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ZTO Express (Cayman) Inc (2057) Fair Value & Analysis

Industrials · HK · Market cap HK$137B

ZE ZTO Express (Cayman) Inc 2057 · HK
PriceHK$186.80
Fair ValueHK$241.93
Upside+29.5%
Quality67/100
Healthy Growth
Solidly profitable · 17.9% net margin
Low debt · generates free cash flow
2.81% dividend yield
Ranks above peers (11/15)
Moderate moat 63/100
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Evidence: High Range HK$178.40 – HK$302.88 Share as image

Fair value as of: Jul 5, 2026

From 26 valuation models · updated 29 days ago

Fair value updated Jul 5, 2026, revised from HK$328.95 to HK$241.93 (−26.5%) since Jul 2, 2026. Share price +8.9% over the past month.

A solid business, screening 30% undervalued on our models.

What matters now

  • Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from HK$178.40 (bear) to HK$302.88 (bull), base HK$241.93. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 67/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

HK$229.59 HK$114.35 Fair Value HK$241.93 Mar 2021 Jul 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 5, 2026.

How to read this chart

60‑month range HK$114.35 – HK$229.59 · fair‑value band HK$178.40 – HK$302.88 · the HK$186.80 price screens below the HK$241.93 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 5, 2026.

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Analysis

ZTO Express (Cayman) Inc (2057) currently trades at HK$186.80, while our model-based Fair Value estimate is HK$241.93, implying the stock looks roughly 29.5% undervalued today. We read business quality at 67/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, ZTO Express (Cayman) Inc generated revenue of HK$51.5B at a net margin of 17.9%. Revenue grew 22.0% year over year. It earns a return on equity of 14.9%. Net debt stands at HK$1.4B. Fundamentals as of Jul 5, 2026

Our scenario range runs from HK$178.40 (bear case) to HK$302.88 (bull case); at HK$186.80, the current price sits within that range. The share trades about 9% below its 52-week high and 40% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -11% fair-value upside, at 30%, 2057 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF HK$125.91 HK$248.10 HK$448.71 80
Residual Income HK$77.60 HK$95.69 HK$214.98 76
Rev-Margin DCF HK$120.68 HK$218.31 HK$357.47 74
All 26 models by family
DCF Models
FCF DCF HK$129.75 HK$224.35 HK$470.74 38
Owner Earnings HK$138.32 HK$278.09 HK$553.91 31
5Y Revenue Exit HK$120.68 HK$222.43 HK$371.27 39
5Y EBITDA Exit HK$148.65 HK$285.54 HK$472.47 41
5Y P/E Exit HK$156.15 HK$303.37 HK$486.28 38
10Y Revenue Exit HK$118.99 HK$221.58 HK$387.52 36
10Y EBITDA Exit HK$142.21 HK$270.59 HK$492.52 37
10Y P/E Exit HK$147.38 HK$283.72 HK$505.20 35
Earnings-Based
Graham-Dodd HK$73.28 HK$453.10 HK$632.44 54
Lynch FV HK$130.13 HK$185.90 HK$241.67 50
PEG = 1.0 HK$130.13 HK$185.90 HK$241.67 46
EPV HK$99.42 HK$113.98 HK$126.72 59
Dividend Discount
Gordon GGM HK$40.92 HK$85.09 HK$134.98 70
DDM Multi-Stage HK$40.92 HK$71.75 HK$89.30 61
Multiples
P/E Multiple HK$161.65 HK$215.54 HK$269.42 63
P/S Multiple HK$109.26 HK$145.67 HK$182.09 58
P/B Multiple HK$137.40 HK$183.21 HK$229.01 55
EV/EBIT HK$166.42 HK$217.87 HK$269.32 53
EV/EBITDA HK$162.64 HK$212.84 HK$263.03 54
EV/Revenue HK$114.04 HK$157.74 HK$201.44 43
Asset-Based
NCAV (Graham) HK$40.46 HK$54.21 HK$80.91 50
Growth DCF
Growth DCF HK$125.91 HK$248.10 HK$448.71 80
Rev-Margin DCF HK$120.68 HK$218.31 HK$357.47 74
Economic Profit
Residual Income HK$77.60 HK$95.69 HK$214.98 76
ROIC Compounder HK$112.00 HK$159.52 HK$200.01 72
Growth Earnings
Growth-Adj P/E HK$182.67 HK$260.96 HK$339.25 68

Widest divergence: DCF Models (HK$270.59) versus Asset-Based (HK$54.21). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) HK$51.5B
Revenue growth (YoY) +22.0%
Net margin 17.9%
Return on equity 14.9%
Free cash flow HK$6.6B FY2025
P/E ratio 13.7
More key figures
Operating margin 19.2%
EPS (TTM) HK$11.84
Dividend yield 2.8%
EPS growth (YoY) +9.8%
Net debt HK$1.4B FY2025

Figures from reported company fundamentals · as of Jul 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 64 · Market factors (momentum, volatility) 66

Profitability 50
Margins and returns on capital today
Quality Growth 34
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 64
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 51
Price trend over the last 3–12 months (market factor)
52W Momentum 73
Distance to the 52-week high (market factor)
Net Issuance 92
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

ZTO Express (Cayman) Inc. provides express delivery and other value-added logistics services in the People's Republic of China. It also offers less-than-truckload (LTL) logistics services; integrated logistics solutions for warehousing, distribution, and transportation; and freight forwarding services.

