NYSE : ZTO
ZTO Express (Cayman) Inc. — Financial statements
Industrials · Integrated Freight & Logistics · China
Last price 20.15 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 15.03B
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Financial statements
ZTO Express (Cayman) Inc. (ZTO) reported revenue of 54.21B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 54.21B | 49.10B | 44.28B | 38.42B | 35.38B | 30.41B |
| Cost of Revenue | 40.60B | 36.83B | 30.56B | 26.76B | 26.34B | 23.82B |
| Gross Profit | 13.61B | 12.27B | 13.72B | 11.66B | 9.04B | 6.59B |
| Selling, General & Admin | 2.60B | 2.59B | 2.67B | 2.35B | 2.08B | 1.88B |
| Other Operating Expenses | -410.07M | -840.98M | -749.78M | -770.65M | -774.58M | -789.50M |
| Operating Expenses | 2.19B | 1.75B | 1.92B | 1.58B | 1.30B | 1.09B |
| Operating Income | 11.41B | 10.52B | 11.80B | 10.08B | 7.74B | 5.50B |
| Interest Expense | -202.52M | -248.61M | -337.92M | -289.53M | -190.52M | -126.50M |
| Interest & Investment Income | 661.60M | 747.07M | 993.53M | 706.76M | 503.72M | 363.89M |
| Earnings From Equity Investments | 58.21M | 87.39M | 57.41M | 4.36M | 5.84M | -32.42M |
| Currency Exchange Gain (Loss) | -32.73M | 1.54M | -17.93M | 93.54M | 147.25M | -56.47M |
| Other Non Operating Income (Expenses) | 193.41M | 126.04M | 202.89M | 164.52M | 46.25M | 52.91M |
| EBT Excluding Unusual Items | 12.09B | 11.23B | 12.70B | 10.76B | 8.25B | 5.70B |
| Impairment of Goodwill | -84.43M | |||||
| Gain (Loss) on Sale of Investments | 29.25M | 37.03M | -941.88M | 5.49M | 43.27M | 2.36M |
| Asset Writedown | -46.00M | -46.00M | -23.15M | -76.62M | ||
| Pretax Income | 12.07B | 11.14B | 11.73B | 10.69B | 8.29B | 5.71B |
| Income Tax Expense | 1.61B | 1.91B | 2.85B | 1.94B | 1.63B | 1.01B |
| Earnings From Continuing Operations | 10.47B | 9.24B | 8.89B | 8.75B | 6.66B | 4.70B |
| Minority Interest in Earnings | -147.55M | -155.01M | -70.76M | -5.45M | 150.09M | 53.50M |
| Net Income | 10.32B | 9.08B | 8.82B | 8.75B | 6.81B | 4.75B |
| Net Income to Common | 10.32B | 9.08B | 8.82B | 8.75B | 6.81B | 4.75B |
| Shares Outstanding (Basic) | 783.36M | 797.63M | 804.88M | 807.74M | 809.44M | 819.96M |
| Shares Outstanding (Diluted) | 809.06M | 820.80M | 838.44M | 838.95M | 820.27M | 819.96M |
| EPS (Basic) | 13.17 | 11.38 | 10.95 | 10.83 | 8.41 | 5.80 |
| EPS (Diluted) | 12.85 | 11.19 | 10.70 | 10.60 | 8.36 | 5.80 |
| Free Cash Flow | 9.84B | 6.75B | 6.22B | 6.83B | 4.41B | -1.14B |
| Free Cash Flow Per Share | 12.16 | 8.23 | 7.42 | 8.14 | 5.38 | -1.39 |
| Dividend Per Share | 2.68 | 4.83 | 5.11 | 4.40 | ||
| Gross Margin | 25.10% | 24.99% | 30.98% | 30.36% | 25.55% | 21.67% |
| Operating Margin | 21.05% | 21.43% | 26.65% | 26.25% | 21.87% | 18.10% |
