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 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: 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 exhibited significant fluctuations over the analyzed period. It rose steadily from $83.4 in 2005 to a peak of $117.25 in 2007, then declined sharply during 2008 and 2009 to a low of $57.36, reflecting possible market or sector challenges. Subsequently, the price recovered and generally increased, reaching a notable high of $230.18 in 2018. However, volatility persisted with declines in 2019 and 2020, before surging to a record $305.02 in 2024, indicating renewed investor confidence or improved company performance.
- Book Value Per Share (BVPS) Evolution
- The book value per share followed a more stable and consistent upward trajectory. Starting at $31.68 in 2005, BVPS increased steadily, with minor fluctuations, reaching $46.68 in 2008 before a slight decline in 2009. From 2010 onwards, it continued a gradual rise, showing growth resilience, culminating at $112.9 in 2024. This trend suggests sustained accumulation of equity value over time.
- Price to Book Value (P/BV) Ratio Dynamics
- The P/BV ratio demonstrated notable volatility throughout the timeframe. Early years featured moderate ratios around 2.6 to 2.9, which sharply declined to as low as 1.31 in 2009, coinciding with the global financial downturn. A strong rebound followed, with the ratio climbing above 3.0 between 2014 and 2017, reflecting potentially high market valuation relative to book value. Post-2018, the ratio showed a declining tendency, stabilizing around 2.7 in 2024, which might indicate a more balanced market appraisal relative to the company's net asset value.
- Overall Insights
- The data indicate the company experienced periods of both market stress and growth. The significant drop in share price and P/BV during 2008-2009 suggests external economic pressures impacted market valuation. Meanwhile, the steady increase in book value per share throughout the years reveals consistent underlying asset growth or retained earnings. The fluctuations in P/BV ratio imply that market sentiment and valuation multiples were driven by broader economic conditions and investor perceptions. The recent surge in share price and elevated P/BV ratio in 2024 reflect an optimistic market outlook, supported by a strong and growing book value base.
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 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: 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 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: 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 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: 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).