Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
ZTO Express (Cayman) Inc.
Physical assets are 39.4% of total assets, a mixed footprint. Capex is 1.80x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. EBITDA after capex covers debt service by 0.77x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 1.37x.
Physical asset ratio
39.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.37x
Revenue per dollar of the physical asset base.
Capex / D&A
1.80x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
BRL 70.07
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.36x
Price BRL 25.22.
Fixed-charge coverage
0.77x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.8%
Latest free cash flow divided by current market cap (BRL 75.44B).
ROIC
16.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.29x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2021 | 41.3% | 1.18x | 4.20x | BRL 48.63 | -0.43x | -BRL 2.11B | 10.7% | 0.21x |
| 2022 | 37.8% | 1.19x | 2.78x | BRL 54.76 | 0.65x | BRL 4.07B | 12.8% | 0.26x |
| 2023 | 37.2% | 1.17x | 2.32x | BRL 62.01 | 0.89x | BRL 6.69B | 15.0% | 0.30x |
| 2024 | 37.4% | 1.28x | 1.95x | BRL 64.65 | 0.93x | BRL 5.53B | 14.5% | 0.31x |
| 2025 | 39.4% | 1.37x | 1.80x | BRL 70.07 | 0.77x | BRL 5.89B | 16.7% | 0.29x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: BRL 35.83B
Inventory: BRL 40.65M
Total assets: BRL 91.02B
Goodwill: BRL 4.16B
Intangibles: BRL 6.81B
Liabilities: BRL 24.64B
Tangible book: BRL 55.41B
Shares: 790,812,320
Revenue: BRL 49.10B
Capex: BRL 6.07B
D&A: BRL 3.38B
EBITDA: BRL 14.68B
Interest: BRL 248.61M
Short-term debt: BRL 10.93B
Free cash flow: BRL 5.89B
Operating income: BRL 10.43B
Invested capital: BRL 51.83B
Tax rate: 17.2%