Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

$24.99

Adjusted Financial Ratios

Microsoft Excel

Paying user area

The data is hidden behind: . Unhide it.

This is a one-time payment. There is no automatic renewal.


We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

Adjusted Financial Ratios (Summary)

FedEx Corp., adjusted financial ratios

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Activity Ratio
Total Asset Turnover
Reported
Adjusted
Liquidity Ratio
Current Ratio
Reported
Adjusted
Solvency Ratios
Debt to Equity
Reported
Adjusted
Debt to Capital
Reported
Adjusted
Financial Leverage
Reported
Adjusted
Profitability Ratios
Net Profit Margin
Reported
Adjusted
Return on Equity (ROE)
Reported
Adjusted
Return on Assets (ROA)
Reported
Adjusted

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).


Asset Turnover
Both reported and adjusted total asset turnover ratios show an initial decline in 2020, followed by a gradual recovery in subsequent years. Reported turnover decreased from 1.28 in 2019 to 0.94 in 2020, then increased to around 1.01 by 2024. Adjusted turnover mirrored this pattern, with a smaller decline and a recovery to approximately 1.02 by 2024, indicating improved efficiency in asset utilization after the 2020 downturn.
Current Ratio
The reported current ratio increased from 1.45 in 2019 to 1.58 in 2020, reflecting improved short-term liquidity. Subsequently, it declined gradually to 1.36 by 2024. The adjusted current ratio follows the same pattern, rising slightly higher initially and then stabilizing near 1.40, suggesting consistent liquidity management with slight tightening in recent years.
Debt to Equity
The reported debt to equity ratio rose significantly in 2020 to 1.20 from 0.99 in 2019, but then steadily decreased to 0.73 by 2024, indicating a reduction in reliance on equity financing over time. Adjusted debt to equity started higher at 1.70 in 2019, peaked at 1.78 in 2020, and then declined to 1.21 in 2024. Both measures suggest a deleveraging trend following an increase during 2020.
Debt to Capital
The reported debt to capital ratio increased in 2020 from 0.50 to 0.55, then gradually decreased to 0.42 by 2024. The adjusted ratio remained consistently higher, peaking at 0.64 in 2020 and slightly decreasing to 0.55 in 2024. This indicates a temporary increase in debt proportion in the capital structure during 2020, with a gradual shift toward lower debt levels thereafter.
Financial Leverage
Reported financial leverage increased markedly from 3.06 in 2019 to 4.02 in 2020, reflecting higher use of debt and liabilities. It then declined steadily to 3.15 by 2024. Adjusted financial leverage followed a similar trend but began at a higher level and ended at 2.76, indicating some reduction in leverage and potentially improved balance sheet strength over time.
Net Profit Margin
Reported net profit margin improved notably from 0.77% in 2019 to a peak of 6.23% in 2021, before stabilizing between 4.09% and 4.94% in subsequent years. Adjusted net profit margin showed a similar trajectory, peaking higher at 7.9% in 2021 and then moderating to around 4.7% to 4.8%. This suggests a strong recovery and profitability performance post-2020 with some normalization after peak margins in 2021.
Return on Equity (ROE)
Reported ROE increased substantially from 3.04% in 2019 to 21.64% in 2021, then declined to a range of around 15% by 2023 and 2024, indicating an exceptional performance in 2021 followed by stabilization at a lower but still healthy level. Adjusted ROE follows a similar pattern, showing an even higher peak at 24.53% in 2021, followed by a decrease to about 13-14% in recent years, reflecting strong but normalized shareholder returns.
Return on Assets (ROA)
Reported ROA grew from 0.99% in 2019 to a peak of 6.32% in 2021, then remained stable around 4.5% to 5.0% in subsequent years. Adjusted ROA exhibited a more pronounced peak at 8.11% in 2021 with a slight decline to the mid-4% range by 2024. These trends suggest enhanced asset profitability particularly in 2021, followed by some correction but continued efficient asset use.

FedEx Corp., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Reported
Selected Financial Data (US$ in millions)
Revenue
Total assets
Activity Ratio
Total asset turnover1
Adjusted
Selected Financial Data (US$ in millions)
Revenue
Adjusted total assets2
Activity Ratio
Adjusted total asset turnover3

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).

