A Business at a Glance
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ZTO Express (Cayman) Inc.
ZTO
$13.3B
Mkt Cap
$23.98
-0.25%
ZTO Express (Cayman) Inc. (ZTO) has a current P/E ratio of 10.8, compared to its historical median P/E of 13.3. The stock is currently considered Fair based on its historical valuation range.
ZTO Express (Cayman) Inc. (ZTO) has a 5-year average return on invested capital (ROIC) of 55.4%. This indicates strong capital allocation and a potential competitive advantage.
ZTO Express (Cayman) Inc. (ZTO) has a market capitalization of $13.3B. It is classified as a large-cap stock.
Yes, ZTO Express (Cayman) Inc. (ZTO) pays a dividend with a trailing twelve-month yield of 5.87%. The company also returns capital through share buybacks, with a buyback yield of 1.21%.
Based on historical P/E analysis, ZTO Express (Cayman) Inc. (ZTO) appears fair. The current P/E of 10.8 is 19% below its historical median of 13.3. The estimated fair value CAGR (P/E method) is 10.4%.
ZTO Express (Cayman) Inc. (ZTO) operates in the Trucking & Courier Services (No Air) industry, within the Industrials sector.
ITEM 4. INFORMATION ON THE COMPANY A. History and Development of the Company We commenced our express delivery service business through Shanghai Zhongtongji Express Service Co., Ltd. in Shanghai, China in January 2009. This entity operated express delivery services in Shanghai, Anhui Province, Jiangsu Province and Zhejiang Province, and authorized and cooperated with third-party business partners to operate ZTO-branded express delivery services elsewhere in China. In January 2013, the shareholders who owned Shanghai Zhongtongji Express Service Co., Ltd., together with 15 network partners located in the cities and provinces mentioned above, established ZTO Express as a holding company. In January 2014, ZTO Express acquired businesses and assets of Shanghai Zhongtongji Express Service Co., Ltd. and eight network partners that were wholly owned by some of the shareholders who formed ZTO Express.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 6.2B | 6.2B | 5.4B | 5.2B | 4.7B | 3.7B |
| Net Income | 1.2B | 1.2B | 1.2B | 1.0B | 738M | 625M |
| EPS | $2.21 | $2.21 | $2.23 | $1.84 | $1.34 | $1.17 |
| Free Cash Flow | 866M | 866M | 966M | 654M | -177M | -332M |
| ROIC | 55.9% | 56.5% | 58.2% | 46.6% | 60.9% | 55.1% |
| Gross Margin | 31.0% | 31.0% | 30.4% | 25.6% | 21.7% | 23.1% |
| Debt/Equity | 2.90 | 2.90 | 2.67 | 1.68 | 0.60 | 0.38 |
| Dividends/Share | $1.41 | $1.41 | $0.53 | $0.36 | $0.38 | $0.45 |
| Operating Income | 224M | 224M | 199M | 166M | 134M | 106M |
| Operating Margin | 3.6% | 3.6% | 3.7% | 3.2% | 2.8% | 2.9% |
| ROE | 103.7% | 104.2% | 107.6% | 86.9% | 62.3% | 57.4% |
| Shares Outstanding | 554M | 554M | 555M | 548M | 551M | 535M |
| Metric | 2014 | 2015 | TTM | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 3.9B | 6.1B | 9.8B | 13.1B | 2.7B | 3.2B | 3.7B | 4.7B | 5.2B | 5.4B | 6.2B | 6.2B |
| Gross Margin | 29.0% | 34.3% | 5.1% | 5.1% | 30.5% | 29.9% | 23.1% | 21.7% | 25.6% | 30.4% | 31.0% | 31.0% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 535M | 592M | 102M | 120M | 27M | 32M | 37M | 46M | 45M | 48M | 51M | 51M |
| EBIT | 600M | 1.5B | 399M | 576M | 95M | 114M | 106M | 134M | 166M | 199M | 224M | 224M |
