Price to Book Value (P/BV)
since 2005
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 21, 2025 | 1.90 | = | 225.73 | ÷ | 119.01 | 119.01 | = | 28,074 | ÷ | 235,899,098 | |
| Jul 15, 2024 | 2.70 | = | 305.02 | ÷ | 112.90 | 112.90 | = | 27,582 | ÷ | 244,302,246 | |
| Jul 17, 2023 | 2.45 | = | 254.73 | ÷ | 103.86 | 103.86 | = | 26,088 | ÷ | 251,187,242 | |
| Jul 18, 2022 | 2.27 | = | 217.98 | ÷ | 95.98 | 95.98 | = | 24,939 | ÷ | 259,845,660 | |
| Jul 19, 2021 | 3.26 | = | 294.82 | ÷ | 90.40 | 90.40 | = | 24,168 | ÷ | 267,348,232 | |
| Jul 20, 2020 | 2.35 | = | 164.13 | ÷ | 69.84 | 69.84 | = | 18,295 | ÷ | 261,954,496 | |
| Jul 16, 2019 | 2.49 | = | 169.79 | ÷ | 68.08 | 68.08 | = | 17,757 | ÷ | 260,808,410 | |
| Jul 16, 2018 | 3.15 | = | 230.18 | ÷ | 73.01 | 73.01 | = | 19,416 | ÷ | 265,924,840 | |
| Jul 17, 2017 | 3.60 | = | 215.48 | ÷ | 59.92 | 59.92 | = | 16,073 | ÷ | 268,257,434 | |
| Jul 18, 2016 | 3.10 | = | 160.76 | ÷ | 51.91 | 51.91 | = | 13,784 | ÷ | 265,524,323 | |
| Jul 14, 2015 | 3.23 | = | 171.24 | ÷ | 53.09 | 53.09 | = | 14,993 | ÷ | 282,430,208 | |
| Jul 14, 2014 | 2.82 | = | 151.07 | ÷ | 53.52 | 53.52 | = | 15,277 | ÷ | 285,423,144 | |
| Jul 15, 2013 | 1.89 | = | 103.70 | ÷ | 54.96 | 54.96 | = | 17,398 | ÷ | 316,584,465 | |
| Jul 16, 2012 | 1.98 | = | 91.92 | ÷ | 46.52 | 46.52 | = | 14,727 | ÷ | 316,599,754 | |
| Jul 12, 2011 | 1.96 | = | 94.08 | ÷ | 48.01 | 48.01 | = | 15,220 | ÷ | 317,027,077 | |
| Jul 15, 2010 | 1.76 | = | 77.22 | ÷ | 43.91 | 43.91 | = | 13,811 | ÷ | 314,540,141 | |
| Jul 15, 2009 | 1.31 | = | 57.36 | ÷ | 43.63 | 43.63 | = | 13,626 | ÷ | 312,334,216 | |
| Jul 16, 2008 | 1.65 | = | 76.96 | ÷ | 46.68 | 46.68 | = | 14,526 | ÷ | 311,187,628 | |
| Jul 13, 2007 | 2.86 | = | 117.25 | ÷ | 40.99 | 40.99 | = | 12,656 | ÷ | 308,769,004 | |
| Jul 14, 2006 | 2.90 | = | 109.01 | ÷ | 37.57 | 37.57 | = | 11,511 | ÷ | 306,410,446 | |
| Jul 14, 2005 | 2.63 | = | 83.40 | ÷ | 31.68 | 31.68 | = | 9,588 | ÷ | 302,630,105 |
Based on: 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.
- Share Price Trend
- The share price demonstrated notable volatility over the period analyzed. Initially, it increased from $83.40 in mid-2005 to a peak of $117.25 in mid-2007 before experiencing a significant decline to $57.36 by mid-2009, reflecting likely market or company-specific challenges during that timeframe. Recovery followed, with the price rising steadily to reach a high of $230.18 in mid-2018. Subsequently, it declined again to $169.79 in mid-2019 and fluctuated around this range until a substantial increase occurred, peaking at $305.02 in mid-2024. However, this was followed by a sharp decrease to $225.73 in mid-2025, indicating some recent downward pressure on the stock.
- Book Value per Share (BVPS) Trend
- The BVPS consistently increased over the observed years, rising from $31.68 in mid-2005 to $119.01 by mid-2025. This trend indicates a continuous buildup of shareholder equity on a per-share basis, reflecting either retained earnings accumulation, capital injections, or asset growth exceeding liabilities. Notably, there were no major declines or stagnations, showing positive underlying asset value growth throughout the period.
- Price-to-Book Value (P/BV) Ratio Trends
- The P/BV ratio started relatively high at 2.63 in mid-2005, increasing marginally before falling sharply to a low of 1.31 in mid-2009. This dip aligns with the drop in share price during the same period, indicating the market was valuing the company close to its book value, potentially signaling undervaluation or market concerns. The ratio then recovered and peaked at 3.6 in mid-2017, signaling strong market optimism or growth expectations relative to book value. Afterward, the ratio declined to 1.9 by mid-2025, suggesting a reduction in market valuation relative to book value. This decline might reflect changing investor sentiment or perceived risks despite the ongoing increase in book value.
