Price to Sales (P/S)
since 2005
Calculation
FedEx Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenue1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jul 20, 2026 | 0.76 | = | 306.22 | ÷ | 400.37 | 400.37 | = | 94,720 | ÷ | 236,581,188 | |
| Jul 21, 2025 | 0.61 | = | 225.73 | ÷ | 372.73 | 372.73 | = | 87,926 | ÷ | 235,899,098 | |
| Jul 15, 2024 | 0.85 | = | 305.02 | ÷ | 358.95 | 358.95 | = | 87,693 | ÷ | 244,302,246 | |
| Jul 17, 2023 | 0.71 | = | 254.73 | ÷ | 358.92 | 358.92 | = | 90,155 | ÷ | 251,187,242 | |
| Jul 18, 2022 | 0.61 | = | 217.98 | ÷ | 359.88 | 359.88 | = | 93,512 | ÷ | 259,845,660 | |
| Jul 19, 2021 | 0.94 | = | 294.82 | ÷ | 314.04 | 314.04 | = | 83,959 | ÷ | 267,348,232 | |
| Jul 20, 2020 | 0.62 | = | 164.13 | ÷ | 264.23 | 264.23 | = | 69,217 | ÷ | 261,954,496 | |
| Jul 16, 2019 | 0.64 | = | 169.79 | ÷ | 267.22 | 267.22 | = | 69,693 | ÷ | 260,808,410 | |
| Jul 16, 2018 | 0.94 | = | 230.18 | ÷ | 246.12 | 246.12 | = | 65,450 | ÷ | 265,924,840 | |
| Jul 17, 2017 | 0.96 | = | 215.48 | ÷ | 224.85 | 224.85 | = | 60,319 | ÷ | 268,257,434 | |
| Jul 18, 2016 | 0.85 | = | 160.76 | ÷ | 189.68 | 189.68 | = | 50,365 | ÷ | 265,524,323 | |
| Jul 14, 2015 | 1.02 | = | 171.24 | ÷ | 168.02 | 168.02 | = | 47,453 | ÷ | 282,430,208 | |
| Jul 14, 2014 | 0.95 | = | 151.07 | ÷ | 159.65 | 159.65 | = | 45,567 | ÷ | 285,423,144 | |
| Jul 15, 2013 | 0.74 | = | 103.70 | ÷ | 139.89 | 139.89 | = | 44,287 | ÷ | 316,584,465 | |
| Jul 16, 2012 | 0.68 | = | 91.92 | ÷ | 134.81 | 134.81 | = | 42,680 | ÷ | 316,599,754 | |
| Jul 12, 2011 | 0.76 | = | 94.08 | ÷ | 123.98 | 123.98 | = | 39,304 | ÷ | 317,027,077 | |
| Jul 15, 2010 | 0.70 | = | 77.22 | ÷ | 110.43 | 110.43 | = | 34,734 | ÷ | 314,540,141 | |
| Jul 15, 2009 | 0.50 | = | 57.36 | ÷ | 113.65 | 113.65 | = | 35,497 | ÷ | 312,334,216 | |
| Jul 16, 2008 | 0.63 | = | 76.96 | ÷ | 121.96 | 121.96 | = | 37,953 | ÷ | 311,187,628 | |
| Jul 13, 2007 | 1.03 | = | 117.25 | ÷ | 114.05 | 114.05 | = | 35,214 | ÷ | 308,769,004 | |
| Jul 14, 2006 | 1.03 | = | 109.01 | ÷ | 105.39 | 105.39 | = | 32,294 | ÷ | 306,410,446 | |
| Jul 14, 2005 | 0.86 | = | 83.40 | ÷ | 97.03 | 97.03 | = | 29,363 | ÷ | 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 Price to Sales (P/S) ratio exhibits a cyclical pattern over the analyzed period, generally remaining below the 1.0 threshold. This indicates that the market valuation has consistently stayed below the annual revenue generated per share, reflecting a valuation characteristic often associated with capital-intensive logistics and transportation operations.
- Revenue Growth per Share
- A sustained long-term increase in sales per share is observed, rising from 97.03 US$ in 2005 to a projected 400.37 US$ by 2026. This represents a significant expansion in top-line generation per share over two decades, with only a brief contraction occurring around 2009.
- P/S Ratio Volatility and Trends
- The P/S ratio has experienced several distinct phases of contraction and expansion. An initial peak exceeding 1.0 occurred between 2006 and 2007, followed by a sharp decline to a period low of 0.50 in 2009. While the ratio recovered and fluctuated between 0.68 and 1.02 from 2011 to 2018, a renewed downward trend emerged between 2019 and 2022, with the ratio hitting 0.61 in 2022.
- Valuation Divergence
- A divergence is noted between the absolute share price and the P/S ratio in the later years of the sequence. Despite the share price reaching peaks of 305.02 US$ in 2024, the P/S ratio remained relatively suppressed at 0.85, compared to the higher ratios seen in the mid-2000s. This suggests that the increase in share price has been driven more by the substantial growth in sales per share than by an expansion in the market's valuation multiple of those sales.
