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ZTO Express (Cayman) Inc ADR ZTO

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Stock XNYS Rating as of
$23.83 +0.38 (1.62%)
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As of Delayed Price Closed

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As the Industry Leader, ZTO Benefits From Anti-Involution as More Customers Choose Quality Services

Chelsey Tam

Network partner model-based companies in China have lost parcel volume share from direct operation-based companies, with share declining to 73% in 2024 from 78% in 2023. The six largest express delivery companies controlled around 71% of China’s parcel deliveries by volume in 2024, based on data from the companies and China’s State Post Bureau. With share already high, we think further volume share gain is limited for the leading express delivery companies.

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Price vs Fair Value

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ZTO is trading at a LOCK|L$l&>!> premium.
Price
$23.83
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

If ZTO achieves the top end of its targeted 30%-40% market share by 2032, it implies faster-than-expected revenue growth and higher-than-expected economies of scale and profits.

Bears

A rising mix of a loss-making economic express delivery business leads to faster deterioration of margin.

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News

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Trading Information

Previous Close Price
$23.45
Day Range
$23.68–24.03
52-Week Range
$17.74–26.20
Bid/Ask
$23.04 / $24.02
Shares Outstanding
760.52M
Market Cap
$18.12B
Volume/Avg
1M / 2M

Key Statistics

Price/Earnings (Normalized)
14.64
Price/Sales
2.60
Dividend Yield (Trailing)
2.90%
Dividend Yield (Forward)
2.90%
Total Yield
3.86%

Company Profile

ZTO Express is China’s largest express delivery company by parcel volume, with a volume share of 19.4% in 2024. 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 its major shareholder with 78% voting rights as of March 31, 2025. ZTO’s strategic shareholder is leading China e-commerce company Alibaba Group with around an 8.9% 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
FDX
DHL
Price/Earnings (Normalized)
 14.6415.4840.22
Price/Book Value
 1.982.362.64
Price/Sales
 2.600.790.76
Price/Cash Flow
 10.796.007.29
Price/Earnings
ZTO
FDX
DHL

Financial Strength

Metric
ZTO
FDX
DHL
Quick Ratio
 1.381.150.90
Current Ratio
 1.641.471.10
Interest Coverage
 46.4712.455.38
Quick Ratio
ZTO
FDX
DHL

Profitability

Metric
ZTO
FDX
DHL
Return on Assets (Normalized)
 10.18%—4.87%
Return on Equity (Normalized)
 14.88%—15.41%
Return on Invested Capital (Normalized)
 11.25%—8.31%
Return on Assets
ZTO
FDX
DHL

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|G?^^Y&LOCK|VL>$96B
 FedEx Corp
FDX
LOCK|B%^prP%LOCK|j>W!K$75B
 Deutsche Post AG ADR
DHLGY
LOCK|fJZr#SNLOCK|^V!d$72B
 JB Hunt Transport Services Inc
JBHT
LOCK|Wswq#fLOCK|!HWYP$26B
 C.H. Robinson Worldwide Inc
CHRW
LOCK|^xgs@<VPLOCK|L%$23B
 Expeditors International of Washington Inc
EXPD
LOCK|>XpX!BztLOCK|>fH$22B
 FedEx Freight Holding Co Inc
FDXF
LOCK|@>ws?PxLOCK|K%$22B
 Landstar System Inc
LSTR
LOCK|<<B#bwcvLOCK|Rt^$7B
 Hub Group Inc Class A
HUBG
LOCK|fRD!%?LOCK|@^jNZ$3B

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