ZTO
ZTO Express (Cayman) Inc.
ZTO's fundamentals are mixed: revenue grew 16%, but its operating margin fell 4 points to 20%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
ZTO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Healthy |
ZTO's revenue, profitability, cash flow and balance sheet are all currently healthy.
ZTO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $20.08 | — |
| Cheap | 13x | $25.30 | +26% |
| Fair | 22x | $41.96 | +109% |
| Expensive | 32x | $62.56 | +212% |
Historical ranges are pointers, not guarantees.
ZTO's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
ZTO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for ZTO, but weaker profitability.
ZTO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $1.93 | +21% |
| Q1 2026 | $1.72 | +0.6% |
| Q4 2025 | $1.68 | +4.3% |
| Q3 2025 | $1.62 | +3.2% |
| Q2 2025 | $1.59 | +1.9% |
| Q1 2025 | $1.71 | +10% |
| Q4 2024 | $1.61 | +1.3% |
| Q3 2024 | $1.57 | -0.6% |
ZTO earned $1.93 per share over the past year, up 21% from the year before.
ZTO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $2.2B | +23% |
| Q1 2026 | $2B | +22% |
| Q4 2025 | $2.1B | +11% |
| Q3 2025 | $1.8B | +11% |
| Q2 2025 | $1.8B | +10% |
| Q1 2025 | $1.6B | +9.4% |
| Q4 2024 | $1.9B | +22% |
| Q3 2024 | $1.6B | +18% |
ZTO's revenue has grown year over year every quarter since late 2020: $2.2B last quarter, up 23% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 22% | +0.9 points |
| Q1 2026 | 19% | -3.3 points |
| Q4 2025 | 21% | -5.8 points |
| Q3 2025 | 20% | -7 points |
| Q2 2025 | 21% | -9.1 points |
| Q1 2025 | 22% | -0.7 points |
| Q4 2024 | 27% | +0.8 points |
| Q3 2024 | 27% | -0.1 points |
ZTO's operating margin was 22% last quarter, up 0.9 points from the same quarter a year ago.
ZTO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $285.4M | +$399.1M |
| Q1 2026 | $418.6M | +18% |
| Q4 2025 | -$148.3M | +$212.2M |
| Q3 2025 | $481.9M | +3.2% |
| Q2 2025 | -$113.7M | -191% |
| Q1 2025 | $354.6M | +16% |
| Q4 2024 | -$360.4M | +$30.6M |
| Q3 2024 | $467M | +5.9% |
ZTO generated $1B in free cash flow over the past year, about three times what it generated the year before.
ZTO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.1% | +16.6M shares |
| 1 year | -2.1% | -17.1M shares |
| 3 years | -3% | -25.2M shares |
| 5 years | -1.5% | -12M shares |
| Available history | +4.2% | +32.6M shares |
ZTO has 815M diluted shares, down 2.1% from a year ago, with $954M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $766.5M |
| Q1 2026 | — |
| Q4 2025 | $188M |
| Q3 2025 | — |
| Q2 2025 | $7M |
| Q1 2025 | — |
| Q4 2024 | $173.7M |
| Q3 2024 | — |
ZTO spent $954M buying back its own shares over the past year, about five times what it spent the year before.
ZTO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.8x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.1x | Very low |
| Q3 2025 | 0.2x | Very low |
| Q2 2025 | 0.4x | Very low |
| Q1 2025 | 0.3x | Very low |
| Q4 2024 | 0.3x | Very low |
| Q3 2024 | 0.5x | Very low |
ZTO's net debt is less than a year of its operating earnings (EBITDA).
ZTO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.1 | Neutral |
| Stochastic | 25.0 | Neutral |
ZTO's weekly RSI is 40 (neutral) and its Stochastic is 25 (neutral).
ZTO PE vs Industrials Sector
| Metric | ZTO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 24x | 57% below |
| PE % | 0 | 58 | 58 pts below |
ZTO is trading at 10x earnings, a 57% discount to the Industrials sector's median of 24x, though its earnings don't support one.
ZTO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $20.0 | 0.3% above |
| 20 week MA | $21.6 | 6.8% below |
| 50 week MA | $22.6 | 11% below |
| 100 week MA | $20.8 | 3.3% below |
| 200 week MA | $22.0 | 8.8% below |
ZTO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 8.8% below its 200-week average.
ZTO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $23.5 | $28.0 | +19% |
| 2021 | $28.0 | $27.4 | -2.2% |
| 2022 | $27.4 | $26.4 | -3.6% |
| 2023 | $26.4 | $21.3 | -19% |
| 2024 | $21.3 | $19.7 | -7.2% |
| 2025 | $19.7 | $21.3 | +7.8% |
| 2026 YTD | $21.3 | $20.1 | -5.6% |
ZTO has finished lower in four of the last six years. It's down 5.6% so far in 2026.