Stock Analysis on Net
Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

FedEx Corp., adjusted financial ratios

Microsoft Excel
May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018
Activity Ratio
Total Asset Turnover
Reported 1.03 1.09 1.01 0.94 1.28 1.25
Adjusted 1.04 1.10 1.03 0.96 1.02 0.99
Liquidity Ratio
Current Ratio
Reported 1.37 1.43 1.51 1.58 1.45 1.39
Adjusted 1.40 1.45 1.53 1.60 1.47 1.41
Solvency Ratios
Debt to Equity
Reported 0.79 0.81 0.86 1.20 0.99 0.85
Adjusted 1.28 1.32 1.35 1.78 1.70 1.50
Debt to Capital
Reported 0.44 0.45 0.46 0.55 0.50 0.46
Adjusted 0.56 0.57 0.57 0.64 0.63 0.60
Financial Leverage
Reported 3.34 3.45 3.43 4.02 3.06 2.70
Adjusted 2.89 3.02 3.02 3.57 3.53 3.13
Profitability Ratios
Net Profit Margin
Reported 4.41% 4.09% 6.23% 1.86% 0.77% 6.99%
Adjusted 4.80% 4.02% 7.90% 1.96% 0.13% 6.59%
Return on Equity (ROE)
Reported 15.23% 15.34% 21.64% 7.03% 3.04% 23.55%
Adjusted 14.48% 13.35% 24.53% 6.68% 0.46% 20.31%
Return on Assets (ROA)
Reported 4.56% 4.45% 6.32% 1.75% 0.99% 8.74%
Adjusted 5.00% 4.42% 8.11% 1.87% 0.13% 6.49%

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. FedEx Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. FedEx Corp. adjusted current ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. FedEx Corp. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. FedEx Corp. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 FedEx Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. FedEx Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. FedEx Corp. adjusted ROE deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. FedEx Corp. adjusted ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

FedEx Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018
Reported
Selected Financial Data (US$ in millions)
Revenue 90,155 93,512 83,959 69,217 69,693 65,450
Total assets 87,143 85,994 82,777 73,537 54,403 52,330
Activity Ratio
Total asset turnover1 1.03 1.09 1.01 0.94 1.28 1.25
Adjusted
Selected Financial Data (US$ in millions)
Revenue 90,155 93,512 83,959 69,217 69,693 65,450
Adjusted total assets2 86,452 85,127 81,717 72,365 68,422 66,408
Activity Ratio
Adjusted total asset turnover3 1.04 1.10 1.03 0.96 1.02 0.99

Based on: 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).

1 2023 Calculation
Total asset turnover = Revenue ÷ Total assets
= 90,155 ÷ 87,143 = 1.03

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 90,155 ÷ 86,452 = 1.04

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. FedEx Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Current Ratio

Microsoft Excel
May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018
Reported
Selected Financial Data (US$ in millions)
Current assets 18,610 20,365 20,580 16,383 13,086 13,341
Current liabilities 13,586 14,274 13,660 10,344 9,013 9,627
Liquidity Ratio
Current ratio1 1.37 1.43 1.51 1.58 1.45 1.39
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 19,082 20,705 20,938 16,558 13,207 13,540
Current liabilities 13,586 14,274 13,660 10,344 9,013 9,627
Liquidity Ratio
Adjusted current ratio3 1.40 1.45 1.53 1.60 1.47 1.41

Based on: 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).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 18,610 ÷ 13,586 = 1.37

2 Adjusted current assets. See details »

3 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 19,082 ÷ 13,586 = 1.40

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. FedEx Corp. adjusted current ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 20,579 20,264 20,879 22,003 17,581 16,585
Common stockholders’ investment 26,088 24,939 24,168 18,295 17,757 19,416
Solvency Ratio
Debt to equity1 0.79 0.81 0.86 1.20 0.99 0.85
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 38,332 37,194 36,462 36,121 32,819 31,727
Adjusted common stockholders’ investment3 29,886 28,165 27,035 20,285 19,359 21,219
Solvency Ratio
Adjusted debt to equity4 1.28 1.32 1.35 1.78 1.70 1.50

Based on: 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).

