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ZTOZTO Express (Cayman) Inc.
$23.03$18.2B
Overview & Verdict
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ZTO logoZTO Express (Cayman) Inc.(ZTO)Earnings, Financials & Key Ratios

ZTO•NYSE
$23.03
14.3× P/E·Price updated Jul 6, 2026
SectorIndustrialsIndustryFreight & LogisticsSub-IndustryAsset-Based Parcel, Express and LTL Carriers
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$47.76B+7.9%
  • EBITDA$12.66B-14.5%
  • Net Income$8.83B+0.2%
  • EPS (Diluted)10.91+2.0%
  • Gross Margin24.99%-19.3%
  • EBITDA Margin26.5%-20.7%
  • Operating Margin19.62%-26.2%
  • Net Margin18.49%-7.1%
  • ROE13.6%-5.1%

ZTO Price & Volume

ZTO Express (Cayman) Inc. (ZTO) stock price & volume — 10-year historical chart

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ZTO Express Faces Margin Compression Amid Maturity

Investment Thesis • Updated 2025Q2

VerdictNeutral
Growth:Stable
Profitability:Strong
Financial:Fortress
Cash Flow:Mixed
Primary Risk:Regulatory labor cost inflation

Key Thesis Takeaways

  • ZTO Express maintains a dominant market position supported by a fortress balance sheet with $13.3 billion in cash, yet faces significant headwinds as revenue growth stabilizes at 10.3% and operating margins contract to 20.9%.
  • While the company's asset-heavy model provides a structural cost advantage, investors should monitor the sustainability of its premium margin profile against intensifying industry competition and regulatory pressures.
  • The shift toward aggressive capital returns, highlighted by $5.6 billion in dividends in 2024Q4, suggests a transition toward a mature, cash-generative phase rather than high-growth expansion.

Verdict Logic

while the company trades at a forward P/E of 1.60, the ongoing contraction in operating margins from 30.0% in 2024Q2 to 20.9% in 2025Q2 warrants caution regarding future profitability.

ZTO Growth Metrics

ZTO Express (Cayman) Inc. (ZTO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years22.88%
5 Years13.63%
3 Years10.52%
TTM14.7%

Profit CAGR

10 Years20.83%
5 Years15.42%
3 Years9.06%
TTM1.58%

EPS CAGR

10 Years20.79%
5 Years15.02%
3 Years9.28%
TTM1.83%

Return on Capital

10 Years15.1%
5 Years14.43%
3 Years15.76%
Last Year14.17%

ZTO Recent Earnings

ZTO Express (Cayman) Inc. (ZTO) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
May 19, 2026
Metric
Actual
Est
EPS
$0.43-3.5%
$0.45
Rev
$1.9B+4.6%
$1.8B
Q2 2026
Mar 17, 2026
Metric
Actual
Est
EPS
$0.47+4.9%
$0.45
Rev
$2.1B+1.2%
$2.1B
Q4 2025
Nov 19, 2025
Metric
Actual
Est
EPS
$0.43-2.8%
$0.44
Rev
$1.7B-16.7%
$2.0B
Q3 2025
Aug 19, 2025
Metric
Actual
Est
EPS
$0.35-12.4%
$0.40
Rev
$1.6B-2.8%
$1.7B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 19, 2026
$0.43vs $0.45-3.5%
$1.9Bvs $1.8B+4.6%
Q2 2026Mar 17, 2026
$0.47vs $0.45+4.9%
$2.1Bvs $2.1B+1.2%
Q4 2025Nov 19, 2025
$0.43vs $0.44-2.8%
$1.7Bvs $2.0B-16.7%
Q3 2025Aug 19, 2025
$0.35vs $0.40-12.4%
$1.6Bvs $1.7B-2.8%
Based on last 12 quarters of dataView full earnings history →

Latest ZTO News

Recent stock market news and headlines for ZTO Express (Cayman) Inc. (ZTO)

Zacks Investment Research·1 day ago
Should Value Investors Buy ZTO Express Cayman (ZTO) Stock?

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Zacks Investment Research·Jun 30, 2026
ZTO Express' EPS Estimates Northbound: Time to Buy the Stock?

With ZTO shares moving north, we assess the current positioning of the stock to determine if it's a good investment at this juncture.

Zacks Investment Research·Jun 29, 2026
ZTO or CHRW: Which Is the Better Value Stock Right Now?

Investors looking for stocks in the Transportation - Services sector might want to consider either ZTO Express (Cayman) Inc. (ZTO) or C.H. Robinson Worldwide (CHRW).

Zacks Investment Research·Jun 25, 2026
Zacks Industry Outlook Expeditors, C.H. Robinson and ZTO

Expeditors, C.H. Robinson and ZTO have been highlighted in this Industry Outlook article.

Zacks Investment Research·Jun 24, 2026
3 Transport-Service Stocks to Monitor Amid Challenging Industry Trends

EXPD, ZTO and CHRW are emerging as resilient players in the Zacks Transportation???Services industry, even as the freight downturn and economic uncertainties continue to weigh on the industry.

Peers Comparison

Key metrics vs top competitors for ZTO Express (Cayman) Inc. (ZTO)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
ZTO logoZTOZTO Express (Cayman) Inc.Current
$23.03$18.24B14.347.86%18.49%13.6%2.93%
GXO logoGXOGXO Logistics, Inc.
$51.16$5.89B182.7112.55%0.95%4.27%—
XPO logoXPOXPO Logistics, Inc.
$206.78$24.28B78.331.05%4.19%19.04%—
UPS logoUPSUnited Parcel Service, Inc.
$110.02$93.48B16.77-2.49%5.94%32.98%—
FDX logoFDXFedEx Corporation
$309.93$73.95B16.717.73%4.68%15.11%—
ODFL logoODFLOld Dominion Freight Line, Inc.
$216.44$45.01B44.81-5.48%18.46%23.42%—

Compare ZTO vs Peers

ZTO Express (Cayman) Inc. (ZTO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GXO

Most directly comparable listed peer for ZTO.

Scale Benchmark

vs AMZN

Larger-name benchmark to compare ZTO against a more recognizable public peer.

Peer Set

Compare Top 5

vs GXO, XPO, UPS, FDX

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ZTO Frequently Asked Questions

ZTO Express (Cayman) Inc. (ZTO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is ZTO Express (Cayman) Inc.'s revenue?

ZTO Express (Cayman) Inc. (ZTO) reported $46.32B in revenue for fiscal year 2025. This represents a 1087% increase from $3.90B in 2014.

How fast is ZTO Express (Cayman) Inc. growing?

ZTO Express (Cayman) Inc. (ZTO) grew revenue by 7.9% over the past year. This is steady growth.

Is ZTO profitable?

Yes, ZTO Express (Cayman) Inc. (ZTO) is profitable, generating $8.71B in net income for fiscal year 2025 (18.5% net margin).

Dividend & Returns
Does ZTO pay dividends?

Yes, ZTO Express (Cayman) Inc. (ZTO) pays a dividend with a yield of 2.93%. This makes it attractive for income-focused investors.

What is ZTO's return on equity?

ZTO Express (Cayman) Inc. (ZTO) has a return on equity (ROE) of 13.6%. This is reasonable for most industries.

What is ZTO Express (Cayman) Inc.'s free cash flow?

ZTO Express (Cayman) Inc. (ZTO) generated $2.32B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in ZTO back in 2014?

Total return calculator · dividends reinvested · 12+ years of data

See returns →