ZTO Express (Cayman) Inc. American Depositary Receipt (ZTO)

Summary

ZTO Express (Cayman) Inc. is a leading provider of expedited parcel delivery and integrated logistics services throughout the People's Republic of China. The company facilitates shipments for a diverse clientele, including online retailers, traditional businesses, and various other entities requiring swift courier solutions. By the end of 2021, specifically December 31, its operations were supported by a substantial vehicle network comprising approximately 10,900 trucks. The firm was established in 2002 and maintains its primary corporate offices in Shanghai, China.

Website

www.zto.com

Location

Shanghai, F4, CN

Phone86 21 5980 4508

Employees23,888

CEOMeisong Lai

Sector

Industrials

IndustryIntegrated Freight & Logistics

IPO DateOct 27, 2016

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Company overview

Business model, segments, and competition.

Peer comparison

Metrics vs closest competitors.

Guidance & outlook

Forward guidance and assumptions.

Bull vs bear case

Upside drivers and key risks.

Valuation snapshot

Multiples vs history and peers.

Competitive moat

Defensibility and market position.

Management track record

Leadership and capital allocation history.

How it makes money

A short diagram of the business model.

Latest Documents

Mentions in Filings

#ZTE Corp., Class H 329,000 1,193,882 ZTO Express Cayman, Inc. 265,850 5,909,518 ZTO Express Cayman, Inc., Sponsored ADR 51,064 1,119,834 155 Dimensional World ex U.S. Core Equity 2 ETF continued Shares Value CHINA — (Continued) ZWSOFT Co., Ltd., Class A 3,381 $ 33,648 TOTAL CHINA 967,247,974 COLOMBIA — (0.0%) Celsia SA 93,961 134,686 Cementos Argos SA 183,631 691,580 \*Corp Financiera C …
Dimensional ETF TrustZTO Express (Cayman) Inc. American Depositary Receipt·NPORT-EX - NT NPORT-P - Notification of late filing (portfolio holdings)·Q1 26·13 Aug
**Ms. Huiping Yan**, aged 59, has served as our Director since October 2024. Ms. Yan has served as the chief financial officer of ZTO Express (Cayman) Inc. (NYSE: ZTO, HKEX: 2057) since May 2018 and was the vice president of finance there from January 2018 to May 2018. Before that, Ms. Yan spent approximately seven years serving as the chief financial officer of a number of Chinese TMT and hospitality companies including approximately two years a …
WeRide Inc.ZTO Express (Cayman) Inc. American Depositary Receipt·EX-99.2 - 6-K - EXHIBIT 99.2·Q2 26·8 May
… and Engineering at Ecole Centrale Paris in 1992. Independent Non-executive Directors Ms. Huiping Yan, aged 59, has served as our Director since October 2024. Ms. Yan has served as the chief financial officer of ZTO Express (Cayman) Inc. (NYSE: ZTO, HKEX: 2057) since May 2018 and was the vice president of finance there from January 2018 to May 2018. Before that, Ms. Yan spent approximately seven years serving as the chief financial officer of a n …
WeRide Inc.ZTO Express (Cayman) Inc. American Depositary Receipt·EX-99.1 - 6-K - EXHIBIT 99.1·Q2 26·23 Apr
*Ms. Huiping Yan* has served as our director since October 2024. Ms. Yan has served as the chief financial officer of ZTO Express (Cayman) Inc. (NYSE: ZTO, HKEX: 2057) since May 2018 and was the vice president of finance there from January 2018 to May 2018. Before that, Ms. Yan spent approximately seven years serving as the chief financial officer of a number of Chinese TMT and hospitality companies including approximately two years at Zhejiang C …
WeRide Inc.ZTO Express (Cayman) Inc. American Depositary Receipt·20-F - Annual report (foreign private issuer) FY 2025·FY25·23 Apr
… to November 2024. Mr. Xing Liu has served as our independent director since January 2011. Mr. Liu is currently a partner of HongShan, which he joined in May 2007. Mr. Liu has served a non-executive director of ZTO Express (Cayman) Inc. (NYSE: ZTO, SEHK: 2057) since May 2013. Mr. Liu received an MBA degree from The Wharton School of the University of Pennsylvania in May 2004, a master’s degree in computer engineering from Syracuse University in …
Vipshop Holdings LtdZTO Express (Cayman) Inc. American Depositary Receipt·20-F - Annual report (foreign private issuer) FY 2025·FY25·16 Apr
### (3) Attached schedule #### ① Details of securities ##### (a) Stocks | | | | | | | | --- | --- | --- | --- | --- | --- | | currency | Brand | Number of shares | Appraisal | | remarks | | unit price | Amount | | | | | | Hong Kong Dollar | CHINA PETROLEUM & CHEMICAL-H | 136,000 | 4.220 | 573,920.00 | | | CHINA SHENHUA ENERGY CO-H | 19,500 | 42.720 | 833,040.00 | | | | CNOOC LTD-H | 94,000 | 23.860 | 2,242,840.00 | | | | PETROCHINA CO LTD-H | …
三井住友ＤＳアセットマネジメント株式会社ZTO Express (Cayman) Inc. American Depositary Receipt·Prospectus - Securities registration statement·11 Nov·10 Nov

