Stock Analysis on Net
Stock Analysis on Net
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FedEx Corp. (NYSE:FDX)

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Adjusted Financial Ratios

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Adjusted Financial Ratios (Summary)

FedEx Corp., adjusted financial ratios

Microsoft Excel LibreOffice Calc
May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014
Activity Ratio
Total Asset Turnover
Reported 1.28 1.25 1.24 1.09 1.28 1.38
Adjusted 1.02 0.99 0.96 0.83 0.96 1.02
Liquidity Ratio
Current Ratio
Reported 1.45 1.39 1.59 1.50 1.84 1.82
Adjusted 1.47 1.41 1.61 1.51 1.75 1.74
Solvency Ratios
Debt to Equity
Reported 0.99 0.85 0.93 1.01 0.48 0.31
Adjusted 1.70 1.50 1.66 1.91 1.27 1.00
Debt to Capital
Reported 0.50 0.46 0.48 0.50 0.33 0.24
Adjusted 0.63 0.60 0.62 0.66 0.56 0.50
Financial Leverage
Reported 3.06 2.70 3.02 3.34 2.47 2.16
Adjusted 3.53 3.13 3.50 4.04 3.08 2.65
Profitability Ratios
Net Profit Margin
Reported 0.77% 6.99% 4.97% 3.61% 2.21% 4.60%
Adjusted 0.13% 6.59% 6.19% 3.18% 0.39% 5.55%
Return on Equity (ROE)
Reported 3.04% 23.55% 18.65% 13.20% 7.00% 13.73%
Adjusted 0.46% 20.31% 20.74% 10.68% 1.16% 14.99%
Return on Assets (ROA)
Reported 0.99% 8.74% 6.17% 3.95% 2.83% 6.34%
Adjusted 0.13% 6.49% 5.93% 2.65% 0.38% 5.66%

Based on: 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14), 10-K (filing date: 2014-07-14).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. FedEx Corp.’s adjusted total asset turnover ratio improved from 2017 to 2018 and from 2018 to 2019.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. FedEx Corp.’s adjusted current ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. FedEx Corp.’s adjusted debt-to-equity ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. FedEx Corp.’s adjusted debt-to-capital ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.
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.’s adjusted financial leverage ratio decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. FedEx Corp.’s adjusted net profit margin ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. FedEx Corp.’s adjusted ROE deteriorated from 2017 to 2018 and from 2018 to 2019.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. FedEx Corp.’s adjusted ROA improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

FedEx Corp., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014
Reported
Selected Financial Data (US$ in millions)
Revenues 69,693  65,450  60,319  50,365  47,453  45,567 
Total assets 54,403  52,330  48,552  46,064  37,069  33,070 
Activity Ratio
Total asset turnover1 1.28 1.25 1.24 1.09 1.28 1.38
Adjusted
Selected Financial Data (US$ in millions)
Revenues 69,693  65,450  60,319  50,365  47,453  45,567 
Adjusted total assets2 68,422  66,408  62,966  60,491  49,514  44,698 
Activity Ratio
Adjusted total asset turnover3 1.02 0.99 0.96 0.83 0.96 1.02

Based on: 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14), 10-K (filing date: 2014-07-14).

1 2019 Calculation
Total asset turnover = Revenues ÷ Total assets
= 69,693 ÷ 54,403 = 1.28

2 Adjusted total assets. See details »

3 2019 Calculation
Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 69,693 ÷ 68,422 = 1.02

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. FedEx Corp.’s adjusted total asset turnover ratio improved from 2017 to 2018 and from 2018 to 2019.

Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014
Reported
Selected Financial Data (US$ in millions)
Current assets 13,086  13,341  12,628  11,989  10,941  9,683 
Current liabilities 9,013  9,627  7,918  8,008  5,957  5,312 
Liquidity Ratio
Current ratio1 1.45 1.39 1.59 1.50 1.84 1.82
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 13,207  13,540  12,743  12,062  10,421  9,242 
Current liabilities 9,013  9,627  7,918  8,008  5,957  5,312 
Liquidity Ratio
Adjusted current ratio3 1.47 1.41 1.61 1.51 1.75 1.74

Based on: 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14), 10-K (filing date: 2014-07-14).

1 2019 Calculation
Current ratio = Current assets ÷ Current liabilities
= 13,086 ÷ 9,013 = 1.45

2 Adjusted current assets. See details »

3 2019 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 13,207 ÷ 9,013 = 1.47

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. FedEx Corp.’s adjusted current ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

Adjusted Debt to Equity

Microsoft Excel LibreOffice Calc
May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014
Reported
Selected Financial Data (US$ in millions)
Total debt 17,581  16,585  14,931  13,867  7,268  4,737 
Common stockholders’ investment 17,757  19,416  16,073  13,784  14,993  15,277 
Solvency Ratio
Debt to equity1 0.99 0.85 0.93 1.01 0.48 0.31
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 32,819  31,727  29,905  28,656  20,383  16,886 
Adjusted common stockholders’ investment3 19,359  21,219  17,998  14,989  16,070  16,870 
Solvency Ratio
Adjusted debt to equity4 1.70 1.50 1.66 1.91 1.27 1.00

Based on: 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14), 10-K (filing date: 2014-07-14).

