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ZTO Express (cayman) Inc. (ZTO) stock

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NYSE: ZTO NYSE Air Freight & Logistics Next results ~November 17, 2026

A Fundamentals grade

ZTO Express (cayman) Inc. is a US-listed company in the air freight & logistics industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$33

Cash-flow model

Base case. Range ~$26–$43 across our lower- and higher-growth cases (5%–15% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 64% above it.

Price used: $20.35, November 2, 2026

ZTO Express (cayman) Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds98 adding, 83 cuttingOf 24 active managers that changed their stake, 13 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter ZTO Express (cayman) files

Where ZTO Express (cayman) stands after its latest Filing

Revenue for the twelve months was $6.83bn, up 11.0% on a year earlier, slower than the 13.4% growth a quarter earlier. That growth ranks 4 of 21 among the air freight & logistics companies we cover. Free-cash-flow margin rose to 12.0% from -6.9% a year earlier. Operating margin widened to 21.3% from 18.1%. The diluted share count is down 2.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades A. It passes 5 of our 6 financial-health checks. Our cash-flow model value is $33.47 a share, against a share price of $20.15.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 17, 2026 (estimated)

ZTO Express (cayman) Inc.'s trailing-twelve-month revenue grew 11.0% year on year, with a free-cash-flow margin of 12.0%. Where it stands out: net margin of 18.5% ranks 1 of 21 air freight & logistics companies we cover.

Our discounted-cash-flow model values the business at ~$33 per share in the base case (~$26–$43 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Gross margin compressing: TTM gross margin fell to 25.0%, down 6.0pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $20.35 is 64% below our value per share of $33.
  • Shrinking share count. Diluted shares fell 2.1% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $1.4bn.

Things to watch

  • Margins narrowing. Operating margin is down 5.3 points on a year ago.
  • Growth easing. The growth rate is 2.3 points lower than a quarter earlier.
  • Gross margin slipping. Gross margin is down 6.0 points on a year ago.
  • Weak cash conversion. Free cash flow was 65% of net income over the last 12 months.

Latest results

Earnings per share
$3.79 against an average estimate of $3.41: beat by 11.3%
Next report
November 17, 2026

ZTO Express (cayman)'s figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.0%
  • 1 week+1.9%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.8B
Operating margin
21.3%
Net margin
18.5%
EPS (TTM, diluted)
$1.54

Growth

Revenue growth
+11.0%
Change in growth rate
−2.3 pts
Share count change
−2.1%

Cash

Free cash flow (TTM)
$820M
FCF margin
12.0%
Stock pay % of revenue
0.5%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for ZTO from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

ZTO Express (cayman) Inc. valuation models and calculator

What the price is pricing in

The share price implies about 0.3% a year of cash-flow growth for five years.That is slower than the 13.3% a year revenue growth ZTO Express (cayman) has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in0.3%
  • Last 12 months11.0%
  • 3 years a year9.1%
  • 5 years a year13.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($20.31, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$33
Price used
$20.31close November 3, 2026
Implied change
▲ +65%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of ZTO Express (cayman) Inc.'s free cash flow after stock-based pay with after-tax interest added back ($934M, FY2025 Q4 TTM), growing 10% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$26–~$43 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of ZTO Express (cayman) Inc.'s free cash flow after stock-based pay ( $934M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value ZTO Express (cayman) Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.02 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$33 ~$26–$43 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$8.8 ~$15–$37 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$18 ~$13–$24 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$19 ~$16–$22 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$22 ~$8.8–$33 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare ZTO Express (cayman) Inc. with Air Freight & Logistics in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▼ −3%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $20$26$34$44$58$76
8.5% $16$20$26$33$43$56
10% $13$17$21$27$34$44

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 17, 2026, after the close.

