FDXF vs ZTO: FedEx Freight Holding Company and ZTO Express (Cayman) compared
FedEx Freight Holding Company is the larger company, worth $18.5B, about 1.6 times ZTO Express (Cayman).
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- FedEx Freight Holding Company is the larger company, worth $18.5B, about 1.6 times ZTO Express (Cayman).
- ZTO Express (Cayman) grew revenue faster over the last year (+10.9% vs -1.1%).
- ZTO Express (Cayman) keeps more of each dollar of revenue as operating profit (21.3% vs 6.1%).
- On earnings, ZTO Express (Cayman) is the cheaper stock (8.6x vs 28.2x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | FDXF | ZTO |
|---|---|---|
| Market cap | $18.5B | $11.7B |
| Share price | $123.56 | $20.80 |
| Revenue (last fiscal year) | $8.8B | 49.1B CNY |
| Free cash flow (last fiscal year) | -$212M | 6.8B CNY |
| Revenue growth, last year | -1.1% | +10.9% |
| Revenue growth per year, last 5 fiscal years | -3.4% | +12.7% |
| Operating margin | 6.1% | 21.3% |
| Net margin | 7.5% | 18.5% |
| Return on equity | — | 13.7% |
| P/E (trailing) | 28.2x | 8.55x |
| Price / free cash flow | — | 2.50x |
| EV / EBITDA | 15.5x | 5.36x |
| FCF growth the price implies | — | — |
| Dividend yield | — | 12.9% |
| Debt / equity | — | 0.17x |
| Fundamental grade | D | B |
| Superinvestors holding it | 27 | 9 |
| 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.
FedEx Freight Holding Company
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2024 | $9.4B | $1.1B | 18.6% |
| 2025 | $8.9B | $1.1B | 15.8% |
| 2026 | $8.8B | -$212M | 6.1% |
ZTO Express (Cayman)
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | 30.4B CNY | -1.1B CNY | 18.1% |
| 2022 | 35.4B CNY | 4.4B CNY | 21.9% |
| 2023 | 38.4B CNY | 6.8B CNY | 26.0% |
| 2024 | 44.3B CNY | 6.2B CNY | 26.6% |
| 2025 | 49.1B CNY | 6.8B CNY | 21.3% |
Where the revenue comes from
FedEx Freight Holding Company · by products, 2026
ZTO Express (Cayman) · by products, 2025
Questions
Which is bigger, FedEx Freight Holding Company or ZTO Express (Cayman)?
FedEx Freight Holding Company (FDXF), at $18.5B against $11.7B.
Is FDXF or ZTO cheaper?
By trailing P/E, ZTO Express (Cayman) (8.55x) is cheaper than FedEx Freight Holding Company (28.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, FDXF or ZTO?
ZTO Express (Cayman): revenue grew +10.9% over the last year, against -1.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.