Price to Earnings (P/E)
since 2005
Calculation
FedEx Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jul 20, 2026 | 16.34 | = | 306.22 | ÷ | 18.74 | 18.74 | = | 4,433 | ÷ | 236,581,188 | |
| Jul 21, 2025 | 13.01 | = | 225.73 | ÷ | 17.35 | 17.35 | = | 4,092 | ÷ | 235,899,098 | |
| Jul 15, 2024 | 17.21 | = | 305.02 | ÷ | 17.73 | 17.73 | = | 4,331 | ÷ | 244,302,246 | |
| Jul 17, 2023 | 16.11 | = | 254.73 | ÷ | 15.81 | 15.81 | = | 3,972 | ÷ | 251,187,242 | |
| Jul 18, 2022 | 14.80 | = | 217.98 | ÷ | 14.72 | 14.72 | = | 3,826 | ÷ | 259,845,660 | |
| Jul 19, 2021 | 15.07 | = | 294.82 | ÷ | 19.57 | 19.57 | = | 5,231 | ÷ | 267,348,232 | |
| Jul 20, 2020 | 33.43 | = | 164.13 | ÷ | 4.91 | 4.91 | = | 1,286 | ÷ | 261,954,496 | |
| Jul 16, 2019 | 82.00 | = | 169.79 | ÷ | 2.07 | 2.07 | = | 540 | ÷ | 260,808,410 | |
| Jul 16, 2018 | 13.39 | = | 230.18 | ÷ | 17.19 | 17.19 | = | 4,572 | ÷ | 265,924,840 | |
| Jul 17, 2017 | 19.29 | = | 215.48 | ÷ | 11.17 | 11.17 | = | 2,997 | ÷ | 268,257,434 | |
| Jul 18, 2016 | 23.45 | = | 160.76 | ÷ | 6.85 | 6.85 | = | 1,820 | ÷ | 265,524,323 | |
| Jul 14, 2015 | 46.06 | = | 171.24 | ÷ | 3.72 | 3.72 | = | 1,050 | ÷ | 282,430,208 | |
| Jul 14, 2014 | 20.56 | = | 151.07 | ÷ | 7.35 | 7.35 | = | 2,097 | ÷ | 285,423,144 | |
| Jul 15, 2013 | 21.03 | = | 103.70 | ÷ | 4.93 | 4.93 | = | 1,561 | ÷ | 316,584,465 | |
| Jul 16, 2012 | 14.32 | = | 91.92 | ÷ | 6.42 | 6.42 | = | 2,032 | ÷ | 316,599,754 | |
| Jul 12, 2011 | 20.54 | = | 94.08 | ÷ | 4.58 | 4.58 | = | 1,452 | ÷ | 317,027,077 | |
| Jul 15, 2010 | 20.51 | = | 77.22 | ÷ | 3.76 | 3.76 | = | 1,184 | ÷ | 314,540,141 | |
| Jul 15, 2009 | 182.81 | = | 57.36 | ÷ | 0.31 | 0.31 | = | 98 | ÷ | 312,334,216 | |
| Jul 16, 2008 | 21.29 | = | 76.96 | ÷ | 3.62 | 3.62 | = | 1,125 | ÷ | 311,187,628 | |
| Jul 13, 2007 | 17.96 | = | 117.25 | ÷ | 6.53 | 6.53 | = | 2,016 | ÷ | 308,769,004 | |
| Jul 14, 2006 | 18.49 | = | 109.01 | ÷ | 5.89 | 5.89 | = | 1,806 | ÷ | 306,410,446 | |
| Jul 14, 2005 | 17.42 | = | 83.40 | ÷ | 4.79 | 4.79 | = | 1,449 | ÷ | 302,630,105 |
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 financial trajectory from 2005 to 2026 reflects a general expansion in share price and earnings per share, although the price-to-earnings (P/E) ratio exhibits significant volatility. While the share price increased from 83.40 US$ in 2005 to a projected 306.22 US$ by 2026, the valuation multiples have fluctuated sharply in response to intermittent earnings contractions.
- Valuation Volatility and Outliers
- The P/E ratio experienced extreme spikes in 2009 (182.81) and 2019 (82.00). These anomalies were not driven by surges in investor optimism or share price appreciation, but rather by precipitous declines in earnings per share, which fell to 0.31 US$ in 2009 and 2.07 US$ in 2019. A similar, though less pronounced, trend occurred in 2015, where a drop in EPS to 3.72 US$ resulted in a P/E ratio of 46.06.
- Earnings Performance Trends
- Earnings per share demonstrated a volatile upward trend over the two-decade period. After early fluctuations between 2005 and 2016, EPS entered a period of significant growth, peaking at 19.57 US$ in 2021. From 2021 through the 2026 projections, earnings have remained relatively stable, fluctuating within a narrow band between 14.72 US$ and 18.74 US$.
- Share Price Appreciation
- The share price shows a long-term bullish trend, moving from the 80-120 US$ range in the mid-2000s to a range of 217-306 US$ in the most recent and projected periods. The most aggressive growth phase occurred between 2014 and 2021, during which the price rose from 151.07 US$ to 294.82 US$.
- Recent Valuation Stabilization
- Since 2021, the P/E ratio has returned to a more normalized range, oscillating between 13.01 and 17.21. This suggests a stabilization in market valuation relative to earnings, contrasting sharply with the high volatility observed in the preceding fifteen years.
