Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
FedEx Corp., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | FedEx Corp. debt to equity ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | FedEx Corp. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | FedEx Corp. debt to capital ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | FedEx Corp. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | FedEx Corp. debt to assets ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | FedEx Corp. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | FedEx Corp. financial leverage ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | FedEx Corp. interest coverage ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | FedEx Corp. fixed charge coverage ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Debt to Equity
FedEx Corp., debt to equity calculation, comparison to benchmarks
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | 126) | 82) | 146) | 51) | 964) | 1,342) | |
| Long-term debt, less current portion | 20,453) | 20,182) | 20,733) | 21,952) | 16,617) | 15,243) | |
| 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 | |
| Benchmarks | |||||||
| Debt to Equity, Competitors2 | |||||||
| Uber Technologies Inc. | 0.89 | 1.32 | 0.66 | 0.64 | 0.43 | — | |
| Union Pacific Corp. | 2.20 | 2.74 | 2.10 | 1.58 | 1.39 | — | |
| United Parcel Service Inc. | 1.29 | 0.99 | 1.54 | 37.53 | 7.73 | — | |
| Debt to Equity, Sector | |||||||
| Transportation | 1.23 | 1.29 | 1.22 | 1.69 | 1.39 | — | |
| Debt to Equity, Industry | |||||||
| Industrials | 1.40 | 1.30 | 1.22 | 1.68 | 1.79 | — | |
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 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | FedEx Corp. debt to equity ratio improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Equity (including Operating Lease Liability)
FedEx Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | 126) | 82) | 146) | 51) | 964) | 1,342) | |
| Long-term debt, less current portion | 20,453) | 20,182) | 20,733) | 21,952) | 16,617) | 15,243) | |
| Total debt | 20,579) | 20,264) | 20,879) | 22,003) | 17,581) | 16,585) | |
| Current portion of operating lease liabilities | 2,390) | 2,443) | 2,208) | 1,923) | —) | —) | |
| Operating lease liabilities, less current portion | 15,363) | 14,487) | 13,375) | 12,195) | —) | —) | |
| Total debt (including operating lease liability) | 38,332) | 37,194) | 36,462) | 36,121) | 17,581) | 16,585) | |
| Common stockholders’ investment | 26,088) | 24,939) | 24,168) | 18,295) | 17,757) | 19,416) | |
| Solvency Ratio | |||||||
| Debt to equity (including operating lease liability)1 | 1.47 | 1.49 | 1.51 | 1.97 | 0.99 | 0.85 | |
| Benchmarks | |||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||
| Uber Technologies Inc. | 1.04 | 1.58 | 0.79 | 0.78 | 0.55 | — | |
| Union Pacific Corp. | 2.31 | 2.87 | 2.22 | 1.67 | 1.49 | — | |
| United Parcel Service Inc. | 1.54 | 1.19 | 1.79 | 42.24 | 8.62 | — | |
| Debt to Equity (including Operating Lease Liability), Sector | |||||||
| Transportation | 1.60 | 1.67 | 1.56 | 2.11 | 1.51 | — | |
| Debt to Equity (including Operating Lease Liability), Industry | |||||||
| Industrials | 1.57 | 1.45 | 1.36 | 1.83 | 1.89 | — | |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Common stockholders’ investment
= 38,332 ÷ 26,088 = 1.47
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | FedEx Corp. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Capital
FedEx Corp., debt to capital calculation, comparison to benchmarks
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | 126) | 82) | 146) | 51) | 964) | 1,342) | |
| Long-term debt, less current portion | 20,453) | 20,182) | 20,733) | 21,952) | 16,617) | 15,243) | |
| 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) | |
| 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 | |
| Benchmarks | |||||||
| Debt to Capital, Competitors2 | |||||||
| Uber Technologies Inc. | 0.47 | 0.57 | 0.40 | 0.39 | 0.30 | — | |
| Union Pacific Corp. | 0.69 | 0.73 | 0.68 | 0.61 | 0.58 | — | |
| United Parcel Service Inc. | 0.56 | 0.50 | 0.61 | 0.97 | 0.89 | — | |
| Debt to Capital, Sector | |||||||
| Transportation | 0.55 | 0.56 | 0.55 | 0.63 | 0.58 | — | |
| Debt to Capital, Industry | |||||||
| Industrials | 0.58 | 0.57 | 0.55 | 0.63 | 0.64 | — | |
