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Long-term Debt and Solvency Analysis

Difficulty: Beginner

Solvency ratios also known as long-term debt ratios measure a company's ability to meet long-term obligations.


Ratios (Summary)

FedEx Corp., debt and solvency ratios

 
May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014 May 31, 2013 May 31, 2012
Debt to equity
Debt to capital
Interest coverage

Source: Based on data from FedEx Corp. Annual Reports

Ratio Description The company
Debt-to-equity ratio A solvency ratio calculated as total debt divided by total shareholders' equity. FedEx Corp.'s debt-to-equity ratio deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.
Debt-to-capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders' equity. FedEx Corp.'s debt-to-capital ratio deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. FedEx Corp.'s interest coverage ratio improved from 2015 to 2016 and from 2016 to 2017.

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Debt to Equity

FedEx Corp., debt to equity calculation, comparison to benchmarks

 
May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014 May 31, 2013 May 31, 2012
Selected Financial Data (USD $ in millions)
Current portion of long-term debt
Long-term debt, less current portion
Total debt
Common stockholders' investment
Ratio
Debt to equity1
Benchmarks
Debt to Equity, Competitors
Union Pacific Corp.
United Parcel Service Inc.
Debt to Equity, Sector
Industrial Transportation
Debt to Equity, Industry
Industrials

Source: Based on data from FedEx Corp. Annual Reports

2017 Calculations

1 Debt to equity = Total debt ÷ Common stockholders' investment
= ÷ =

Ratio Description The company
Debt-to-equity ratio A solvency ratio calculated as total debt divided by total shareholders' equity. FedEx Corp.'s debt-to-equity ratio deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.

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Debt to Capital

FedEx Corp., debt to capital calculation, comparison to benchmarks

 
May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014 May 31, 2013 May 31, 2012
Selected Financial Data (USD $ in millions)
Current portion of long-term debt
Long-term debt, less current portion
Total debt
Common stockholders' investment
Total capital
Ratio
Debt to capital1
Benchmarks
Debt to Capital, Competitors
Union Pacific Corp.
United Parcel Service Inc.
Debt to Capital, Sector
Industrial Transportation
Debt to Capital, Industry
Industrials

Source: Based on data from FedEx Corp. Annual Reports

2017 Calculations

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

Ratio Description The company
Debt-to-capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders' equity. FedEx Corp.'s debt-to-capital ratio deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.

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Interest Coverage

FedEx Corp., interest coverage calculation, comparison to benchmarks

 
May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014 May 31, 2013 May 31, 2012
Selected Financial Data (USD $ in millions)
Net income
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
Ratio
Interest coverage1
Benchmarks
Interest Coverage, Competitors
Union Pacific Corp.
United Parcel Service Inc.
Interest Coverage, Sector
Industrial Transportation
Interest Coverage, Industry
Industrials

Source: Based on data from FedEx Corp. Annual Reports

2017 Calculations

1 Interest coverage = EBIT ÷ Interest expense
= ÷ =

Ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. FedEx Corp.'s interest coverage ratio improved from 2015 to 2016 and from 2016 to 2017.

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