ZTO Express (Cayman) Inc.
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Range $30.1 – $31.6
Price Chart
About the company
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.
- CEO
- Meisong Lai
- IPO
- 2016
- Employees
- 23,399
- HQ
- Shanghai, SH, CN
AI snapshot
Six angles, distilled from the data.
The stock is in a constructive consolidation, trading just above its 200-day average and below its 52-week high. That keeps the longer-term trend intact, but the setup still needs follow-through to reclaim the prior peak and extend the multi-month advance.
Street sentiment stays positive, with a Buy consensus and an average target of 30.85 versus a 31.6 high and 30.1 low. Recent changes have been mostly reaffirmations and modest target raises, which points to steady conviction rather than a sharp sentiment shift.
The next print comes after a mixed run, with 3 beats in the last 7 quarters and the most recent quarter missing by 4.2%. Estimates still point higher, with next-year EPS consensus at 15.405 and 2026 EPS averaging 13.96026, so shareholders should watch margin discipline and volume momentum.
No notable discretionary insider buying or selling. The recent filings are dominated by award and exempt-related transactions for senior executives, which reads as routine compensation activity rather than a directional signal.
Profitability remains solid, with a 19.16% operating margin, 17.88% net margin, and 14.88% ROE. Growth is still healthy, with revenue up 22% year over year and earnings up 9.8%, while free cash flow of 18.04 billion and net cash of 14.20 billion leave the balance sheet flexible.
ZTO sits in the stronger end of the logistics group on profitability and cash generation, with a 24.9% gross margin and net cash balance supporting its scale position. At 13.63x earnings, it trades at a moderate valuation for the sector, not a deep discount but not a premium multiple either.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $16.93B
- P/E
- 10.91
- Fwd P/E
- 1.54
- PEG
- 0.54
- P/S
- 2.10
- P/B
- 1.72
- EV/EBITDA
- 8.47
- Div Yield
- 3.25%
- Gross Margin
- 25.10%
- Op Margin
- 20.21%
- Net Margin
- 19.04%
- ROE
- 15.95%
- ROIC
- 10.89%
Latest fiscal year · YoY change
- Revenue
- $47.76B+7.9%
- Gross Profit
- $11.94B-13.0%
- Op Income
- $9.37B
- Net Income
- $8.83B+0.2%
- EPS
- $11.05+0.9%
- OCF Growth
- +4.7%
- FCF Growth
- +6.6%
- 52W High
- $26.20
- 52W Low
- $17.74
- 50D MA
- $23.22
- 200D MA
- $22.91
- Beta
- -0.22
- RSI (14)
- 28
- Avg Volume
- 1.66M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
ZTO delivered solid volume and revenue growth in Q4 2025, but profitability was pressured by mix and cost changes even as management doubled down on anti-involution, quality, and shareholder returns.· March 17, 2026
- Q4 parcel volume rose 9.2% to 10.56 billion; full-year volume grew 13.3% to 38.5 billion.
- Q4 revenue increased 12.3% to RMB 14.5 billion; full-year revenue rose 10.9% to RMB 49.1 billion.
- Adjusted net income was RMB 2.7 billion in Q4 and RMB 9.5 billion for 2025, while operating income fell 7.6% in Q4 and 11.1% for the year.
- The company said anti-involution policy supported pricing recovery and a healthier competitive backdrop, and it expects 2026 parcel volume to grow 10% to 13%.
- Shareholder returns were stepped up with a USD 0.39 semi-annual dividend, a new 24-month USD 1.5 billion buyback authorization, and a target annual return ratio of at least 50% of prior-year adjusted net income starting in 2026.
ZTO reported Q4 2025 parcel volume of 10.56 billion, up 9.2% year over year, and full-year 2025 parcel volume of 38.5 billion, up 13.3%. Total revenue was RMB 14.5 billion in Q4, up 12.3%, and RMB 49.1 billion for the full year, up 10.9%. Gross profit was RMB 3.7 billion in Q4, down 2.1%, and RMB 12.3 billion for the year, down 10.5%; gross margin was 25.4% in Q4, down 3.7 points, and 25.0% for the year, down 6 points. Adjusted net income was RMB 2.7 billion in Q4 and RMB 9.5 billion for 2025. Operating income was RMB 3.2 billion in Q4 and RMB 10.5 billion for the year, down 7.6% and 11.1%, respectively. For 2026, management expects parcel volume growth of 10% to 13%, implying 42.37 billion to 43.52 billion parcels.
Chairman and CEO Meisong Lai framed 2025 as a transition year for the industry, with anti-involution policy helping shift competition from price to quality and with ZTO positioning itself as a leader in “healthy and sustainable development.” He emphasized service quality, end-to-end cost reduction, network fairness, and protection of outlet and courier economics as the company’s core priorities. His tone was confident and strategic, repeatedly stressing long-term value creation over short-term market-share chasing.
