ZTO
IndustrialsZTO Express (Cayman) Inc. · Integrated Freight & Logistics · $18B
What is ZTO Express (Cayman) Inc.?
ZTO Express is one of China's largest express delivery networks, built on the backbone of the country's booming e-commerce economy. Headquartered in Shanghai, the company connects merchants and consumers across the People's Republic of China.
ZTO operates a hub-and-spoke delivery network that moves parcels for e-commerce platforms, traditional retailers, and individual shippers. Revenue comes primarily from per-parcel delivery fees, with additional income from value-added logistics services. The company relies on a large fleet of trucks and a franchise-style network of pickup and delivery partners to keep costs competitive while scaling volume.
ZTO Express was founded in 2002 and is headquartered in Shanghai, China.
- Express parcel delivery for e-commerce merchants
- Value-added logistics and fulfillment services
- Freight transportation via company-operated truck fleet
- Last-mile delivery through franchise partner network
Is ZTO a Good Stock to Buy?
UQS Score rates ZTO as Good overall, reflecting a balanced profile with notable strengths in growth and risk management.
The Growth pillar stands out, supported by ZTO's expanding parcel volumes within China's large and still-developing e-commerce market. The Risk pillar also rates Good, suggesting the business carries a manageable financial risk profile relative to sector peers. Valuation is rated Attractive, meaning the stock does not appear stretched on a fundamental basis.
Both the Quality and Moat pillars rate Neutral, indicating that returns and competitive differentiation are closer to average than to sector leaders.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does ZTO pay dividends?
Yes — ZTO Express (Cayman) Inc. pays a dividend.
ZTO Express pays a regular dividend, which is relatively uncommon among high-growth logistics operators. The dividend signals management's confidence in generating consistent cash flow. Income-oriented investors may find this appealing, though the primary return driver remains volume growth rather than yield.
When does ZTO report earnings?
ZTO Express reports earnings on a quarterly cadence, consistent with its listing on the New York Stock Exchange.
ZTO's recent reporting periods have reflected ongoing parcel volume growth driven by China's e-commerce expansion. Cost discipline and network scale have been recurring themes in management commentary, though macroeconomic conditions in China can introduce variability quarter to quarter.
For the most recent quarter's results and guidance, visit ZTO Express's investor relations page directly.
ZTO Price History
-10.3% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in ZTO Express (Cayman) Inc.?
Based on ZTO Express (Cayman) Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
ZTO Long-term Outlook
ZTO's Good Growth pillar suggests the business is expanding at a pace above the sector baseline, supported by secular tailwinds in Chinese e-commerce. The Good Risk rating indicates the company is not taking on excessive leverage or operational risk to achieve that growth. The Attractive Valuation pillar adds a margin of safety dimension to the fundamental outlook. Neutral Quality and Moat ratings, however, suggest the path to premium returns depends on sustained volume gains rather than pricing power alone.
Growth drivers
- Continued penetration of China's underpenetrated rural and lower-tier city e-commerce markets
- Scale advantages from one of the largest parcel networks in China
- Expansion of value-added logistics services beyond core parcel delivery
Key risks
- Intense price competition among Chinese express delivery operators compressing per-parcel economics
- Regulatory and geopolitical risks tied to China-based operations and US-listed ADR structure
- Macroeconomic slowdown in China reducing consumer spending and e-commerce volumes
ZTO vs Peers
ZTO competes in the broader logistics and freight sector alongside several large global operators, though its focus on Chinese domestic express delivery sets it apart.
Expeditors focuses on global freight forwarding and customs brokerage, operating an asset-light model with a predominantly international footprint rather than domestic parcel delivery.
C.H. Robinson is a US-based third-party logistics broker with a vast carrier network, competing on freight brokerage rather than owning a direct delivery infrastructure like ZTO.
J.B. Hunt operates primarily in North American truckload and intermodal freight, making it a scale trucking peer rather than a direct e-commerce parcel competitor.
Frequently Asked Questions
What does ZTO Express do?
ZTO Express operates one of China's largest express parcel delivery networks. The company serves e-commerce platforms, traditional merchants, and individual shippers through a hub-and-spoke model supported by a company-owned truck fleet and a franchise-based last-mile partner network.