Analysts' consensus

No analyst estimates are published for ZTO Express (cayman) Inc.: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $3.41 $3.79 +11.3%
Mar 2026 $3.08 $2.95 −4.1%
Dec 2025 $3.15 $3.31 +5.2%
Sept 2025 $2.51 $3.06 +22.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

17 analysts, Nov 2026
Buy1376%
Hold424%
Sell00%

Monthly trend

  1. Nov 202649417
  2. Oct 2026411318
  3. Sep 2026511218

Counts of recommendations published by analysts covering ZTO Express (cayman) Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.3%
of tradable shares
Days to cover
3.73
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
12%
of shares
Held by insiders
3.0%
of shares
Employees
23,888
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How ZTO Express (cayman) Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

ZTO Express (cayman) Inc. in five measures

Fundamentals grade A
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) ZTO Express (cayman) Inc.
$0 $2B $4B $6B $8B FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Revenue (TTM), FY14 Q4: $633.6M Revenue (TTM), FY15 Q4: $968.9M Revenue (TTM), FY16 Q4: $1.5B Revenue (TTM), FY17 Q4: $1.9B Revenue (TTM), FY18 Q4: $2.7B Revenue (TTM), FY19 Q4: $3.2B Revenue (TTM), FY20 Q4: $3.7B Revenue (TTM), FY21 Q4: $4.7B Revenue (TTM), FY22 Q4: $5.3B Revenue (TTM), FY23 Q4: $5.4B Revenue (TTM), FY24 Q4: $6.2B Revenue (TTM), FY25 Q4: $6.8B $6.8B

