Value Sense
ZTO
ZTO Express (Cayman) Inc. (ZTO)
Last Price$19.7(1.7%)
Market Cap$16.3B
LTM Revenue
$5,828.1M
+11.4% YoY
LTM Net Income
$1,197.6M
-1.1% YoY
LTM Net Debt
($659.1M)
Net Debt to FCF - (1.4x)
LTM Free Cash Flow (FCF)
$468.0M
8.0% margin

ZTO Income Statement

ZTO Income Statement Overview

Annual
Quarterly
LTM
Dec'14
Dec'15
Dec'16
Dec'17
Dec'18
Dec'19
Dec'20
Dec'21
Dec'22
Dec'23
Revenue
$5,428.1M 8.6% YoY
Gross profit
$1,647.8M 29.0% YoY
30.4% margin
Cost of revenue
$3,780.4M 1.6% YoY
Operating income
$1,414.0M 29.4% YoY
26.0% margin
Other: $37.9M
Net interest: $59.0M
Operating expenses
$233.8M 27.0% YoY
Pre-tax income
$1,510.8M 29.0% YoY
27.8% margin
Net income
$1,236.1M 28.5% YoY
22.8% margin
Income tax
$273.9M
18.1% tax rate
SG&A
$342.7M 16.7% YoY
6.3% of revenue

ZTO Income statement key metrics

Annual
Quarterly
LTM

Revenue

$5,428.1M +8.6% YoY

Operating Income

$1,414.0M +29.4% YoY

Net Income

$1,236.1M +28.5% YoY

ZTO Balance Sheet

ZTO Balance Sheet Overview

Annual
Quarterly
LTM
Dec'14
Dec'15
Dec'16
Dec'17
Dec'18
Dec'19
Dec'20
Dec'21
Dec'22
Dec'23
Assets
Liabilities
Total assets
$12.5B
Current assets ($3,796.4M, 30.5% of total)
Cash & ST investments
$2,801.9M (22.5%)
Other current assets
$913.2M (7.3%)
Non-current assets ($8,663.9M, 69.5% of total)
Long-term investments
$2,200.9M (17.7%)
Intangible assets
$797.3M (6.4%)
Other non-current assets
$1,038.4M (8.3%)
Financial position
Net Debt
($627.5M)
$2,801.9M$2,174.4M
Cash & Short-term Investments
Total Debt
Quick ratio
1.0x
Net Debt to Free Cash Flow
(0.7x)
Debt to Equity ratio
25.6%

ZTO Balance Sheet Metrics

Annual
Quarterly
LTM

Assets

$12.5B +12.7% YoY

Liabilities

$3,969.8M +17.2% YoY

Shareholder's Equity

$8,490.5M +10.7% YoY

ZTO Cash Flow Statement

ZTO Cash Flow Statement Overview

Annual
Quarterly
LTM
Dec'14
Dec'15
Dec'16
Dec'17
Dec'18
Dec'19
Dec'20
Dec'21
Dec'22
Dec'23
Cash Beginning of PeriodOperating Cash FlowInvesting Cash FlowFinancing Cash FlowForex Changes on CashCash End of Period$1,780.7M$1,887.7M($1,731.2M)($108.8M)$15.5M$1,844.0M

ZTO Cash Flow Statement key metrics

Annual
Quarterly
LTM

Operating Cash Flow (OCF)

$1,887.7M +16.4% YoY

Capital Expenditure (CAPEX)

($942.4M) -11.6% YoY

Free Cash Flow (FCF)

$945.4M N/A YoY

ZTO Financials

USD
CNY
Millions
Billions
Annual
Quarterly
Trailing
Key stats
Income statement
Balance sheet
Cash Flow Statement
Valuation
Ratios
Per share
Per employee
Dividends & Yields
Dec'14Dec'15Dec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23
Revenue
% growth
633.4
0.0%
968.5
52.9%
1,474.4
52.2%
1,932.6
31.1%
2,664.5
37.9%
3,201.0
20.1%
3,655.8
14.2%
4,712.5
28.9%
5,266.4
11.8%
5,428.1
3.1%
Cost of Goods Sold (COGS)449.6636.3955.81,289.51,852.52,242.42,809.43,691.33,920.83,780.4
Gross Profit
% margin
183.9
29.0%
332.2
34.3%
518.6
35.2%
643.0
33.3%
812.0
30.5%
958.6
29.9%
846.3
23.1%
1,021.3
21.7%
1,345.6
25.6%
1,647.8
30.4%
Operating Expenses86.488.9101.588.4156.3167.7157.0168.4193.9233.8
Research & Development Expenses (R&D)0.00.00.00.00.00.00.00.00.00.0
Selling, General & Administrative Expenses (SG&A)86.794.2106.3115.5183.2223.9241.2290.7309.2342.7
Operating Income
% margin
97.4
15.4%
243.3
25.1%
417.1
28.3%
554.7
28.7%
655.7
24.6%
790.9
24.7%
486.7
13.3%
565.0
12.0%
1,151.7
21.9%
1,414.0
26.0%
Interest Income0.62.46.724.660.784.864.256.475.099.9
Interest Expense0.12.62.02.30.10.05.119.628.440.9
Pre-tax Income97.8278.8424.8565.4807.7978.3730.0889.51,233.61,510.8
Income Tax
% effective tax rate
32.9
33.6%
66.8
24.0%
110.3
26.0%
95.6
16.9%
140.6
17.4%
156.1
16.0%
100.0
13.7%
155.8
17.5%
243.1
19.7%
273.9
18.1%
Net Income
% margin
66.0
10.4%
211.9
21.9%
309.4
21.0%
467.5
24.2%
663.4
24.9%
821.5
25.7%
625.2
17.1%
736.9
15.6%
1,013.6
19.2%
1,236.1
22.8%
EPS0.080.260.440.650.881.050.790.901.241.50
Diluted EPS0.080.260.440.650.881.050.790.901.241.47
EBITDA
% margin
142.3
22.5%
268.5
27.7%
466.0
31.6%
637.6
33.0%
784.9
29.5%
974.0
30.4%
753.5
20.6%
909.3
19.3%
1,659.5
31.5%
1,957.3
36.1%