Zto Expresscayma Financials
Zto Expresscayma (ZTO) reported $7.0B in revenue for fiscal year 2025, up 15.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 reveals a higher-volume, lower-margin model that still works because cash conversion and a lighter liability load stayed supportive.
By FY2025, revenue scale reached$7.0B while gross margin slipped to25.0% from a stronger recent base, showing that extra volume came with a less favorable cost mix rather than simple fixed-cost absorption. Even so, operating cash flow of$1.7B still comfortably funded$746M of capex, so the business kept its self-funding capacity even as unit economics softened.
The balance-sheet posture improved more than the cash balance alone suggests: total liabilities fell to
This remains a working-capital-light business. Accounts receivable were just
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Zto Expresscayma's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Zto Expresscayma has an operating margin of 21.3%, meaning the company retains $21 of operating profit per $100 of revenue. This strong profitability earns a score of 89/100, reflecting efficient cost management and pricing power. This is down from 26.6% the prior year.
Zto Expresscayma's revenue surged 15.7% year-over-year to $7.0B, reflecting rapid business expansion. This strong growth earns a score of 73/100.
Zto Expresscayma carries a low D/E ratio of 0.36, meaning only $0.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 65/100, indicating a strong balance sheet with room for future borrowing.
Zto Expresscayma's current ratio of 1.49 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.
Zto Expresscayma converts 13.8% of revenue into free cash flow ($965.8M). This strong cash generation earns a score of 78/100.
Zto Expresscayma earns a strong 13.7% return on equity (ROE), meaning it generates $14 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 84/100. This is down from 14.2% the prior year.
Zto Expresscayma scores 4.58, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($16.3B) relative to total liabilities ($3.4B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Zto Expresscayma passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Zto Expresscayma generates $1.32 in operating cash flow ($1.7B OCF vs $1.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Zto Expresscayma earns $42.13 in operating income for every $1 of interest expense ($1.5B vs $35.6M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Zto Expresscayma generated $7.0B in revenue in fiscal year 2025. This represents an increase of 15.7% from the prior year.
Zto Expresscayma's EBITDA was $2.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 2.3% from the prior year.
Zto Expresscayma reported $1.3B in net income in fiscal year 2025. This represents an increase of 7.5% from the prior year.
Zto Expresscayma earned $1.60 per diluted share (EPS) in fiscal year 2025. This represents an increase of 8.8% from the prior year.
Cash & Balance Sheet
Zto Expresscayma generated $965.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 13.3% from the prior year.
Zto Expresscayma held $1.4B in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Zto Expresscayma's gross margin was 25.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 6.0 percentage points from the prior year.
Zto Expresscayma's operating margin was 21.3% in fiscal year 2025, reflecting core business profitability. This is down 5.3 percentage points from the prior year.
Zto Expresscayma's net profit margin was 18.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.4 percentage points from the prior year.
Zto Expresscayma's ROE was 13.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.5 percentage points from the prior year.
Capital Allocation
Zto Expresscayma spent $179.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 13.0% from the prior year.
Zto Expresscayma invested $745.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 4.5% from the prior year.
Not reported for fiscal year 2025.