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY14 Q4 $633.6M
FY15 Q4 $968.9M
FY16 Q4 $1.5B
FY17 Q4 $1.9B
FY18 Q4 $2.7B
FY19 Q4 $3.2B
FY20 Q4 $3.7B
FY21 Q4 $4.7B
FY22 Q4 $5.3B
FY23 Q4 $5.4B
FY24 Q4 $6.2B
FY25 Q4 $6.8B
Revenue growth, TTM YoY ZTO Express (cayman) Inc.
0% 20% 40% 60% FY15 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue growth, TTM YoY, FY15 Q4: 52.9% Revenue growth, TTM YoY, FY16 Q4: 52.2% Revenue growth, TTM YoY, FY17 Q4: 31.1% Revenue growth, TTM YoY, FY18 Q4: 38.0% Revenue growth, TTM YoY, FY19 Q4: 20.0% Revenue growth, TTM YoY, FY20 Q4: 14.1% Revenue growth, TTM YoY, FY21 Q4: 29.0% Revenue growth, TTM YoY, FY22 Q4: 11.8% Revenue growth, TTM YoY, FY23 Q4: 3.1% Revenue growth, TTM YoY, FY24 Q4: 13.4% Revenue growth, TTM YoY, FY25 Q4: 11.0% 11.0%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY15 Q4 52.9%
FY16 Q4 52.2%
FY17 Q4 31.1%
FY18 Q4 38.0%
FY19 Q4 20.0%
FY20 Q4 14.1%
FY21 Q4 29.0%
FY22 Q4 11.8%
FY23 Q4 3.1%
FY24 Q4 13.4%
FY25 Q4 11.0%
Operating margin (TTM) ZTO Express (cayman) Inc.
15% 20% 25% 30% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Operating margin (TTM), FY14 Q4: 15.4% Operating margin (TTM), FY15 Q4: 25.1% Operating margin (TTM), FY16 Q4: 28.3% Operating margin (TTM), FY17 Q4: 28.7% Operating margin (TTM), FY18 Q4: 24.6% Operating margin (TTM), FY19 Q4: 24.7% Operating margin (TTM), FY20 Q4: 18.9% Operating margin (TTM), FY21 Q4: 18.1% Operating margin (TTM), FY22 Q4: 21.9% Operating margin (TTM), FY23 Q4: 26.0% Operating margin (TTM), FY24 Q4: 26.6% Operating margin (TTM), FY25 Q4: 21.3% 21.3%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY14 Q4 15.4%
FY15 Q4 25.1%
FY16 Q4 28.3%
FY17 Q4 28.7%
FY18 Q4 24.6%
FY19 Q4 24.7%
FY20 Q4 18.9%
FY21 Q4 18.1%
FY22 Q4 21.9%
FY23 Q4 26.0%
FY24 Q4 26.6%
FY25 Q4 21.3%
FCF margin (TTM) ZTO Express (cayman) Inc.
-20% -10% 0% 10% 20% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 FCF margin (TTM), FY14 Q4: 7.2% FCF margin (TTM), FY15 Q4: 10.8% FCF margin (TTM), FY16 Q4: -1.2% FCF margin (TTM), FY17 Q4: 6.2% FCF margin (TTM), FY18 Q4: 2.4% FCF margin (TTM), FY19 Q4: 4.9% FCF margin (TTM), FY20 Q4: -16.9% FCF margin (TTM), FY21 Q4: -6.9% FCF margin (TTM), FY22 Q4: 11.5% FCF margin (TTM), FY23 Q4: 17.4% FCF margin (TTM), FY24 Q4: 12.5% FCF margin (TTM), FY25 Q4: 12.0% 12.0%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY14 Q4 7.2%
FY15 Q4 10.8%
FY16 Q4 -1.2%
FY17 Q4 6.2%
FY18 Q4 2.4%
FY19 Q4 4.9%
FY20 Q4 -16.9%
FY21 Q4 -6.9%
FY22 Q4 11.5%
FY23 Q4 17.4%
FY24 Q4 12.5%
FY25 Q4 12.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 634 969 1,475 1,934 2,668 3,202 3,655 4,714 5,268 5,429 6,154 6,832
Gross profit 184 332 519 643 813 959 846 1,022 1,346 1,648 1,906 1,708
EBITDA 108 269 466 638 786 974 956 1,198 1,550 1,821 2,057 1,928
Operating income 97 243 417 555 657 791 689 853 1,152 1,414 1,637 1,458
Net income 66 212 309 468 664 822 625 737 1,014 1,236 1,225 1,264
Diluted EPS $0.11 $0.34 $0.44 $0.65 $0.88 $1.05 $0.79 $0.90 $1.24 $1.50 $1.49 $1.56
Growth (year on year)
Revenue — +52.9% +52.2% +31.1% +38.0% +20.0% +14.1% +29.0% +11.8% +3.1% +13.4% +11.0%
EBITDA — +149.1% +73.5% +36.9% +23.2% +24.0% −1.9% +25.3% +29.4% +17.5% +13.0% −6.3%
Operating income — +149.9% +71.4% +33.0% +18.3% +20.5% −12.9% +23.8% +35.0% +22.8% +15.7% −11.0%
Net income — +221.4% +46.0% +51.2% +42.0% +23.7% −23.9% +17.9% +37.6% +21.9% −0.9% +3.1%
Diluted EPS — +210.1% +28.1% +48.6% +35.4% +18.7% −25.0% +14.5% +38.5% +20.3% −0.7% +4.7%
Margins
Gross margin 29.0% 34.3% 35.2% 33.3% 30.5% 29.9% 23.1% 21.7% 25.6% 30.4% 31.0% 25.0%
EBITDA margin 17.0% 27.7% 31.6% 33.0% 29.5% 30.4% 26.2% 25.4% 29.4% 33.5% 33.4% 28.2%
Operating margin 15.4% 25.1% 28.3% 28.7% 24.6% 24.7% 18.9% 18.1% 21.9% 26.0% 26.6% 21.3%
Net margin 10.4% 21.9% 21.0% 24.2% 24.9% 25.7% 17.1% 15.6% 19.2% 22.8% 19.9% 18.5%
Free-cash-flow margin 11.6% 17.6% 6.0% 8.1% 6.1% 7.5% −9.1% −3.8% 12.5% 17.8% 14.0% 13.8%
Cash flow
Cash from operations 174 340 388 538 667 913 718 1,119 1,709 1,888 1,589 1,665
Capital spending 100 169 299 381 504 671 1,049 1,296 1,052 923 724 726
Free cash flow 74 171 88 157 164 242 −331 −177 657 966 865 940
Stock-based pay — 19 18 6 38 46 38 38 27 36 44 32
Free cash flow after stock pay — 152 70 151 126 196 −370 −215 630 930 820 908
Balance sheet
Cash 26 379 1,626 834 672 757 2,178 1,525 1,695 1,737 1,845 1,432
Total debt 0 46 65 38 0 0 220 543 1,766 3,074 — 1,581
Net debt (negative = net cash) −26 −332 −1,561 −795 −672 −757 −1,959 −983 71 1,337 −1,845 150
Diluted shares 598m 599m 635m 718m 753m 784m 796m 820m 820m 839m 838m 821m
Returned to shareholders
Dividends — 18 — — 136 184 239 210 197 293 779 523
Buybacks 30 — — 127 117 110 178 591 13 142 161 174
Total returned 30 18 — 127 252 295 417 801 210 435 940 697

