Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel LibreOffice Calc

Solvency Ratios (Summary)

FedEx Corp., solvency ratios (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015
Debt Ratios
Debt to equity 0.84 0.82 0.85 0.86 1.07 1.11 1.20 1.20 1.03 1.01 1.03 0.99 0.93 0.90 0.88 0.85 0.93 0.91 0.91 0.93 0.97 0.94 0.97 1.01 0.59 0.57 0.47
Debt to equity (including operating lease liability) 1.52 1.48 1.49 1.51 1.75 1.83 1.95 1.97 1.78 1.78 1.81 0.99 0.93 0.90 0.88 0.85 0.93 0.91 0.91 0.93 0.97 0.94 0.97 1.01 0.59 0.57 0.47
Debt to capital 0.46 0.45 0.46 0.46 0.52 0.53 0.54 0.55 0.51 0.50 0.51 0.50 0.48 0.47 0.47 0.46 0.48 0.48 0.48 0.48 0.49 0.48 0.49 0.50 0.37 0.36 0.32
Debt to capital (including operating lease liability) 0.60 0.60 0.60 0.60 0.64 0.65 0.66 0.66 0.64 0.64 0.64 0.50 0.48 0.47 0.47 0.46 0.48 0.48 0.48 0.48 0.49 0.48 0.49 0.50 0.37 0.36 0.32
Debt to assets 0.24 0.24 0.25 0.25 0.28 0.29 0.30 0.30 0.28 0.27 0.27 0.32 0.34 0.32 0.33 0.32 0.34 0.31 0.31 0.31 0.32 0.29 0.30 0.30 0.22 0.22 0.19
Debt to assets (including operating lease liability) 0.44 0.44 0.44 0.44 0.47 0.47 0.49 0.49 0.48 0.47 0.48 0.32 0.34 0.32 0.33 0.32 0.34 0.31 0.31 0.31 0.32 0.29 0.30 0.30 0.22 0.22 0.19
Financial leverage 3.43 3.38 3.37 3.43 3.77 3.86 3.99 4.02 3.72 3.75 3.77 3.06 2.74 2.76 2.71 2.70 2.74 2.95 2.97 3.02 3.08 3.19 3.22 3.34 2.64 2.56 2.44

Based on: 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), 10-K (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-K (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-Q (reporting date: 2015-08-31).

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 Q1 2022 to Q2 2022 but then slightly deteriorated from Q2 2022 to Q3 2022 not reaching Q1 2022 level.
Debt to equity (including operating lease liability) ratio 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 Q1 2022 to Q2 2022 but then deteriorated significantly from Q2 2022 to Q3 2022.
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 Q1 2022 to Q2 2022 but then slightly deteriorated from Q2 2022 to Q3 2022 not reaching Q1 2022 level.
Debt to capital (including operating lease liability) ratio 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 Q1 2022 to Q2 2022 but then deteriorated significantly from Q2 2022 to Q3 2022.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. FedEx Corp. debt to assets ratio improved from Q1 2022 to Q2 2022 but then slightly deteriorated from Q2 2022 to Q3 2022.
Debt to assets (including operating lease liability) ratio 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 Q1 2022 to Q2 2022 but then deteriorated significantly from Q2 2022 to Q3 2022.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. FedEx Corp. financial leverage ratio increased from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.

Debt to Equity

FedEx Corp., debt to equity calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015
Selected Financial Data (US$ in millions)
Short-term borrowings —  —  —  —  —  —  —  —  300  150  —  —  225  250  299  —  799  250  —  —  —  —  —  —  —  —  — 
Current portion of long-term debt 116  117  125  146  646  97  87  51  35  16  35  964  973  642  1,404  1,342  764  11  19  22  45  43  47  29  11  14  14 
Long-term debt, less current portion 20,393  20,386  20,554  20,733  22,797  23,221  23,204  21,952  18,973  18,691  18,726  16,617  17,218  16,399  15,241  15,243  16,017  15,180  15,137  14,909  14,713  13,553  13,735  13,838  8,477  8,481  7,244 
Total debt 20,509  20,503  20,679  20,879  23,443  23,318  23,291  22,003  19,308  18,857  18,761  17,581  18,416  17,291  16,944  16,585  17,580  15,441  15,156  14,931  14,758  13,596  13,782  13,867  8,488  8,495  7,258 
 
