EXPD vs ZTO: Expeditors International of Washington and ZTO Express (Cayman) compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Expeditors International of Washington is the larger company, worth $25.5B, about 1.8 times ZTO Express (Cayman).
- Expeditors International of Washington grew revenue faster over the last year (+32.1% vs +10.9%).
- ZTO Express (Cayman) keeps more of each dollar of revenue as operating profit (21.3% vs 9.8%).
- On earnings, ZTO Express (Cayman) is the cheaper stock (11.1x vs 31.5x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | EXPD | ZTO |
|---|---|---|
| Market cap | $25.5B | $14.3B |
| Share price | $193.24 | $20.15 |
| Revenue (last fiscal year) | $11.1B | $49.1B |
| Free cash flow (last fiscal year) | $953M | $6.8B |
| Revenue growth, last year | +32.1% | +10.9% |
| Revenue growth per year, last 5 fiscal years | -9.5% | +12.7% |
| Operating margin | 9.8% | 21.3% |
| Net margin | 7.6% | 18.5% |
| Return on equity | 43.4% | 13.7% |
| P/E (trailing) | 31.5x | 11.1x |
| Price / free cash flow | 26.7x | 2.43x |
| EV / EBITDA | 19.5x | 9.63x |
| FCF growth the price implies | 8.8% | — |
| Dividend yield | 0.78% | 3.7% |
| Debt / equity | 1.42x | 0.36x |
| Fundamental grade | C | B |
| Superinvestors holding it | 3 | 1 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Expeditors International of Washington
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $16.5B | $832M | 11.6% |
| 2022 | $17.1B | $2.0B | 10.7% |
| 2023 | $9.3B | $1.0B | 10.1% |
| 2024 | $10.6B | $683M | 9.8% |
| 2025 | $11.1B | $953M | 9.5% |
ZTO Express (Cayman)
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $30.4B | -$1.1B | 18.1% |
| 2022 | $35.4B | $4.4B | 21.9% |
| 2023 | $38.4B | $6.8B | 26.0% |
| 2024 | $44.3B | $6.2B | 26.6% |
| 2025 | $49.1B | $6.8B | 21.3% |
Where the revenue comes from
Expeditors International of Washington · by products, 2025
ZTO Express (Cayman) · by products, 2024
Questions
Which is bigger, Expeditors International of Washington or ZTO Express (Cayman)?
Expeditors International of Washington (EXPD), at $25.5B against $14.3B.
Is EXPD or ZTO cheaper?
By trailing P/E, ZTO Express (Cayman) (11.1x) is cheaper than Expeditors International of Washington (31.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, EXPD or ZTO?
Expeditors International of Washington: revenue grew +32.1% over the last year, against +10.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.