ZTO Express (Cayman) Inc.
boothcheck covers ZTO Express (Cayman) Inc. (ZTO) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed June 28, 2026.
At about $22 ZTO trades near 12 times company-wide operating income, a multiple so low it discounts a future where operating profit shrinks rather than grows. The company is doing the opposite: first-quarter 2026 revenue rose 22 percent and parcel volume grew 13.2 percent against industry growth of 5.8 percent. ZTO is the largest express-delivery operator in China, handling 9.7 billion parcels in the quarter at a 20.3 percent market share that expanded 1.4 points year over year. Annual parcel v
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174 institutional managers reported holding ZTO in 13F filings for the quarter ended 2026-03-31. Together they hold about 7% of the company; the top 10 hold 5%. 37 opened new positions that quarter. Held by Pzena Investment Management, Goldman Sachs, Temasek Holdings, among others. On the short side, 14.2M shares were sold short as of the 2026-06-15 count, about 2% of shares outstanding (10.1 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
ZTO has cut its share count 2.7% over the past five years, spending $1.09B on repurchases. It pays a dividend, and has for 8 years running. Cash returned over the past three years: $1.60B in dividends and $479.47M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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