ZTO Express (Cayman) Inc.

ZTONYSEIndustrials● Active

$22.28

$-0.23(-1.02%)

Market Cap$17.6B

P/E Ratio—

52W High$26.2

52W Low$16.94

Avg Volume1.7M

Open$22.58

Beta-0.22

Overview

ZTO Express (Cayman) Inc. (ZTO) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

ZTO · free cash flow · updated Jun 8, 2026

Core FCF metrics

ZTO · FCF · TTM · margin & CAGR

Free cash flow was $5.89B for FY2025 (fiscal year ending 2025-12-31), up 6.6% year-over-year The FCF margin was 12.3%.

FY2025 Free Cash Flow$5.89B▲ +6.6% YoY

Trailing 12M (TTM)$2.32Btrailing 4 quarters sum

FCF Margin12.3%$5.89B ÷ revenue

3-Year CAGR+13.2%FY2022 → FY2025

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

ZTO · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$11.97B(6.07B)$5.89B▲ +6.6%12.3%

FY2024$11.43B(5.90B)$5.53B▼ 17.4%12.5%

FY2023$13.36B(6.67B)$6.69B▲ +64.5%17.4%

FY2022$11.48B(7.41B)$4.07B▲ +293.0%11.5%

FY2021$7.22B(9.33B)−$2.11B▲ +50.5%-6.9%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

ZTO · P/FCF · FCF yield · FCF per share

ZTO Express (Cayman) Inc. (ZTO) trades at a FCF yield of -0.67% and a price-to-free-cash-flow ratio of 7.7x. FCF per share stands at $2.90, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

-0.67%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$2.90

TTM FCF ÷ Shares Outstanding

Price / FCF

x7.7

Share Price ÷ FCF per Share

EV / FCF (TTM)

x-162.6

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

ZTO · cash flow statement · operating / investing / financing

For FY2025, ZTO Express (Cayman) Inc. generated $11.97B in operating cash flow and spent 6.07B in capital expenditures, yielding $5.89B in free cash flow.

Operating Activities

+$11.97B

Cash from core business operations

2025-12-31

Investing Activities

−$4.83B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$10.57B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($11.97B) − |CapEx| (6.07B) = FCF ($5.89B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Industrials)

ZTO vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

ZTO Express (Cayman) Inc.YOU

ZTO

$5.89B+6.6%12.3%

57%

Union Pacific Corporation

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

ZTO Express (Cayman) Inc. (ZTO) reported free cash flow of $5.89B for FY2025 (fiscal year ending 2025-12-31), up 6.6% year-over-year. The FCF margin was 12.3%.

Based on available data, ZTO Express (Cayman) Inc. has maintained positive free cash flow for at least 9 fiscal year(s). FCF peaked at $6.69B in FY2023.

ZTO Express (Cayman) Inc.'s FCF yield is -0.67% and price-to-FCF ratio is 7.7x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

ZTO free cash flow · 8 questions

ZTO Express (Cayman) Inc. free cash flow was $5.89B for FY2025, up 6.6% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $2.32B.

ZTO free cash flowZTO FCFZTO FCF 2025ZTO free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · ZTO Express (Cayman) Inc. · ZTO Express (Cayman) Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026