Detailed financial statements for ZTO Express (Cayman) Inc. (ZTO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
ZTO Express (Cayman) Inc. reported revenue of 47.76B CNY in the most recent fiscal year, growing at a 5-year CAGR of 13.6%. Net income reached 8.83B CNY, with a 15.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 25.1%, operating margin 20.2%, net margin 19.0%.
At the current price of $19.70, ZTO trades at a P/E of 10.05 and an ROE of 15.95%. Market capitalisation stands at $15.6B, placing it among large-cap names.
Balance sheet quality for ZTO: current ratio of 1.5, net cash position of 14.20B CNY. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of 5.89B CNY represents 67% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 9.79B CNY | 13.06B CNY | 17.60B CNY | 22.11B CNY | 25.21B CNY | 30.41B CNY | 35.38B CNY | 38.42B CNY | 44.28B CNY | 47.76B CNY |
| Cost of Revenue | 6.35B CNY | 8.71B CNY | 12.24B CNY | 15.49B CNY | 19.38B CNY | 23.82B CNY | 26.34B CNY | 26.76B CNY | 30.56B CNY | 35.82B CNY |
| Gross Profit | 3.44B CNY | 4.35B CNY | 5.36B CNY | 6.62B CNY | 5.84B CNY | 6.59B CNY | 9.04B CNY | 11.66B CNY | 13.72B CNY | 11.94B CNY |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 706.0M CNY | 780.5M CNY | 1.21B CNY | 1.55B CNY | 1.66B CNY | 1.88B CNY | 2.08B CNY | 2.43B CNY | 2.69B CNY | 0 |
| Operating Expenses | 673.9M CNY | 597.1M CNY | 1.03B CNY | 1.16B CNY | 1.08B CNY | 1.09B CNY | 1.30B CNY | 1.65B CNY | 1.94B CNY | 2.57B CNY |
| Operating Income | 2.77B CNY | 3.75B CNY | 4.33B CNY | 5.46B CNY | 4.75B CNY | 5.50B CNY | 7.74B CNY | 10.01B CNY | 11.78B CNY | 9.37B CNY |
| EBITDA | 3.16B CNY | 4.40B CNY | 6.19B CNY | 8.02B CNY | 6.91B CNY | 8.09B CNY | 11.15B CNY | 13.85B CNY | 15.04B CNY | 14.37B CNY |
| Interest Expense | 13.0M CNY | 15.7M CNY | 780,000 CNY | 0 | 35.3M CNY | 126.5M CNY | 190.5M CNY | 289.5M CNY | 337.9M CNY | 241.8M CNY |
| Pre-tax Income | 2.78B CNY | 3.81B CNY | 5.32B CNY | 6.75B CNY | 5.02B CNY | 5.71B CNY | 8.29B CNY | 10.69B CNY | 11.73B CNY | 10.84B CNY |
| Income Tax | 732.0M CNY | 646.4M CNY | 929.1M CNY | 1.08B CNY | 689.8M CNY | 1.01B CNY | 1.63B CNY | 1.94B CNY | 2.85B CNY | 1.85B CNY |
| Net Income | 2.05B CNY | 3.16B CNY | 4.38B CNY | 5.67B CNY | 4.31B CNY | 4.75B CNY | 6.81B CNY | 8.75B CNY | 8.82B CNY | 8.83B CNY |
| EPS | $2.91 | $4.41 | $5.83 | $7.24 | $5.42 | $5.80 | $8.41 | $10.83 | $10.95 | $11.05 |
| EPS (Diluted) | $2.91 | $4.40 | $5.82 | $7.23 | $5.42 | $5.80 | $8.36 | $10.60 | $10.70 | $10.91 |
| Shares Outstanding (Diluted) | 634.6M CNY | 717.6M CNY | 752.7M CNY | 784.3M CNY | 796.1M CNY | 820.0M CNY | 820.0M CNY | 838.9M CNY | 838.4M CNY | 820.8M CNY |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 11.80B CNY | 14.31B CNY | 13.28B CNY | 14.51B CNY |