| Op. Margin | 15.4% | 25.1% | 4.1% | 4.4% | 3.6% | 3.5% | 2.9% | 2.8% | 3.2% | 3.7% | 3.6% | 3.6% |
| Net Income | 406M | 1.3B | 1.8B | 3.2B | 662M | 822M | 625M | 738M | 1.0B | 1.2B | 1.2B | 1.2B |
| Net Margin | 10.4% | 21.2% | 18.9% | 24.2% | 24.9% | 25.7% | 17.1% | 15.6% | 19.2% | 22.8% | 19.9% | 19.9% |
| Non-Recurring | -3.1M | -7.3M | -69K | -3.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||||||
| ROIC | N/A | 24.9% | 42.5% | 102.9% | 88.1% | 103.1% | 55.1% | 60.9% | 46.6% | 58.2% | 56.5% | 55.9% |
| ROE | N/A | 27.9% | 42.5% | 102.9% | 88.1% | 103.1% | 57.4% | 62.3% | 86.9% | 107.6% | 104.2% | 103.7% |
| ROA | N/A | 24.3% | 26.5% | 86.1% | 75.9% | 86.1% | 47.5% | 48.3% | 59.8% | 73.4% | 70.2% | 69.7% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 1.1B | 2.1B | 2.6B | 558M | 665M | 914M | 718M | 1.1B | 1.7B | 1.9B | 1.6B | 1.6B |
| Free Cash Flow | 453M | 1.1B | 2.3B | 163M | 163M | 242M | -332M | -177M | 654M | 966M | 866M | 866M |
| Owner Earnings | 1.0B | 1.9B | 2.5B | 466M | 608M | 842M | 639M | 1.0B | 1.6B | 1.8B | 1.5B | 1.5B |
| CapEx | 619M | 1.1B | 286M | 395M | 502M | 672M | 1.0B | 1.3B | 1.0B | 923M | 725M | 725M |
| Maint. CapEx | 64M | 158M | 47M | 86M | 19M | 26M | 41M | 54M | 57M | 57M | 58M | 58M |
| Growth CapEx | 555M | 904M | 239M | 309M | 483M | 646M | 1.0B | 1.2B | 991M | 866M | 667M | 667M |
| D&A | 64M | 158M | 47M | 86M | 19M | 26M | 41M | 54M | 57M | 57M | 58M | 58M |
| CapEx/OCF | N/A | N/A | 77.2% | 70.8% | 75.5% | 73.5% | 146.2% | 115.8% | 61.6% | 48.9% | 45.6% | 45.6% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 0 | 115M | 0 | 0 | 135M | 184M | 239M | 210M | 196M | 293M | 780M | 780M |
| Dividend Yield | N/A | N/A | N/A | N/A | 1.8% | 2.0% | 1.7% | 1.4% | 1.5% | 2.2% | 7.1% | 5.9% |
| Share Buybacks | 184M | 0 | 0 | 132M | 116M | 111M | 178M | 591M | 13M | 142M | 161M | 161M |
| Buyback Yield | 0.0% | N/A | N/A | 1.9% | 1.6% | 1.0% | 1.3% | 4.4% | 0.1% | 1.3% | 1.5% | 1.2% |
| Stock-Based Comp | N/A | 117M | 18M | 6.3M | 38M | 46M | 38M | 38M | 27M | 36M | 44M | 44M |
| Debt Repayment | 50M | 300M | 59M | 115M | 38M | 0 | 126M | 763M | 873M | 1.4B | 2.5B | 2.5B |
| Balance Sheet | ||||||||||||
| Net Debt | 137M | -53M | -1.6B | -1.6B | N/A | -2.3B | -2.2B | -1.2B | -641M | 379M | 320M | 1.6B |
| Cash & Equiv. | 163M | 353M | 1.6B | 834M | 698M | 764M | 2.1B | 1.5B | 1.7B | 1.7B | 1.9B | 1.9B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | 47M | 27M | 1.0B | 994M | 1.0B | 1.0B |
| Debt/Equity | N/A | 0.05 | 0.02 | 0.01 | 1.09 | 0.15 | 0.38 | 0.60 | 1.68 | 2.67 | 2.90 | 2.90 |
| Interest Coverage | 752.3 | 93.3 | 213.3 | 239.3 | 807.8 | N/A | 20.6 | 6.8 | 5.9 | 4.9 | 4.8 | 4.8 |
| Equity | N/A | 5.9B | 2.8B | 3.3B | 751M | 797M | 1.1B | 1.2B | 1.2B | 1.2B | 1.2B | 1.2B |
| Total Assets | N/A | 10.6B | 3.4B | 4.0B | 871M | 955M | 1.3B | 1.5B | 1.7B | 1.8B | 1.8B | 1.8B |
| Total Liabilities | N/A | 2.7B | 526M | 674M | 817M | 143M | 210M | 299M | 461M | 503M | 492M | 492M |
| Intangibles | N/A | 821M | 188M | 9.3M | 8.2M | 7.0M | 6.1M | 5.5M | 4.4M | 3.3M | 2.4M | 2.4M |
| Retained Earnings | N/A | 1.6B | 506M | 1.0B | 1.7B | 2.4B | 3.1B | 3.5B | 4.4B | 5.1B | 5.4B | 5.4B |
| Working Capital | -305M | 787M | 1.4B | 1.3B | 2.4B | 1.9B | 1.9B | 880M | 1.2B | 974M | 289M | 289M |