| Profit Margin | 19.04% | 18.50% | 19.91% | 22.77% | 19.25% | 15.64% |
| Free Cash Flow Margin | 18.15% | 13.76% | 14.05% | 17.78% | 12.47% | -3.75% |
| EBITDA | 14.94B | 13.90B | 14.82B | 12.96B | 10.41B | 7.72B |
| EBITDA Margin | 27.57% | 28.31% | 33.48% | 33.73% | 29.42% | 25.41% |
| D&A For EBITDA | 3.53B | 3.38B | 3.02B | 2.88B | 2.67B | 2.22B |
| EBIT | 11.41B | 10.52B | 11.80B | 10.08B | 7.74B | 5.50B |
| EBIT Margin | 21.05% | 21.43% | 26.65% | 26.25% | 21.87% | 18.10% |
| Effective Tax Rate | 13.33% | 17.10% | 24.25% | 18.13% | 19.70% | 17.62% |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 9.91B | 10.01B | 13.47B | 12.33B | 11.69B | 9.72B |
| Short-Term Investments | 21.40B | 15.81B | 9.03B | 7.56B | 5.88B | 3.00B |
| Cash & Short-Term Investments | 31.31B | 25.82B | 22.50B | 19.89B | 17.58B | 12.72B |
| Accounts Receivable | 1.77B | 1.31B | 1.51B | 578.37M | 848.45M | 976.82M |
| Other Receivables | 672.72M | 402.84M | 135.10M | 253.19M | 194.12M | |
| Receivables | 2.34B | 2.74B | 3.20B | 1.99B | 2.28B | 2.28B |
| Inventory | 31.00M | 40.65M | 38.57M | 28.07M | 40.54M | 82.96M |
| Prepaid Expenses | 86.38M | 93.63M | 102.44M | 119.94M | 133.02M | |
| Restricted Cash | 44.64M | 29.13M | 37.52M | 686.57M | 895.48M | 27.74M |
| Other Current Assets | 6.35B | 5.25B | 4.49B | 4.25B | 3.56B | 3.42B |
| Total Current Assets | 40.08B | 33.96B | 30.35B | 26.95B | 24.48B | 18.67B |
| Property, Plant & Equipment | 36.19B | 35.83B | 34.48B | 32.85B | 29.62B | 25.83B |
| Long-Term Investments | 8.68B | 7.17B | 13.89B | 15.63B | 11.27B | 4.94B |
| Goodwill | 4.16B | 4.16B | 4.24B | 4.24B | 4.24B | 4.24B |
| Other Intangible Assets | 6.94B | 6.81B | 6.19B | 5.66B | 5.47B | 5.37B |
| Long-Term Deferred Tax Assets | 1.23B | 1.10B | 984.57M | 879.77M | 750.10M | 934.85M |
| Other Long-Term Assets | 499.47M | 938.98M | 919.33M | 701.76M | 816.84M | 762.27M |
| Total Assets | 98.74B | 91.02B | 92.34B | 88.47B | 78.52B | 62.77B |
| Accounts Payable | 3.20B | 2.62B | 2.52B | 2.61B | 2.45B | 2.16B |
| Accrued Expenses | 1.68B | 1.95B | 1.60B | 1.53B | 1.44B | |
| Short-Term Debt | 11.62B | 10.93B | 9.51B | 7.77B | 5.39B | 3.46B |
| Current Portion of Long-Term Debt | 7.27B | |||||
| Current Portion of Leases | 89.21M | 139.79M | 183.37M | 186.25M | 229.72M | 251.00M |
| Current Income Taxes Payable | 314.13M | 279.54M | 488.89M | 333.26M | 228.42M | 86.79M |
| Current Unearned Revenue | 1.87B | 1.83B | 1.57B | 1.75B | 1.37B | 1.23B |
| Other Current Liabilities | 6.87B | 5.38B | 4.78B | 5.82B | 5.20B | 4.38B |
| Total Current Liabilities | 23.97B | 22.87B | 28.27B | 20.06B | 16.41B | 13.00B |
| Long-Term Debt | 10.20B | 142.11M | 7.03B | 6.79B | ||
