ZTO Express (Cayman) Inc.
- Open
- 21.42
- Day high
- 21.56
- Day low
- 21.17
- Prev close
- 21.50
- Volume
- 1.7M
- Mkt cap
- $16.2B
- P/E (TTM)
- 10.8
- EPS (TTM)
- $1.96
- P/B
- 1.7
- P/S
- 2.0
- Yield
- 1.79%
- Per share
- $0.38
ZTO Express (Cayman) Inc. (ZTO) is a Industrials company listed on NYSE. The stock is up 19% over the past year. Drillr has 3 published research articles covering ZTO.
ZTO Express (Cayman) Inc. (ZTO) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ZTO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 19, 2026 | $0.50 | $0.56 | +12.4% | $2.1B | +0.2% |
| May 20, 2026 | $0.44 | $0.43 | -3.2% | $1.9B | +5.1% |
| Mar 18, 2026 | $0.45 | $0.47 | +4.9% | $2.0B | +16.9% |
| Nov 19, 2025 | $0.44 | $0.43 | -2.7% | $1.7B | -16.1% |
| Aug 19, 2025 | $0.40 | $0.35 | -12.9% | $1.6B | -2.8% |
| May 20, 2025 | $0.40 | $0.37 | -7.3% | $1.5B | -9.9% |
| Mar 18, 2025 | $0.46 | $0.44 | -4.3% | $1.8B | +10.0% |
| Nov 19, 2024 | $0.40 | $0.41 | +1.3% | $1.5B | +2.8% |
| Aug 20, 2024 | $0.45 | $0.47 | +5.4% | $1.5B | -1.1% |
| May 15, 2024 | $0.31 | $0.37 | +18.0% | $1.4B | +6.9% |
| Mar 19, 2024 | $0.37 | $0.38 | +2.7% | $1.5B | -2.3% |
| Nov 16, 2023 | $0.36 | $0.39 | +8.3% | $1.2B | -7.8% |
ZTO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Mar 24, 2026 | Yan Huipingofficer: Chief Financial Officer | Option | 15,248 | — |
| Mar 24, 2026 | Yan Huipingofficer: Chief Financial Officer | Grant | 15,248 | — |
| Mar 24, 2026 | Wang Jileidirector, officer: VP of Infrastr. Mgmt. | Option | 13,108 | — |
| Mar 24, 2026 | Wang Jileidirector, officer: VP of Infrastr. Mgmt. | Grant | 13,108 | — |
| Mar 24, 2026 | Lai Meisongdirector, officer: Chief Executive Officer | Option | 154,000 | — |
| Mar 24, 2026 | Lai Meisongdirector, officer: Chief Executive Officer | Grant | 154,000 | — |
| Mar 24, 2026 | Lai Jianchangofficer: VP of Overseas Operations | Option | 9,621 | — |
| Mar 24, 2026 | Lai Jianchangofficer: VP of Overseas Operations | Grant | 9,621 | — |
| Mar 24, 2026 | Hu Hongqundirector, officer: Chief Operating Officer | Option | 14,218 | — |
| Mar 24, 2026 | Hu Hongqundirector, officer: Chief Operating Officer | Grant | 14,218 | — |
| Mar 24, 2026 | Zhu Jingxiofficer: President | Option | 15,172 | — |
| Mar 24, 2026 | Zhu Jingxiofficer: President | Option | 237 | — |
| Mar 24, 2026 | Zhu Jingxiofficer: President | Grant | 15,172 | — |
| Mar 24, 2026 | Zhu Jingxiofficer: President | Grant | 237 | — |
| Mar 24, 2026 | Zhang Jianfengofficer: VP of Public Relations | Option | 5,072 | — |
Source: ZTO SEC Form 4 filings, latest Mar 24, 2026. For informational purposes only — not investment advice.
See the full ZTO insider & 13F page →ZTO research & analysis
ZTO Express (ZTO), Vipshop (VIPS): Returns Drive Parcel Growth
ZTO's return parcels rose about 80% to 9.8 million a day against 4.2% industry volume growth, while Vipshop's fulfilment expense hit 8.7% of net revenues.
002352.SZ09699.HK600233.SHVipshop (VIPS), Kanzhun (BZ) Hit by 10% Hong Kong Dividend Tax
PRC authorities denied the 5% mainland-Hong Kong treaty withholding rate to intermediate holdcos; Vipshop's non-GAAP net margin fell to 1.6% from 8.0%.
ATATBZQFINZTO, ATRenew: China's Ban on Below-Cost Pricing Squeezes Small Operators
ZTO, FlashEX and ATRenew told Q2 2026 calls that below-cost price competition is now a violation; ZTO cut 2026 parcel volume growth to 6-10% from 10-13%.
06919.HKBABAFLX
ZTO Express (Cayman) Inc. company profile
Overview
ZTO Express (Cayman) Inc. (NYSE:ZTO) is one of China's largest express delivery companies, founded in 2002 and headquartered in Shanghai. The company went public on the New York Stock Exchange in October 2016. ZTO has grown to become a dominant player in China's express delivery market, operating through a franchise network model that spans across the country. The company has built its reputation on providing reliable, cost-effective delivery services primarily serving China's booming e-commerce sector, while also expanding into traditional retail and cross-border logistics services.