Common stockholders’ investment 24,526  24,940  24,321  24,168  21,981  21,039  19,462  18,295  18,831  18,659  18,166  17,757  19,894  19,294  19,173  19,416  18,894  17,055  16,618  16,073  15,184  14,531  14,142  13,784  14,327  14,990  15,283 
Solvency Ratio
Debt to equity1 0.84 0.82 0.85 0.86 1.07 1.11 1.20 1.20 1.03 1.01 1.03 0.99 0.93 0.90 0.88 0.85 0.93 0.91 0.91 0.93 0.97 0.94 0.97 1.01 0.59 0.57 0.47
Benchmarks
Debt to Equity, Competitors2
American Airlines Group Inc. 157.71 6.38 6.25 6.69 7.10
CSX Corp. 1.24 1.21 1.25 1.22 1.24 1.28 1.30 1.36 1.41 1.37 1.41 1.28 1.27 1.17 1.00 0.98 0.96 0.80 1.08 1.02 0.97
Delta Air Lines Inc. 8.54 6.93 10.67 22.68 60.26 19.01 10.39 2.84 1.19 0.73 0.67 0.72 0.83 0.71 0.68 0.77 0.69 0.64 0.63 0.67 0.71
Norfolk Southern Corp. 1.10 1.01 1.00 0.96 0.86 0.86 0.85 0.85 0.82 0.80 0.78 0.75 0.74 0.73 0.72 0.58 0.63 0.60 0.78 0.78 0.81
Union Pacific Corp. 2.71 2.10 2.11 2.01 1.64 1.58 1.63 1.73 1.74 1.39 1.43 1.39 1.42 1.10 1.09 1.15 0.72 0.68 0.88 0.80 0.76
United Parcel Service Inc. 1.42 1.54 1.84 2.09 3.32 37.53 4.60 6.18 8.67 7.73 4.30 5.31 6.68 7.53 7.52 9.76 17.18 24.29 12.53 14.53 32.22

Based on: 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), 10-K (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-K (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-Q (reporting date: 2015-08-31).

1 Q3 2022 Calculation
Debt to equity = Total debt ÷ Common stockholders’ investment
= 20,509 ÷ 24,526 = 0.84

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 Q1 2022 to Q2 2022 but then slightly deteriorated from Q2 2022 to Q3 2022 not reaching Q1 2022 level.

Debt to Equity (including Operating Lease Liability)

FedEx Corp., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015
Selected Financial Data (US$ in millions)
Short-term borrowings —  —  —  —  —  —  —  —  300  150  —  —  225  250  299  —  799  250  —  —  —  —  —  —  —  —  — 
Current portion of long-term debt 116  117  125  146  646  97  87  51  35  16  35  964  973  642  1,404  1,342  764  11  19  22  45  43  47  29  11  14  14 
Long-term debt, less current portion 20,393  20,386  20,554  20,733  22,797  23,221  23,204  21,952  18,973  18,691  18,726  16,617  17,218  16,399  15,241  15,243  16,017  15,180  15,137  14,909  14,713  13,553  13,735  13,838  8,477  8,481  7,244 
Total debt 20,509  20,503  20,679  20,879  23,443  23,318  23,291  22,003  19,308  18,857  18,761  17,581  18,416  17,291  16,944  16,585  17,580  15,441  15,156  14,931  14,758  13,596  13,782  13,867  8,488  8,495  7,258 
Current portion of operating lease liabilities 2,395  2,371  2,263  2,208  2,133  2,123  2,024  1,923  1,902  1,928  1,896  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Operating lease liabilities, less current portion 14,450  13,955  13,382  13,375  12,990  13,009  12,714  12,195  12,232  12,432  12,137  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 37,354  36,829  36,324  36,462  38,566  38,450  38,029  36,121  33,442  33,217  32,794  17,581  18,416  17,291  16,944  16,585  17,580  15,441  15,156  14,931  14,758  13,596  13,782  13,867  8,488  8,495  7,258 
 