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · December 31, 2025
What it owns · $13.0bn
Short-term assets $4.9bnLonger-term assets $8.2bn
What it owes, and who funded it · $12.9bn
Short-term liabilities $3.3bnLonger-term liabilities $146mShareholders' equity $9.5bn
  • Short-term assets cover short-term liabilities $4.9bn of assets due within a year against $3.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.9bn short-term assets against $146m of longer-dated liabilities.
  • More cash than debt $1.4bn of cash against $1.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 17% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $1.7bn of operating cash flow against $1.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.5bn against $35m of interest.

From ZTO Express (cayman) Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$174M
Dividends (TTM)
$523M
Returned to shareholders
85%
of free cash flow
Buybacks, last 3 fiscal years
$477M
Diluted share count
−2.1%
year over year
Total shareholder yield
4.3%
dividends 3.3% + buybacks 1.1% of market value
Dividend payout ratio
41%
of net income paid out
Sales & admin spending
5.4%
of revenue
Days sales outstanding
10 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in air freight & logistics
Last 12 months unless stated ZTO RXO EXPD GXO CHRW FWRD Median
Revenue, last 12 months $6.8bn $6.5bn $12.0bn $13.6bn $18.2bn $2.5bn $555m
Revenue growth, last 12 months 11.0% 10.1% 6.8% 7.6% 10.4% −0.1% 6.4%
Revenue growth, 3-year average — 17.1% −1.6% 12.9% −0.4% 18.1% 2.5%
Revenue growth, latest quarter — 31.7% 32.1% 4.3% 29.5% 8.8% 15.2%
Gross margin 25.0% — 30.4% — — 51.8% 10.9%
Operating margin 21.3% −0.8% 9.8% 2.4% 4.9% −6.7% −0.8%
Operating margin, 3-year average 22.7% −0.8% 9.7% 2.1% 4.3% −21.1% 2.0%
Net margin 18.5% −1.3% 7.6% 1.0% 3.7% −11.4% 1.0%
Cash from operations / revenue 24.4% −0.2% 8.1% 3.7% 2.9% 2.8% 1.0%
Free-cash-flow margin 12.0% −1.1% 7.7% 1.3% 2.9% 1.9% 1.0%
Free-cash-flow margin, 3-year average 3.7% −0.8% 7.5% 1.8% 3.2% −0.3% 1.5%
Stock pay / revenue 0.5% 0.4% 0.6% 0.3% 0.5% 0.4% 0.5%
Change in share count −2.1% 1.4% −3.7% −2.4% −1.1% 7.2% 0.8%

Median of all 21 companies we cover in air freight & logistics. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

21 air freight & logistics companies
Measure Company Peer median Rank
Revenue growth Growth 11.0% 6.4% 4 of 21
Change in growth rate Growth -2.3pp +2.4pp 15 of 21
Gross margin Profitability 25.0% 4.7% 2 of 11
Operating margin Profitability 21.3% -0.8% 2 of 21
Net margin Profitability 18.5% 1.0% 1 of 21
Free-cash-flow margin Cash generation 12.0% 1.0% 2 of 21
Stock pay as % of revenue Cash generation 0.5% 0.5% 9 of 18
Long-term debt as % of assets Balance sheet 0.1% 16.8% 1 of 15
Change in share count Balance sheet -2.1% 0.9% 3 of 20
Days sales outstanding Balance sheet 10 days 55 days 3 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$1.3B
Institutions reporting
195
Shares held vs prior quarter
▲ 1.7%
Positions opened / closed
36 / 18

