ZTO Express (Cayman) Inc. (ZTO) Financial Ratios
12 years of historical data (2014–2025) · Industrials · Integrated Freight & Logistics
EV/EBITDA
↓
9.54
↑+428% vs avg
5yr avg: 1.81
30Y Low1.4·High2.3
P/FCF
↓
20.25
↑+480% vs avg
5yr avg: 3.49
30Y Low2.7·High28.2
P/B Ratio
↓
1.84
↑+445% vs avg
5yr avg: 0.34
30Y Low0.3·High0.5
ROE
↑
13.6%
↓+3% vs avg
5yr avg: 13.2%
30Y Low10%·High24%
Debt/EBITDA
↑
0.91
↓-11% vs avg
5yr avg: 1.02
30Y Low0.1·High1.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ZTO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
ZTO Express (Cayman) Inc. trades at 13.8x earnings, 399% above its 5-year average of 2.8x, sitting at the 100th percentile of its historical range. Compared to the Industrials sector median P/E of 25.5x, the stock trades at a discount of 46%. On a free-cash-flow basis, the stock trades at 20.2x P/FCF, 480% above the 5-year average of 3.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $17.6B | $17.1B | $16.4B | $17.9B | $22.0B | $23.1B | $23.2B | $18.3B | $11.9B | $11.4B | $7.7B |
| Enterprise Value | $17.8B | $18.6B | $20.3B | $21.0B | $23.5B | $17.9B | $11.5B | $13.8B | $7.3B | $6.2B | $-3178392625 |
| P/E Ratio → | 13.81 | 1.91 | 1.83 | 2.01 | 3.21 | 4.87 | 5.38 | 3.23 | 2.72 | 3.60 | 4.15 |
| P/S Ratio | 2.50 | 0.36 | 0.37 | 0.46 | 0.62 | 0.76 | 0.92 | 0.83 | 0.68 | 0.87 | 0.78 |
| P/B Ratio | 1.84 | 0.26 | 0.26 | 0.30 | 0.40 | 0.47 | 0.47 | 0.48 | 0.35 | 0.53 | 0.39 |
| P/FCF | 20.25 | 2.91 | 2.97 | 2.67 | 5.42 | — | — | 16.99 | 28.18 | 14.15 | — |
| P/OCF | 9.97 | 1.43 | 1.43 | 1.34 | 1.92 | 3.20 | 4.69 | 2.91 | 2.71 | 3.13 | 3.02 |
P/E links to full P/E history page with 30-year chart
ZTO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
ZTO Express (Cayman) Inc.'s enterprise value stands at 9.5x EBITDA, 428% above its 5-year average of 1.8x. The Industrials sector median is 13.8x, placing the stock at a 31% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.39 | 0.46 | 0.55 | 0.66 | 0.59 | 0.46 | 0.63 | 0.41 | 0.47 | -0.32 |
| EV / EBITDA | 9.54 | 1.47 | 1.37 | 1.63 | 2.25 | 2.31 | 1.75 | 2.06 | 1.41 | 1.44 | -1.03 |
| EV / EBIT | 12.89 | 1.98 | 1.69 | 1.91 | 2.77 | 3.04 | 2.27 | 2.05 | 1.37 | 1.62 | -1.12 |
| EV / FCF | — | 3.15 | 3.67 | 3.13 | 5.77 | — | — | 12.85 | 17.25 | 7.71 | — |
ZTO Profitability
Margins and return-on-capital ratios measuring operating efficiency
ZTO Express (Cayman) Inc. earns an operating margin of 19.6%, significantly above the Industrials sector average of 4.3%. Operating margins have compressed from 26.0% to 19.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 13.6% is modest. ROIC of 10.4% represents solid returns on invested capital versus a sector median of 6.1%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.0% | 25.0% | 31.0% | 30.4% | 25.6% | 21.7% | 23.2% | 29.9% | 30.5% | 33.3% | 35.2% |