Business
ZTO Express operates in China's express delivery and logistics industry, which serves as the critical infrastructure connecting online retailers with consumers across the country. The company's core business is express parcel delivery, where packages are collected, sorted, transported, and delivered typically within 24-72 hours across China's vast geography. The express delivery industry in China has experienced explosive growth alongside the country's e-commerce boom. When consumers purchase items online from platforms like Tmall, Taobao, or JD.com, express delivery companies like ZTO handle the "last mile" logistics - picking up packages from merchants and delivering them to consumers' doorsteps. This industry is characterized by high volume, low margins, and intense competition on speed and reliability. ZTO operates through a franchise network model, where the company owns and operates the core sorting and transportation infrastructure, while independent franchisees handle the pickup and delivery services in local markets. As of 2021, ZTO operated approximately 10,900 trucks and processed over 32 billion parcels annually, commanding roughly 22% market share in China's express delivery market. The company's revenue streams include: 1. Core express delivery services (approximately 95% of revenue) - fees charged for standard parcel delivery, 2. Value-added services (approximately 3-4% of revenue) - including premium delivery options, packaging services, and logistics solutions, and 3. Other services (approximately 1-2% of revenue) - including cross-border delivery and freight services.
Revenue model
ZTO generates revenue primarily through per-parcel fees charged to e-commerce merchants and individual customers for express delivery services. The company's customers are predominantly online retailers who need to ship products to consumers, though it also serves traditional businesses and individual consumers sending packages. The business model operates on high volume and relatively low margins. ZTO charges approximately 1-2 RMB (roughly $0.15-0.30) per standard parcel, with pricing varying based on distance, weight, and service level. The company's franchise partners pay ZTO for sorting and transportation services, while collecting delivery fees from end customers. Several factors significantly impact ZTO's profitability margins. Fuel costs directly affect transportation expenses, as the company operates thousands of trucks daily. Labor costs influence both sorting facility operations and franchisee delivery costs. Technology investments in automation and route optimization can improve efficiency and reduce unit costs over time. Competitive pricing pressure from rivals like SF Express, YTO, and STO can compress margins, as the industry often experiences price wars during peak seasons or market share battles. Seasonal demand fluctuations also impact margins, with major shopping festivals like Singles' Day (November 11) and Chinese New Year creating volume spikes that can strain capacity and increase costs. E-commerce growth rates serve as a key external driver, as faster online retail growth typically translates to higher parcel volumes. Conversely, economic slowdowns or shifts in consumer spending patterns can reduce demand and pressure pricing power.
Competitive moat
ZTO's competitive moat is moderately strong but faces ongoing challenges in China's highly competitive express delivery market. The company's primary advantages stem from its scale and network effects. With over 32 billion annual parcels and 22% market share, ZTO benefits from significant economies of scale in transportation, sorting infrastructure, and technology investments. The company's extensive franchise network creates geographic coverage that would be expensive and time-consuming for new entrants to replicate. The franchise model itself provides some defensive characteristics, as ZTO has built relationships with thousands of local delivery partners who have invested in the network and developed operational expertise. This creates switching costs and network stickiness that competitors cannot easily disrupt. However, ZTO's moat faces several vulnerabilities. The express delivery industry in China is characterized by intense price competition and relatively low switching costs for customers. E-commerce merchants can easily shift volume between ZTO, SF Express, YTO, STO, and other competitors based primarily on price and service quality. The industry has experienced periodic price wars that have compressed margins across all players. Technology disruption poses another threat, as automation, artificial intelligence, and new delivery methods (like drones or autonomous vehicles) could potentially reshape competitive dynamics. Additionally, large e-commerce platforms like Alibaba and JD.com have been developing their own logistics capabilities, potentially reducing dependence on third-party delivery companies. Regulatory changes in China's logistics sector could also impact competitive positioning, though the government generally supports the industry's development as critical infrastructure.
Risks & safety
ZTO demonstrates a solid financial position with manageable risk levels, though working capital management requires attention. • Cash and liquidity: Strong cash position of RMB 1.83 billion ($260 million) as of Q4 2024, with positive free cash flow generation of RMB 753 million for full year 2024 • Debt levels: Conservative debt-to-equity ratio of 0.28, indicating low financial leverage and minimal solvency risk • Working capital: Current ratio of 1.07 suggests tight working capital management, though quick ratio of 1.07 indicates adequate short-term liquidity • Valuation metrics: Trading at reasonable multiples with P/E ratio of 13.3x, EV/EBITDA of 8.1x, and P/B ratio of 1.9x • Profitability: Healthy return on equity of 14.2% and consistent positive cash flow generation • Other considerations: Exposure to Chinese regulatory environment and economic cycles, though the express delivery sector is generally viewed favorably by regulators as essential infrastructure
Recent development
Based on recent earnings calls, ZTO has undergone a significant strategic pivot from pure volume growth to profitable quality growth. In 2024, management explicitly shifted focus away from chasing market share at any cost toward prioritizing service quality, unit profitability, and sustainable growth. This represented a departure from the industry's traditional emphasis on volume expansion. Key strategic initiatives include enhanced digitization and data analytics to improve operational efficiency and route optimization. The company has invested heavily in technology to reduce unit costs and improve transit times. ZTO has also focused on product mix optimization, specifically growing higher-margin retail parcels (which grew over 40% year-over-year in Q1 2024) while limiting low-margin bulk e-commerce volumes. The company has strengthened its franchisee support programs to improve network partner profitability and service quality, recognizing that sustainable growth requires a healthy franchise ecosystem. ZTO has also expanded its last-mile delivery capabilities and developed differentiated service offerings to compete beyond pure price competition. International expansion represents a newer growth avenue, with ZTO developing cross-border services in Southeast Asia, Africa, and South Asia. While still early stage, this diversification could provide growth opportunities beyond China's maturing domestic market. The company has also been exploring value-added services and non-e-commerce package volumes to reduce dependence on traditional e-commerce delivery.
ZTO company profile · for informational purposes only — not investment advice.
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