| Gross Profit | 2.94B CNY | 3.63B CNY | 3.24B CNY | 3.72B CNY |
| Operating Income | 2.31B CNY | 3.00B CNY | 2.49B CNY | 3.17B CNY |
| EBITDA | 3.58B CNY | 3.31B CNY | 2.74B CNY | 3.99B CNY |
| Net Income | 2.51B CNY | 2.59B CNY | 2.12B CNY | 3.04B CNY |
| EPS | $3.16 | $3.29 | $2.73 | $4.00 |
| EPS (Diluted) | $3.10 | $3.29 | $2.68 | $3.80 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 11.29B CNY | 5.43B CNY | 4.62B CNY | 5.27B CNY | 14.21B CNY | 9.72B CNY | 11.69B CNY | 12.33B CNY | 13.47B CNY | 10.05B CNY |
| Short-term Investments | 0 | 5.22B CNY | 13.60B CNY | 11.11B CNY | 3.69B CNY | 2.85B CNY | 5.75B CNY | 7.45B CNY | 8.85B CNY | 15.63B CNY |
| Receivables | 197.8M CNY | 287.8M CNY | 597.0M CNY | 695.8M CNY | 3.08B CNY | 4.57B CNY | 4.58B CNY | 4.70B CNY | 6.27B CNY | 2.44B CNY |
| Inventory | 34.0M CNY | 34.2M CNY | 43.8M CNY | 43.8M CNY | 53.1M CNY | 83.0M CNY | 40.5M CNY | 28.1M CNY | 38.6M CNY | 760.4M CNY |
| Total Current Assets | 13.19B CNY | 12.38B CNY | 21.23B CNY | 20.10B CNY | 22.32B CNY | 18.67B CNY | 24.48B CNY | 26.95B CNY | 30.35B CNY | 33.99B CNY |
| Property, Plant & Equipment | 4.07B CNY | 6.47B CNY | 9.04B CNY | 13.37B CNY | 19.44B CNY | 25.83B CNY | 29.62B CNY | 32.85B CNY | 34.48B CNY | 35.85B CNY |
| Goodwill | 4.16B CNY | 4.24B CNY | 4.24B CNY | 4.24B CNY | 4.24B CNY | 4.24B CNY | 4.24B CNY | 4.24B CNY | 4.24B CNY | 4.16B CNY |
| Intangible Assets | 1.30B CNY | 1.66B CNY | 2.02B CNY | 2.56B CNY | 4.40B CNY | 5.37B CNY | 5.47B CNY | 5.66B CNY | 6.19B CNY | 52.8M CNY |
| Total Assets | 23.40B CNY | 25.83B CNY | 39.68B CNY | 45.89B CNY | 59.20B CNY | 62.77B CNY | 78.52B CNY | 88.47B CNY | 92.34B CNY | 91.08B CNY |
| Accounts Payable | 636.4M CNY | 889.1M CNY | 1.31B CNY | 1.48B CNY | 1.64B CNY | 1.96B CNY | 2.20B CNY | 2.56B CNY | 2.46B CNY | 2.58B CNY |
| Short-term Debt | 450.0M CNY | 250.0M CNY | 0 | 0 | 1.76B CNY | 3.63B CNY | 5.59B CNY | 7.77B CNY | 16.78B CNY | 10.93B CNY |
| Total Current Liabilities | 3.52B CNY | 4.15B CNY | 5.14B CNY | 6.68B CNY | 9.35B CNY | 13.00B CNY | 16.41B CNY | 20.06B CNY | 28.27B CNY | 22.88B CNY |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 6.79B CNY | 7.03B CNY | 0 | 142.2M CNY |
| Total Liabilities | 3.65B CNY | 4.39B CNY | 5.41B CNY | 7.49B CNY | 10.11B CNY | 13.84B CNY | 24.05B CNY | 28.18B CNY | 29.67B CNY | 23.90B CNY |
| Retained Earnings | 3.51B CNY | 6.67B CNY | 11.05B CNY | 16.73B CNY | 21.04B CNY | 22.72B CNY | 29.46B CNY | 36.30B CNY | 39.10B CNY | 42.95B CNY |
| Total Equity | 19.75B CNY | 21.44B CNY | 34.22B CNY | 38.30B CNY | 48.98B CNY | 48.64B CNY | 54.03B CNY | 59.80B CNY | 62.06B CNY | 66.43B CNY |
