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SHENGFENG DEVELOPMENT vs ZTO Express (Cayman): revenue, profit, margins and growth compared

SHENGFENG DEVELOPMENT brought in $572.5M of revenue in fiscal 2025, ZTO Express (Cayman) $7B in fiscal 2025. Revenue changed by +13.6% at SHENGFENG DEVELOPMENT and +15.7% at ZTO Express (Cayman) on the year before, so ZTO Express (Cayman) grew faster. SHENGFENG DEVELOPMENT kept 2.1% of its revenue as net profit, ZTO Express (Cayman) 18.5%. Free cash flow was -$2.9M at SHENGFENG DEVELOPMENT and $965.8M at ZTO Express (Cayman).

Side by side, latest fiscal year

SFWLZTO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$572.5M$7B
Revenue growth+13.6%+15.7%
Net income$11.9M$1.3B
Net margin2.1%18.5%
Free cash flow-$2.9M$965.8M
Free cash flow margin-0.5%13.8%
Earnings per share (diluted)n/a$1.60
Cash$35.3M$1.4B
Debt$81.3Mn/a
Price to earningsn/an/a
Market value$734.2M$15.1B
Dividend yieldn/an/a
Rank by revenue in sector#321 of 587 · Industrials#101 of 587 · Industrials

Over the years

Revenue
SFWL FY2020: $287.5MSFWL FY2022: $346.7MSFWL FY2022: $370.3MSFWL FY2023: $404.1MSFWL FY2024: $504.2MSFWL FY2025: $572.5MZTO FY2018: $2.6BZTO FY2019: $3.2BZTO FY2020: $3.9BZTO FY2021: $4.8BZTO FY2022: $5.1BZTO FY2023: $5.4BZTO FY2024: $6.1BZTO FY2025: $7BFY18FY19FY20FY21FY22FY23FY24FY25
SFWL $572.5MZTO $7B
Net income
SFWL FY2020: $6.1MSFWL FY2022: $6.9MSFWL FY2022: $7.8MSFWL FY2023: $10.3MSFWL FY2024: $10.9MSFWL FY2025: $11.9MZTO FY2018: $637.5MZTO FY2019: $815MZTO FY2020: $660.9MZTO FY2021: $746.1MZTO FY2022: $987.2MZTO FY2023: $1.2BZTO FY2024: $1.2BZTO FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
SFWL $11.9MZTO $1.3B
Net margin
SFWL FY2020: 2.1%SFWL FY2022: 2.0%SFWL FY2022: 2.1%SFWL FY2023: 2.5%SFWL FY2024: 2.2%SFWL FY2025: 2.1%ZTO FY2018: 24.9%ZTO FY2019: 25.7%ZTO FY2020: 17.1%ZTO FY2021: 15.6%ZTO FY2022: 19.2%ZTO FY2023: 22.8%ZTO FY2024: 19.9%ZTO FY2025: 18.5%FY18FY19FY20FY21FY22FY23FY24FY25
SFWL 2.1%ZTO 18.5%
Revenue growth
SFWL FY2022: +20.6%SFWL FY2022: +6.8%SFWL FY2023: +9.1%SFWL FY2024: +24.8%SFWL FY2025: +13.6%ZTO FY2019: +24.0%ZTO FY2020: +21.7%ZTO FY2021: +23.5%ZTO FY2022: +7.5%ZTO FY2023: +5.5%ZTO FY2024: +12.1%ZTO FY2025: +15.7%FY19FY20FY21FY22FY23FY24FY25
SFWL +13.6%ZTO +15.7%
Free cash flow
SFWL FY2020: -$5.6MSFWL FY2022: -$2.2MSFWL FY2022: -$2.1MSFWL FY2023: $3.4MSFWL FY2024: -$14.5MSFWL FY2025: -$2.9MZTO FY2018: $157.1MZTO FY2019: $239.7MZTO FY2020: -$350.4MZTO FY2021: -$178.9MZTO FY2022: $639.6MZTO FY2023: $962.3MZTO FY2024: $852.3MZTO FY2025: $965.8MFY18FY19FY20FY21FY22FY23FY24FY25
SFWL -$2.9MZTO $965.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about SHENGFENG DEVELOPMENT and ZTO Express (Cayman)

Which is bigger by revenue, SHENGFENG DEVELOPMENT or ZTO Express (Cayman)?

ZTO Express (Cayman) is bigger by revenue: $7B in fiscal 2025, against $572.5M for SHENGFENG DEVELOPMENT in fiscal 2025.

Which keeps more of its revenue as profit, SHENGFENG DEVELOPMENT or ZTO Express (Cayman)?

SHENGFENG DEVELOPMENT had a net margin of 2.1% in fiscal 2025; ZTO Express (Cayman) had 18.5% in fiscal 2025.

Which grew revenue faster, SHENGFENG DEVELOPMENT or ZTO Express (Cayman)?

In their latest fiscal years revenue changed by +13.6% at SHENGFENG DEVELOPMENT and +15.7% at ZTO Express (Cayman).

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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