Top buyers and sellers, Q2 2026: 98 institutions bought and 83 sold ; the biggest buyer was Jpmorgan Chase & Co (+733K shares) and the biggest seller Citigroup Inc (−802K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Pzena Investment Management LLC $164M 7.3M 12.4% ▼ 1.9%
Goldman Sachs Group Inc $118M 5.3M 8.9% ▼ 4.1%
Serenity Capital Management Pte. Ltd. $113M 5.1M 8.5% 0.0%
Temasek Holdings (Private) Ltd $92.8M 4.1M 7.0% 0.0%
Morgan Stanley $92.4M 4.1M 7.0% ▲ 11.3%
Fisher Asset Management, LLC $78.3M 3.5M 5.9% ▼ 3.5%
Platinum Investment Management Ltd $44.6M 2.0M 3.4% 0.0%
Mackenzie Financial Corp $42.9M 1.9M 3.2% ▲ 48.4%
Todd Asset Management LLC $42.3M 1.9M 3.2% ▲ 10.4%
Marshall Wace, LLP $39M 1.7M 2.9% ▼ 24.9%
Dimensional Fund Advisors LP $32.8M 1.5M 2.5% ▼ 11.2%
Legal & General Group PLC $30.2M 1.3M 2.3% ▼ 14.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not ZTO Express (cayman) Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in ZTO Express (cayman) Inc. disclosed in the last 12 months; 3 earlier trades on record.

  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded May 23, 2025, filed June 11, 2025
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded April 17, 2024, filed May 15, 2024
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded April 16, 2024, filed May 15, 2024

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on ZTO Express (cayman) Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

ZTO Express (cayman) Inc. in brief

What does ZTO Express (cayman) Inc. do?
ZTO Express (cayman) Inc. is a US-listed company in the air freight & logistics industry. Its financial year ends in December.
What is ZTO Express (cayman) Inc.'s stock ticker?
ZTO Express (cayman) Inc. trades under the ticker ZTO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is ZTO Express (cayman) Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, ZTO Express (cayman) Inc. reported revenue of $6.8B, 11.0% higher than a year earlier, according to its SEC filings.
What is ZTO Express (cayman) Inc.'s free cash flow?
ZTO Express (cayman) Inc.'s free-cash-flow margin is 12.0% of revenue over the trailing twelve months, ranking 2 of the 21 air freight & logistics companies we cover.
What is ZTO Express (cayman) Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of ZTO Express (cayman) Inc.'s free cash flow after stock-based pay gives ~$33 per share in the base case, and ~$26–$43 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are ZTO Express (cayman) Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Pzena Investment Management LLC, Goldman Sachs Group Inc and Serenity Capital Management Pte. Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is ZTO Express (cayman) Inc. buying back stock, and does it pay a dividend?
ZTO Express (cayman) Inc. spent $174M on share repurchases over the trailing twelve months, and its diluted share count fell 2.1% over the year.
Does ZTO Express (cayman) Inc. pay a dividend?
Yes: ZTO Express (cayman) Inc. paid $523M in dividends over the trailing twelve months, a dividend yield of 3.25% and a payout ratio of 41.4%.
How much debt does ZTO Express (cayman) Inc. have?
ZTO Express (cayman) Inc.'s debt-to-equity ratio is 16.7%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are ZTO Express (cayman) Inc.'s competitors?
In our Air Freight & Logistics peer group, the companies closest to ZTO Express (cayman) Inc. are RXO, Inc., Expeditors International, GXO Logistics, Inc., C.H. Robinson and Forward AIR Corp. The side-by-side comparison below sets their revenue, margins and growth against ZTO Express (cayman) Inc.'s.
When is ZTO Express (cayman) Inc.'s next earnings date?
Around November 17, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — ZTO Express (cayman) Inc. announces its own schedule.