1 2024 Calculation
Total asset turnover = Revenue ÷ Total assets
= ÷ =

2 Adjusted total assets. See details »

3 2024 Calculation
Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= ÷ =


Revenue Trends
Revenue showed an initial decline from 69,693 million USD in 2019 to 69,217 million USD in 2020. Subsequently, it experienced significant growth, reaching a peak of 93,512 million USD in 2022. After 2022, revenue declined for two consecutive years to 90,155 million USD in 2023 and further to 87,693 million USD in 2024.
Total Assets
Total assets increased substantially over the period from 54,403 million USD in 2019 to 73,537 million USD in 2020 and continued growing to a peak of 87,143 million USD in 2023. The level stabilized slightly in 2024 at 87,007 million USD, indicating a plateau in asset accumulation.
Reported Total Asset Turnover
This ratio, reflecting efficiency in using assets to generate revenue, declined sharply from 1.28 in 2019 to 0.94 in 2020. It then recovered gradually, peaking at 1.09 in 2022, aligned with the revenue growth observed. However, turnover decreased again to 1.03 in 2023 and to 1.01 in 2024, suggesting less efficiency in recent years compared to the peak in 2022.
Adjusted Total Assets
Adjusted total assets followed a somewhat similar upward trend as total assets, starting from 68,422 million USD in 2019, peaking at 86,452 million USD in 2023, and slightly declining to 86,130 million USD in 2024. The adjustment indicates revised asset measures that display a consistent expansion through the years with minor contraction at the end.
Adjusted Total Asset Turnover
The adjusted total asset turnover moved in the range of 0.96 to 1.10, beginning at 1.02 in 2019, dipping to 0.96 in 2020, then rising to a high of 1.10 in 2022. After 2022, the turnover ratio decreased to 1.04 in 2023 and further to 1.02 in 2024, mirroring the trend seen in the reported turnover ratios. This pattern reflects a similar trend in asset utilization efficiency when using the adjusted asset base.
Overall Insights
The data indicates a phase of strong recovery and growth following 2020, with revenue and asset turnover peaking in 2022, followed by a moderate decline in 2023 and 2024. Asset levels increased steadily but plateaued in later years. Efficiency ratios suggest that, despite asset growth, the company has experienced reduced asset utilization effectiveness in the most recent years compared to the peak period.

Adjusted Current Ratio

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets
Current liabilities
Liquidity Ratio
Current ratio1
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2
Current liabilities
Liquidity Ratio
Adjusted current ratio3

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).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =

2 Adjusted current assets. See details »

3 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= ÷ =


Current Assets
The current assets displayed a general upward trend from 2019 to 2021, increasing from 13,086 million US dollars to 20,580 million US dollars, indicating growth in liquid and short-term assets during this period. However, starting in 2022, current assets began to decline slightly, falling to 18,207 million US dollars by 2024, which may suggest a contraction or reallocation of short-term resources.
Current Liabilities
Current liabilities also showed an increasing pattern from 2019 to 2022, moving from 9,013 million US dollars to 14,274 million US dollars, implying rising short-term obligations. After 2022, current liabilities started to recede slowly, reaching 13,355 million US dollars by 2024, which might reflect efforts to manage or reduce short-term debt or payables.
Reported Current Ratio
The reported current ratio demonstrated a modest decline over the full period, starting at 1.45 in 2019, peaking slightly in 2020 at 1.58, and then progressively decreasing to 1.36 by 2024. This decline indicates a gradual reduction in short-term liquidity, as current assets decreased relative to current liabilities over time, possibly signaling tighter working capital management or increased short-term financial pressure.
Adjusted Current Assets
Adjusted current assets closely followed the pattern of reported current assets, increasing steadily from 13,207 million US dollars in 2019 to a peak of 20,938 million US dollars in 2021. Subsequently, these assets declined to 18,643 million US dollars by 2024, mirroring the trend of reported current assets and reinforcing the observation of shrinkage in liquid resources post-2021.
Adjusted Current Ratio
The adjusted current ratio showed a comparable trend to the reported current ratio, with an initial increase from 1.47 in 2019 to 1.60 in 2020, followed by a steady decrease to 1.40 by 2024. Even though showing a slightly higher level than the reported ratio, this measure also reflects a weakening over time in the company’s short-term liquidity position based on adjusted asset figures.

Adjusted Debt to Equity

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt
Common stockholders’ investment
Solvency Ratio
Debt to equity1
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2
Adjusted common stockholders’ investment3
Solvency Ratio
Adjusted debt to equity4

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).