Common stockholders’ investment 24,526  24,940  24,321  24,168  21,981  21,039  19,462  18,295  18,831  18,659  18,166  17,757  19,894  19,294  19,173  19,416  18,894  17,055  16,618  16,073  15,184  14,531  14,142  13,784  14,327  14,990  15,283 
Solvency Ratio
Debt to equity (including operating lease liability)1 1.52 1.48 1.49 1.51 1.75 1.83 1.95 1.97 1.78 1.78 1.81 0.99 0.93 0.90 0.88 0.85 0.93 0.91 0.91 0.93 0.97 0.94 0.97 1.01 0.59 0.57 0.47
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
American Airlines Group Inc. 215.25 6.38 6.25 6.69 7.10
CSX Corp. 1.28 1.25 1.28 1.25 1.28 1.31 1.33 1.40 1.45 1.41 1.45 1.33 1.31 1.17 1.00 0.98 0.96 0.80 1.08 1.02 0.97
Delta Air Lines Inc. 11.20 8.92 13.12 27.57 73.16 23.17 12.34 3.54 1.61 1.12 1.09 1.17 1.36 1.21 0.68 0.77 0.69 0.64 0.63 0.67 0.71
Union Pacific Corp. 2.82 2.20 2.20 2.10 1.71 1.65 1.71 1.81 1.83 1.47 1.51 1.48 1.51 1.10 1.09 1.15 0.72 0.68 0.88 0.80 0.76
United Parcel Service Inc. 1.65 1.79 2.13 2.42 3.75 42.24 5.14 6.86 9.58 8.62 4.76 5.88 7.43 7.53 7.52 9.76 17.18 24.29 12.53 14.53 32.22

Based on: 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), 10-K (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-K (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-Q (reporting date: 2015-08-31).

1 Q3 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Common stockholders’ investment
= 37,354 ÷ 24,526 = 1.52

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity (including operating lease liability) ratio 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 Q1 2022 to Q2 2022 but then deteriorated significantly from Q2 2022 to Q3 2022.

Debt to Capital

FedEx Corp., debt to capital calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015
Selected Financial Data (US$ in millions)
Short-term borrowings —  —  —  —  —  —  —  —  300  150  —  —  225  250  299  —  799  250  —  —  —  —  —  —  —  —  — 
Current portion of long-term debt 116  117  125  146  646  97  87  51  35  16  35  964  973  642  1,404  1,342  764  11  19  22  45  43  47  29  11  14  14 
Long-term debt, less current portion 20,393  20,386  20,554  20,733  22,797  23,221  23,204  21,952  18,973  18,691  18,726  16,617  17,218  16,399  15,241  15,243  16,017  15,180  15,137  14,909  14,713  13,553  13,735  13,838  8,477  8,481  7,244 
Total debt 20,509  20,503  20,679  20,879  23,443  23,318  23,291  22,003  19,308  18,857  18,761  17,581  18,416  17,291  16,944  16,585  17,580  15,441  15,156  14,931  14,758  13,596  13,782  13,867  8,488  8,495  7,258 
Common stockholders’ investment 24,526  24,940  24,321  24,168  21,981  21,039  19,462  18,295  18,831  18,659  18,166  17,757  19,894  19,294  19,173  19,416  18,894  17,055  16,618  16,073  15,184  14,531  14,142  13,784  14,327  14,990  15,283 
Total capital 45,035  45,443  45,000  45,047  45,424  44,357  42,753  40,298  38,139  37,516  36,927  35,338  38,310  36,585  36,117  36,001  36,474  32,496  31,774  31,004  29,942  28,127  27,924  27,651  22,815  23,485  22,541 
Solvency Ratio
Debt to capital1 0.46 0.45 0.46 0.46 0.52 0.53 0.54 0.55 0.51 0.50 0.51 0.50 0.48 0.47 0.47 0.46 0.48 0.48 0.48 0.48 0.49 0.48 0.49 0.50 0.37 0.36 0.32
Benchmarks
Debt to Capital, Competitors2
American Airlines Group Inc. 1.31 1.24 1.24 1.24 1.25 1.27 1.20 1.11 1.12 1.00 0.99 1.00 1.03 1.01 1.02 1.04 1.04 0.86 0.86 0.87 0.88
CSX Corp. 0.55 0.55 0.55 0.55 0.55 0.56 0.56 0.58 0.58 0.58 0.59 0.56 0.56 0.54 0.50 0.50 0.49 0.45 0.52 0.51 0.49
Delta Air Lines Inc. 0.90 0.87 0.91 0.96 0.98 0.95 0.91 0.74 0.54 0.42 0.40 0.42 0.45 0.42 0.40 0.44 0.41 0.39 0.39 0.40 0.42
Norfolk Southern Corp. 0.52 0.50 0.50 0.49 0.46 0.46 0.46 0.46 0.45 0.45 0.44 0.43 0.43 0.42 0.42 0.37 0.39 0.38 0.44 0.44 0.45
Union Pacific Corp. 0.73 0.68 0.68 0.67 0.62 0.61 0.62 0.63 0.64 0.58 0.59 0.58 0.59 0.52 0.52 0.53 0.42 0.41 0.47 0.45 0.43
United Parcel Service Inc. 0.59 0.61 0.65 0.68 0.77 0.97 0.82 0.86 0.90 0.89 0.81 0.84 0.87 0.88 0.88 0.91 0.94 0.96 0.93 0.94 0.97

Based on: 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), 10-K (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-K (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-Q (reporting date: 2015-08-31).