| Operating Margin | 19.6% | 19.6% | 26.6% | 26.0% | 21.9% | 18.1% | 18.9% | 24.7% | 24.6% | 28.7% | 28.3% |
| Net Profit Margin | 18.5% | 18.5% | 19.9% | 22.8% | 19.2% | 15.6% | 17.1% | 25.7% | 24.9% | 24.2% | 21.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.6% | 13.6% | 14.3% | 15.2% | 13.2% | 9.7% | 9.9% | 15.6% | 15.7% | 15.3% | 14.9% |
| ROA | 9.6% | 9.6% | 9.8% | 10.5% | 9.6% | 7.8% | 8.2% | 13.3% | 13.4% | 12.8% | 12.1% |
| ROIC | 10.4% | 10.4% | 13.6% | 12.6% | 11.7% | 10.2% | 10.0% | 12.9% | 14.2% | 22.3% | 28.4% |
| ROCE | 14.2% | 14.2% | 17.8% | 15.3% | 13.8% | 11.0% | 10.7% | 14.8% | 15.4% | 18.0% | 19.9% |
ZTO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
ZTO Express (Cayman) Inc. carries a Debt/EBITDA ratio of 0.9x, which is very conservative (72% below the sector average of 3.2x). Net debt stands at $1.4B ($11.5B total debt minus $10.0B cash). Interest coverage of 38.8x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.17 | 0.17 | 0.28 | 0.26 | 0.24 | 0.09 | 0.05 | 0.02 | — | 0.01 | 0.02 |
| Debt / EBITDA | 0.91 | 0.91 | 1.17 | 1.20 | 1.26 | 0.57 | 0.38 | 0.12 | — | 0.06 | 0.15 |
| Net Debt / Equity | — | 0.02 | 0.06 | 0.05 | 0.03 | -0.11 | -0.24 | -0.12 | -0.13 | -0.24 | -0.55 |
| Net Debt / EBITDA | 0.11 | 0.11 | 0.26 | 0.24 | 0.14 | -0.68 | -1.77 | -0.66 | -0.89 | -1.20 | -3.50 |
| Debt / FCF | — | 0.24 | 0.70 | 0.46 | 0.35 | — | — | -4.14 | -10.93 | -6.44 | — |
| Interest Coverage | 38.75 | 38.75 | 35.55 | 37.92 | 44.49 | 46.37 | 143.60 | — | 6842.58 | 244.87 | 218.18 |
ZTO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.49x means ZTO Express (Cayman) Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.34x to 1.49x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.49 | 1.49 | 1.07 | 1.34 | 1.49 | 1.44 | 2.39 | 3.01 | 4.13 | 2.99 | 3.74 |
| Quick Ratio | 1.45 | 1.45 | 1.07 | 1.34 | 1.49 | 1.43 | 2.38 | 3.00 | 4.12 | 2.98 | 3.73 |
| Cash Ratio | 1.12 | 1.12 | 0.79 | 0.99 | 1.06 | 0.97 | 1.92 | 2.45 | 3.54 | 2.57 | 3.20 |
| Asset Turnover | — | 0.52 | 0.48 | 0.43 | 0.45 | 0.48 | 0.43 | 0.48 | 0.44 | 0.51 | 0.42 |
| Inventory Turnover | 47.11 | 47.11 | 792.44 | 953.07 | 649.72 | 287.08 | 365.13 | 353.26 | 279.36 | 254.58 | 186.87 |
| Days Sales Outstanding | — | 18.66 | 51.65 | 44.61 | 47.26 | 54.90 | 44.61 | 11.49 | 12.38 | 8.04 | 7.38 |
ZTO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
ZTO Express (Cayman) Inc. returns 4.1% to shareholders annually — split between a 3.0% dividend yield and 1.0% buyback yield. A payout ratio of 42.5% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 7.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.0% | 21.9% | 34.2% | 11.6% | 6.0% | 5.9% | 7.1% | 6.9% | 7.5% | — | — |
