Price to Book Value (P/BV)
since 2005
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FedEx Corp. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Calculation
FedEx Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Common stockholders’ investment1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jul 20, 2026 | = | ÷ | = | ÷ | |||||||
| Jul 21, 2025 | = | ÷ | = | ÷ | |||||||
| Jul 15, 2024 | = | ÷ | = | ÷ | |||||||
| Jul 17, 2023 | = | ÷ | = | ÷ | |||||||
| Jul 18, 2022 | = | ÷ | = | ÷ | |||||||
| Jul 19, 2021 | = | ÷ | = | ÷ | |||||||
| Jul 20, 2020 | = | ÷ | = | ÷ | |||||||
| Jul 16, 2019 | = | ÷ | = | ÷ | |||||||
| Jul 16, 2018 | = | ÷ | = | ÷ | |||||||
| Jul 17, 2017 | = | ÷ | = | ÷ | |||||||
| Jul 18, 2016 | = | ÷ | = | ÷ | |||||||
| Jul 14, 2015 | = | ÷ | = | ÷ | |||||||
| Jul 14, 2014 | = | ÷ | = | ÷ | |||||||
| Jul 15, 2013 | = | ÷ | = | ÷ | |||||||
| Jul 16, 2012 | = | ÷ | = | ÷ | |||||||
| Jul 12, 2011 | = | ÷ | = | ÷ | |||||||
| Jul 15, 2010 | = | ÷ | = | ÷ | |||||||
| Jul 15, 2009 | = | ÷ | = | ÷ | |||||||
| Jul 16, 2008 | = | ÷ | = | ÷ | |||||||
| Jul 13, 2007 | = | ÷ | = | ÷ | |||||||
| Jul 14, 2006 | = | ÷ | = | ÷ | |||||||
| Jul 14, 2005 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of FedEx Corp. Annual Report.
The analysis of the Price to Book Value (P/BV) metrics reveals a long-term trajectory of increasing intrinsic asset value contrasted by cyclical market valuation. While the market price has experienced significant fluctuations over the observed period, the book value per share (BVPS) has maintained a consistent and steady upward trend.
- Book Value per Share (BVPS) Progression
- A sustained increase in BVPS is observed, rising from 31.68 USD in 2005 to 133.77 USD by 2026. This continuous growth indicates a long-term accumulation of net assets and strengthens the underlying accounting value of each share.
- Price to Book Value (P/BV) Cycles
- The P/BV ratio demonstrates significant cyclicality. An initial period of relative stability (2.63 to 2.86) between 2005 and 2007 was followed by a sharp contraction, reaching a period low of 1.31 in 2009. A subsequent recovery phase occurred between 2011 and 2018, with the ratio peaking at 3.60 in 2017. From 2019 through 2026, the ratio has fluctuated between a low of 1.90 and a high of 3.26.
- Market Price Influence
- The volatility in the P/BV ratio is primarily driven by fluctuations in the share price rather than changes in the book value. Significant spikes in the ratio correspond with share price peaks, such as those seen in 2021 (294.82 USD) and 2024 (305.02 USD), reflecting periods where the market assigned a higher premium to the company's assets.
- Valuation Divergence
- A notable divergence is observed between the growth of the share price and the growth of the BVPS. While the BVPS grew steadily, the share price experienced deeper troughs and higher peaks, resulting in a P/BV ratio that reflects shifting investor sentiment and market conditions rather than a linear growth path.
Comparison to Competitors
FedEx Corp., P/BV, long-term trends, comparison to competitors
| FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Airlines Holdings Inc. | United Parcel Service Inc. | |
|---|---|---|---|---|---|
| Jul 20, 2026 | |||||
| Jul 21, 2025 | |||||
| Jul 15, 2024 | |||||
| Jul 17, 2023 | |||||
| Jul 18, 2022 | |||||
| Jul 19, 2021 | |||||
| Jul 20, 2020 | |||||
| Jul 16, 2019 | |||||
| Jul 16, 2018 | |||||
| Jul 17, 2017 | |||||
| Jul 18, 2016 | |||||
| Jul 14, 2015 | |||||
| Jul 14, 2014 | |||||
| Jul 15, 2013 | |||||
| Jul 16, 2012 | |||||
| Jul 12, 2011 | |||||
| Jul 15, 2010 | |||||
| Jul 15, 2009 | |||||
| Jul 16, 2008 | |||||
| Jul 13, 2007 | |||||
| Jul 14, 2006 | |||||
| Jul 14, 2005 |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
Comparison to Sector (Transportation)
FedEx Corp., P/BV, long-term trends, comparison to sector (transportation)
| FedEx Corp. | Transportation | |
|---|---|---|
| Jul 20, 2026 | ||
| Jul 21, 2025 | ||
| Jul 15, 2024 | ||
| Jul 17, 2023 | ||
| Jul 18, 2022 | ||
| Jul 19, 2021 | ||
| Jul 20, 2020 | ||
| Jul 16, 2019 | ||
| Jul 16, 2018 | ||
| Jul 17, 2017 | ||
| Jul 18, 2016 | ||
| Jul 14, 2015 | ||
| Jul 14, 2014 | ||
| Jul 15, 2013 | ||
| Jul 16, 2012 | ||
| Jul 12, 2011 | ||
| Jul 15, 2010 | ||
| Jul 15, 2009 | ||
| Jul 16, 2008 | ||
| Jul 13, 2007 | ||
| Jul 14, 2006 | ||
| Jul 14, 2005 |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
Comparison to Industry (Industrials)
FedEx Corp., P/BV, long-term trends, comparison to industry (industrials)
| FedEx Corp. | Industrials | |
|---|---|---|
| Jul 20, 2026 | ||
| Jul 21, 2025 | ||
| Jul 15, 2024 | ||
| Jul 17, 2023 | ||
| Jul 18, 2022 | ||
| Jul 19, 2021 | ||
| Jul 20, 2020 | ||
| Jul 16, 2019 | ||
| Jul 16, 2018 | ||
| Jul 17, 2017 | ||
| Jul 18, 2016 | ||
| Jul 14, 2015 | ||
| Jul 14, 2014 | ||
| Jul 15, 2013 | ||
| Jul 16, 2012 | ||
| Jul 12, 2011 | ||
| Jul 15, 2010 | ||
| Jul 15, 2009 | ||
| Jul 16, 2008 | ||
| Jul 13, 2007 | ||
| Jul 14, 2006 | ||
| Jul 14, 2005 |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).