A Decade of SG&A: ZTO Express vs. Elbit Systems

In the ever-evolving landscape of global business, operational efficiency is paramount. Over the past decade, ZTO Express (Cayman) Inc. and Elbit Systems Ltd. have showcased contrasting trajectories in their Selling, General, and Administrative (SG&A) expenses. From 2014 to 2023, ZTO Express saw a staggering 354% increase in SG&A costs, reflecting its rapid expansion in the logistics sector. In contrast, Elbit Systems, a defense electronics giant, experienced a more modest 95% rise, indicative of its steady growth strategy.

Key Insights

• ZTO Express: By 2023, SG&A expenses soared to over 2.4 billion, highlighting its aggressive market penetration.
• Elbit Systems: Despite a slower growth rate, its SG&A expenses reached nearly 700 million, underscoring consistent operational scaling.

These trends offer a window into the strategic priorities of these industry leaders, with ZTO focusing on rapid expansion and Elbit maintaining steady growth.