ZTO Express (Cayman) Inc. ZTO
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS1.60
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.02B | $6.07B | $5.41B | $5.13B | $4.77B | $3.86B | $3.18B | $2.56B | $2.01B | $1.41B |
| Cost of revenue | $5.27B | $4.19B | $3.77B | $3.82B | $3.74B | $2.97B | $2.22B | $1.78B | $1.34B | $914.0M |
| Gross profit | $1.75B | $1.88B | $1.64B | $1.31B | $1.03B | $894.6M | $951.1M | $780.3M | $667.9M | $495.9M |
| SG&A | $377.2M | $368.5M | $341.6M | $301.2M | $294.4M | $255.0M | $222.1M | $176.1M | $120.0M | $101.7M |
| Total operating expenses | $256.9M | $265.8M | $233.0M | $188.9M | $170.5M | $165.9M | $166.4M | $150.2M | $91.8M | $97.1M |
| Operating income | $1.50B | $1.61B | $1.41B | $1.12B | $863.5M | $728.6M | $784.7M | $630.1M | $576.1M | $398.8M |
| Interest expense | $35.6M | $46.3M | $40.8M | $27.6M | $19.9M | $5.4M | — | $113.0K | $2.4M | $1.9M |
| Pre-tax income | $1.58B | $1.60B | $1.51B | $1.20B | $900.6M | $771.6M | $970.6M | $776.2M | $587.3M | $406.2M |
| Income tax | $272.4M | $389.8M | $273.0M | $236.8M | $157.8M | $105.7M | $154.9M | $135.1M | $99.3M | $105.4M |
| Net income | $1.30B | $1.21B | $1.23B | $987.2M | $746.1M | $660.9M | $815.0M | $637.5M | $485.6M | $295.8M |
| EPS, basic | 1.63 | 1.50 | 1.53 | 1.22 | 0.91 | 0.83 | 1.04 | 0.85 | 0.68 | 0.42 |
| EPS, diluted | 1.60 | 1.47 | 1.49 | 1.21 | 0.91 | 0.83 | 1.04 | 0.85 | 0.68 | 0.42 |
| Shares, diluted (wtd. avg.) | $820.8M | $838.4M | $838.9M | $820.3M | $820.0M | $796.1M | $784.3M | $752.7M | $717.6M | $634.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.43B | $1.93B | $1.79B | $1.78B | $1.42B | $2.25B | $808.8M | $664.0M | $839.8M | $1.83B |
| Short-term investments | $2.23B | $1.21B | $1.05B | $834.2M | $446.5M | $565.6M | $1.60B | $1.98B | $803.0M | — |
| Receivables | $184.1M | $206.0M | $80.6M | $118.7M | $146.5M | $114.3M | $97.0M | $86.8M | $44.2M | $28.5M |
| Inventory | $5.8M | $5.3M | $4.0M | $5.9M | $13.0M | $8.1M | $6.3M | $6.4M | $5.3M | $4.9M |
| Total current assets | $4.86B | $4.16B | $3.80B | $3.55B | $2.93B | $3.42B | $2.89B | $3.09B | $1.90B | $1.90B |
| Property, plant and equipment | $5.07B | $4.65B | $4.53B | $4.18B | $3.91B | $2.85B | $1.79B | $1.31B | $994.9M | $585.6M |
| Goodwill | $594.5M | $581.1M | $597.4M | $615.0M | $665.6M | $650.0M | $609.3M | $616.9M | $651.9M | $598.7M |
| Other intangibles | $7.5M | $2.3M | $3.3M | $4.3M | $5.6M | $6.4M | $6.9M | $7.9M | $9.3M | $187.7M |
| Total assets | $13.02B | $12.65B | $12.46B | $11.38B | $9.85B | $9.07B | $6.59B | $5.77B | $3.97B | $3.37B |
| Short-term debt | $1.56B | $1.30B | $1.09B | $782.1M | $542.7M | $219.6M | — | — | $38.4M | $64.8M |
| Total current liabilities | $3.27B | $3.87B | $2.83B | $2.38B | $2.04B | $1.43B | $959.7M | $747.8M | $637.2M | $507.3M |
| Total liabilities | $3.42B | $4.06B | $3.97B | $3.49B | $2.17B | $1.55B | $1.08B | $787.3M | $674.2M | $526.1M |
| Retained earnings | $6.14B | $5.36B | $5.11B | $4.27B | $3.56B | $3.22B | $2.40B | $1.61B | $1.03B | $505.5M |
| Total equity | $9.49B | $8.50B | $8.42B | $7.83B | $7.63B | $7.51B | $5.50B | $4.98B | $3.29B | $2.84B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.71B | $1.57B | $1.88B | $1.66B | $1.13B | $758.7M | $905.5M | $640.5M | $558.0M | $365.3M |
| Depreciation and amortisation | $483.3M | $414.2M | $405.0M | $387.2M | $348.6M | $282.1M | $181.6M | $124.2M | $86.1M | $46.8M |
| Stock-based compensation | $32.8M | $43.7M | $35.9M | $25.9M | $38.9M | $40.5M | $45.5M | $36.3M | $6.3M | $17.6M |
| Capital expenditure | $745.6M | $713.5M | $919.6M | $1.02B | $1.31B | $1.11B | $665.9M | $483.4M | $395.3M | $286.1M |
| Investing cash flow | -$690.3M | -$819.4M | -$1.73B | -$2.33B | -$1.37B | -$544.0M | -$526.3M | -$1.87B | -$1.27B | -$492.3M |
| Financing cash flow | -$1.51B | -$684.3M | -$108.4M | $1.02B | -$455.7M | $1.28B | -$284.7M | $1.02B | -$163.2M | $1.36B |
| Dividends paid | $537.0M | $767.9M | $291.9M | $191.8M | $212.5M | $252.8M | $182.5M | $130.2M | — | — |
| Buybacks | $179.1M | $158.6M | $141.8M | $12.3M | $598.0M | $188.3M | $109.6M | $112.0M | $131.8M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-044613.
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