Common-Size Balance Sheet: Assets
Quarterly Data
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FedEx Corp. pages available for free this week:
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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FedEx Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
- Cash and cash equivalents
- The percentage of cash and cash equivalents relative to total assets showed an initial increase from 3.49% in August 2019 to a peak of 10.7% in February 2021. Subsequently, it declined with some fluctuations, stabilizing around 6-8% through early 2024 and tapering slightly toward mid-2025 to approximately 6.28%.
- Receivables, less allowances
- Receivables as a percentage of total assets fluctuated moderately, peaking near 14.58% in May 2021 and gradually decreasing thereafter, reaching a low around 11.5-11.6% in late 2023 and early 2024, before showing a modest rebound to nearly 13% by mid-2025.
- Spare parts, supplies, and fuel, less allowances
- This category remained relatively stable, consistently accounting for roughly 0.7-0.8% of total assets across the entire period, with only minor variation observed.
- Prepaid expenses and other
- Prepaid expenses and other current assets showed some volatility, rising from about 1.08% in August 2019 to a higher range of 1.4-1.5% by late 2022 and early 2023, then declining again toward approximately 1.04% by mid-2025.
- Current assets
- Current assets increased notably during 2020, expanding from 19.02% in August 2019 to a peak of around 26.2% by November 2020, reflecting heightened liquidity or working capital during this period. After this peak, current assets gradually decreased and stabilized near 20-21% toward mid-2025.
- Property and equipment, at cost
- Property and equipment as a percentage of total assets decreased initially from about 89.75% in August 2019 to approximately 82% by early 2021. Thereafter, a consistent increase resumed, reaching a peak above 101% by early 2025, before a slight decline to just under 100% at mid-2025. This suggests ongoing capital investments exceeding depreciation impacts over time.
- Accumulated depreciation and amortization
- The accumulation of depreciation and amortization steadily increased in absolute magnitude as a negative percentage of total assets, moving from -43.57% in August 2019 to a deeper level near -53% by early 2025. This trend indicates ongoing amortization of fixed assets consistent with capital accumulation.
- Net property and equipment
- Net property and equipment showed a moderate upward trend, increasing from 46.18% in August 2019 to a peak close to 48.23% by early 2024. A slight decline followed toward mid-2025, ending near 47.5%. This trend indicates gradual asset base expansion net of depreciation.
- Operating lease right-of-use assets, net
- Right-of-use lease assets remained relatively stable within a narrow range around 18-20% of total assets throughout the period. Slight fluctuations were noted, but no clear upward or downward trend emerged.
- Goodwill
- Goodwill as a percentage of total assets displayed a gradual decline from 9.96% in August 2019 to approximately 7.33%-7.54% between 2023 and mid-2025, indicating a reduction in intangible asset weight relative to total assets.
- Other assets and other long-term assets
- Other assets fluctuated modestly near 4-5%, showing a minor increase toward the end of the period. Other long-term assets consistently accounted for about 31-35% of total assets, with a gradual decrease from roughly 35% in 2019 to around 31-32% thereafter.
- Long-term assets
- Long-term assets as a percentage of total assets showed a declining trend over the early part of the period, dropping from about 81% in 2019 to a low near 73.8% by late 2020. An upward recovery followed, stabilizing near 79-80% by mid-2025, reflecting asset structure shifts and investment activities.
- Total assets
- As expected, total assets remained constant at 100% throughout the observed periods, serving as the basis for proportional analysis of other items.