ZTO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.0B+15.7% | $6.1B+12.1% | $5.4B+5.5% | $5.1B+7.5% | $4.8B+23.5% | $3.9B+21.7% | $3.2B+24.0% | $2.6B+27.6% | $2.0B+42.4% | $1.4B |
| Cost of Revenue | $5.3B+25.8% | $4.2B+11.1% | $3.8B-1.3% | $3.8B+2.2% | $3.7B+25.8% | $3.0B+33.5% | $2.2B+25.0% | $1.8B+32.9% | $1.3B+46.5% | $914.0M |
| Gross Profit | $1.8B-6.6% | $1.9B+14.4% | $1.6B+25.3% | $1.3B+26.7% | $1.0B+15.6% | $894.6M-5.9% | $951.1M+21.9% | $780.3M+16.8% | $667.9M+34.7% | $495.9M |
| SG&A Expenses | $377.2M+2.3% | $368.5M+7.9% | $341.6M+13.4% | $301.2M+2.3% | $294.4M+15.4% | $255.0M+14.8% | $222.1M+26.1% | $176.1M+46.8% | $120.0M+18.0% | $101.7M |
| Operating Income | $1.5B-7.2% | $1.6B+14.5% | $1.4B+25.7% | $1.1B+29.9% | $863.5M+18.5% | $728.6M-7.1% | $784.7M+24.5% | $630.1M+9.4% | $576.1M+44.5% | $398.8M |
| Interest Expense | $35.6M-23.2% | $46.3M+13.5% | $40.8M+47.6% | $27.6M+39.2% | $19.9M+266.9% | $5.4M | N/A | $113K-95.3% | $2.4M+28.8% | $1.9M |
| Income Tax | $272.4M-30.1% | $389.8M+42.8% | $273.0M+15.3% | $236.8M+50.1% | $157.8M+49.2% | $105.7M-31.7% | $154.9M+14.6% | $135.1M+36.0% | $99.3M-5.8% | $105.4M |
| Net Income | $1.3B+7.5% | $1.2B-2.0% | $1.2B+24.8% | $987.2M+32.3% | $746.1M+12.9% | $660.9M-18.9% | $815.0M+27.9% | $637.5M+31.3% | $485.6M+64.2% | $295.8M |
| EPS (Diluted) | $1.60+8.8% | $1.47-1.3% | $1.49+23.1% | $1.21+33.0% | $0.91+9.6% | $0.83-20.2% | $1.04+22.4% | $0.85+25.0% | $0.68+61.9% | $0.42 |
Not reported in any period shown, so not listed: R&D Expenses.
ZTO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $13.0B+2.9% | $12.7B+1.5% | $12.5B+9.4% | $11.4B+15.6% | $9.9B+8.6% | $9.1B+37.6% | $6.6B+14.2% | $5.8B+45.4% | $4.0B+17.8% | $3.4B |
| Current Assets | $4.9B+16.8% | $4.2B+9.5% | $3.8B+7.0% | $3.5B+21.1% | $2.9B-14.4% | $3.4B+18.5% | $2.9B-6.5% | $3.1B+62.3% | $1.9B+0.2% | $1.9B |
| Cash & Equivalents | $1.4B-22.4% | $1.8B+6.2% | $1.7B+2.5% | $1.7B+11.1% | $1.5B-30.0% | $2.2B+187.7% | $757.0M+12.6% | $672.3M-19.4% | $833.8M-48.7% | $1.6B |
| Inventory | $5.8M+10.0% | $5.3M+33.6% | $4.0M-32.7% | $5.9M-54.9% | $13.0M+60.1% | $8.1M+29.1% | $6.3M-1.2% | $6.4M+21.1% | $5.3M+7.6% | $4.9M |
| Accounts Receivable | $184.1M-10.6% | $206.0M+155.5% | $80.6M-32.1% | $118.7M-18.9% | $146.5M+28.1% | $114.3M+17.8% | $97.0M+11.8% | $86.8M+96.3% | $44.2M+55.3% | $28.5M |
| Goodwill | $594.5M+2.3% | $581.1M-2.7% | $597.4M-2.9% | $615.0M-7.6% | $665.6M+2.4% | $650.0M+6.7% | $609.3M-1.2% | $616.9M-5.4% | $651.9M+8.9% | $598.7M |
| Total Liabilities | $3.4B-16.0% | $4.1B+2.4% | $4.0B+13.8% | $3.5B+60.5% | $2.2B+40.3% | $1.5B+44.0% | $1.1B+36.6% | $787.3M+16.8% | $674.2M+28.1% | $526.1M |
| Current Liabilities | $3.3B-15.6% | $3.9B+37.1% | $2.8B+18.8% | $2.4B+16.6% | $2.0B+42.4% | $1.4B+49.3% | $959.7M+28.3% | $747.8M+17.4% | $637.2M+25.6% | $507.3M |
| Total Equity | $9.5B+11.6% | $8.5B+0.9% | $8.4B+7.5% | $7.8B+2.6% | $7.6B+1.7% | $7.5B+36.4% | $5.5B+10.6% | $5.0B+51.1% | $3.3B+15.8% | $2.8B |
| Retained Earnings | $6.1B+14.6% | $5.4B+4.8% | $5.1B+19.7% | $4.3B+19.8% | $3.6B+10.6% | $3.2B+34.2% | $2.4B+49.5% | $1.6B+56.8% | $1.0B+102.8% | $505.5M |
Not reported in any period shown, so not listed: Long-Term Debt.