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Comparison to Competitors
FedEx Corp., P/S, 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 | 0.76 | — | — | — | — |
| Jul 21, 2025 | 0.61 | 2.77 | 6.12 | 0.60 | 1.11 |
| Jul 15, 2024 | 0.85 | 3.77 | 6.03 | 0.53 | 1.08 |
| Jul 17, 2023 | 0.71 | 4.53 | 6.31 | 0.28 | 1.39 |
| Jul 18, 2022 | 0.61 | 2.16 | 5.05 | 0.36 | 1.53 |
| Jul 19, 2021 | 0.94 | 3.90 | 7.08 | 0.63 | 1.87 |
| Jul 20, 2020 | 0.62 | 9.07 | 7.00 | 1.11 | 1.66 |
| Jul 16, 2019 | 0.64 | 4.00 | 5.85 | 0.40 | 1.23 |
| Jul 16, 2018 | 0.94 | — | 5.12 | 0.57 | 1.34 |
| Jul 17, 2017 | 0.96 | — | 4.67 | 0.50 | 1.37 |
| Jul 18, 2016 | 0.85 | — | 4.43 | 0.64 | 1.54 |
| Jul 14, 2015 | 1.02 | — | 2.91 | 0.49 | 1.48 |
| Jul 14, 2014 | 0.95 | — | 4.48 | 0.67 | 1.58 |
| Jul 15, 2013 | 0.74 | — | 3.67 | 0.44 | 1.59 |
| Jul 16, 2012 | 0.68 | — | 2.99 | 0.24 | 1.46 |
| Jul 12, 2011 | 0.76 | — | 2.85 | 0.19 | 1.39 |
| Jul 15, 2010 | 0.70 | — | 2.73 | 0.35 | 1.47 |
| Jul 15, 2009 | 0.50 | — | 2.22 | 0.18 | 1.29 |
| Jul 16, 2008 | 0.63 | — | 1.38 | 0.03 | 0.80 |
| Jul 13, 2007 | 1.03 | — | 2.02 | 0.18 | 1.46 |
| Jul 14, 2006 | 1.03 | — | 1.81 | 0.22 | 1.57 |
| Jul 14, 2005 | 0.86 | — | 1.74 | 0.22 | 2.00 |
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/S, long-term trends, comparison to sector (transportation)
| FedEx Corp. | Transportation | |
|---|---|---|
| Jul 20, 2026 | 0.76 | — |
| Jul 21, 2025 | 0.61 | 1.54 |
| Jul 15, 2024 | 0.85 | 1.70 |
| Jul 17, 2023 | 0.71 | 1.78 |
| Jul 18, 2022 | 0.61 | 1.42 |
| Jul 19, 2021 | 0.94 | 2.03 |
| Jul 20, 2020 | 0.62 | 2.19 |
| Jul 16, 2019 | 0.64 | 1.51 |
| Jul 16, 2018 | 0.94 | 1.48 |
| Jul 17, 2017 | 0.96 | 1.44 |
| Jul 18, 2016 | 0.85 | 1.48 |
| Jul 14, 2015 | 1.02 | 1.31 |
| Jul 14, 2014 | 0.95 | 1.61 |
| Jul 15, 2013 | 0.74 | 1.37 |
| Jul 16, 2012 | 0.68 | 1.16 |
| Jul 12, 2011 | 0.76 | 1.11 |
| Jul 15, 2010 | 0.70 | 1.22 |
| Jul 15, 2009 | 0.50 | 0.99 |
| Jul 16, 2008 | 0.63 | 0.71 |
| Jul 13, 2007 | 1.03 | 1.20 |
| Jul 14, 2006 | 1.03 | 1.23 |
| Jul 14, 2005 | 0.86 | 1.34 |
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/S, long-term trends, comparison to industry (industrials)
| FedEx Corp. | Industrials | |
|---|---|---|
| Jul 20, 2026 | 0.76 | — |
| Jul 21, 2025 | 0.61 | 2.78 |
| Jul 15, 2024 | 0.85 | 2.29 |
| Jul 17, 2023 | 0.71 | 2.06 |
| Jul 18, 2022 | 0.61 | 1.80 |
| Jul 19, 2021 | 0.94 | 2.07 |
| Jul 20, 2020 | 0.62 | 2.14 |
| Jul 16, 2019 | 0.64 | 1.77 |
| Jul 16, 2018 | 0.94 | 1.58 |
| Jul 17, 2017 | 0.96 | 1.71 |
| Jul 18, 2016 | 0.85 | 1.68 |
| Jul 14, 2015 | 1.02 | 1.48 |
| Jul 14, 2014 | 0.95 | 1.65 |
| Jul 15, 2013 | 0.74 | 1.57 |
| Jul 16, 2012 | 0.68 | 1.31 |
| Jul 12, 2011 | 0.76 | 1.27 |
| Jul 15, 2010 | 0.70 | 1.39 |
| Jul 15, 2009 | 0.50 | 1.09 |
| Jul 16, 2008 | 0.63 | 0.71 |
| Jul 13, 2007 | 1.03 | 1.62 |
| Jul 14, 2006 | 1.03 | 1.73 |
| Jul 14, 2005 | 0.86 | 1.80 |
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).