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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 chair, 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.
2002
23.6K+
LTM Revenue $6.4B
LTM EBITDA $2.1B
$14.1B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
ZTO Express has a last 12-month revenue of $6.4B and a last 12-month EBITDA of $2.1B.
In the most recent fiscal year, ZTO Express achieved revenue of $4.9B and an EBITDA of $1.8B.
ZTO Express expects next 12-month revenue of XXX and NTM EBITDA of XXX
See ZTO Express valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $4.5B | $4.9B | XXX | XXX | XXX |
| Gross Profit | $847M | $1.2B | XXX | XXX | XXX |
| Gross Margin | 19% | 24% | XXX | XXX | XXX |
| EBITDA | $1.4B | $1.8B | XXX | XXX | XXX |
| EBITDA Margin | 32% | 36% | XXX | XXX | XXX |
| Net Profit | $611M | $876M | XXX | XXX | XXX |
| Net Margin | 13% | 18% | XXX | XXX | XXX |
| Net Debt | n/a | $88.8M | XXX | XXX | XXX |
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As of April 15, 2025, ZTO Express's stock price is HKD 144 (or $19).
ZTO Express has current market cap of HKD 115B (or $14.8B), and EV of HKD 110B (or $14.1B).
See ZTO Express trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $14.1B | $14.8B | XXX | XXX | XXX | XXX | $1.54 |
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Sign UpAs of April 15, 2025, ZTO Express has market cap of $14.8B and EV of $14.1B.
ZTO Express's trades at 2.2x LTM EV/Revenue multiple, and 6.6x LTM EBITDA.
Analysts estimate ZTO Express's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for ZTO Express and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $14.1B | XXX | XXX | XXX |
| EV/Revenue | 2.9x | XXX | XXX | XXX |
| EV/EBITDA | 7.9x | XXX | XXX | XXX |
| P/E | 13.2x | XXX | XXX | XXX |
| P/E/Growth | 0.7x | XXX | XXX | XXX |
| EV/FCF | 16.4x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Sign UpZTO Express's NTM/LTM revenue growth is 14%
ZTO Express's revenue per employee for the last fiscal year averaged $0.2M, while opex per employee averaged $9K for the same period.
Over next 12 months, ZTO Express's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate ZTO Express's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for ZTO Express and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | 9% | XXX | XXX | XXX | XXX |
| EBITDA Margin | 36% | XXX | XXX | XXX | XXX |
| EBITDA Growth | 24% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | 50% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $0.2M | XXX | XXX | XXX | XXX |
| Opex per Employee | $9K | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| Opex to Revenue | 4% | XXX | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Ferrari Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Inpost | XXX | XXX | XXX | XXX | XXX | XXX |
| PostNL | XXX | XXX | XXX | XXX | XXX | XXX |
| Toppoint | XXX | XXX | XXX | XXX | XXX | XXX |
| Brambles | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
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ZTO Express acquired XXX companies to date.
Last acquisition by ZTO Express was XXXXXXXX, XXXXX XXXXX XXXXXX . ZTO Express acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Sign Up| When was ZTO Express founded? | ZTO Express was founded in 2002. |
| Where is ZTO Express headquartered? | ZTO Express is headquartered in Hong Kong. |
| How many employees does ZTO Express have? | As of today, ZTO Express has 23.6K+ employees. |
| Who is the CEO of ZTO Express? | ZTO Express's CEO is Mr. Meisong Lai. |
| Is ZTO Express publicy listed? | Yes, ZTO Express is a public company listed on HKG. |
| What is the stock symbol of ZTO Express? | ZTO Express trades under 02057 ticker. |
| When did ZTO Express go public? | ZTO Express went public in 2020. |
| Who are competitors of ZTO Express? | Similar companies to ZTO Express include e.g. Ferrari Group, Inpost, PostNL, Toppoint. |
| What is the current market cap of ZTO Express? | ZTO Express's current market cap is $14.8B |
| What is the current revenue of ZTO Express? | ZTO Express's last 12-month revenue is $6.4B. |
| What is the current EBITDA of ZTO Express? | ZTO Express's last 12-month EBITDA is $2.1B. |
| What is the current EV/Revenue multiple of ZTO Express? | Current revenue multiple of ZTO Express is 2.2x. |
| What is the current EV/EBITDA multiple of ZTO Express? | Current EBITDA multiple of ZTO Express is 6.6x. |
| What is the current revenue growth of ZTO Express? | ZTO Express revenue growth between 2023 and 2024 was 9%. |
| Is ZTO Express profitable? | Yes, ZTO Express is EBITDA-positive (as of the last 12 months). |
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