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ZTO Express (Cayman)MEX:ZTO N 88 ROC (Joel Greenblatt) % is 30.60% as of Mar. 2026, which is 13% below its 10-year median of 35.05. GuruFocus rates MEX:ZTO N with a GF Score™ of 88/100 and a GF Value™ of MXN493.85. The stock has 4 warning signs investors should review. Among 998 Transportation companies, ZTO Express (Cayman) ranks better than 83.77% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. ZTO Express (Cayman)'s annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 30.60%.
The historical rank and industry rank for ZTO Express (Cayman)'s ROC (Joel Greenblatt) % or its related term are showing as below:
MEX:ZTO N'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 26.21 Med: 35.05 Max: 95.3
Current: 32.08
During the past 12 years, ZTO Express (Cayman)'s highest ROC (Joel Greenblatt) % was 95.30%. The lowest was 26.21%. And the median was 35.05%.
MEX:ZTO N's ROC (Joel Greenblatt) % is ranked better than 83.77% of 998
companies
in the Transportation industry
Industry Median: 11.76
vs MEX:ZTO N: 32.08
ZTO Express (Cayman)'s 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 3.50% per year.
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
ZTO Express (Cayman) ROC (Joel Greenblatt) % Related Terms
ZTO Express (Cayman) ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for ZTO Express (Cayman)'s ROC (Joel Greenblatt) % 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.
MEX:ZTO N vs EXPD, CHRW, FDXF: ROC (Joel Greenblatt) % Comparison
For the Integrated Freight & Logistics subindustry, ZTO Express (Cayman)'s ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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) ROC (Joel Greenblatt) % vs Transportation Industry
For the Transportation industry and Industrials sector, ZTO Express (Cayman)'s ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where ZTO Express (Cayman)'s ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* 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.
What does a ROC (Joel Greenblatt) % of 30.60% mean?
ZTO Express (Cayman) (MEX:ZTO N) has a ROC (Joel Greenblatt) % of 30.60% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on ZTO Express (Cayman) and its competitors. This is 13% below median its historical median of 35.05. Over the past decade, ZTO Express (Cayman)'s ROC (Joel Greenblatt) % has ranged from 26.21 to 95.30. According to the industry distribution chart, ZTO Express (Cayman) ranks #162 out of 998 companies in the Transportation industry, placing it in the top 16.2%.
Is ZTO Express (Cayman)'s ROC (Joel Greenblatt) % too high?
ZTO Express (Cayman)'s current ROC (Joel Greenblatt) % of 30.60% is 13% below median its 10-year median of 35.05. Over the past 10 years, this metric has ranged from a low of 26.21 to a high of 95.30. The Transportation industry median ROC (Joel Greenblatt) % is 11.76. ZTO Express (Cayman)'s value of 30.60% is 160.2% above this industry median. Based on the distribution chart, ZTO Express (Cayman) ranks #162 out of 998 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, ZTO Express (Cayman) has a GF Score™ of 88/100, reflecting its overall financial health beyond just this single metric.
How does ZTO Express (Cayman)'s ROC (Joel Greenblatt) % compare to EXPD and CHRW?
According to the Transportation industry distribution chart, ZTO Express (Cayman) ranks #162 out of 998 companies for ROC (Joel Greenblatt) %. This places ZTO Express (Cayman) in the top 16% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 11.76. ZTO Express (Cayman)'s value of 30.60% is 160.2% above this benchmark. Historically, ZTO Express (Cayman)'s own ROC (Joel Greenblatt) % has ranged from 26.21 to 95.30 over the past decade. While the company's 10-year median is 35.05 vs. the industry median of 11.76, ZTO Express (Cayman) has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for a Transportation company?
The median ROC (Joel Greenblatt) % among Transportation companies is 11.76, based on 998 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. ZTO Express (Cayman)'s current ROC (Joel Greenblatt) % of 30.60% is 160.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on ZTO Express (Cayman) and its competitors. For the Transportation industry, the median ROC (Joel Greenblatt) % is 11.76 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. ZTO Express (Cayman)'s current ROC (Joel Greenblatt) % is 30.60%, which is 13% below median its own 10-year median of 35.05. 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?
ZTO Express (Cayman) (MEX:ZTO N) has a current ROC (Joel Greenblatt) % of 30.60%. The stock's GF Value™ is MXN493.85, compared to a current price of MXN426.00 — trading 13.7% below its estimated fair value. The current ROC (Joel Greenblatt) % is 30.60%, which is 13% below median its 10-year median of 35.05 and 160.2% above the Transportation industry median of 11.76. ZTO Express (Cayman)'s overall GF Score™ is 88/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For ZTO Express (Cayman) (MEX:ZTO N), the current ROC (Joel Greenblatt) % is 30.60% 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) (MEX:ZTO N) Overvalued in 2026?
Based on GuruFocus' analysis, ZTO Express (Cayman) stock appears to be undervalued.
The current stock price of MXN426.00 is trading 13.7% below its estimated GF Value™ of MXN493.85.
Key valuation signals for MEX:ZTO N:
ROC (Joel Greenblatt) %: 30.60% (13% below median its 10-year median of 35.05)
GF Value™: MXN493.85 vs. price of MXN426.00 (13.7% below fair value)
Industry Position: 160.2% above the Transportation median (#162 of 998)
No single metric tells the full story. See the MEX:ZTO N 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.
88GF Score
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