| Current Assets | 23M | 3.4B | 1.9B | 1.9B | 3.2B | 2.9B | 3.2B | 2.9B | 3.6B | 3.8B | 4.2B | 4.2B |
| Current Liabilities | 329M | 2.7B | 507M | 637M | 776M | 968M | 1.4B | 2.0B | 2.4B | 2.8B | 3.9B | 3.9B |
| Per Share Data | ||||||||||||
| EPS | 0.68 | 2.15 | 0.42 | 0.68 | 1.31 | 1.56 | 1.17 | 1.34 | 1.84 | 2.23 | 2.21 | 2.21 |
| Owner EPS | 1.69 | 3.10 | 0.57 | 0.10 | 1.20 | 1.59 | 1.19 | 1.86 | 2.96 | 3.23 | 2.69 | 2.69 |
| Book Value | N/A | 9.76 | 0.65 | 0.71 | 1.48 | 1.51 | 2.03 | 2.15 | 2.12 | 2.14 | 2.13 | 2.13 |
| Cash Flow/Share | 1.79 | 3.55 | 0.58 | 0.12 | 1.31 | 1.73 | 1.34 | 2.03 | 3.11 | 3.40 | 2.87 | 2.32 |
| Dividends/Share | N/A | 0.19 | N/A | N/A | 0.27 | 0.35 | 0.45 | 0.38 | 0.36 | 0.53 | 1.41 | 1.41 |
| Shares Out. | 597.7M | 600.4M | 4.4B | 4.6B | 506.5M | 527.8M | 535.1M | 551.4M | 547.8M | 555.1M | 554.2M | 554.2M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | 16.3 | 14.1 | 10.7 | 13.3 | 21.3 | 18.1 | 13.0 | 8.6 | 8.6 | 10.8 |
| P/FCF | N/A | N/A | 20.4 | 390.7 | 43.3 | 45.3 | N/A | N/A | 20.1 | 11.1 | 12.2 | 15.4 |
| EV/EBIT | N/A | N/A | 28.3 | 59.3 | N/A | 76.5 | 105.6 | 90.4 | 75.2 | 55.5 | 48.5 | 66.1 |
| Price/Book | N/A | N/A | 11.8 | 13.5 | 9.4 | 13.7 | 12.3 | 11.3 | 11.3 | 9.0 | 8.9 | 11.2 |
| Price/Sales | N/A | N/A | 4.0 | 3.0 | 2.9 | 2.9 | 3.9 | 3.2 | 2.4 | 2.4 | 1.8 | 2.2 |
| FCF Yield | N/A | N/A | 45.5% | 2.5% | 2.3% | 2.2% | -2.5% | -1.3% | 5.0% | 9.0% | 8.2% | 6.5% |
| Market Cap | 0 | N/A | 5.0B | 6.6B | 7.1B | 11.0B | 13.3B | 13.3B | 13.2B | 10.7B | 10.6B | 13.3B |
| Avg. Price | 0.00 | N/A | 12.47 | 12.22 | 15.01 | 17.32 | 26.63 | 27.39 | 23.33 | 23.64 | 19.84 | 23.98 |
| Year-End Price | 0.00 | N/A | 10.58 | 13.68 | 13.94 | 20.77 | 24.93 | 24.21 | 24.01 | 19.22 | 19.05 | 23.98 |
ZTO Express (Cayman) Inc. passes 7 of 9 quality checks, indicating strong fundamentals.
ZTO Express (Cayman) Inc. trades at 10.8x trailing earnings, compared to its 15-year median P/E of 13.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 15.4x vs a median of 20.2x. The company's 5-year average ROIC is 55.4% with a gross margin of 26.3%. Total shareholder yield (dividends + buybacks) is 7.1%. At current prices, the estimated annualized return to fair value is +38.6%.
ZTO Express (Cayman) Inc. (ZTO) reported annual revenue of $6.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
ZTO Express (Cayman) Inc. (ZTO) has a net profit margin of 19.9%. This is a healthy margin.
ZTO Express (Cayman) Inc. (ZTO) generated $866 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ZTO Express (Cayman) Inc. (ZTO) has a debt-to-equity ratio of 2.90. This indicates higher leverage, which may increase financial risk.
ZTO Express (Cayman) Inc. (ZTO) reported earnings per share (EPS) of $2.21 in its most recent fiscal year.
ZTO Express (Cayman) Inc. (ZTO) has a return on equity (ROE) of 104.2%. This indicates the company generates strong returns for shareholders.
ZTO Express (Cayman) Inc. (ZTO) has a 5-year average gross margin of 26.3%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 11 years of financial data for ZTO Express (Cayman) Inc. (ZTO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ZTO Express (Cayman) Inc. (ZTO) has a book value per share of $2.13, based on its most recent annual SEC filing.
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