1 2023 Calculation
Debt to equity = Total debt ÷ Common stockholders’ investment
= 20,579 ÷ 26,088 = 0.79

2 Adjusted total debt. See details »

3 Adjusted common stockholders’ investment. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted common stockholders’ investment
= 38,332 ÷ 29,886 = 1.28

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. FedEx Corp. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 20,579 20,264 20,879 22,003 17,581 16,585
Total capital 46,667 45,203 45,047 40,298 35,338 36,001
Solvency Ratio
Debt to capital1 0.44 0.45 0.46 0.55 0.50 0.46
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 38,332 37,194 36,462 36,121 32,819 31,727
Adjusted total capital3 68,218 65,359 63,497 56,406 52,178 52,946
Solvency Ratio
Adjusted debt to capital4 0.56 0.57 0.57 0.64 0.63 0.60

Based on: 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).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 20,579 ÷ 46,667 = 0.44

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 38,332 ÷ 68,218 = 0.56

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. FedEx Corp. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets 87,143 85,994 82,777 73,537 54,403 52,330
Common stockholders’ investment 26,088 24,939 24,168 18,295 17,757 19,416
Solvency Ratio
Financial leverage1 3.34 3.45 3.43 4.02 3.06 2.70
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 86,452 85,127 81,717 72,365 68,422 66,408
Adjusted common stockholders’ investment3 29,886 28,165 27,035 20,285 19,359 21,219
Solvency Ratio
Adjusted financial leverage4 2.89 3.02 3.02 3.57 3.53 3.13

Based on: 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).

1 2023 Calculation
Financial leverage = Total assets ÷ Common stockholders’ investment
= 87,143 ÷ 26,088 = 3.34

2 Adjusted total assets. See details »

3 Adjusted common stockholders’ investment. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted common stockholders’ investment
= 86,452 ÷ 29,886 = 2.89

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 FedEx Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income 3,972 3,826 5,231 1,286 540 4,572
Revenue 90,155 93,512 83,959 69,217 69,693 65,450
Profitability Ratio
Net profit margin1 4.41% 4.09% 6.23% 1.86% 0.77% 6.99%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,326 3,759 6,631 1,355 90 4,310
Revenue 90,155 93,512 83,959 69,217 69,693 65,450
Profitability Ratio
Adjusted net profit margin3 4.80% 4.02% 7.90% 1.96% 0.13% 6.59%

Based on: 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).

1 2023 Calculation
Net profit margin = 100 × Net income ÷ Revenue
= 100 × 3,972 ÷ 90,155 = 4.41%

2 Adjusted net income. See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × 4,326 ÷ 90,155 = 4.80%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. FedEx Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income 3,972 3,826 5,231 1,286 540 4,572
Common stockholders’ investment 26,088 24,939 24,168 18,295 17,757 19,416
Profitability Ratio
ROE1 15.23% 15.34% 21.64% 7.03% 3.04% 23.55%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,326 3,759 6,631 1,355 90 4,310
Adjusted common stockholders’ investment3 29,886 28,165 27,035 20,285 19,359 21,219
Profitability Ratio
Adjusted ROE4 14.48% 13.35% 24.53% 6.68% 0.46% 20.31%

Based on: 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).

1 2023 Calculation
ROE = 100 × Net income ÷ Common stockholders’ investment
= 100 × 3,972 ÷ 26,088 = 15.23%

2 Adjusted net income. See details »

3 Adjusted common stockholders’ investment. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted common stockholders’ investment
= 100 × 4,326 ÷ 29,886 = 14.48%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. FedEx Corp. adjusted ROE deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income 3,972 3,826 5,231 1,286 540 4,572
Total assets 87,143 85,994 82,777 73,537 54,403 52,330
Profitability Ratio
ROA1 4.56% 4.45% 6.32% 1.75% 0.99% 8.74%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,326 3,759 6,631 1,355 90 4,310
Adjusted total assets3 86,452 85,127 81,717 72,365 68,422 66,408
Profitability Ratio
Adjusted ROA4 5.00% 4.42% 8.11% 1.87% 0.13% 6.49%

Based on: 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).

1 2023 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 3,972 ÷ 87,143 = 4.56%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 4,326 ÷ 86,452 = 5.00%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. FedEx Corp. adjusted ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.