| Total Debt | 450.0M CNY | 250.0M CNY | 0 | 803.2M CNY | 2.51B CNY | 4.44B CNY | 13.12B CNY | 15.44B CNY | 17.35B CNY | 11.48B CNY |
| Net Debt | -10.84B CNY | -10.40B CNY | -18.22B CNY | -15.58B CNY | -15.40B CNY | -8.13B CNY | -4.32B CNY | -4.35B CNY | -4.97B CNY | -14.20B CNY |
| Working Capital | 9.66B CNY | 8.23B CNY | 16.09B CNY | 13.42B CNY | 12.98B CNY | 5.67B CNY | 8.07B CNY | 6.89B CNY | 2.08B CNY | 11.10B CNY |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 9.39B CNY | 10.05B CNY | 11.41B CNY | 9.96B CNY |
| Total Assets | 90.54B CNY | 91.08B CNY | 97.78B CNY | 98.78B CNY |
| Total Liabilities | 25.18B CNY | 23.90B CNY | 34.90B CNY | 35.02B CNY |
| Total Equity | 64.71B CNY | 66.43B CNY | 62.12B CNY | 63.67B CNY |
| Total Debt | 12.36B CNY | 11.48B CNY | 21.79B CNY | 22.05B CNY |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 2.05B CNY | 3.16B CNY | 4.39B CNY | 5.67B CNY | 4.33B CNY | 4.70B CNY | 6.66B CNY | 8.75B CNY | 8.89B CNY | 9.24B CNY |
| Depreciation & Amortization | 325.0M CNY | 560.4M CNY | 853.7M CNY | 1.26B CNY | 1.84B CNY | 2.22B CNY | 2.67B CNY | 2.88B CNY | 3.02B CNY | 3.38B CNY |
| Stock-based Compensation | 122.5M CNY | 40.7M CNY | 249.5M CNY | 316.7M CNY | 264.2M CNY | 248.0M CNY | 179.0M CNY | 255.0M CNY | 318.7M CNY | 229.2M CNY |
| Change in Working Capital | 37.8M CNY | -177.6M CNY | -443.3M CNY | -260.2M CNY | -1.39B CNY | 139.1M CNY | 1.78B CNY | 1.32B CNY | -2.15B CNY | -384.9M CNY |
| Operating Cash Flow | 2.54B CNY | 3.63B CNY | 4.40B CNY | 6.30B CNY | 4.95B CNY | 7.22B CNY | 11.48B CNY | 13.36B CNY | 11.43B CNY | 11.97B CNY |
| Capital Expenditure | -2.69B CNY | -2.83B CNY | -3.98B CNY | -5.23B CNY | -9.21B CNY | -9.33B CNY | -7.41B CNY | -6.67B CNY | -5.90B CNY | -6.07B CNY |
| Acquisitions | -430.9M CNY | -89.1M CNY | -1.18B CNY | -236.5M CNY | -232.1M CNY | -670.3M CNY | 236.4M CNY | 0 | 664.2M CNY | 801.9M CNY |
| Stock Repurchased | 0 | -857.7M CNY | -769.8M CNY | -762.9M CNY | -1.23B CNY | -3.81B CNY | -84.5M CNY | -1.01B CNY | -1.16B CNY | -1.25B CNY |
| Dividends Paid | 0 | 0 | -895.1M CNY | -1.27B CNY | -1.65B CNY | -1.35B CNY | -1.32B CNY | -2.07B CNY | -5.61B CNY | -3.76B CNY |
| Free Cash Flow | -152.7M CNY | 803.9M CNY | 422.8M CNY | 1.08B CNY | -4.26B CNY | -2.11B CNY | 4.07B CNY | 6.69B CNY | 5.53B CNY | 5.89B CNY |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 3.21B CNY | 4.23B CNY | 2.79B CNY | 4.56B CNY |
| Capital Expenditure | 0 | -5.21B CNY | 0 | -2.66B CNY |
| Free Cash Flow | 3.21B CNY | -988.0M CNY | 2.79B CNY | 1.90B CNY |
| Dividends Paid | 0 | -3.76B CNY | 0 | -2.07B CNY |
