ZTO Express (Cayman) Inc.
ZTO, ZTOEF · Trucking & Courier Services (No Air) · EDGAR filings ↗
Grade
B82Scaled, low-cost leader in China express delivery with top-decile returns and cash, tempered by China/VIE governance risk.
Strengths
- ROA 9.98% (100th pct) and FCF ¥6.75B (100th pct) — best-in-class returns and cash generation
- ROE 13.7% (75th pct) with rising parcel volume and asset-light network model
- Massive cash/investments (98.6th pct) and scale advantage
Risks
- VIE structure, PCAOB/HFCAA and PRC policy risk are material governance overhangs
- Intense price competition in Chinese express delivery; NI growth only 3% (51.9th pct)
Notable findings
- Strong balance sheetStrong balance sheet — $4.4B cash & investments
Key metrics
Return on equity
13.7%
Return on assets
10.0%
Net-income growth
7.5%
Current ratio
1.5×
Free cash flow
$966M
EBITDA
$2.0B
Tangible book value
$8.9B
Cash & investments
$4.4B
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-17 | 2025-12-31 | 0001104659-26-044613 ↗ |
| 20-F | 2025-04-17 | 2024-12-31 | 0001410578-25-000774 ↗ |
| 20-F | 2024-04-19 | 2023-12-31 | 0001104659-24-049017 ↗ |
| 20-F | 2023-04-20 | 2022-12-31 | 0001104659-23-047358 ↗ |
| 20-F | 2022-04-28 | 2021-12-31 | 0001104659-22-051510 ↗ |
| 20-F | 2021-04-21 | 2020-12-31 | 0001104659-21-052844 ↗ |
| 20-F | 2020-04-21 | 2019-12-31 | 0001104659-20-049056 ↗ |
| 20-F | 2019-04-16 | 2018-12-31 | 0001104659-19-021667 ↗ |
| 20-F | 2018-04-24 | 2017-12-31 | 0001104659-18-025967 ↗ |
| 20-F | 2017-04-27 | 2016-12-31 | 0001104659-17-026948 ↗ |