1 2019 Calculation
Debt to equity = Total debt ÷ Common stockholders’ investment
= 17,581 ÷ 17,757 = 0.99

2 Adjusted total debt. See details »

3 Adjusted common stockholders’ investment. See details »

4 2019 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted common stockholders’ investment
= 32,819 ÷ 19,359 = 1.70

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.’s adjusted debt-to-equity ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

Adjusted Debt to Capital

Microsoft Excel LibreOffice Calc
May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014
Reported
Selected Financial Data (US$ in millions)
Total debt 17,581  16,585  14,931  13,867  7,268  4,737 
Total capital 35,338  36,001  31,004  27,651  22,261  20,014 
Solvency Ratio
Debt to capital1 0.50 0.46 0.48 0.50 0.33 0.24
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 32,819  31,727  29,905  28,656  20,383  16,886 
Adjusted total capital3 52,178  52,946  47,903  43,645  36,453  33,756 
Solvency Ratio
Adjusted debt to capital4 0.63 0.60 0.62 0.66 0.56 0.50

Based on: 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14), 10-K (filing date: 2014-07-14).

1 2019 Calculation
Debt to capital = Total debt ÷ Total capital
= 17,581 ÷ 35,338 = 0.50

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2019 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 32,819 ÷ 52,178 = 0.63

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.’s adjusted debt-to-capital ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014
Reported
Selected Financial Data (US$ in millions)
Total assets 54,403  52,330  48,552  46,064  37,069  33,070 
Common stockholders’ investment 17,757  19,416  16,073  13,784  14,993  15,277 
Solvency Ratio
Financial leverage1 3.06 2.70 3.02 3.34 2.47 2.16
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 68,422  66,408  62,966  60,491  49,514  44,698 
Adjusted common stockholders’ investment3 19,359  21,219  17,998  14,989  16,070  16,870 
Solvency Ratio
Adjusted financial leverage4 3.53 3.13 3.50 4.04 3.08 2.65

Based on: 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14), 10-K (filing date: 2014-07-14).

1 2019 Calculation
Financial leverage = Total assets ÷ Common stockholders’ investment
= 54,403 ÷ 17,757 = 3.06

2 Adjusted total assets. See details »

3 Adjusted common stockholders’ investment. See details »

4 2019 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted common stockholders’ investment
= 68,422 ÷ 19,359 = 3.53

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.’s adjusted financial leverage ratio decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014
Reported
Selected Financial Data (US$ in millions)
Net income 540  4,572  2,997  1,820  1,050  2,097 
Revenues 69,693  65,450  60,319  50,365  47,453  45,567 
Profitability Ratio
Net profit margin1 0.77% 6.99% 4.97% 3.61% 2.21% 4.60%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 90  4,310  3,733  1,601  187  2,528 
Revenues 69,693  65,450  60,319  50,365  47,453  45,567 
Profitability Ratio
Adjusted net profit margin3 0.13% 6.59% 6.19% 3.18% 0.39% 5.55%

Based on: 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14), 10-K (filing date: 2014-07-14).

1 2019 Calculation
Net profit margin = 100 × Net income ÷ Revenues
= 100 × 540 ÷ 69,693 = 0.77%

2 Adjusted net income. See details »

3 2019 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues
= 100 × 90 ÷ 69,693 = 0.13%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. FedEx Corp.’s adjusted net profit margin ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014
Reported
Selected Financial Data (US$ in millions)
Net income 540  4,572  2,997  1,820  1,050  2,097 
Common stockholders’ investment 17,757  19,416  16,073  13,784  14,993  15,277 
Profitability Ratio
ROE1 3.04% 23.55% 18.65% 13.20% 7.00% 13.73%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 90  4,310  3,733  1,601  187  2,528 
Adjusted common stockholders’ investment3 19,359  21,219  17,998  14,989  16,070  16,870 
Profitability Ratio
Adjusted ROE4 0.46% 20.31% 20.74% 10.68% 1.16% 14.99%

Based on: 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14), 10-K (filing date: 2014-07-14).

1 2019 Calculation
ROE = 100 × Net income ÷ Common stockholders’ investment
= 100 × 540 ÷ 17,757 = 3.04%

2 Adjusted net income. See details »

3 Adjusted common stockholders’ investment. See details »

4 2019 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted common stockholders’ investment
= 100 × 90 ÷ 19,359 = 0.46%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. FedEx Corp.’s adjusted ROE deteriorated from 2017 to 2018 and from 2018 to 2019.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014
Reported
Selected Financial Data (US$ in millions)
Net income 540  4,572  2,997  1,820  1,050  2,097 
Total assets 54,403  52,330  48,552  46,064  37,069  33,070 
Profitability Ratio
ROA1 0.99% 8.74% 6.17% 3.95% 2.83% 6.34%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 90  4,310  3,733  1,601  187  2,528 
Adjusted total assets3 68,422  66,408  62,966  60,491  49,514  44,698 
Profitability Ratio
Adjusted ROA4 0.13% 6.49% 5.93% 2.65% 0.38% 5.66%

Based on: 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14), 10-K (filing date: 2014-07-14).

1 2019 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 540 ÷ 54,403 = 0.99%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2019 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 90 ÷ 68,422 = 0.13%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. FedEx Corp.’s adjusted ROA improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.