| Stock-based Compensation | 3.0M CNY | 3.0M CNY | 221.1M CNY | 1.2M CNY |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +33.4% | +34.8% | +25.6% | +14.0% | +20.6% | +16.3% | +8.6% | +15.3% | +7.9% | |
| Net Income Growth (YoY) | +53.8% | +38.7% | +29.5% | -24.0% | +10.3% | +43.2% | +28.5% | +0.8% | +0.2% | |
| EPS Growth (YoY) | +51.5% | +32.2% | +24.2% | -25.1% | +7.0% | +45.0% | +28.8% | +1.1% | +0.9% | |
| Shares Change (YoY) | +13.1% | +4.9% | +4.2% | +1.5% | +3.0% | +0.0% | +2.3% | -0.1% | -2.1% | |
| FCF Growth (YoY) | +626.6% | -47.4% | +154.9% | -495.0% | +50.5% | +293.0% | +64.5% | -17.4% | +6.6% | |
| Gross Margin | 35.2% | 33.3% | 30.5% | 29.9% | 23.1% | 21.7% | 25.6% | 30.4% | 31.0% | 25.0% |
| Operating Margin | 28.3% | 28.7% | 24.6% | 24.7% | 18.9% | 18.1% | 21.9% | 26.0% | 26.6% | 19.6% |
| EBITDA Margin | 32.3% | 33.7% | 35.2% | 36.3% | 27.4% | 26.6% | 31.5% | 36.1% | 34.0% | 30.1% |
| Net Margin | 21.0% | 24.2% | 24.9% | 25.7% | 17.1% | 15.6% | 19.2% | 22.8% | 19.9% | 18.5% |
| FCF Margin | -1.6% | 6.2% | 2.4% | 4.9% | -16.9% | -6.9% | 11.5% | 17.4% | 12.5% | 12.3% |
| Effective Tax Rate | 26.3% | 17.0% | 17.5% | 16.0% | 13.8% | 17.6% | 19.7% | 18.1% | 24.3% | 17.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.24 | $1.12 | $0.56 | $1.37 | $-5.35 | $-2.57 | $4.96 | $7.98 | $6.59 | $7.18 |
| Dividends Per Share | $0.00 | $0.00 | $1.19 | $1.62 | $2.07 | $1.65 | $1.61 | $2.47 | $6.69 | $4.58 |
| Shares Outstanding (Basic) | 634.6M CNY | 717.1M CNY | 751.8M CNY | 784.0M CNY | 796.1M CNY | 820.0M CNY | 809.4M CNY | 825.2M CNY | 824.0M CNY | 797.6M CNY |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 15.95% |
| Return on Invested Capital | 10.89% |
| Return on Assets | 10.37% |
| Gross Margin | 25.10% |
| Operating Margin | 20.21% |
| Net Margin | 19.04% |
Financial Health
| Debt / Equity | 0.35 |
| Current Ratio | 1.67 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 4.59 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 28.80 | 24.22 | 18.67 | 22.45 | 35.10 | 30.91 | 22.04 | 13.95 | 13.03 | 13.22 |
| P/B | 2.69 | 3.57 | 2.39 | 3.33 | 3.09 | 3.02 | 2.78 | 2.08 | 1.89 | 1.75 |
| P/S | 5.43 | 5.87 | 4.65 | 5.76 | 6.01 | 4.83 | 4.24 | 3.24 | 2.66 | 2.44 |
| Gross Margin | 35.2% | 33.3% | 30.5% | 29.9% | 23.1% | 21.7% | 25.6% | 30.4% | 31.0% | 25.0% |
| Operating Margin | 28.3% | 28.7% | 24.6% | 24.7% | 18.9% | 18.1% | 21.9% | 26.0% | 26.6% | 19.6% |
| Net Margin | 21.0% | 24.2% | 24.9% | 25.7% | 17.1% | 15.6% | 19.2% | 22.8% | 19.9% | 18.5% |
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Explore sector: Industrials · Integrated Freight & Logistics
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