Full company description

ZTO Express (Cayman) Inc. provides express delivery and other value-added logistics services in the People's Republic of China. It also offers less-than-truckload (LTL) logistics services; integrated logistics solutions for warehousing, distribution, and transportation; and freight forwarding services. The company was founded in 2002 and is headquartered in Shanghai, the People's Republic of China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ZTO Express (Cayman) Inc reported revenue of HK$47.8B in FY2025 versus HK$30.4B in FY2021, a compound +12.0%/yr. Reported net income was HK$8.8B in FY2025, compounding +16.8%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$47.8B
Latest YoY
+8.0%
Avg. growth/yr (3Y)
+10.6%
Avg. growth/yr (5Y)
+13.7%
Avg. growth/yr (11Y)
+25.6%
Revenue +12.0%/yr
FY21 HK$30.4B
FY22 HK$35.4B
FY23 HK$38.4B
FY24 HK$44.3B
FY25 HK$47.8B
Net income +16.8%/yr
FY21 HK$4.8B
FY22 HK$6.8B
FY23 HK$8.7B
FY24 HK$8.8B
FY25 HK$8.8B

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Cite: Fair Value Calculator (2026). "ZTO Express (Cayman) Inc Fair Value". https://www.fairvalue-calculator.com/stock/2057

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Integrated Freight & Logistics · 220 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 67 · Top 25%
Fair Value upside +30% · Above median
Return on equity (TTM) 15% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 18% · Top 25%
Operating margin (TTM) 19% · Top 25%
Revenue growth 22% · Top 25%
Dividend yield (TTM) 2.8% · Above median
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Integrated Freight & Logistics median · lower = cheaper

P/E (TTM) 13.7× · Cheaper than median
P/B 2.07× · Pricier than 75% of peers
P/S (TTM) 2.66× · Pricier than 75% of peers
P/FCF 2.7× · Pricier than median
EV/EBITDA 9.0× · Pricier than median
PEG 1.17× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 73 · sector 44
FUTURE 100 · sector 8
PAST 60 · sector 26
HEALTH 100 · sector 93
DIVIDEND 56 · sector 55

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Integrated Freight & Logistics stocks, each showing price versus our Fair Value estimate (as of Jul 5, 2026).

Stock Price Fair Value vs Fair Value
United Parcel Service, Inc UPS $117.72 $104.58 -11%
FedEx Corporation FDX $314.69 $347.68 +10%
Deutsche Post AG DHL €57.22 €53.18 -7%
DSV A/S DSV kr 1,660 kr 712.57 -57%
Kuehne + Nagel International AG KNIN CHF 209.90 CHF 147.92 -30%
J.B. Hunt Transport Services, Inc JBHT $291.41 $133.80 -54%
S.F. Holding 002352 ¥31.91 ¥48.64 +52%
C.H. Robinson Worldwide, Inc CHRW $193.50 $86.56 -55%
Expeditors International of Washington, Inc EXPD $172.02 $115.95 -33%
Hyundai Glovis Co 086280 191,200 KRW 468,982 KRW +145%

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Frequently asked questions

Is ZTO Express (Cayman) Inc (2057) overvalued or undervalued?
As of Jul 5, 2026, our model estimates a fair value of HK$241.93 versus a price of HK$186.80, about +30% (undervalued).
What is the fair value of 2057?
Our model-based fair value for ZTO Express (Cayman) Inc is HK$241.93 (as of Jul 5, 2026), built from audited fundamentals. The current price is HK$186.80.
What is the quality score of 2057?
ZTO Express (Cayman) Inc has a Quality Score of 67/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of ZTO Express (Cayman) Inc (2057)?
ZTO Express (Cayman) Inc reported trailing-twelve-month revenue of about HK$51.5B (latest available figure, as of Jul 5, 2026).
What is the net profit margin of 2057?
The net profit margin of ZTO Express (Cayman) Inc is about 17.9%, meaning it keeps roughly 17.9% of revenue as net income. Based on the latest reported figures.
Does ZTO Express (Cayman) Inc pay a dividend?
ZTO Express (Cayman) Inc currently shows a dividend yield of about 2.81% relative to its recent price (as of Jul 5, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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