Key Stats

Trading

Px/Chg 1D$19.50 / +0.57%

Avg Volume1.75M

Beta0.12

Mkt Cap15.44B

FD Mkt Cap17.03B

Float

Shrs Out/Float792.05M / 785.21M

Short Float0.02%

Days to Cover9.83

Stock Repurchased$1.25B

Current Valuation

EV26.59B

EV/EBITDA2.17

EV/Sales0.52

P/B0.25

P/S0.30

FCF Yield38.16%

ROE13.30%

ROA9.70%

Current Ratio1.49

Dividend

Cash$0.39

Yield2.81%

Yield (TTM)2.81%

Estimates

P/E1.69

Est P/E0.00

Est EPS0.45

Est PEG0.00

Valuation

Metric	5Yr Avg	Jun '23	May '24	May '25	May '26	Oct '26
PRICE-BASED RATIOS
Price / Earnings	4.23	3.00	2.02	1.64	7.21	7.29
Price / Sales	0.77	0.58	0.46	0.33	1.30	1.16
Price / Book Value	0.29	0.38	0.30	0.23	0.28	0.25
Price / Free Cash Flow	3.21	5.02	2.64	2.61	3.17	2.62
ENTERPRISE VALUE METRICS
Enterprise Value	21,975.1	22,288.8	21,234.1	18,912.2	20,850.7	26,589.8
Enterprise Value / Sales	1.01	0.63	0.55	0.43	1.46	2.00
Enterprise Value / EBITDA	4.16	2.00	1.53	1.26	6.30	9.71
Enterprise Value / EBIT	4.43	2.63	1.93	1.57	6.30	9.71

Financials

Full Financials

Millions CNY	5Yr CAGR (%)	Dec '21	Dec '22	Dec '23	Dec '24	Dec '25
INCOME STATEMENT
Revenue	12%	30,405.8	35,377.0	38,418.9	44,280.7	47,761.0
Gross Income	16%	6,589.4	9,039.3	11,662.5	13,717.1	11,937.1
EBITDA	15.4%	8,087.5	11,147.5	13,853.4	15,036.9	14,366.6
EBIT	17.2%	5,865.7	8,477.0	10,978.2	12,013.5	11,079.2
Net Income	16.7%	4,754.8	6,809.1	8,749.0	8,816.8	8,833.3
EPS (Diluted)	17.1%	5.80	8.36	10.60	10.70	10.91
BALANCE SHEET
Cash & ST Inv	19.6%	12,566.5	17,446.3	19,788.5	22,313.9	25,677.9
Total Assets	9.8%	62,772.3	78,523.6	88,465.2	92,340.3	91,082.0
Total Liabilities	14.6%	13,844.8	24,051.1	28,184.8	29,665.5	23,902.8
Total Shareholder Equity	8.1%	48,637.2	54,028.6	59,801.7	62,062.4	66,426.6
CASH FLOW
Net Operating Cash Flow	13.5%	7,220.2	11,479.3	13,361.0	11,429.4	11,968.4
Cap Ex	-10.2%	-9,327.8	-7,412.7	-6,669.8	-5,902.1	-6,074.4
Free Cash Flow	—	-2,107.6	4,066.6	6,691.2	5,527.3	5,894.1

Enterprise Value Bridge

Millions CNY		13 Nov '26
Price (As of 13 Nov '26)		20.28
Basic Shares		792.05
Market Cap		16,062.8
Diluted Shares		814.97
Fully Diluted Shares Outstanding		814.97
Fully Diluted Market Cap		16,527.6
+Consolidated Debt		22,047.6
−In-the-Money Convertible Debt		—
+Capital Leases		126.7
+Operating Leases		—
−Cash & Equivalents		-9,955.1
−Short-term Investments		-21,408.5
+Total Preferred		-
−In-the-Money Convertible Preferred		—
−Investments in Unconsolidated Subs		—
+Non-Controlling Interest		89.0
+Pension Liabilities		—
Enterprise Value		28,244.4

Segment data

Revenue

by Products and services

Express Delivery Services93%
Sale Of Accessories5%
Freight Forwarding Services2%
Others0%

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