Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Two-Component Disaggregation of ROE

FedEx Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Feb 29, 2024 16.66% = 5.10% × 3.26
Nov 30, 2023 16.02% = 4.87% × 3.29
Aug 31, 2023 15.73% = 4.77% × 3.30
May 31, 2023 15.23% = 4.56% × 3.34
Feb 28, 2023 12.10% = 3.49% × 3.47
Nov 30, 2022 13.82% = 3.89% × 3.55
Aug 31, 2022 14.28% = 4.18% × 3.41
May 31, 2022 15.34% = 4.45% × 3.45
Feb 28, 2022 20.94% = 6.11% × 3.43
Nov 30, 2021 19.71% = 5.84% × 3.38
Aug 31, 2021 20.96% = 6.21% × 3.37
May 31, 2021 21.64% = 6.32% × 3.43
Feb 28, 2021 13.78% = 3.66% × 3.77
Nov 30, 2020 11.65% = 3.02% × 3.86
Aug 31, 2020 9.18% = 2.30% × 3.99
May 31, 2020 7.03% = 1.75% × 4.02
Feb 29, 2020 -1.85% = -0.50% × 3.72
Nov 30, 2019 0.40% = 0.11% × 3.75
Aug 31, 2019 2.48% = 0.66% × 3.77
May 31, 2019 3.04% = 0.99% × 3.06
Feb 28, 2019 18.28% = 6.68% × 2.74
Nov 30, 2018 25.76% = 9.33% × 2.76
Aug 31, 2018 25.09% = 9.27% × 2.71
May 31, 2018 23.55% = 8.74% × 2.70
Feb 28, 2018 = × 2.74
Nov 30, 2017 = × 2.95
Aug 31, 2017 = × 2.97

Based on: 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-K (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2024 is the increase in profitability measured by return on assets ratio (ROA).


Three-Component Disaggregation of ROE

FedEx Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Feb 29, 2024 16.66% = 5.02% × 1.02 × 3.26
Nov 30, 2023 16.02% = 4.87% × 1.00 × 3.29
Aug 31, 2023 15.73% = 4.71% × 1.01 × 3.30
May 31, 2023 15.23% = 4.41% × 1.03 × 3.34
Feb 28, 2023 12.10% = 3.23% × 1.08 × 3.47
Nov 30, 2022 13.82% = 3.54% × 1.10 × 3.55
Aug 31, 2022 14.28% = 3.79% × 1.10 × 3.41
May 31, 2022 15.34% = 4.09% × 1.09 × 3.45
Feb 28, 2022 20.94% = 5.60% × 1.09 × 3.43
Nov 30, 2021 19.71% = 5.49% × 1.06 × 3.38
Aug 31, 2021 20.96% = 5.88% × 1.06 × 3.37
May 31, 2021 21.64% = 6.23% × 1.01 × 3.43
Feb 28, 2021 13.78% = 3.85% × 0.95 × 3.77
Nov 30, 2020 11.65% = 3.28% × 0.92 × 3.86
Aug 31, 2020 9.18% = 2.50% × 0.92 × 3.99
May 31, 2020 7.03% = 1.86% × 0.94 × 4.02
Feb 29, 2020 -1.85% = -0.50% × 1.00 × 3.72
Nov 30, 2019 0.40% = 0.11% × 0.99 × 3.75
Aug 31, 2019 2.48% = 0.65% × 1.02 × 3.77
May 31, 2019 3.04% = 0.77% × 1.28 × 3.06
Feb 28, 2019 18.28% = 5.25% × 1.27 × 2.74
Nov 30, 2018 25.76% = 7.23% × 1.29 × 2.76
Aug 31, 2018 25.09% = 7.16% × 1.29 × 2.71
May 31, 2018 23.55% = 6.99% × 1.25 × 2.70
Feb 28, 2018 = × × 2.74
Nov 30, 2017 = × × 2.95
Aug 31, 2017 = × × 2.97

Based on: 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-K (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2024 is the increase in profitability measured by net profit margin ratio.


Two-Component Disaggregation of ROA

FedEx Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Feb 29, 2024 5.10% = 5.02% × 1.02
Nov 30, 2023 4.87% = 4.87% × 1.00
Aug 31, 2023 4.77% = 4.71% × 1.01
May 31, 2023 4.56% = 4.41% × 1.03
Feb 28, 2023 3.49% = 3.23% × 1.08
Nov 30, 2022 3.89% = 3.54% × 1.10
Aug 31, 2022 4.18% = 3.79% × 1.10
May 31, 2022 4.45% = 4.09% × 1.09
Feb 28, 2022 6.11% = 5.60% × 1.09
Nov 30, 2021 5.84% = 5.49% × 1.06
Aug 31, 2021 6.21% = 5.88% × 1.06
May 31, 2021 6.32% = 6.23% × 1.01
Feb 28, 2021 3.66% = 3.85% × 0.95
Nov 30, 2020 3.02% = 3.28% × 0.92
Aug 31, 2020 2.30% = 2.50% × 0.92
May 31, 2020 1.75% = 1.86% × 0.94
Feb 29, 2020 -0.50% = -0.50% × 1.00
Nov 30, 2019 0.11% = 0.11% × 0.99
Aug 31, 2019 0.66% = 0.65% × 1.02
May 31, 2019 0.99% = 0.77% × 1.28
Feb 28, 2019 6.68% = 5.25% × 1.27
Nov 30, 2018 9.33% = 7.23% × 1.29
Aug 31, 2018 9.27% = 7.16% × 1.29
May 31, 2018 8.74% = 6.99% × 1.25
Feb 28, 2018 = ×
Nov 30, 2017 = ×
Aug 31, 2017 = ×

Based on: 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-K (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31).

The primary reason for the increase in return on assets ratio (ROA) over Q3 2024 is the increase in profitability measured by net profit margin ratio.