion	1.40x	1.24x	1.15x	1.00x	1.11x	1.15x	1.52x	1.69x	1.53x	1.30x
Revenue Growth	55.92%	60.83%	33.42%	34.8%	25.59%	14.04%	20.59%	16.35%	8.6%	15.26%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Express delivery services	-	-	-	-	-	27.45B	32.58B	35.49B	40.95B
Express delivery services Growth	-	-	-	-	-	-	18.67%	8.94%	15.40%
Sale of accessories	-	-	-	-	-	1.23B	1.38B	1.88B	2.3B
Sale of accessories Growth	-	-	-	-	-	-	12.46%	35.53%	22.58%
Freight forwarding services	-	-	-	-	-	1.53B	1.21B	906.8M	885.41M
Freight forwarding services Growth	-	-	-	-	-	-	-20.72%	-25.22%	-2.36%
Others	-	-	112.76M	177.79M	317.69M	194.03M	203.95M	147.43M	141.88M
Others Growth	-	-	-	57.67%	78.68%	-38.92%	5.11%	-27.71%	-3.76%
Express Delivery Services	-	-	15.4B	19.61B	21.9B	-	-	-	-
Express Delivery Services Growth	-	-	-	27.31%	11.70%	-	-	-	-
Freight Forwarding Service	-	-	1.28B	1.24B	1.86B	-	-	-	-
Freight Forwarding Service Growth	-	-	-	-3.35%	50.71%	-	-	-	-
Sale Of Accessories	-	-	812.87M	1.09B	1.13B	-	-	-	-
Sale Of Accessories Growth	-	-	-	34.09%	4.01%	-	-	-	-
Accessories	419.07M	591.72M	-	-	-	-	-	-	-
Accessories Growth	-	41.20%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

ZTO Express (Cayman) Inc. (ZTO) has a price-to-earnings (P/E) ratio of 2.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

ZTO Express (Cayman) Inc. (ZTO) reported $46.32B in revenue for fiscal year 2024. This represents a 1087% increase from $3.90B in 2014.

ZTO Express (Cayman) Inc. (ZTO) grew revenue by 15.3% over the past year. This is strong growth.

Yes, ZTO Express (Cayman) Inc. (ZTO) is profitable, generating $8.71B in net income for fiscal year 2024 (19.9% net margin).

Dividend & Returns

Yes, ZTO Express (Cayman) Inc. (ZTO) pays a dividend with a yield of 29.66%. This makes it attractive for income-focused investors.

ZTO Express (Cayman) Inc. (ZTO) has a return on equity (ROE) of 14.3%. This is reasonable for most industries.

ZTO Express (Cayman) Inc. (ZTO) generated $2.32B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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