Last 40 quarters of trend data · Industrials · Integrated Freight & Logistics
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
ZTO Express (Cayman) Inc.'s quarterly P/E stands at 1.9x, up 14.1% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 5.8% YoY to 1.9x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 13.81 | 1.87 | 2.03 | 1.69 | 2.14 | 1.64 | 2.99 | 2.00 | 2.13 | 2.04 | 3.53 | 2.57 | 2.55 |
| — | +14.1% | -32.0% | -15.4% | +0.4% | -19.6% | -15.2% | -22.3% | -16.4% | -34.5% | -36.8% | -20.5% | -52.5% | |
| P/S Ratio | 2.50 | 0.31 | 0.38 | 0.32 | 0.49 | 0.41 | 0.44 | 0.42 | 0.56 | 0.54 | 0.67 | 0.57 | 0.55 |
| — | -23.2% | -13.8% | -24.5% | -12.9% | -24.9% | -34.4% | -26.7% | +1.2% | -16.9% | +4.8% | -7.5% | -34.9% | |
| P/B Ratio | 1.84 | 0.23 | 0.26 | 0.26 | 0.34 | 0.29 | 0.30 | 0.30 | 0.35 | 0.37 | 0.45 | 0.41 | 0.38 |
| — | -20.3% | -12.4% | -11.7% | -2.2% | -23.6% | -32.8% | -28.8% | -7.8% | -15.8% | +7.3% | -11.0% | -29.2% | |
| P/FCF | 20.25 | — | 1.75 | — | 1.67 | 5.23 | 2.16 | — | 1.72 | — | 2.20 | — | 6.82 |
| — | — | -19.0% | — | -3.2% | — | -2.0% | — | -74.7% | — | -51.9% | — | +94.8% | |
| EV / EBITDA | 9.54 | 1.95 | 2.01 | 1.42 | 2.30 | 1.84 | 2.49 | 1.79 | 2.64 | 2.19 | 3.29 | 2.25 | 2.10 |
| — | +5.8% | -19.3% | -20.7% | -13.1% | -16.1% | -24.5% | -20.3% | +25.6% | -6.1% | -7.0% | +9.1% | -39.9% | |
| EV / EBIT | 12.89 | 1.95 | 2.01 | 1.42 | 2.30 | 1.84 | 2.49 | 1.79 | 2.64 | 2.19 | 3.29 | 2.25 | 2.10 |
| — | +5.8% | -19.3% | -20.7% | -13.1% | -16.1% | -24.5% | -20.3% | +25.6% | -6.1% | -7.0% | +9.1% | -39.9% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
ZTO Express (Cayman) Inc.'s operating margin was 20.9% in Q2 2025, down 1.2 pp QoQ and down 9.1 pp YoY. This marks the 3rd consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. The trailing four-quarter average of 24.1% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin contracted 26.3% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.0% | 24.9% | 24.7% | 29.1% | 31.2% | 33.8% | 30.1% | 29.5% | 29.8% | 33.9% | 28.1% | 28.1% | 27.3% |
| — | -26.3% | -18.1% | -1.2% | +4.8% | -0.5% | +7.3% | +4.9% | +9.1% | +33.3% | +37.1% | +15.0% | +28.8% | |
| Operating Margin | 19.6% | 20.9% | 22.1% | 26.7% | 26.6% | 30.0% | 22.8% | 25.9% | 26.7% | 29.6% | 21.7% | 24.9% | 24.3% |
| — | -30.2% | -3.0% | +3.0% | -0.3% | +1.4% | +4.8% | +4.1% | +9.8% | +28.9% | +53.7% | +11.8% | +32.1% | |
| Net Margin | 18.5% | 16.4% | 18.3% | 18.4% | 22.4% | 24.4% | 14.3% | 20.6% | 25.8% | 26.1% | 18.6% | 21.9% | 21.6% |
| — | -32.7% | +27.8% | -10.7% | -13.1% | -6.7% | -23.0% | -5.8% | +19.4% | +25.1% | +62.2% | +14.6% | +37.0% |
| Metric | TTM | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.6% | 3.0% | 3.2% | 3.8% | 3.9% | 4.4% | 2.4% | 3.7% | 4.1% | 4.6% | 3.1% | 4.0% | 3.8% |
| — | -30.6% | +32.1% | +4.1% | -4.0% | -5.0% | -22.0% | -8.7% | +9.0% | +26.8% | +65.8% | +10.3% | +54.8% | |
| ROA | 9.6% | 2.1% | 2.1% | 2.6% | 2.6% | 2.9% | 1.6% | 2.5% | 2.8% | 3.1% | 2.1% | 2.8% | 2.6% |
| — | -28.5% | +34.4% | +3.0% | -6.1% | -7.6% | -23.8% | -10.0% | +4.5% | +15.8% | +48.3% | -3.0% | +38.4% | |
| ROIC | 10.4% | 2.7% | 2.7% | 3.9% | 3.1% | 3.7% | 2.7% | 3.2% | 2.8% | 3.5% | 2.6% | 3.4% | 3.2% |
| — | -27.4% | -1.1% | +21.3% | +11.6% | +4.6% | +6.6% | -6.4% | -12.8% | +12.4% | +36.1% | -5.1% | +32.2% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
ZTO Express (Cayman) Inc.'s Debt/EBITDA ratio is 7.2x, up from 6.5x last quarter — elevated, raising questions about debt serviceability.
| Metric | TTM | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.17 | 0.29 | 0.27 | 0.28 | 0.30 | 0.30 | 0.27 | 0.26 | 0.30 | 0.26 | 0.26 | 0.24 | 0.28 |
| — | -1.9% | +0.5% | +8.1% | -0.2% | +14.5% | +2.2% | +6.3% | +5.6% | +63.5% | +87.2% | +165.4% | +137.8% | |
| Debt / EBITDA | 0.91 | 7.23 | 6.48 | 4.87 | 6.14 | 5.34 | 7.58 | 5.29 | 6.49 | 4.59 | 6.53 | 4.91 | 6.25 |
| — | +35.5% | -14.5% | -8.0% | -5.4% | +16.2% | +16.1% | +7.7% | +3.9% | +26.3% | +15.3% | +135.2% | +61.1% | |
| Current Ratio | 1.49 | 1.21 | 1.05 | 1.07 | 0.96 | 1.26 | 1.15 | 1.34 | 1.17 | 1.32 | 1.32 | 1.49 | 1.59 |
| — | -4.1% | -8.5% | -20.1% | -17.6% | -3.9% | -13.2% | -9.9% | -26.2% | +5.5% | +4.9% | +3.9% | +9.4% | |
| Quick Ratio | 1.45 | 1.21 | 1.05 | 1.07 | 0.96 | 1.26 | 1.15 | 1.34 | 1.17 | 1.31 | 1.32 | 1.49 | 1.58 |
| — | -4.1% | -8.4% | -20.1% | -17.6% | -3.9% | -13.2% | -9.9% | -26.1% | +5.6% | +5.1% | +4.2% | +9.4% | |
| Interest Coverage | 38.75 | 26.62 | 38.28 | 49.64 | 44.87 | 29.27 | 24.81 | 47.22 | 32.15 | 44.00 | 30.51 | 35.11 | 75.22 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 40 years · Updated daily
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Quick answers to the most common questions about buying ZTO stock.
ZTO Express (Cayman) Inc.'s current P/E is 13.8x. The average P/E over the last 4 quarters is 1.9x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
ZTO Express (Cayman) Inc.'s current operating margin is 19.6%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking ZTO Express (Cayman) Inc.'s business trajectory between earnings reports.