The company maintains a conservative capital structure with a debt-to-equity ratio of 0.29 as of 2025Q2, supported by a substantial $35.4 billion net property, plant, and equipment base.
| Total Current Assets | 34.52B | 33.99B | 30.35B | 26.95B | 24.48B | 18.67B | 22.32B | 20.1B | 21.23B | 12.38B | 13.19B | 3.44B | 752.61M |
| Cash & Short-Term Investments | 26.52B | 25.68B | 22.31B | 19.79B | 17.45B | 12.57B | 17.9B | 16.38B | 18.22B | 10.65B | 11.29B | 2.45B | 163.36M |
| Cash Only | 13.29B | 10.05B | 13.47B | 12.33B | 11.69B | 9.72B | 14.21B | 5.27B | 4.62B | 5.43B | 11.29B | 2.45B | 163.36M |
| Short-Term Investments | 13.23B | 15.63B | 8.85B | 7.45B | 5.75B | 2.85B | 3.69B | 11.11B | 13.6B | 5.22B | 0 | 0 | 0 |
| Accounts Receivable | 2.37B | 2.44B | 6.27B | 4.7B | 4.58B | 4.57B | 3.08B | 695.79M | 597M | 287.83M | 197.8M | 80.66M | 278.83M |
| Days Sales Outstanding | 25.38 | 18.66 | 51.65 | 44.61 | 47.26 | 54.9 | 44.61 | 11.49 | 12.38 | 8.04 | 7.38 | 4.84 | 26.07 |
| Inventory | 47.9M | 760.41M | 38.57M | 28.07M | 40.54M | 82.96M | 53.07M | 43.84M | 43.81M | 34.23M | 33.96M | 15.72M | 4.95M |
| Days Inventory Outstanding | 0.41 | 7.75 | 0.46 | 0.38 | 0.56 | 1.27 | 1 | 1.03 | 1.31 | 1.43 | 1.95 | 1.43 | 0.65 |
| Other Current Assets | 4.83B | 5.11B | 675.89M | 1.41B | 1.3B | 489.81M | 509.44M | 2.4B | 1.9B | 1.06B | 978.31M | 329.98M | 0 |
| Total Non-Current Assets | 60.1B | 57.1B | 61.99B | 61.51B | 54.05B | 44.11B | 36.88B | 25.79B | 18.45B | 13.45B | 10.22B | 7.14B | 4.22B |
| Property, Plant & Equipment | 35.35B | 35.85B | 34.48B | 32.85B | 29.62B | 25.83B | 19.44B | 13.37B | 9.04B | 6.47B | 4.07B | 1.75B | 925.87M |
| Fixed Asset Turnover | 1.33x | 1.33x | 1.28x | 1.17x | 1.19x | 1.18x | 1.30x | 1.65x | 1.95x | 2.02x | 2.41x | 3.47x | 4.22x |
| Goodwill | 4.16B | 4.16B | 4.24B | 4.24B | 4.24B | 4.24B | 4.24B | 4.24B | 4.24B | 4.24B | 4.16B | 4.09B | 2.38B |
| Intangible Assets | 6.28B | 52.79M | 6.19B | 5.66B | 5.47B | 5.37B | 4.4B | 2.56B | 2.02B | 1.66B | 1.3B | 821.13M | 416.28M |
| Long-Term Investments | 53.85B | 8.22B | 13.89B | 15.63B | 11.27B | 4.94B | 5.07B | 4.06B | 2.21B | 610.16M | 537.17M | 377.43M | 389.56M |
| Other Non-Current Assets | 2.26B | 7.71B | 2.2B | 2.25B | 2.69B | 2.79B | 3.01B | 1.16B | 622.67M | 308.99M | 45.95M | 20.73M | 23.36M |
| Total Assets | 94.62B | 91.08B | 92.34B | 88.47B | 78.52B | 62.77B | 59.2B | 45.89B | 39.68B | 25.83B | 23.4B | 10.58B | 4.97B |
| Asset Turnover | 0.50x | 0.52x | 0.48x | 0.43x | 0.45x | 0.48x | 0.43x | 0.48x | 0.44x | 0.51x | 0.42x | 0.58x | 0.78x |
| Asset Growth % | 18.58% | -1.36% | 4.38% | 12.66% | 25.09% | 6.03% | 29.01% | 15.64% | 53.64% | 10.36% | 121.16% | 112.75% | - |
| Total Current Liabilities | 28.45B | 22.88B | 28.27B | 20.06B | 16.41B | 13B | 9.35B | 6.68B | 5.14B | 4.15B | 3.52B | 2.65B | 1.53B |
| Accounts Payable | 2.42B | 2.58B | 2.46B | 2.56B | 2.2B | 1.96B | 1.64B | 1.48B | 1.31B | 889.14M | 636.42M | 294.2M | 152.06M |
| Days Payables Outstanding | 25.9 | 26.28 | 29.42 | 34.88 | 30.53 | 30 | 30.81 | 34.77 | 39.12 | 37.24 | 36.61 | 26.85 | 20.03 |
| Short-Term Debt | 18.2B | 10.93B | 16.78B | 7.77B | 5.59B | 3.63B | 1.76B | 0 | 0 | 250M | 450M | 300M | 250M |
| Deferred Revenue (Current) | 6.43B | 0 | 1.57B | 1.75B | 1.37B | 1.23B | 1.12B | 1.21B | 436.71M | 258.96M | 229.72M | 298.87M | 220.25M |
| Other Current Liabilities | 5.51B | 8.95B | 1.45B | 2.73B | 2.55B | 1.69B | 1.27B | 1.29B | 990.53M | 834.89M | 591.29M | 603.04M | 281.91M |