| Long-Term Leases | 126.65M | 261.26M | 377.72M | 455.88M | 510.35M | 556.09M |
| Long-Term Deferred Tax Liabilities | 710.38M | 615.07M | 1.01B | 638.20M | 346.47M | 292.36M |
| Total Liabilities | 35.01B | 23.89B | 29.67B | 28.18B | 24.05B | 13.84B |
| Common Stock | 495.00K | 513.00K | 523.00K | 525.00K | 535.00K | 535.00K |
| Additional Paid-In Capital | 22.19B | 24.00B | 24.39B | 24.20B | 26.72B | 28.23B |
| Retained Earnings | 42.91B | 42.92B | 39.10B | 36.30B | 29.46B | 22.72B |
| Treasury Stock | -1.18B | -254.48M | -1.13B | -510.99M | -2.06B | -2.07B |
| Comprehensive Income & Other | -268.62M | -281.27M | -294.69M | -190.72M | -86.67M | -242.10M |
| Total Common Equity | 63.65B | 66.38B | 62.06B | 59.80B | 54.03B | 48.64B |
| Minority Interest | 89.00M | 752.08M | 612.44M | 478.66M | 443.92M | 290.33M |
| Shareholders' Equity | 63.74B | 67.14B | 62.67B | 60.28B | 54.47B | 48.93B |
| Total Liabilities & Equity | 98.74B | 91.02B | 92.34B | 88.47B | 78.52B | 62.77B |
| Total Debt | 22.04B | 11.48B | 17.35B | 15.44B | 12.92B | 4.27B |
| Net Cash (Debt) | 9.27B | 14.34B | 5.15B | 4.46B | 4.65B | 8.45B |
| Net Cash Per Share | 11.46 | 17.48 | 6.14 | 5.31 | 5.67 | 10.31 |
| Filing Date Shares Outstanding | 760.32M | 790.81M | 798.62M | 804.72M | 808.09M | 809.73M |
| Total Common Shares Outstanding | 760.32M | 790.81M | 798.62M | 804.72M | 809.25M | 808.45M |
| Working Capital | 16.11B | 11.10B | 2.08B | 6.89B | 8.07B | 5.67B |
| Book Value Per Share | 83.71 | 83.94 | 77.71 | 74.31 | 66.76 | 60.16 |
| Tangible Book Value | 52.55B | 55.41B | 51.63B | 49.90B | 44.31B | 39.02B |
| Tangible Book Value Per Share | 69.12 | 70.07 | 64.65 | 62.01 | 54.76 | 48.27 |
| Buildings | 31.41B | 29.83B | 24.77B | 21.73B | 15.00B | 11.73B |
| Machinery | 18.18B | 17.78B | 16.58B | 15.43B | 14.28B | 13.33B |
| Construction In Progress | 2.00B | 2.28B | 4.65B | 4.93B | 7.37B | 5.57B |
| Leasehold Improvements | 1.27B | 1.27B | 1.17B | 1.09B | 923.28M | 769.22M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 10.32B | 9.08B | 8.82B | 8.75B | 6.81B | 4.75B |
| Depreciation & Amortization | 3.53B | 3.38B | 3.02B | 2.88B | 2.67B | 2.22B |
| Other Amortization | 28.61M | 28.61M | 42.52M | 40.47M | 12.63M | |
| Loss (Gain) From Sale of Assets | 71.35M | 71.35M | 179.21M | 10.16M | 41.52M | 32.13M |
| Asset Writedown & Restructuring Costs | 130.43M | 130.43M | 23.15M | 76.62M | ||
| Loss (Gain) From Sale of Investments | -37.03M | -37.03M | 941.88M | -5.49M | -43.27M | -2.36M |
| Loss (Gain) on Equity Investments | -87.39M | -87.39M | -57.41M | -4.36M | -5.84M | 32.42M |
| Stock-Based Compensation | 229.25M | 229.25M | 318.69M | 254.98M | 178.98M | 248.03M |
| Provision & Write-off of Bad Debts | 66.80M | 66.80M | 114.69M | 142.13M | 134.44M | 36.35M |