CFO Huiping Yan highlighted that Q4 ASP for core express delivery rose 2.9% due to mix improvement, partially offset by higher volume incentives, while full-year ASP declined 1.7%. She said total cost of revenue increased to RMB 10.8 billion in Q4 and RMB 36.8 billion for the year, but the combined unit cost for sorting and transportation fell RMB 0.04 in Q4 and RMB 0.06 for the full year, helped by scale and productivity. Operating cash flow was RMB 4.2 billion in Q4 and RMB 12 billion for the year, and capex totaled RMB 6.1 billion. She also outlined capital returns: a USD 0.39 semi-annual dividend, completion of about USD 600 million of buybacks so far under the new convertible-related program, and a new 24-month USD 1.5 billion buyback authorization.
Analysts focused on how durable the anti-involution price recovery could be, what 2026 priorities should be among market share, profit, and network governance, and whether the company’s early-2026 convertible issuance was mainly to fund buybacks. Management said the anti-involution trend has improved pricing and should support competition staying above cost, while the industry is moving from volume-driven growth to quality-driven growth. On the convertible and buyback, management said the USD 1.5 billion issue was used because the company believed its valuation was undervalued and that the proceeds, about USD 1.4 billion net, were intended solely for share repurchases. They added that the new RMB 200 million special service incentive fund is meant to support higher-quality outlets and frontline employees.
The positive case is that ZTO is growing faster than the market while preserving a leading scale and strong cash generation. Management sees the industry backdrop improving structurally, with anti-involution supporting rationaler pricing and leading players gaining share through better service and infrastructure. The company is also returning more capital through dividends and buybacks, while AI and digital tools are being used to lower costs and improve operations.
The main pressure points are margin compression and rising unit costs in the core business, with gross margin and operating margin both declining in 2025. Management also acknowledged that industry growth should decelerate as the market matures, and that competition remains intense even if it becomes more rational. The company’s Q4 gross profit fell despite revenue growth, showing that mix and incentive costs can still offset scale benefits.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 99.1%
- Shares Outstanding
- 792.05M
- Float Shares
- 785.21M
of shares held by institutions
196 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for ZTO, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Pzena Investment Management LLC | 7.32M | ▼ 138.60K |
| Goldman Sachs Group Inc | 5.29M | ▼ 223.79K |
| Serenity Capital Management Pte. Ltd. | 5.06M | 0 |
| Temasek Holdings (Private) Ltd | 4.15M | 0 |
| Morgan Stanley | 4.13M | ▲ 420.12K |
| Fisher Asset Management, LLC | 3.50M | ▼ 125.93K |
| Platinum Investment Management Ltd | 1.99M | 0 |
| Mackenzie Financial Corp | 1.91M | ▲ 624.67K |
| Todd Asset Management LLC | 1.89M | ▲ 178.24K |
| Marshall Wace, Llp | 1.74M | ▼ 577.77K |
| Dimensional Fund Advisors LP | 1.47M | ▼ 185.63K |
| Legal & General Group PLC | 1.35M | ▼ 223.14K |
Held by 38 ETFs
Biggest fund positions in ZTO by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Mar 23, 26 | Yan Huiping | other | 15,248 |
| Mar 23, 26 | Yan Huiping | other | 15,248 |
| Mar 23, 26 | Yan Huiping | other | 15,248 |
| Mar 23, 26 | Wang Jilei | other | 13,108 |
| Mar 23, 26 | Wang Jilei | other | 13,108 |
| Mar 23, 26 | Wang Jilei | other | 13,108 |
| Mar 23, 26 | Lai Meisong | other | 154,000 |
| Mar 23, 26 | Lai Meisong | other | 154,000 |
| Mar 23, 26 | Lai Meisong | other | 154,000 |
| Mar 23, 26 | Lai Jianchang | other | 9,621 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our ZTO coverage
Recent articles, reports, and earnings notes.
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Generate ZTO report →ZTO Express Q2 Earnings & Revenues Increase Year Over Year
zacks.com · Aug 19
ZTO Express (Cayman) Inc. (ZTO) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 19
ZTO Express (Cayman) Q2 Earnings Call Highlights
marketbeat.com · Aug 18
ZTO Reports Second Quarter 2026 Unaudited Financial Results
prnewswire.com · Aug 18
Arrowstreet Capital Limited Partnership Has $23.16 Million Stake in ZTO Express (Cayman) Inc. $ZTO
defenseworld.net · Jul 30
ZTO Express (Cayman) Inc. (NYSE:ZTO) Receives $27.03 Average Price Target from Analysts
defenseworld.net · Jul 30
ZTO to Announce Second Quarter and Half-Year Interim Financial Results of 2026 on August 18, 2026 U.S. Eastern Time
prnewswire.com · Jul 23
ZTO vs. CHRW: Which Stock Is the Better Value Option?
zacks.com · Jul 15
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed August 16, 2026 · Live quote · Not investment advice