1 2024 Calculation
Debt to equity = Total debt ÷ Common stockholders’ investment
= ÷ =

2 Adjusted total debt. See details »

3 Adjusted common stockholders’ investment. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted common stockholders’ investment
= ÷ =


Total Debt
The total debt exhibited fluctuations over the observed period. It increased from 17,581 million USD in 2019 to a peak of 22,003 million USD in 2020, followed by a gradual decline to 20,203 million USD by 2024. Overall, the trend suggests initial debt accumulation followed by a moderate reduction.
Common Stockholders’ Investment
Common stockholders’ investment showed a consistent upward trend throughout the years. Starting from 17,757 million USD in 2019, it steadily increased each year to reach 27,582 million USD in 2024, indicating strengthening equity base and shareholder value expansion.
Reported Debt to Equity Ratio
The reported debt to equity ratio reflected a declining trend from 0.99 in 2019 to 0.73 in 2024. This decrease aligns with the relative growth in equity compared to debt, indicating improved leverage position and potentially lower financial risk based on reported figures.
Adjusted Total Debt
The adjusted total debt showed a persistent increase over the years, rising from 32,819 million USD in 2019 to 38,332 million USD in 2023, before a slight decrease to 37,719 million USD in 2024. This adjustment likely accounts for additional liabilities, revealing a continuing rise in overall indebtedness until a minor reduction in the final year.
Adjusted Common Stockholders’ Investment
Adjusted common stockholders’ investment increased significantly from 19,359 million USD in 2019 to 31,187 million USD in 2024, mirroring the upward trend observed in the reported equity but at generally higher levels. This suggests an expanding equity base even when adjusted for additional considerations.
Adjusted Debt to Equity Ratio
The adjusted debt to equity ratio exhibited a gradual decline from 1.70 in 2019 to 1.21 in 2024. Despite higher adjusted debt figures relative to the reported ones, equity growth outpaced increases in debt, reflecting a steady improvement in financial leverage also on an adjusted basis.

Adjusted Debt to Capital

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt
Total capital
Solvency Ratio
Debt to capital1
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2
Adjusted total capital3
Solvency Ratio
Adjusted debt to capital4

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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= ÷ =


Total Debt
Total debt increased significantly from 17,581 million USD in May 2019 to a peak of 22,003 million USD in May 2020. Following this peak, total debt declined gradually over the subsequent years, reaching 20,203 million USD by May 2024. This indicates an initial rise in leverage followed by a modest reduction in absolute debt levels.
Total Capital
Total capital demonstrated a steady upward trend throughout the period, rising from 35,338 million USD in May 2019 to 47,785 million USD by May 2024. The consistent increase over the six-year span suggests sustained growth in the company’s capital base.
Reported Debt to Capital Ratio
The reported debt to capital ratio initially increased from 0.50 in 2019 to 0.55 in 2020, reflecting the rise in total debt relative to capital during that year. Afterward, the ratio declined consistently each year, reaching 0.42 in 2024. This trend indicates improved capital structure stability, with debt representing a decreasing portion of total capital.
Adjusted Total Debt
Adjusted total debt values are notably higher than reported total debt, starting at 32,819 million USD in 2019 and increasing steadily to a peak of 38,332 million USD in 2023, before a slight decrease to 37,719 million USD in 2024. This suggests the inclusion of additional liabilities or considerations in the adjusted metric.
Adjusted Total Capital
Adjusted total capital also exhibits a steady increase, starting at 52,178 million USD in 2019 and reaching 68,906 million USD by 2024. This continued growth supports the expansion or strengthening of the company’s overall financial base, as measured by the adjusted figures.
Adjusted Debt to Capital Ratio
The adjusted debt to capital ratio rises marginally from 0.63 in 2019 to a high of 0.64 in 2020, then declines gradually to 0.55 in 2024. Although the ratio is higher than the reported counterpart, the downward trend after 2020 indicates a gradual deleveraging or improved balance between adjusted debt and capital over time.

Adjusted Financial Leverage

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets
Common stockholders’ investment
Solvency Ratio
Financial leverage1
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2
Adjusted common stockholders’ investment3
Solvency Ratio
Adjusted financial leverage4

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).

1 2024 Calculation
Financial leverage = Total assets ÷ Common stockholders’ investment
= ÷ =

2 Adjusted total assets. See details »

3 Adjusted common stockholders’ investment. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted common stockholders’ investment
= ÷ =