| Other Operating Activities | 924.15M | -508.80M | 178.35M | -94.83M | -98.97M | -242.03M |
| Change in Accounts Receivable | 229.04M | 229.04M | -941.51M | 244.42M | -14.88M | -209.85M |
| Change in Inventory | 68.21M | 68.21M | 27.86M | 40.04M | -198.37M | -120.80M |
| Change in Accounts Payable | 85.60M | 85.60M | -93.61M | 364.58M | 528.30M | 354.48M |
| Change in Unearned Revenue | 264.36M | 264.36M | -180.58M | 371.04M | 148.14M | 113.80M |
| Change in Income Taxes | -200.24M | -200.24M | 155.63M | 109.11M | 135.88M | 53.73M |
| Change in Other Net Operating Assets | -831.89M | -831.89M | -1.12B | 187.89M | 1.18B | -52.27M |
| Operating Cash Flow | 14.79B | 11.97B | 11.43B | 13.36B | 11.48B | 7.22B |
| Capital Expenditures | -4.95B | -5.21B | -5.21B | -6.53B | -7.07B | -8.36B |
| Sale of Property, Plant & Equipment | 197.67M | 197.67M | 164.37M | 143.58M | 112.95M | 118.28M |
| Cash Acquisitions | -86.93M | -86.93M | ||||
| Divestitures | 220.41M | 220.41M | -3.18M | 63.00M | 230.80M | -100.71M |
| Sale (Purchase) of Intangibles | -811.89M | -860.09M | -693.97M | -140.95M | -344.99M | -967.28M |
| Investment in Securities | -5.87B | 765.68M | -441.76M | -5.90B | -8.95B | 911.21M |
| Other Investing Activities | 87.97M | 150.44M | 201.97M | 109.06M | -23.87M | -357.52M |
| Investing Cash Flow | -11.21B | -4.83B | -5.98B | -12.25B | -16.04B | -8.76B |
| Short-Term Debt Issued | 18.32B | 19.71B | 12.28B | 7.67B | 6.94B | |
| Long-Term Debt Issued | 216.00M | 6.42B | ||||
| Total Debt Issued | 28.25B | 18.54B | 19.71B | 12.28B | 14.09B | 6.94B |
| Short-Term Debt Repaid | -16.90B | -17.97B | -9.92B | -5.88B | -4.92B | |
| Long-Term Debt Repaid | -7.18B | |||||
| Total Debt Repaid | -24.57B | -24.08B | -17.97B | -9.92B | -5.88B | -4.92B |
| Net Debt Issued (Repaid) | 3.68B | -5.54B | 1.75B | 2.35B | 8.20B | 2.03B |
| Issuance of Common Stock | 3.48M | |||||
| Repurchase of Common Stock | -6.31B | -1.25B | -1.16B | -1.01B | -84.55M | -3.81B |
| Common Dividends Paid | -3.77B | -3.76B | -5.61B | -2.07B | -1.32B | -1.35B |
| Other Financing Activities | -386.87M | -15.87M | 20.34M | -45.36M | 262.81M | 234.78M |
| Financing Cash Flow | -6.79B | -10.57B | -5.00B | -769.84M | 7.06B | -2.90B |
| Foreign Exchange Rate Adjustments | -160.87M | -58.34M | 26.11M | 109.84M | 338.11M | -150.43M |
| Net Cash Flow | -3.37B | -3.48B | 479.64M | 448.22M | 2.83B | -4.59B |
| Free Cash Flow | 9.84B | 6.75B | 6.22B | 6.83B | 4.41B | -1.14B |
| Free Cash Flow Margin | 18.15% | 13.76% | 14.05% | 17.78% | 12.47% | -3.75% |
| Free Cash Flow Per Share | 12.16 | 8.23 | 7.42 | 8.14 | 5.38 | -1.39 |
| Levered Free Cash Flow | 6.43B | 4.19B | 3.05B | 3.79B | 709.16M | -3.48B |