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 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | FedEx Corp. debt to capital ratio improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Capital (including Operating Lease Liability)
FedEx Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | 126) | 82) | 146) | 51) | 964) | 1,342) | |
| Long-term debt, less current portion | 20,453) | 20,182) | 20,733) | 21,952) | 16,617) | 15,243) | |
| Total debt | 20,579) | 20,264) | 20,879) | 22,003) | 17,581) | 16,585) | |
| Current portion of operating lease liabilities | 2,390) | 2,443) | 2,208) | 1,923) | —) | —) | |
| Operating lease liabilities, less current portion | 15,363) | 14,487) | 13,375) | 12,195) | —) | —) | |
| Total debt (including operating lease liability) | 38,332) | 37,194) | 36,462) | 36,121) | 17,581) | 16,585) | |
| Common stockholders’ investment | 26,088) | 24,939) | 24,168) | 18,295) | 17,757) | 19,416) | |
| Total capital (including operating lease liability) | 64,420) | 62,133) | 60,630) | 54,416) | 35,338) | 36,001) | |
| Solvency Ratio | |||||||
| Debt to capital (including operating lease liability)1 | 0.60 | 0.60 | 0.60 | 0.66 | 0.50 | 0.46 | |
| Benchmarks | |||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||
| Uber Technologies Inc. | 0.51 | 0.61 | 0.44 | 0.44 | 0.35 | — | |
| Union Pacific Corp. | 0.70 | 0.74 | 0.69 | 0.63 | 0.60 | — | |
| United Parcel Service Inc. | 0.61 | 0.54 | 0.64 | 0.98 | 0.90 | — | |
| Debt to Capital (including Operating Lease Liability), Sector | |||||||
| Transportation | 0.62 | 0.63 | 0.61 | 0.68 | 0.60 | — | |
| Debt to Capital (including Operating Lease Liability), Industry | |||||||
| Industrials | 0.61 | 0.59 | 0.58 | 0.65 | 0.65 | — | |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 38,332 ÷ 64,420 = 0.60
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | FedEx Corp. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Assets
FedEx Corp., debt to assets calculation, comparison to benchmarks
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | 126) | 82) | 146) | 51) | 964) | 1,342) | |
| Long-term debt, less current portion | 20,453) | 20,182) | 20,733) | 21,952) | 16,617) | 15,243) | |
| Total debt | 20,579) | 20,264) | 20,879) | 22,003) | 17,581) | 16,585) | |
| Total assets | 87,143) | 85,994) | 82,777) | 73,537) | 54,403) | 52,330) | |
| Solvency Ratio | |||||||
| Debt to assets1 | 0.24 | 0.24 | 0.25 | 0.30 | 0.32 | 0.32 | |
| Benchmarks | |||||||
| Debt to Assets, Competitors2 | |||||||
| Uber Technologies Inc. | 0.26 | 0.30 | 0.25 | 0.24 | 0.19 | — | |
| Union Pacific Corp. | 0.49 | 0.51 | 0.47 | 0.43 | 0.41 | — | |
| United Parcel Service Inc. | 0.31 | 0.28 | 0.32 | 0.40 | 0.44 | — | |
| Debt to Assets, Sector | |||||||
| Transportation | 0.32 | 0.33 | 0.32 | 0.35 | 0.36 | — | |
| Debt to Assets, Industry | |||||||
| Industrials | 0.29 | 0.29 | 0.29 | 0.32 | 0.32 | — | |
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 assets = Total debt ÷ Total assets
= 20,579 ÷ 87,143 = 0.24
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | FedEx Corp. debt to assets ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to Assets (including Operating Lease Liability)
FedEx Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | 126) | 82) | 146) | 51) | 964) | 1,342) | |
| Long-term debt, less current portion | 20,453) | 20,182) | 20,733) | 21,952) | 16,617) | 15,243) | |
| Total debt | 20,579) | 20,264) | 20,879) | 22,003) | 17,581) | 16,585) | |
| Current portion of operating lease liabilities | 2,390) | 2,443) | 2,208) | 1,923) | —) | —) | |
| Operating lease liabilities, less current portion | 15,363) | 14,487) | 13,375) | 12,195) | —) | —) | |
| Total debt (including operating lease liability) | 38,332) | 37,194) | 36,462) | 36,121) | 17,581) | 16,585) | |
| Total assets | 87,143) | 85,994) | 82,777) | 73,537) | 54,403) | 52,330) | |
| Solvency Ratio | |||||||
| Debt to assets (including operating lease liability)1 | 0.44 | 0.43 | 0.44 | 0.49 | 0.32 | 0.32 | |
| Benchmarks | |||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||
| Uber Technologies Inc. | 0.30 | 0.36 | 0.29 | 0.29 | 0.24 | — | |
| Union Pacific Corp. | 0.51 | 0.53 | 0.50 | 0.45 | 0.44 | — | |
| United Parcel Service Inc. | 0.38 | 0.33 | 0.37 | 0.44 | 0.49 | — | |
| Debt to Assets (including Operating Lease Liability), Sector | |||||||