Total Assets
The total assets demonstrate a consistent upward trajectory from May 2019 to May 2023, increasing from $54.4 billion to $87.1 billion. However, there is a slight decline observed in May 2024, where total assets decrease marginally to $87.0 billion. This suggests an overall growth in asset base over the five-year period with a plateauing effect in the most recent year.
Common Stockholders’ Investment
Common stockholders’ investment steadily increases throughout the entire period. It rises from approximately $17.8 billion in May 2019 to $27.6 billion by May 2024, indicating consistent growth in equity. This trend reflects an increase in shareholder value and capital infusion or retained earnings accumulation over time.
Reported Financial Leverage
The reported financial leverage ratio rises sharply from 3.06 in May 2019 to a peak of 4.02 in May 2020, indicative of higher debt relative to equity during this period. Subsequently, a downward trend is evident, with the ratio declining to 3.15 by May 2024, suggesting deleveraging or strengthening equity relative to liabilities in the later years.
Adjusted Total Assets
Adjusted total assets mirror the trend in total assets but start higher at $68.4 billion in May 2019. They increase steadily until May 2023, reaching $86.5 billion, followed by a slight reduction to $86.1 billion in May 2024. The adjusted figures reflect a similar growth and stabilization pattern as total assets but on a consistently higher base.
Adjusted Common Stockholders’ Investment
This metric also shows strong growth, progressing from $19.4 billion in May 2019 to $31.2 billion by May 2024. The steady increase in adjusted equity aligns with the trends observed in unadjusted common stockholders’ investment, affirming an expansion in shareholder equity over time.
Adjusted Financial Leverage
The adjusted financial leverage ratio exhibits a slight increase from 3.53 in May 2019 to 3.57 in May 2020, after which a continuous decline takes place, reaching 2.76 by May 2024. This declining leverage ratio indicates a strengthening equity position relative to adjusted assets, suggesting improved financial stability and potentially reduced reliance on debt financing in the latest periods.

Adjusted Net Profit Margin

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income
Revenue
Profitability Ratio
Net profit margin1
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2
Revenue
Profitability Ratio
Adjusted net profit margin3

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).

1 2024 Calculation
Net profit margin = 100 × Net income ÷ Revenue
= 100 × ÷ =

2 Adjusted net income. See details »

3 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × ÷ =


Net Income
The net income exhibits significant fluctuation over the analyzed period. It increased sharply from $540 million in 2019 to $1,286 million in 2020, followed by a remarkable peak at $5,231 million in 2021. However, after this peak, net income declined to $3,826 million in 2022 before modestly rising again to $4,331 million by 2024. This trend indicates a period of strong profitability growth culminating in 2021, followed by some stabilization at a lower, yet still elevated, level.
Revenue
Revenue shows a general upward trend until 2022, rising from approximately $69.7 billion in 2019 to a peak of $93.5 billion in 2022. Post-2022, there is a decline, with revenues dropping to approximately $87.7 billion by 2024. This pattern suggests growth leading up to 2022, followed by a moderate contraction in the most recent years.
Reported Net Profit Margin
The reported net profit margin follows a parallel trajectory to net income, starting at a low 0.77% in 2019, rising steadily to 6.23% in 2021. It then declined to around 4% in 2022 and recovered slightly to 4.94% in 2024. The margin's peak in 2021 reflects the exceptional net income recorded that year, while subsequent decreases indicate a normalization of profitability relative to revenues.
Adjusted Net Income
Adjusted net income moves somewhat in line with reported net income but shows even more volatility. From $90 million in 2019, it jumps to $1,355 million in 2020 and reaches its highest point of $6,631 million in 2021—outpacing reported net income. Adjusted net income declines to $3,759 million in 2022, then partially recovers in 2023, reaching $4,326 million, before a slight reduction to $4,101 million in 2024. This suggests that adjustments, likely for non-recurring or non-operational items, have a material impact on earnings.
Adjusted Net Profit Margin
This margin displays a notable rise from 0.13% in 2019 to a peak of 7.9% in 2021, closely mirroring the pattern in adjusted net income but at generally lower levels compared to reported margins in subsequent periods. The margin then declines to approximately 4% in 2022, shows a small rebound to 4.8% in 2023, and slightly decreases to 4.68% in 2024. These fluctuations align with operational profitability impacted by adjustments, suggesting variability in underlying business earnings quality.
Overall Insights
The data depicts a period of rapid profit expansion culminating in 2021, driven by both actual and adjusted income figures. Revenue growth was strongest up to 2022 before experiencing some contraction. The net profit margins, both reported and adjusted, confirm the exceptional profitability in 2021, followed by a trend toward normalization. Adjusted figures indicate some volatility related to one-time or extraordinary items, affecting the interpretation of sustainable earnings. The more recent years show stabilization in profitability metrics, though at lower levels than the 2021 peak, set against a backdrop of declining revenue.

Adjusted Return on Equity (ROE)

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income
Common stockholders’ investment
Profitability Ratio
ROE1
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2
Adjusted common stockholders’ investment3
Profitability Ratio
Adjusted ROE4

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).

