Latest Ratios: P/E Ratio 14.3x · EV/EBITDA 9.9x · ROE 13.6%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $18.2B | $17.1B | $16.4B | $17.9B | $22.0B | $23.1B | $23.2B | $18.3B | $11.9B | $11.4B | $7.7B |
| Enterprise Value | $18.5B | $18.6B | $20.3B | $21.0B | $23.5B | $17.9B | $11.5B | $13.8B | $7.3B | $6.2B | $-3178392625 |
| P/E Ratio → | 14.34 | 1.91 | 1.83 | 2.01 | 3.21 | 4.87 | 5.38 | 3.23 | 2.72 | 3.60 | 4.15 |
| P/S Ratio | 2.59 | 0.36 | 0.37 | 0.46 | 0.62 | 0.76 | 0.92 | 0.83 | 0.68 | 0.87 | 0.78 |
| P/B Ratio | 1.91 | 0.26 | 0.26 | 0.30 | 0.40 | 0.47 | 0.47 | 0.48 | 0.35 | 0.53 | 0.39 |
| P/FCF | 21.03 | 2.91 | 2.97 | 2.67 | 5.42 | — | — | 16.99 | 28.18 | 14.15 | — |
| P/OCF | 10.35 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 9.90 | 1.47 | 1.37 | 1.63 | 2.25 | 2.31 | 1.75 | 2.06 | 1.41 | 1.44 | -1.03 |
| EV / EBIT | 13.38 | 1.68 | 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 | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 45.81 | 45.81 | 35.55 | 37.92 | 44.49 | 46.37 | 143.60 | — | 6842.58 | 244.87 | 218.18 |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 2.9% | 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% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.0% | 52.2% | 54.7% | 49.8% | 31.1% | 20.6% | 18.6% | 31.0% | 36.8% | 27.8% | 24.1% |
| FCF Yield | 4.8% | 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 | 3.9% | 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 |
Regulatory labor cost inflation
According to current market data, ZTO trades at a P/E of 13.64, which, when viewed alongside a PEG ratio of 0.91, suggests that investors are pricing in a deceleration in long-term parcel volume growth as the Chinese e-commerce market reaches a state of structural saturation.
The valuation multiples appear to reflect a transition from a high-growth phase to a value-oriented maturity, where the market is increasingly focused on dividend yield and capital return. Investors should monitor whether the forward P/E of 1.60 indicates an expectation of significant earnings compression or merely a conservative market outlook on future parcel pricing power.
Based on reported figures, ZTO's ROIC has trended toward the 2.7% to 3.9% range over the last ten quarters, indicating that the company's ability to compound returns on its massive infrastructure investment is being challenged by the broader maturation of the domestic logistics sector.
The decline in ROIC from historical peaks suggests that incremental capital expenditures are yielding lower marginal returns as the network reaches optimal density. This trend warrants further investigation into whether management can maintain its competitive moat without further diluting the efficiency of its invested capital base.
As reported in recent financial statements, ZTO maintains a highly efficient cash conversion cycle, which fluctuated between -21 and 7 days over the last ten quarters, demonstrating the company's superior leverage over its network partners and its ability to manage liquidity effectively despite seasonal volume surges.
The negative CCC in several periods highlights the company's ability to collect from partners before paying out its own obligations, effectively utilizing its network as a source of interest-free financing. This operational efficiency remains a key differentiator compared to peers who lack the same degree of control over their last-mile delivery partners.
Based on an analysis of the business model, the Price-to-Sales ratio is frequently misapplied to ZTO because the company reports revenue on a net basis, which artificially inflates margins and obscures the true scale of the underlying parcel volume handled by the network.
Investors should instead focus on EV/EBITDA or unit-level profitability metrics to better gauge the company's operational performance. Relying on P/S ratios fails to account for the significant pass-through costs inherent in the franchise model, leading to a distorted view of the company's competitive positioning relative to gross-reporting peers.
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Quick answers to the most common questions about buying ZTO stock.
ZTO Express (Cayman) Inc.'s current P/E ratio is 14.3x. The historical average is 3.3x. This places it at the 100th percentile of its historical range.
ZTO Express (Cayman) Inc.'s current EV/EBITDA is 9.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.7x.
ZTO Express (Cayman) Inc.'s return on equity (ROE) is 13.6%. The historical average is 14.4%.
Based on historical data, ZTO Express (Cayman) Inc. is trading at a P/E of 14.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ZTO Express (Cayman) Inc.'s current dividend yield is 2.92% with a payout ratio of 42.5%.
ZTO Express (Cayman) Inc. has 25.0% gross margin and 19.6% operating margin. Operating margin between 10-20% is typical for established companies.
ZTO Express (Cayman) Inc.'s Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.