ZTO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.7B+9.3% | $1.6B-16.8% | $1.9B+13.1% | $1.7B+46.9% | $1.1B+49.3% | $758.7M-16.2% | $905.5M+41.4% | $640.5M+14.8% | $558.0M+52.7% | $365.3M |
| Capital Expenditures | $745.6M+4.5% | $713.5M-22.4% | $919.6M-10.3% | $1.0B-21.9% | $1.3B+18.3% | $1.1B+66.6% | $665.9M+37.7% | $483.4M+22.3% | $395.3M+38.2% | $286.1M |
| Free Cash Flow | $965.8M+13.3% | $852.3M-11.4% | $962.3M+50.4% | $639.6M+457.5% | -$178.9M+48.9% | -$350.4M-246.2% | $239.7M+52.5% | $157.1M-3.4% | $162.7M+105.2% | $79.3M |
| Investing Cash Flow | -$690.3M+15.8% | -$819.4M+52.5% | -$1.7B+25.8% | -$2.3B-69.3% | -$1.4B-152.6% | -$544.0M-3.3% | -$526.3M+71.9% | -$1.9B-46.9% | -$1.3B | N/A |
| Financing Cash Flow | -$1.5B-120.8% | -$684.3M-531.1% | -$108.4M-110.6% | $1.0B+324.6% | -$455.7M-135.7% | $1.3B+548.7% | -$284.7M-127.8% | $1.0B+727.8% | -$163.2M | N/A |
| Dividends Paid | $537.0M-30.1% | $767.9M+163.1% | $291.9M+52.2% | $191.8M-9.7% | $212.5M-15.9% | $252.8M+38.5% | $182.5M+40.2% | $130.2M | N/A | N/A |
| Share Buybacks | $179.1M+13.0% | $158.6M+11.9% | $141.8M+1056.4% | $12.3M-98.0% | $598.0M+217.6% | $188.3M+71.8% | $109.6M-2.1% | $112.0M-15.1% | $131.8M | N/A |
ZTO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.0%-6.0pp | 31.0%+0.6pp | 30.4%+4.8pp | 25.6%+3.9pp | 21.7%-1.5pp | 23.2%-6.8pp | 29.9%-0.5pp | 30.5%-2.8pp | 33.3%-1.9pp | 35.2% |
| Operating Margin | 21.3%-5.3pp | 26.6%+0.6pp | 26.1%+4.2pp | 21.9%+3.8pp | 18.1%-0.8pp | 18.9%-5.8pp | 24.7%+0.1pp | 24.6%-4.1pp | 28.7%+0.4pp | 28.3% |
| Net Margin | 18.5%-1.4pp | 19.9%-2.9pp | 22.8%+3.5pp | 19.3%+3.6pp | 15.6%-1.5pp | 17.1%-8.6pp | 25.7%+0.8pp | 24.9%+0.7pp | 24.2%+3.2pp | 21.0% |
| Return on Equity | 13.7%-0.5pp | 14.2%-0.4pp | 14.6%+2.0pp | 12.6%+2.8pp | 9.8%+1.0pp | 8.8%-6.0pp | 14.8%+2.0pp | 12.8%-1.9pp | 14.7%+4.3pp | 10.4% |
| Return on Assets | 10.0%+0.4pp | 9.6%-0.3pp | 9.9%+1.2pp | 8.7%+1.1pp | 7.6%+0.3pp | 7.3%-5.1pp | 12.4%+1.3pp | 11.1%-1.2pp | 12.2%+3.5pp | 8.8% |
| Current Ratio | 1.49+0.4x | 1.07-0.3x | 1.34-0.1x | 1.49+0.1x | 1.44-1.0x | 2.39-0.6x | 3.01-1.1x | 4.13+1.1x | 2.99-0.8x | 3.74 |
| Debt-to-Equity | 0.36-0.1x | 0.480.0x | 0.470.0x | 0.45+0.2x | 0.28+0.1x | 0.210.0x | 0.200.0x | 0.160.0x | 0.200.0x | 0.18 |
| FCF Margin | 13.8%-0.3pp | 14.1%-3.7pp | 17.8%+5.3pp | 12.5%+16.2pp | -3.8%+5.3pp | -9.1%-16.6pp | 7.5%+1.4pp | 6.1%-2.0pp | 8.1%+2.5pp | 5.6% |
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Where Zto Expresscayma Ranks
Frequently Asked Questions
What is Zto Expresscayma's annual revenue?
Zto Expresscayma (ZTO) reported $7.0B in total revenue for fiscal year 2025. This represents a 15.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Zto Expresscayma's revenue growing?
