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One of China's largest economy-tier express parcel delivery companies, mainly serving e-commerce.
One of China's largest economy-tier express parcel delivery companies, mainly serving e-commerce.
Partners own the local pickup and delivery stations and pay ZTO per parcel for hub-to-hub transport and sorting, plus use of its brand and IT system, so ZTO owns the hubs and long-distance trucks but little of the last mile. The same company's US-listed ADRs trade as ZTO.
In one line: A Chinese USPS-parcel-scale peer, but investor-owned and franchise-based.
Moat: narrow (scale, network effects, cost advantage). Large franchise-based delivery network gives density and cost advantages in high-volume routes.
Headquarters: Shanghai, China · Founded: 2002 · Employees: 23,399
Size Zto Express-w (2057.HK) is a Hong Kong Industrials company (Air Freight/Couriers) with a market value of $15.6B, the 113th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$163.60 on 6 Nov 2026.
Performance Over six months the shares fell 18.5%, against -1.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th lowest of 20 in its peer set.
Growth Revenue grew 21.2% over the last twelve months (peer median +10.9%); the operating margin is 20.2% (peer median 5.2%).
Valuation It trades at 10.2× forward earnings against a peer median of 15.2× (4th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.4 points above its cost of capital (8.9% WACC).
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$60.6B | HK$53.2B | HK$48.0B | HK$42.8B | HK$41.1B |
| Revenue growth | — | +11% | +12% | +4% | — |
| Gross profit | HK$15.2B | HK$13.3B | HK$14.9B | HK$13.2B | HK$10.5B |
| EBITDA | HK$16.2B | HK$14.1B | HK$15.2B | HK$13.7B | HK$11.1B |
| Net income | HK$11.5B | HK$9.85B | HK$9.56B | HK$9.67B | HK$7.92B |
| Free cash flow | n/a | HK$7.33B | HK$6.75B | HK$7.55B | HK$4.85B |
| Capital expenditure | n/a | HK$6.59B | HK$6.40B | HK$7.37B | HK$8.62B |
| Total debt | HK$25.5B | HK$12.8B | HK$18.5B | HK$17.0B | HK$14.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Zto Express-w 2057.HK | $15.6B | -19% | +21% | 20% | 10.2× | -1.6% |
| S.F 6936.HK | $23.9B | -12% | +11% | 5% | 12.5× | -11.4% |
| Yunda 002120.SZ | $2.74B | -20% | +7% | 4% | 9.7× | -13.2% |
| YTO Express 600233.SS | $9.63B | -13% | +8% | 9% | 10.3× | -12.2% |
| STO Express 002468.SZ | $3.40B | -8% | +26% | 5% | 10.2× | -12.5% |
| J&T Global Express 1519.HK | $11.9B | -2% | +32% | 6% | 18.6× | -3.8% |
| Jd Logistics 2618.HK | $9.10B | -29% | +29% | 3% | 6.9× | -0.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2057.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.5% | +5.2% | 10th highest of 21 |
| 6-month return | -18.5% | -1.7% | 5th lowest of 20 |
| Distance from 52-week high | -20.4% | -16.9% | 7th lowest of 21 |
| Revenue growth (TTM) | +21.2% | +10.9% | 5th highest of 21 |
| Operating margin | 20.2% | 5.2% | highest of 21 |
| Forward P/E | 10.2× | 15.2× | 4th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -1.6% | 4.3% | 8th least demanding of 18 |
| Growth delivered (Del g) | +13.5% | +8.5% | 8th highest of 18 |
| Hurdle (Req g minus delivered) | -15.1 pp | -0.7 pp | 8th least demanding of 18 |
| ROIC minus cost of capital | +7.4 pp | +1.2 pp | 8th highest of 21 |
| EV / EBITDA | 6.9× | 10.9× | 3rd cheapest of 12 |
| Net debt / EBITDA | -0.7× | 2.0× | 2nd least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zto Express-w 2057.HK | Hong Kong | $15.6B | -19% | +21% | 20% | 10.2× | -1.6% | +13.5% |
| C.H. Robinson CHRW | United States | $14.5B | -27% | +10% | 5% | 17.2× | 9.2% | 0.0% |
| Grab GRAB | United States | $13.9B | -8% | +23% | 11% | 23.3× | 17.8% | +48.4% |
| Delivery Hero SE TEMP DHE1.DE | Germany | $12.9B | n/a | +11% | 0% | n/a | n/a | n/a |
| Delivery Hero DHER.DE | Germany | $12.9B | +31% | +11% | 0% | n/a | n/a | n/a |
| J&T Global Express 1519.HK | Hong Kong | $11.9B | -2% | +32% | 6% | 18.6× | -3.8% | +51.4% |
| Brambles BXB.AX | Australia | $20.4B | +2% | +1% | 17% | 20.8× | 8.9% | +8.3% |
| Hyundaiglovis 086280.KS | South Korea | $10.9B | -13% | +12% | 6% | 8.7× | -10.8% | +12.3% |
| Ryder System R | United States | $10.2B | +11% | +3% | 8% | 15.2× | 7.9% | +8.5% |
| S.F 002352.SZ | China | $23.9B | -7% | +6% | 5% | 15.9× | -12.9% | +14.9% |
| S.F 6936.HK | Hong Kong | $23.9B | -12% | +11% | 5% | 12.5× | -11.4% | +14.1% |
| Expeditors International EXPD | United States | $24.0B | +18% | +19% | 10% | 21.1× | 8.9% | +2.9% |
| YTO Express 600233.SS | China | $9.63B | -13% | +8% | 9% | 10.3× | -12.2% | +16.6% |
| Jd Logistics 2618.HK | Hong Kong | $9.10B | -29% | +29% | 3% | 6.9× | -0.4% | +23.4% |
| Nippon Express Hldgs 9147.T | Japan | $8.22B | +35% | +2% | 3% | 17.6× | 7.9% | +4.4% |
| Yunnan Yuntianhua 600096.SS | China | $7.17B | -28% | -19% | 11% | 9.3× | -1.7% | -1.5% |
| Sinotrans 601598.SS | China | $6.74B | +18% | -1% | 0% | 14.8× | 4.3% | +2.7% |
| GXO Logistics GXO | United States | $6.33B | +7% | +7% | 3% | 16.0× | 20.2% | +16.3% |
| Swiggy SWIGGY.NS | India | $5.61B | -32% | +42% | -15% | n/a | n/a | n/a |
| SG Holdings Co., Ltd. 9143.T | Japan | $5.56B | +1% | +14% | 5% | 14.0× | -2.6% | +4.6% |
| Poste Italiane PST.MI | Italy | $43.9B | +1% | +11% | 14% | 13.5× | 17.6% | -6.8% |