| Current Ratio | 1.21x | 1.49x | 1.07x | 1.34x | 1.49x | 1.44x | 2.39x | 3.01x | 4.13x | 2.99x | 3.74x | 1.30x | 0.49x |
| Quick Ratio | 1.21x | 1.45x | 1.07x | 1.34x | 1.49x | 1.43x | 2.38x | 3.00x | 4.12x | 2.98x | 3.73x | 1.29x | 0.49x |
| Cash Conversion Cycle | -0.12 | 0.13 | 22.69 | 10.11 | 17.3 | 26.17 | 14.8 | -22.25 | -25.44 | -27.76 | -27.28 | -20.58 | 6.69 |
| Total Non-Current Liabilities | 1.31B | 1.02B | 1.39B | 8.12B | 7.65B | 848.45M | 757.47M | 806.16M | 271.84M | 240.31M | 130.52M | 85.06M | 47.13M |
| Long-Term Debt | 180M | 142.2M | 0 | 7.03B | 6.79B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.44B | 261.42M | 377.72M | 455.88M | 510.35M | 556.09M | 502.48M | 504.44M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 3.21B | 615.47M | 1.01B | 638.2M | 346.47M | 292.36M | 254.99M | 207.9M | 157.94M | 157.32M | 130.52M | 85.06M | 47.13M |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 93.82M | 113.9M | 82.99M | 0 | 0 | 0 |
| Total Liabilities | 29.76B | 23.9B | 29.67B | 28.18B | 24.05B | 13.84B | 10.11B | 7.49B | 5.41B | 4.39B | 3.65B | 2.74B | 1.58B |
| Total Debt | 18.87B | 11.48B | 17.35B | 15.44B | 13.12B | 4.44B | 2.51B | 803.17M | 0 | 250M | 450M | 300M | 250M |
| Net Debt | 5.58B | 1.43B | 3.88B | 3.1B | 1.43B | -5.28B | -11.7B | -4.47B | -4.62B | -5.18B | -10.84B | -2.15B | 86.64M |
| Debt / Equity | 0.29x | 0.17x | 0.28x | 0.26x | 0.24x | 0.09x | 0.05x | 0.02x | - | 0.01x | 0.02x | 0.04x | 0.07x |
| Debt / EBITDA | 1.37x | 0.91x | 1.17x | 1.20x | 1.26x | 0.57x | 0.38x | 0.12x | - | 0.06x | 0.15x | 0.18x | 0.38x |
| Net Debt / EBITDA | 0.41x | 0.11x | 0.26x | 0.24x | 0.14x | -0.68x | -1.77x | -0.66x | -0.89x | -1.20x | -3.50x | -1.28x | 0.13x |
| Interest Coverage | 38.64x | 45.81x | 35.55x | 37.92x | 44.49x | 46.37x | 143.60x | - | 6842.58x | 244.87x | 218.18x | 107.89x | 756.53x |
| Total Equity | 64.86B | 67.18B | 62.67B | 60.28B | 54.47B | 48.93B | 49.1B | 38.4B | 34.27B | 21.44B | 19.75B | 7.85B | 3.4B |
| Equity Growth % | 22.79% | 7.19% | 3.97% | 10.66% | 11.33% | -0.35% | 27.85% | 12.06% | 59.83% | 8.56% | 151.72% | 131.06% | - |
| Book Value per Share | 77.95 | 81.85 | 74.75 | 71.85 | 66.43 | 59.67 | 61.67 | 48.96 | 45.53 | 29.88 | 31.12 | 10.02 | 4.34 |
| Total Shareholders' Equity | 64.2B | 66.43B | 62.06B | 59.8B | 54.03B | 48.64B | 48.98B | 38.3B | 34.22B | 21.44B | 19.75B | 7.83B | 3.37B |
| Common Stock | 519K | 513.32K | 523K | 525K | 535K | 535K | 553K | 517K | 523K | 471K | 471K | 390K | 390K |
| Retained Earnings | 40.35B | 42.95B | 39.1B | 36.3B | 29.46B | 22.72B | 21.04B | 16.73B | 11.05B | 6.67B | 3.51B | 1.59B | 401.44M |
| Treasury Stock | -271.03M | -254.64M | -1.13B | -510.99M | -2.06B | -2.07B | -2.58B | -1.44B | -1.55B | -914.61M | 0 | 0 | 0 |
| Accumulated OCI | -244.16M | -281.44M | -294.69M | -190.72M | -86.67M | -242.1M | -95.57M | 675.72M | 571.72M | -295.9M | 294.65M | -13.75M | 0 |
| Minority Interest | 658.2M | 752.56M | 612.44M | 478.66M | 443.92M | 290.33M | 120.89M | 100.79M | 52.31M | 6M | 5.71M | 11.98M | 26.89M |
Capital allocation efficiency
According to the latest quarterly filings, ZTO has grown its total assets to $94.6 billion as of 2025Q2, while maintaining a disciplined liability profile, which suggests a strengthening balance sheet trajectory despite the broader maturation of the Chinese express delivery market and intensifying competitive pricing pressures.