Zto Expresscayma (ZTO) revenue grew by 15.7% year-over-year, from $6.1B to $7.0B in fiscal year 2025.
Is Zto Expresscayma profitable?
Yes, Zto Expresscayma (ZTO) reported a net income of $1.3B in fiscal year 2025, with a net profit margin of 18.5%.
What is Zto Expresscayma's EBITDA?
Zto Expresscayma (ZTO) had EBITDA of $2.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Zto Expresscayma's gross margin?
Zto Expresscayma (ZTO) had a gross margin of 25.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Zto Expresscayma's operating margin?
Zto Expresscayma (ZTO) had an operating margin of 21.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Zto Expresscayma's net profit margin?
Zto Expresscayma (ZTO) had a net profit margin of 18.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Zto Expresscayma's return on equity (ROE)?
Zto Expresscayma (ZTO) has a return on equity of 13.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Zto Expresscayma's free cash flow?
Zto Expresscayma (ZTO) generated $965.8M in free cash flow during fiscal year 2025. This represents a 13.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Zto Expresscayma's operating cash flow?
Zto Expresscayma (ZTO) generated $1.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Zto Expresscayma's total assets?
Zto Expresscayma (ZTO) had $13.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Zto Expresscayma's capital expenditures?
Zto Expresscayma (ZTO) invested $745.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Zto Expresscayma's current ratio?
Zto Expresscayma (ZTO) had a current ratio of 1.49 as of fiscal year 2025, which is considered adequate.
What is Zto Expresscayma's debt-to-equity ratio?
Zto Expresscayma (ZTO) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Zto Expresscayma's return on assets (ROA)?
Zto Expresscayma (ZTO) had a return on assets of 10.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Zto Expresscayma's Altman Z-Score?
Zto Expresscayma (ZTO) has an Altman Z-Score of 4.58, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Zto Expresscayma's Piotroski F-Score?
Zto Expresscayma (ZTO) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Zto Expresscayma's earnings high quality?
Zto Expresscayma (ZTO) has an earnings quality ratio of 1.32x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Zto Expresscayma cover its interest payments?
Zto Expresscayma (ZTO) has an interest coverage ratio of 42.13x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Zto Expresscayma?
Zto Expresscayma (ZTO) scores 72 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.