| Transportation | 0.42 | 0.42 | 0.41 | 0.44 | 0.39 | — | |
| Debt to Assets (including Operating Lease Liability), Industry | |||||||
| Industrials | 0.33 | 0.33 | 0.32 | 0.35 | 0.34 | — | |
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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 38,332 ÷ 87,143 = 0.44
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | FedEx Corp. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Financial Leverage
FedEx Corp., financial leverage calculation, comparison to benchmarks
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | ||
|---|---|---|---|---|---|---|---|
| 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 | |
| Benchmarks | |||||||
| Financial Leverage, Competitors2 | |||||||
| Uber Technologies Inc. | 3.44 | 4.37 | 2.68 | 2.71 | 2.24 | — | |
| Union Pacific Corp. | 4.54 | 5.38 | 4.49 | 3.68 | 3.40 | — | |
| United Parcel Service Inc. | 4.09 | 3.59 | 4.87 | 94.99 | 17.71 | — | |
| Financial Leverage, Sector | |||||||
| Transportation | 3.80 | 3.97 | 3.80 | 4.81 | 3.86 | — | |
| Financial Leverage, Industry | |||||||
| Industrials | 4.76 | 4.44 | 4.27 | 5.25 | 5.63 | — | |
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 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | FedEx Corp. financial leverage ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023. |
Interest Coverage
FedEx Corp., interest coverage calculation, comparison to benchmarks
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net income | 3,972) | 3,826) | 5,231) | 1,286) | 540) | 4,572) | |
| Add: Income tax expense | 1,391) | 1,070) | 1,443) | 383) | 115) | (219) | |
| Add: Interest expense | 694) | 689) | 793) | 672) | 588) | 558) | |
| Earnings before interest and tax (EBIT) | 6,057) | 5,585) | 7,467) | 2,341) | 1,243) | 4,911) | |
| Solvency Ratio | |||||||
| Interest coverage1 | 8.73 | 8.11 | 9.42 | 3.48 | 2.11 | 8.80 | |
| Benchmarks | |||||||
| Interest Coverage, Competitors2 | |||||||
| Uber Technologies Inc. | 4.74 | -15.49 | -1.20 | -14.24 | -14.15 | — | |
| Union Pacific Corp. | 7.14 | 8.14 | 8.33 | 7.12 | 8.38 | — | |
| United Parcel Service Inc. | 11.92 | 22.06 | 24.91 | 3.63 | 9.66 | — | |
| Interest Coverage, Sector | |||||||
| Transportation | 8.11 | 7.03 | 10.81 | 2.18 | 2.96 | — | |
| Interest Coverage, Industry | |||||||
| Industrials | 7.17 | 5.71 | 6.21 | 2.23 | 4.59 | — | |
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
Interest coverage = EBIT ÷ Interest expense
= 6,057 ÷ 694 = 8.73
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | FedEx Corp. interest coverage ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Fixed Charge Coverage
FedEx Corp., fixed charge coverage calculation, comparison to benchmarks
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net income | 3,972) | 3,826) | 5,231) | 1,286) | 540) | 4,572) | |
| Add: Income tax expense | 1,391) | 1,070) | 1,443) | 383) | 115) | (219) | |
| Add: Interest expense | 694) | 689) | 793) | 672) | 588) | 558) | |
| Earnings before interest and tax (EBIT) | 6,057) | 5,585) | 7,467) | 2,341) | 1,243) | 4,911) | |
| Add: Operating lease cost | 3,300) | 3,100) | 2,848) | 2,668) | 2,875) | 2,913) | |
| Earnings before fixed charges and tax | 9,357) | 8,685) | 10,315) | 5,009) | 4,118) | 7,824) | |
| Interest expense | 694) | 689) | 793) | 672) | 588) | 558) | |
| Operating lease cost | 3,300) | 3,100) | 2,848) | 2,668) | 2,875) | 2,913) | |
| Fixed charges | 3,994) | 3,789) | 3,641) | 3,340) | 3,463) | 3,471) | |
| Solvency Ratio | |||||||
| Fixed charge coverage1 | 2.34 | 2.29 | 2.83 | 1.50 | 1.19 | 2.25 | |
| Benchmarks | |||||||
| Fixed Charge Coverage, Competitors2 | |||||||
| Uber Technologies Inc. | 3.48 | -9.72 | -0.36 | -6.43 | -8.62 | — | |
| Union Pacific Corp. | 5.82 | 6.64 | 6.81 | 5.79 | 6.62 | — | |
| United Parcel Service Inc. | 6.21 | 11.30 | 12.66 | 2.31 | 5.36 | — | |
| Fixed Charge Coverage, Sector | |||||||
| Transportation | 3.96 | 3.53 | 5.20 | 1.49 | 1.80 | — | |
| Fixed Charge Coverage, Industry | |||||||
| Industrials | 4.60 | 3.68 | 4.04 | 1.71 | 3.07 | — | |
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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 9,357 ÷ 3,994 = 2.34
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | FedEx Corp. fixed charge coverage ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |