Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
ZTO Express (Cayman)'s Net-Net Working Capital for the quarter that ended in Mar. 2026 was R$-0.94.
The industry rank for ZTO Express (Cayman)'s Net-Net Working Capital or its related term are showing as below:
BSP:Z1TO34's Price-to-Net-Net-Working-Capital is not ranked *
in the Transportation industry.
Industry Median: 6.45 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
ZTO Express (Cayman) (BSP:Z1TO34) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
ZTO Express (Cayman) Net-Net Working Capital Related Terms
ZTO Express (Cayman) Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for ZTO Express (Cayman)'s Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ZTO Express (Cayman) Net-Net Working Capital Chart
BSP:Z1TO34 vs CHRW, EXPD, FDXF: Net-Net Working Capital Comparison
For the Integrated Freight & Logistics subindustry, ZTO Express (Cayman)'s Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
ZTO Express (Cayman) Price-to-Net-Net-Working-Capital vs Transportation Industry
For the Transportation industry and Industrials sector, ZTO Express (Cayman)'s Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where ZTO Express (Cayman)'s Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of R$-0.94 mean?
ZTO Express (Cayman) (BSP:Z1TO34) has a Net-Net Working Capital of R$-0.94 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on ZTO Express (Cayman) According to the industry distribution chart, ZTO Express (Cayman) ranks #999999 out of 219 companies in the Transportation industry.
Is ZTO Express (Cayman)'s Net-Net Working Capital too high?
ZTO Express (Cayman)'s current Net-Net Working Capital is R$-0.94. Based on the distribution chart, ZTO Express (Cayman) ranks #999999 out of 219 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, ZTO Express (Cayman) has a GF Score™ of 95/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does ZTO Express (Cayman)'s Net-Net Working Capital compare to CHRW and EXPD?
According to the Transportation industry distribution chart, ZTO Express (Cayman) ranks #999999 out of 219 companies for Net-Net Working Capital. This places ZTO Express (Cayman) in the lower half of its industry. The industry median Net-Net Working Capital is 6.45. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Transportation company?
The median Net-Net Working Capital among Transportation companies is 6.45, based on 219 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on ZTO Express (Cayman) For the Transportation industry, the median Net-Net Working Capital is 6.45 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. ZTO Express (Cayman)'s current Net-Net Working Capital is R$-0.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ZTO Express (Cayman) stock overvalued right now?
Based on GuruFocus' analysis, ZTO Express (Cayman) (BSP:Z1TO34) is currently considered Modestly Undervalued. The stock's GF Value™ is R$35.76, compared to a current price of R$30.54 — trading 14.6% below its estimated fair value. The current Net-Net Working Capital is R$-0.94. ZTO Express (Cayman)'s overall GF Score™ is 95/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For ZTO Express (Cayman) (BSP:Z1TO34), the current Net-Net Working Capital is R$-0.94 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is ZTO Express (Cayman) (BSP:Z1TO34) Overvalued in 2026?
Based on GuruFocus' analysis, ZTO Express (Cayman) stock appears to be undervalued.
The current stock price of R$30.54 is trading 14.6% below its estimated GF Value™ of R$35.76.
GuruFocus considers ZTO Express (Cayman) to be Modestly Undervalued.
Key valuation signals for BSP:Z1TO34:
Net-Net Working Capital: R$-0.94
GF Value™: R$35.76 vs. price of R$30.54 (14.6% below fair value)
No single metric tells the full story. See the BSP:Z1TO34 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ZTO Express is China's largest express delivery company by parcel volume, with a volume share of 19.4% in 2024. It operates a network partner model where it provides line-haul transportation and sorting services, while its local network partners provide first-mile pickup and last-mile delivery services under the ZTO brand name. Headquartered in Shanghai, the company was founded in 2002 by Meisong Lai, who remains chair, CEO, and its major shareholder with 78% voting rights as of March 31, 2025. ZTO's strategic shareholder is leading China e-commerce company Alibaba Group with around an 8.9% interest.
95GF Score
Get the complete analysis for BSP:Z1TO34
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BSP:Z1TO34 has been successfully added to your 
