ZTO Express is China's largest express delivery company by parcel volume, with a volume share of 22.1% in 2022. 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 the Chairman, CEO, and its major shareholder with 77% voting rights as of June 30, 2023. ZTO's strategic shareholder is leading China e-commerce company, Alibaba Group, with around an 11.7% interest.

Financial Strength

8/10

Name	Current	Vs Industry
Cash-To-Debt	1.28
Equity-to-Asset	0.68
Debt-to-Equity	0.26
Debt-to-EBITDA	1.41
Interest Coverage	34.53
Piotroski F-Score	7/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	4.11	Distress Grey Safe
Beneish M-Score	-2.83	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

10/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	9.8
	3-Year EBITDA Growth Rate	20.3
	3-Year EPS without NRI Growth Rate	19.5
	3-Year Book Growth Rate	4.8
	Future 3-5Y EPS without NRI Growth Rate	14.7
	Future 3-5Y Total Revenue Growth Rate	19

Momentum Rank

3/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	80.46
	9-Day RSI	65.26
	14-Day RSI	59.25
	6-1 Month Momentum %	-10.59
	12-1 Month Momentum %	-23.42

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	1.34
	Quick Ratio	1.34
	Cash Ratio	0.99
	Days Inventory	0.42
	Days Sales Outstanding	15.99
	Days Payable	29.43

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Yield %	2.84
	Forward Dividend Yield %	2.84
	5-Year Yield-on-Cost %	2.84
	3-Year Average Share Buyback Ratio	1
	Shareholder Yield %	-0.54

Profitability Rank

9/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	30.34
	Operating Margin %	26.01
	Net Margin %	22.72
	FCF Margin %	34.75
	ROE %	15.46
	ROA %	10.42
	ROIC %	11.23
	ROC (Joel Greenblatt) %	34.71
	ROCE %	16.91
	Years of Profitability over Past 10-Year	10

GF Value Rank

10/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	14.54
	Forward PE Ratio	12.59
	PE Ratio without NRI	14.71
	Shiller PE Ratio	27.01
	Price-to-Owner-Earnings	15.41
	PEG Ratio	1.11
	PS Ratio	3.3
	PB Ratio	2.08
	Price-to-Tangible-Book	2.49
	Price-to-Free-Cash-Flow	9.46
	Price-to-Operating-Cash-Flow	9.46
	EV-to-EBIT	10.93
	EV-to-Forward-EBIT	11.08
	EV-to-EBITDA	10.93
	EV-to-Forward-EBITDA	8.56
	EV-to-Revenue	3.12
	EV-to-Forward-Revenue	2.81
	EV-to-FCF	8.82
	Price-to-Projected-FCF	0.76
	Price-to-Peter-Lynch-Fair-Value	1.28
	Price-to-Graham-Number	1.28
	Earnings Yield (Greenblatt) %	9.15
	FCF Yield %	10.78
	Forward Rate of Return (Yacktman) %	18.72

GF Value: $29.37

ZTO

Warning Signs

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