Does ZTO pay dividends?
Yes, ZTO Express pays a regular dividend. This is relatively uncommon for a growth-oriented logistics company and reflects management's view that the business generates sufficient cash flow to reward shareholders while continuing to invest in network expansion.
When does ZTO report earnings?
ZTO Express reports on a quarterly cadence as a NYSE-listed company. For exact dates and the most recent results, check the investor relations section of the ZTO Express corporate website.
Is ZTO a good stock to buy?
ZTO earns a Good overall UQS Score, with particular strength in the Growth and Risk pillars and an Attractive Valuation rating. Quality and Moat rate Neutral, which tempers the picture. The full pillar breakdown is available to Pro members on UQS Score.
Is ZTO overvalued?
The UQS Valuation pillar rates ZTO as Attractive, suggesting the stock is not trading at a stretched premium relative to its fundamentals. That said, valuation is one of five pillars — see the complete analysis for context on how it interacts with quality and growth.
How does ZTO compare to its competitors?
ZTO's closest listed peers in the logistics sector — EXPD, CHRW, and JBHT — are primarily US-focused or globally diversified freight operators. ZTO is more narrowly focused on Chinese domestic parcel delivery, giving it a different growth and risk profile than these Western logistics companies.
What is ZTO's market cap bracket?
ZTO Express is classified as a large-cap company, reflecting its scale as one of the dominant express delivery operators in China's competitive parcel market.
Who founded ZTO Express?
ZTO Express was founded by Meisong Lai, who serves as the company's chairman and chief executive officer. The company began operations in 2002 and has grown into one of China's leading parcel networks.
Is ZTO a long-term quality stock?
As a long-term quality indicator, ZTO's Good UQS Score reflects above-average growth characteristics and manageable risk, balanced against Neutral readings on quality and competitive moat. Investors focused on long-term compounding should weigh those Neutral pillars carefully alongside the Attractive valuation.
What sector does ZTO belong to?
ZTO Express is classified in the Industrials sector, specifically within the transportation and logistics sub-industry. Its business is closely tied to e-commerce activity in China, making it sensitive to consumer spending trends and platform dynamics in that market.
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Pro Analysis
ZTO — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 14, 2026 | 67.9 | 58.4 | 54.0 | 67.2 | 78.2 | 97.3 | +0.1 |
| May 9, 2026 | 67.8 | 58.4 | 54.0 | 67.2 | 78.2 | 97.0 | +0.2 |
| May 8, 2026 | 67.6 | 58.4 | 54.0 | 67.2 | 78.2 | 95.8 | -0.3 |
| Apr 26, 2026 | 67.9 | 58.4 | 54.0 | 67.2 | 78.2 | 97.6 | +0.1 |
| Apr 23, 2026 | 67.8 | 58.4 | 54.0 | 67.2 | 78.2 | 97.1 | +0.1 |
| Apr 19, 2026 | 67.7 | 58.4 | 54.0 | 67.2 | 78.2 | 96.2 | -0.1 |
| Apr 18, 2026 | 67.8 | 58.4 | 54.0 | 67.2 | 78.2 | 96.8 | -0.5 |
| Apr 2, 2026 | 68.3 | 58.4 | 54.0 | 67.2 | 78.2 | 100.0 | — |
ZTO — Pillar Breakdown
Quality
— 57.3/100 (25%)ZTO Express (Cayman) Inc. shows solid profitability with healthy returns on capital and reasonable margins.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 67.2/100 (20%)ZTO Express (Cayman) Inc. demonstrates healthy growth trends across revenue and earnings.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 75.4/100 (15%)ZTO Express (Cayman) Inc. carries minimal financial risk with conservative leverage and strong solvency.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 97.2/100 (15%)ZTO Express (Cayman) Inc. appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 54/100 (25%)ZTO Express (Cayman) Inc. possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for ZTO.
Score Composition
Financial Data
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How is the ZTO UQS Score Calculated?
The UQS (Unified Quality Score) for ZTO Express (Cayman) Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses ZTO Express (Cayman) Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether ZTO Express (Cayman) Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.