1 2024 Calculation
ROE = 100 × Net income ÷ Common stockholders’ investment
= 100 × ÷ =

2 Adjusted net income. See details »

3 Adjusted common stockholders’ investment. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted common stockholders’ investment
= 100 × ÷ =


Net Income
Net income exhibited significant growth from 540 million USD in 2019 to a peak of 5231 million USD in 2021, followed by a decline to 3826 million USD in 2022. Subsequently, it showed moderate recovery, increasing to 4331 million USD by 2024.
Common Stockholders’ Investment
Stockholders’ investment consistently increased over the period, rising steadily from 17,757 million USD in 2019 to 27,582 million USD in 2024, indicating ongoing capital growth or retention of earnings.
Reported Return on Equity (ROE)
The reported ROE improved markedly from 3.04% in 2019 to 21.64% in 2021, reflecting enhanced profitability relative to equity. Following the peak, ROE decreased to 15.34% in 2022 and stabilized around 15% through 2024, indicating a normalization after exceptional performance.
Adjusted Net Income
Adjusted net income showed a strong upward trend, increasing sharply from 90 million USD in 2019 to a high of 6631 million USD in 2021. It then declined to 3759 million USD in 2022 and fluctuated slightly, ending at 4101 million USD in 2024. This suggests variability potentially due to one-time items or adjustments affecting net income values.
Adjusted Common Stockholders’ Investment
Adjusted stockholders’ investment rose steadily from 19,359 million USD in 2019 to 31,187 million USD in 2024, mirroring the trend observed in reported investment and indicating consistent capital growth after adjustments.
Adjusted ROE
The adjusted ROE followed a similar pattern to the reported ROE but at lower levels in the early years. It increased from 0.46% in 2019 to a peak of 24.53% in 2021, then declined to 13.35% in 2022 and fluctuated around 13-14% thereafter. This reflects strong profitability after adjustments, albeit showing more volatility compared to the reported ROE.
Overall Trends and Insights
The data indicates a period of substantial profitability growth culminating in 2021, followed by a contraction in 2022 with partial recovery afterwards. The consistent increase in stockholders’ investment suggests a stable or expanding equity base supporting the company’s operations. The divergence between reported and adjusted figures, especially in net income and ROE, points to significant impact from adjustments or non-recurring items. The moderation of ROE after the 2021 peak implies that the exceptional returns were not fully sustained. Overall, the company exhibits resilience with signs of recovery and stable capital growth.

Adjusted Return on Assets (ROA)

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income
Total assets
Profitability Ratio
ROA1
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2
Adjusted total assets3
Profitability Ratio
Adjusted ROA4

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).

1 2024 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × ÷ =

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × ÷ =


Net Income
The net income displayed a significant upward trend from 540 million US dollars in 2019 to a peak of 5231 million in 2021. Following this peak, it declined to 3826 million in 2022 but experienced a subsequent recovery, reaching 4331 million in 2024. Overall, the data shows considerable volatility but an overall increase over the six-year period.
Total Assets
Total assets consistently increased year-over-year from 54,403 million US dollars in 2019, rising sharply in 2020 and 2021, then growing at a slower pace through to 2024, ultimately reaching 87,007 million. This steady increase suggests ongoing asset accumulation or investment over the years.
Reported Return on Assets (ROA)
The reported ROA improved markedly from 0.99% in 2019 to a notable high of 6.32% in 2021. This was followed by a decline to 4.45% in 2022, after which it slightly increased again, reaching 4.98% by 2024. The pattern indicates enhanced efficiency in asset utilization peaking in 2021 with a partial retracement thereafter.
Adjusted Net Income
The adjusted net income started at a low base of 90 million in 2019, surged significantly to 6631 million in 2021, then decreased substantially in 2022 to 3759 million. It rebounded somewhat in the following years, ending at 4101 million in 2024. This trend broadly parallels net income patterns but with more pronounced fluctuations.
Adjusted Total Assets
Adjusted total assets increased steadily from 68,422 million in 2019 to 86,130 million in 2024, mirroring the trend seen in reported total assets, indicating consistency in asset valuation under adjusted measures.
Adjusted Return on Assets (ROA)
The adjusted ROA shows a considerable rise from 0.13% in 2019 to a peak of 8.11% in 2021, reflecting an improved return profile on asset base under adjusted calculations. It then declined to 4.42% in 2022, followed by a moderate increase to 4.76% in 2024, reflecting a similar pattern to the reported ROA but with higher peak performance metrics.