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ZTO Express (cayman) Inc. key statistics and ratios

In fiscal 2025, ZTO Express (cayman) Inc. had return on equity of 14.0%, an operating margin of 21.3%, debt equal to 16.7% of equity and a current ratio of 1.49. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025
Gross margin29.0%34.3%35.2%33.3%30.5%29.9%23.1%21.7%25.6%30.4%31.0%25.0%
Operating margin15.4%25.1%28.3%28.7%24.6%24.7%18.9%18.1%21.9%26.0%26.6%21.3%
Net margin10.4%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 margin11.6%17.6%6.0%8.1%6.1%7.5%−9.1%−3.8%12.5%17.8%14.0%13.8%
Return on equity12.1%29.2%16.5%15.2%16.1%15.7%9.6%9.7%13.1%15.2%14.5%14.0%
Return on assets—13.0%12.4%12.7%13.6%13.3%8.0%7.8%9.5%10.4%9.8%9.8%
Asset turnover—0.590.590.530.550.520.470.500.500.460.490.53
Current ratio—1.303.742.994.133.012.391.441.491.341.071.49
Debt to equity0.0%5.1%2.3%1.2%0.0%0.0%2.9%7.1%22.5%36.5%15.3%16.7%
Interest cover (operating income ÷ interest)—93.3x————134.7x43.5x40.6x34.6x34.9x42.1x
Effective tax rate33.6%24.0%26.0%16.9%17.4%16.0%13.7%17.5%19.7%18.1%24.4%17.2%
SG&A as % of revenue13.7%9.7%7.2%6.0%6.9%7.0%6.6%6.2%5.9%6.3%6.1%5.4%
Capital spending as % of revenue15.8%17.5%20.3%19.7%18.9%21.0%28.7%27.5%20.0%17.0%11.8%10.6%
Free cash flow ÷ net income111.5%80.5%28.5%33.5%24.6%29.4%−53.0%−24.0%64.8%78.1%70.6%74.4%
Dividends ÷ net income—8.6%——20.4%22.4%38.2%28.5%19.4%23.7%63.6%41.4%
Dividends and buybacks ÷ free cash flow40.6%10.7%—81.0%154.1%121.9%——31.9%45.1%108.7%74.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: RXO vs ZTOEXPD vs ZTOGXO vs ZTOCHRW vs ZTO

More: Air Freight & Logistics stocks compared, Industrials sector, rankings of US companies

Figures from ZTO Express (cayman) Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to ZTO Express (cayman) Inc.