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ZTO Express (Cayman) Inc ADR ZTO

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Stock XNYS Rating as of
$19.50 +0.11 (0.57%)
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As of Delayed Price Post-Trading: $19.50 0.00

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ZTO Leverages Scale in Reverse Logistics as Industry Growth Matures

Chelsey Tam, Shawn Tay

China's express delivery market has become increasingly concentrated, with the six largest express delivery companies accounting for 82% of China's parcel deliveries by volume in 2026, up from 71% in 2024, according to company disclosures and China's State Post Bureau. As industry concentration is already high, market share gains among the largest players are likely to be incremental rather than significant.

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Price vs Fair Value

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ZTO is trading at a LOCK|lX%D&B# premium.
Price
$19.39
Fair Value
ZM
Uncertainty
LOCK|qL
1-Star Price
LOCK|.HW
5-Star Price
LOCK|.b^
Economic Moat
LOCK|Sy<t
Capital Allocation
LOCK|%D&r<@^&

Bulls Say, Bears Say

Bulls

E-commerce parcel volume and average parcel weight grow faster than expected, supporting revenue growth and buffering the profitability of ZTO.

Bears

A rising mix of low-margin economic express delivery business leads to faster-than-expected margin compression.

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News

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Trading Information

Previous Close Price
$19.39
Day Range
$19.38–19.57
52-Week Range
$18.11–26.20
Bid/Ask
$19.02 / $19.62
Shares Outstanding
749.46M
Market Cap
$14.61B
Volume/Avg
2M / 2M

Key Statistics

Price/Earnings (Normalized)
12.25
Price/Sales
2.03
Dividend Yield (Trailing)
3.56%
Dividend Yield (Forward)
3.56%
Dividend Payment Schedule
Apr, Oct
Total Yield
4.75%

Company Profile

ZTO Express is China’s largest express delivery company by parcel volume, with a volume share of 20.1% in 2026. It operates a network partner model where it provides line-haul transportation and sorting services, while its local network partners provide first-mile pickup and last-mile delivery services under the ZTO brand name. Headquartered in Shanghai, the company was founded in 2002 by Meisong Lai, who remains chair, CEO, and a major shareholder with 78.7% voting rights as of March 31, 2026. ZTO’s strategic shareholder is leading China e-commerce company Alibaba Group with around a 9.3% interest.
Sector
Industrials
Industry
Integrated Freight & Logistics
Stock Style Box
Large Value
Total Number of Employees
23,399
Website
https://zto.investorroom.com

Competitors

Valuation

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Metric
ZTO
002468
002120
Price/Earnings (Normalized)
 12.2510.4312.12
Price/Book Value
 1.571.900.92
Price/Sales
 2.030.350.38
Price/Cash Flow
 7.424.175.14
Price/Earnings
ZTO
002468
002120

Financial Strength

Metric
ZTO
002468
002120
Quick Ratio
 1.420.421.12
Current Ratio
 1.670.751.62
Interest Coverage
 57.079.899.34
Quick Ratio
ZTO
002468
002120

Profitability

Metric
ZTO
002468
002120
Return on Assets (Normalized)
 11.19%6.89%4.31%
Return on Equity (Normalized)
 16.48%18.37%7.72%
Return on Invested Capital (Normalized)
 12.40%10.81%5.60%
Return on Assets
ZTO
002468
002120

Integrated Freight & Logistics Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
United Parcel Service Inc Class B
UPS
LOCK|c@PMQ^ZLOCK|j$$80B
 DHL AG ADR
DHLGY
LOCK|??$v#r#LOCK|%!slr$70B
 FedEx Corp
FDX
LOCK|N>P&kpmLOCK|F&GmG$68B
 Expeditors International of Washington Inc
EXPD
LOCK|^<$qQ$&LOCK|sSJ$24B
 JB Hunt Transport Services Inc
JBHT
LOCK|>YFjx&GLOCK|p>N%M$21B
 C.H. Robinson Worldwide Inc
CHRW
LOCK|HSJW^ZC$LOCK|&>t$18B
 FedEx Freight Holding Co Inc
FDXF
LOCK|<&Ps><LOCK|vs$17B
 Landstar System Inc
LSTR
LOCK|<YWFrmTLOCK|N<$6B
 Hub Group Inc Class A
HUBG
LOCK|sQ&Y!ZLOCK|D&Cz%$2B

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