- Overall Insights
- The company's equity base increased steadily as denoted by the rising BVPS, suggesting strength in underlying net assets. However, the share price and market valuation (P/BV ratio) exhibited significant fluctuations, often diverging markedly from book value trends. This divergence points to market-driven factors impacting valuation, including economic cycles, investor sentiment, or company performance expectations. The periods of sharp share price declines around 2008-2009 and more recently in 2025 could correspond to broader economic challenges or sector-specific events impacting perceived risk and return. The substantial share price appreciation at several points indicates phases of strong market confidence and positive outlook.
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 21, 2025 | 1.90 | — | — | — | — |
| Jul 15, 2024 | 2.70 | 7.70 | 8.66 | 2.38 | 5.90 |
| Jul 17, 2023 | 2.45 | 15.02 | 10.29 | 1.60 | 7.32 |
| Jul 18, 2022 | 2.27 | 9.36 | 10.34 | 2.32 | 7.75 |
| Jul 19, 2021 | 3.26 | 4.71 | 10.90 | 3.06 | 12.76 |
| Jul 20, 2020 | 2.35 | 8.24 | 8.07 | 2.85 | 213.26 |
| Jul 16, 2019 | 2.49 | 3.99 | 7.00 | 1.52 | 27.98 |
| Jul 16, 2018 | 3.15 | — | 5.72 | 2.34 | 31.82 |
| Jul 17, 2017 | 3.60 | — | 3.99 | 2.16 | 90.21 |
| Jul 18, 2016 | 3.10 | — | 4.43 | 2.71 | 231.41 |
| Jul 14, 2015 | 3.23 | — | 3.07 | 2.08 | 34.99 |
| Jul 14, 2014 | 2.82 | — | 5.07 | 10.91 | 42.88 |
| Jul 15, 2013 | 1.89 | — | 3.79 | 5.69 | 13.65 |
| Jul 16, 2012 | 1.98 | — | 3.14 | 18.18 | 16.94 |
| Jul 12, 2011 | 1.96 | — | 3.00 | 3.85 | 10.46 |
| Jul 15, 2010 | 1.76 | — | 2.61 | 4.65 | 9.13 |
| Jul 15, 2009 | 1.31 | — | 1.85 | — | 7.64 |
| Jul 16, 2008 | 1.65 | — | 1.61 | — | 6.05 |
| Jul 13, 2007 | 2.86 | — | 2.11 | 1.49 | 5.96 |
| Jul 14, 2006 | 2.90 | — | 1.84 | 2.02 | 4.83 |
| Jul 14, 2005 | 2.63 | — | 1.73 | — | 5.05 |
Based on: 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 21, 2025 | 1.90 | — |
| Jul 15, 2024 | 2.70 | 5.40 |
| Jul 17, 2023 | 2.45 | 6.69 |
| Jul 18, 2022 | 2.27 | 5.91 |
| Jul 19, 2021 | 3.26 | 6.92 |
| Jul 20, 2020 | 2.35 | 8.09 |
| Jul 16, 2019 | 2.49 | 5.19 |
| Jul 16, 2018 | 3.15 | 5.63 |
| Jul 17, 2017 | 3.60 | 5.25 |
| Jul 18, 2016 | 3.10 | 5.80 |
| Jul 14, 2015 | 3.23 | 4.60 |
| Jul 14, 2014 | 2.82 | 6.55 |
| Jul 15, 2013 | 1.89 | 4.55 |
| Jul 16, 2012 | 1.98 | 4.51 |
| Jul 12, 2011 | 1.96 | 3.90 |
| Jul 15, 2010 | 1.76 | 3.67 |
| Jul 15, 2009 | 1.31 | 3.12 |
| Jul 16, 2008 | 1.65 | 2.64 |
| Jul 13, 2007 | 2.86 | 3.39 |
| Jul 14, 2006 | 2.90 | 3.16 |
| Jul 14, 2005 | 2.63 | 9.45 |
Based on: 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 21, 2025 | 1.90 | — |
| Jul 15, 2024 | 2.70 | 6.68 |
| Jul 17, 2023 | 2.45 | 6.85 |
| Jul 18, 2022 | 2.27 | 5.50 |
| Jul 19, 2021 | 3.26 | 5.44 |
| Jul 20, 2020 | 2.35 | 5.89 |
| Jul 16, 2019 | 2.49 | 6.28 |
| Jul 16, 2018 | 3.15 | 5.96 |
| Jul 17, 2017 | 3.60 | 5.37 |
| Jul 18, 2016 | 3.10 | 4.89 |
| Jul 14, 2015 | 3.23 | 3.68 |
| Jul 14, 2014 | 2.82 | 3.70 |
| Jul 15, 2013 | 1.89 | 3.14 |
| Jul 16, 2012 | 1.98 | 3.06 |
| Jul 12, 2011 | 1.96 | 3.09 |
| Jul 15, 2010 | 1.76 | 3.05 |
| Jul 15, 2009 | 1.31 | 2.43 |
| Jul 16, 2008 | 1.65 | 2.01 |
| Jul 13, 2007 | 2.86 | 3.45 |
| Jul 14, 2006 | 2.90 | 3.75 |
| Jul 14, 2005 | 2.63 | 3.95 |
Based on: 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).