| Payout Ratio | 42.5% | 42.5% | 63.6% | 23.7% | 19.4% | 28.5% | 38.2% | 22.4% | 20.4% | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 52.2% | 54.7% | 49.8% | 31.1% | 20.6% | 18.6% | 31.0% | 36.8% | 27.8% | 24.1% |
| FCF Yield | 4.9% | 34.4% | 33.7% | 37.5% | 18.5% | — | — | 5.9% | 3.5% | 7.1% | — |
| Buyback Yield | 1.0% | 7.3% | 7.1% | 5.6% | 0.4% | 16.5% | 5.3% | 4.2% | 6.5% | 7.5% | 0.0% |
| Total Shareholder Yield | 4.1% | 29.2% | 41.3% | 17.2% | 6.4% | 22.3% | 12.4% | 11.1% | 14.0% | 7.5% | 0.0% |
| Shares Outstanding | — | $821M | $838M | $839M | $820M | $820M | $796M | $784M | $753M | $718M | $635M |
Peer Comparison
Compare ZTO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ZTOYou | $18B | 13.8 | 9.5 | 20.2 | 25.0% | 19.6% | 13.6% | 10.4% | 0.9 |
 GXO | $6B | 177.6 | 14.5 | 9999.0 | 11.6% | 3.2% | 1.1% | 3.6% | 9.0 |
 XPO | $24B | 76.2 | 22.4 | 71.8 | 12.0% | 8.9% | 18.3% | 9.3% | 3.8 |
 UPS | $91B | 16.3 | 9.6 | 19.1 | 18.5% | 9.6% | 33.8% | 16.1% | 2.6 |
 FDX | $78B | 19.6 | 10.7 | 26.3 | 21.6% | 6.9% | 14.7% | 7.7% | 3.6 |
 ODFL | $46B | 45.4 | 26.5 | 47.9 | 32.2% | 24.8% | 23.9% | 23.6% | 0.1 |
 SAIA | $12B | 45.8 | 20.0 | 425.4 | 23.7% | 10.9% | 10.4% | 9.4% | 0.7 |
 ARCB | $3B | 55.6 | 14.6 | 28.4 | 2.3% | 2.3% | 4.6% | 3.9% | 2.6 |
 BABA | $245B | 16.2 | 16.4 | — | 39.8% | 5.8% | 9.4% | 3.8% | 2.4 |
 JD | $37B | 14.2 | 18.2 | 52.2 | 9.3% | 0.2% | 6.5% | 0.8% | 9.3 |
 PDD | $110B | 8.1 | 5.9 | 7.0 | 56.3% | 21.6% | 26.9% | 27.7% | 0.1 |
| Industrials Median | — | 25.5 | 13.8 | 20.0 | 32.0% | 4.3% | 8.2% | 6.1% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 12 years · Updated daily
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ZTO — Frequently Asked Questions
Quick answers to the most common questions about buying ZTO stock.
What is ZTO Express (Cayman) Inc.'s P/E ratio?
ZTO Express (Cayman) Inc.'s current P/E ratio is 13.8x. The historical average is 3.3x. This places it at the 100th percentile of its historical range.
What is ZTO Express (Cayman) Inc.'s EV/EBITDA?
ZTO Express (Cayman) Inc.'s current EV/EBITDA is 9.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.7x.
What is ZTO Express (Cayman) Inc.'s ROE?
ZTO Express (Cayman) Inc.'s return on equity (ROE) is 13.6%. The historical average is 14.4%.
Is ZTO stock overvalued?
Based on historical data, ZTO Express (Cayman) Inc. is trading at a P/E of 13.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is ZTO Express (Cayman) Inc.'s dividend yield?
ZTO Express (Cayman) Inc.'s current dividend yield is 3.04% with a payout ratio of 42.5%.
What are ZTO Express (Cayman) Inc.'s profit margins?
ZTO Express (Cayman) Inc. has 25.0% gross margin and 19.6% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does ZTO Express (Cayman) Inc. have?
ZTO Express (Cayman) Inc.'s Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.