The consistent growth in total assets relative to liabilities indicates that the company is successfully reinvesting its earnings into its core infrastructure. This trend suggests that the business model remains resilient, though investors should monitor whether the pace of asset accumulation continues to generate commensurate returns on invested capital.
As reported in financial statements, ZTO maintains a debt-to-equity ratio of 0.29 as of 2025Q2, which reflects a highly conservative capital structure that provides the company with significant financial flexibility to navigate potential industry-wide price wars or regulatory shifts without relying on external financing.
The low leverage profile is a strategic advantage in the capital-intensive logistics sector, allowing ZTO to maintain its infrastructure investments even during cyclical downturns. This minimal reliance on debt suggests that the company's cash flow is not burdened by significant interest obligations, enhancing its overall financial durability.
Based on ZTO's reported figures, net property, plant, and equipment reached $35.4 billion in 2025Q2, underscoring an asset-heavy business model that prioritizes ownership of sorting hubs and line-haul fleets to secure a structural cost advantage over competitors who rely more heavily on third-party logistics providers.
This heavy investment in physical infrastructure is the cornerstone of the company's competitive moat, though it necessitates ongoing capital expenditure to maintain operational efficiency. The stability of these assets suggests that the company is effectively managing its physical footprint to support long-term volume growth.
As evidenced by recent balance sheet data, ZTO held $13.3 billion in cash as of 2025Q2, providing a robust liquidity buffer that exceeds current liabilities and offers a significant cushion against potential operational shocks or the need for further aggressive capital deployment in the logistics sector.
The company's liquidity position appears exceptionally strong, allowing it to weather seasonal volatility and potential regulatory headwinds. However, the accumulation of such a large cash balance may also signal a lack of high-return investment opportunities, warranting further investigation into potential future capital return programs.
Based on an analysis of the provided financial data, the company's $13.3 billion cash position may be misleading, as it potentially masks a deceleration in the ability to deploy capital into high-return projects, which could indicate that the domestic express market is reaching a saturation point.
While the headline cash balance suggests a fortress balance sheet, it may also imply that the company is struggling to find productive uses for its excess liquidity. Investors should monitor whether this capital remains idle or is eventually returned to shareholders, as the current allocation strategy may not be maximizing long-term value.
Quick answers to the most common questions about buying ZTO stock.
As of 2025, ZTO Express (Cayman) Inc. (ZTO) had total assets of $91.08B including $33.99B in current assets.
ZTO Express (Cayman) Inc. (ZTO) carries total debt of $11.48B, offset by $25.68B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ZTO Express (Cayman) Inc. (ZTO) has total shareholders' equity (book value) of $66.43B ($81.85 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ZTO Express (Cayman) Inc. (ZTO) reported a current ratio of 1.49x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.