| Unlevered Free Cash Flow | 6.53B | 4.31B | 3.22B | 3.93B | 815.60M | -3.40B |
| Cash Interest Paid | 260.92M | 260.92M | 295.62M | 249.06M | 177.46M | 126.81M |
| Cash Income Tax Paid | 2.64B | 2.64B | 2.40B | 1.67B | 1.25B | 1.14B |
| Change in Working Capital | -384.92M | -384.92M | -2.15B | 1.32B | 1.78B | 139.09M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 15.03B | 16.49B | 15.61B | 17.12B | 21.76B | 22.81B |
| Enterprise Value | 13.67B | 14.77B | 15.03B | 17.26B | 20.86B | 21.68B |
| Last Close Price | 20.15 | 20.57 | 18.60 | 19.35 | 24.13 | 25.10 |
| PE Ratio | 10.66 | 12.70 | 12.93 | 13.88 | 22.04 | 30.48 |
| Forward PE | 9.79 | 12.42 | 11.46 | 12.62 | 18.89 | 25.01 |
| PS Ratio | 1.88 | 2.35 | 2.57 | 3.16 | 4.24 | 4.77 |
| PB Ratio | 1.64 | 1.72 | 1.82 | 2.01 | 2.75 | 2.96 |
| P/TBV Ratio | 1.94 | 2.08 | 2.21 | 2.43 | 3.39 | 3.71 |
| P/FCF Ratio | 10.17 | 17.08 | 18.32 | 17.77 | 34.02 | |
| P/OCF Ratio | 6.77 | 9.64 | 9.97 | 9.09 | 13.07 | 20.07 |
| PEG Ratio | 0.91 | 4.01 | 0.88 | 0.67 | 0.98 | 1.25 |
| EV/Sales Ratio | 1.71 | 2.10 | 2.48 | 3.19 | 4.07 | 4.53 |
| EV/EBITDA Ratio | 6.21 | 7.43 | 7.40 | 9.44 | 13.82 | 17.83 |
| EV/EBIT Ratio | 8.13 | 9.82 | 9.30 | 12.14 | 18.59 | 25.03 |
| EV/FCF Ratio | 9.25 | 15.29 | 17.63 | 17.91 | 32.61 | |
| Debt / Equity Ratio | 0.35 | 0.17 | 0.28 | 0.26 | 0.24 | 0.09 |
| Debt / EBITDA Ratio | 1.44 | 0.80 | 1.14 | 1.15 | 1.19 | 0.52 |
| Debt / FCF Ratio | 2.24 | 1.70 | 2.79 | 2.26 | 2.93 | |
| Net Debt / Equity Ratio | -0.14 | -0.21 | -0.08 | -0.07 | -0.09 | -0.17 |
| Net Debt / EBITDA Ratio | -0.62 | -1.03 | -0.35 | -0.34 | -0.45 | -1.09 |
| Net Debt / FCF Ratio | -0.94 | -2.12 | -0.83 | -0.65 | -1.05 | 7.41 |
| Asset Turnover | 0.56 | 0.54 | 0.49 | 0.46 | 0.50 | 0.50 |
| Inventory Turnover | 1,029.13 | 929.78 | 917.23 | 779.95 | 426.53 | 350.16 |
| Quick Ratio | 1.38 | 1.22 | 0.86 | 1.03 | 1.14 | 1.07 |
| Current Ratio | 1.67 | 1.49 | 1.07 | 1.34 | 1.49 | 1.44 |
| Return on Equity (ROE) | 16.28% | 14.23% | 14.46% | 15.26% | 12.88% | 9.59% |
| Return on Assets (ROA) | 7.38% | 7.17% | 8.16% | 7.55% | 6.84% | 5.64% |
| Return on Invested Capital (ROIC) | 18.21% | 15.81% | 15.77% | 15.63% | 13.76% | 12.29% |
| Return on Capital Employed (ROCE) | 15.30% | 15.40% | 18.40% | 14.70% | 12.50% | 11.10% |
| Earnings Yield | 9.38% | 7.87% | 7.74% | 7.21% | 4.54% | 3.28% |
| FCF Yield | 9.83% | 5.86% | 5.46% | 5.63% | 2.94% | -0.79% |
| Dividend Yield | 3.33% | 3.31% | 3.58% | 2.91% | ||
| Payout Ratio | 35.45% | 41.36% | 63.58% | 23.69% | 19.43% | 28.48% |
| Buyback Yield / Dilution | 3.19% | 2.10% | 0.06% | -2.28% | -0.04% | -2.99% |
| Total Shareholder Return | 6.51% | 5.41% | 3.64% | 0.64% | -0.04% | -2.99% |