FedEx Corp., current enterprise value calculation

Current share price (P)	$265.84
No. shares of common stock outstanding	246,080,750
US$ in millions
Common equity (market value)¹	65,418)
Total equity	65,418)
Add: Current portion of long-term debt (per books)	126)
Add: Long-term debt, less current portion (per books)	20,453)
Total equity and debt	85,997)
Less: Cash and cash equivalents	6,856)
Enterprise value (EV)	79,141)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 265.84 × 246,080,750

FedEx Corp., EV calculation

	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
Share price^1, 2	$254.73	$217.98	$294.82	$164.13	$169.79	$230.18
No. shares of common stock outstanding¹	251,187,242	259,845,660	267,348,232	261,954,496	260,808,410	265,924,840
US$ in millions
Common equity (market value)³	63,985)	56,641)	78,820)	42,995)	44,283)	61,211)
Total equity	63,985)	56,641)	78,820)	42,995)	44,283)	61,211)
Add: Current portion of long-term debt (book value)	126)	82)	146)	51)	964)	1,342)
Add: Long-term debt, less current portion (book value)	20,453)	20,182)	20,733)	21,952)	16,617)	15,243)
Total equity and debt	84,564)	76,905)	99,699)	64,998)	61,864)	77,796)
Less: Cash and cash equivalents	6,856)	6,897)	7,087)	4,881)	2,319)	3,265)
Enterprise value (EV)	77,708)	70,008)	92,612)	60,117)	59,545)	74,531)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of FedEx Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 254.73 × 251,187,242

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	FedEx Corp. EV decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

FedEx Corp. (NYSE:FDX)

Enterprise Value (EV)