In summary, the long-term growth in share price has been supported by a general increase in earnings capacity, despite periodic shocks that caused temporary spikes in the P/E ratio. The most recent data indicates a transition toward a more consistent valuation multiple and stable earnings growth.
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Comparison to Competitors
FedEx Corp., P/E, 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 | 16.34 | — | — | — | — |
| Jul 21, 2025 | 13.01 | 14.33 | 21.00 | 10.54 | 17.60 |
| Jul 15, 2024 | 17.21 | 16.83 | 21.68 | 9.58 | 17.05 |
| Jul 17, 2023 | 16.11 | 89.56 | 23.85 | 5.70 | 18.89 |
| Jul 18, 2022 | 14.80 | — | 17.97 | 21.74 | 13.27 |
| Jul 19, 2021 | 15.07 | — | 23.67 | — | 14.11 |
| Jul 20, 2020 | 33.43 | — | 25.57 | — | 104.33 |
| Jul 16, 2019 | 82.00 | — | 21.44 | 5.82 | 20.59 |
| Jul 16, 2018 | 13.39 | — | 19.60 | 11.00 | 20.07 |
| Jul 17, 2017 | 19.29 | — | 9.26 | 8.91 | 18.37 |
| Jul 18, 2016 | 23.45 | — | 20.86 | 10.37 | 27.32 |
| Jul 14, 2015 | 46.06 | — | 13.31 | 2.54 | 17.84 |
| Jul 14, 2014 | 20.56 | — | 20.72 | 23.08 | 30.28 |
| Jul 15, 2013 | 21.03 | — | 18.35 | 29.73 | 20.22 |
| Jul 16, 2012 | 14.32 | — | 15.85 | — | 97.65 |
| Jul 12, 2011 | 20.54 | — | 16.93 | 8.28 | 19.35 |
| Jul 15, 2010 | 20.51 | — | 16.65 | 31.74 | 20.89 |
| Jul 15, 2009 | 182.81 | — | 16.53 | — | 27.10 |
| Jul 16, 2008 | 21.29 | — | 10.61 | — | 13.65 |
| Jul 13, 2007 | 17.96 | — | 17.75 | 8.95 | 190.19 |
| Jul 14, 2006 | 18.49 | — | 17.51 | 0.19 | 17.80 |
| Jul 14, 2005 | 17.42 | — | 23.08 | — | 22.04 |
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/E, long-term trends, comparison to sector (transportation)
| FedEx Corp. | Transportation | |
|---|---|---|
| Jul 20, 2026 | 16.34 | — |
| Jul 21, 2025 | 13.01 | 15.91 |
| Jul 15, 2024 | 17.21 | 17.26 |
| Jul 17, 2023 | 16.11 | 24.43 |
| Jul 18, 2022 | 14.80 | 30.10 |
| Jul 19, 2021 | 15.07 | 22.48 |
| Jul 20, 2020 | 33.43 | — |
| Jul 16, 2019 | 82.00 | 62.33 |
| Jul 16, 2018 | 13.39 | 17.05 |
| Jul 17, 2017 | 19.29 | 12.83 |
| Jul 18, 2016 | 23.45 | 21.13 |
| Jul 14, 2015 | 46.06 | 12.05 |
| Jul 14, 2014 | 20.56 | 23.46 |
| Jul 15, 2013 | 21.03 | 20.08 |
| Jul 16, 2012 | 14.32 | 29.57 |
| Jul 12, 2011 | 20.54 | 17.70 |
| Jul 15, 2010 | 20.51 | 19.66 |
| Jul 15, 2009 | 182.81 | 31.59 |
| Jul 16, 2008 | 21.29 | 80.82 |
| Jul 13, 2007 | 17.96 | 31.23 |
| Jul 14, 2006 | 18.49 | 4.61 |
| Jul 14, 2005 | 17.42 | — |
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/E, long-term trends, comparison to industry (industrials)
| FedEx Corp. | Industrials | |
|---|---|---|
| Jul 20, 2026 | 16.34 | — |
| Jul 21, 2025 | 13.01 | 29.14 |
| Jul 15, 2024 | 17.21 | 28.42 |
| Jul 17, 2023 | 16.11 | 24.85 |
| Jul 18, 2022 | 14.80 | 36.06 |
| Jul 19, 2021 | 15.07 | 35.59 |
| Jul 20, 2020 | 33.43 | — |
| Jul 16, 2019 | 82.00 | 43.95 |
| Jul 16, 2018 | 13.39 | 33.70 |
| Jul 17, 2017 | 19.29 | 29.83 |
| Jul 18, 2016 | 23.45 | 22.92 |
| Jul 14, 2015 | 46.06 | 22.89 |
| Jul 14, 2014 | 20.56 | 18.79 |
| Jul 15, 2013 | 21.03 | 19.13 |
| Jul 16, 2012 | 14.32 | 17.77 |
| Jul 12, 2011 | 20.54 | 15.75 |
| Jul 15, 2010 | 20.51 | 18.72 |
| Jul 15, 2009 | 182.81 | 19.17 |
| Jul 16, 2008 | 21.29 | 9.73 |
| Jul 13, 2007 | 17.96 | 16.93 |
| Jul 14, 2006 | 18.49 | 11.65 |
| Jul 14, 2005 | 17.42 | 50.62 |
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).