1 Q3 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 20,509 ÷ 45,035 = 0.46

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 Q1 2022 to Q2 2022 but then slightly deteriorated from Q2 2022 to Q3 2022 not reaching Q1 2022 level.

Debt to Capital (including Operating Lease Liability)

FedEx Corp., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015
Selected Financial Data (US$ in millions)
Short-term borrowings —  —  —  —  —  —  —  —  300  150  —  —  225  250  299  —  799  250  —  —  —  —  —  —  —  —  — 
Current portion of long-term debt 116  117  125  146  646  97  87  51  35  16  35  964  973  642  1,404  1,342  764  11  19  22  45  43  47  29  11  14  14 
Long-term debt, less current portion 20,393  20,386  20,554  20,733  22,797  23,221  23,204  21,952  18,973  18,691  18,726  16,617  17,218  16,399  15,241  15,243  16,017  15,180  15,137  14,909  14,713  13,553  13,735  13,838  8,477  8,481  7,244 
Total debt 20,509  20,503  20,679  20,879  23,443  23,318  23,291  22,003  19,308  18,857  18,761  17,581  18,416  17,291  16,944  16,585  17,580  15,441  15,156  14,931  14,758  13,596  13,782  13,867  8,488  8,495  7,258 
Current portion of operating lease liabilities 2,395  2,371  2,263  2,208  2,133  2,123  2,024  1,923  1,902  1,928  1,896  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Operating lease liabilities, less current portion 14,450  13,955  13,382  13,375  12,990  13,009  12,714  12,195  12,232  12,432  12,137  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 37,354  36,829  36,324  36,462  38,566  38,450  38,029  36,121  33,442  33,217  32,794  17,581  18,416  17,291  16,944  16,585  17,580  15,441  15,156  14,931  14,758  13,596  13,782  13,867  8,488  8,495  7,258 
Common stockholders’ investment 24,526  24,940  24,321  24,168  21,981  21,039  19,462  18,295  18,831  18,659  18,166  17,757  19,894  19,294  19,173  19,416  18,894  17,055  16,618  16,073  15,184  14,531  14,142  13,784  14,327  14,990  15,283 
Total capital (including operating lease liability) 61,880  61,769  60,645  60,630  60,547  59,489  57,491  54,416  52,273  51,876  50,960  35,338  38,310  36,585  36,117  36,001  36,474  32,496  31,774  31,004  29,942  28,127  27,924  27,651  22,815  23,485  22,541 
Solvency Ratio
Debt to capital (including operating lease liability)1 0.60 0.60 0.60 0.60 0.64 0.65 0.66 0.66 0.64 0.64 0.64 0.50 0.48 0.47 0.47 0.46 0.48 0.48 0.48 0.48 0.49 0.48 0.49 0.50 0.37 0.36 0.32
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
American Airlines Group Inc. 1.24 1.19 1.19 1.19 1.20 1.20 1.15 1.09 1.08 1.00 1.00 1.00 1.02 1.00 1.02 1.04 1.04 0.86 0.86 0.87 0.88
CSX Corp. 0.56 0.56 0.56 0.56 0.56 0.57 0.57 0.58 0.59 0.59 0.59 0.57 0.57 0.54 0.50 0.50 0.49 0.45 0.52 0.51 0.49
Delta Air Lines Inc. 0.92 0.90 0.93 0.97 0.99 0.96 0.93 0.78 0.62 0.53 0.52 0.54 0.58 0.55 0.40 0.44 0.41 0.39 0.39 0.40 0.42
Union Pacific Corp. 0.74 0.69 0.69 0.68 0.63 0.62 0.63 0.64 0.65 0.60 0.60 0.60 0.60 0.52 0.52 0.53 0.42 0.41 0.47 0.45 0.43
United Parcel Service Inc. 0.62 0.64 0.68 0.71 0.79 0.98 0.84 0.87 0.91 0.90 0.83 0.85 0.88 0.88 0.88 0.91 0.94 0.96 0.93 0.94 0.97

Based on: 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), 10-K (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-K (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-Q (reporting date: 2015-08-31).

1 Q3 2022 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 37,354 ÷ 61,880 = 0.60

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital (including operating lease liability) ratio 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 Q1 2022 to Q2 2022 but then deteriorated significantly from Q2 2022 to Q3 2022.

Debt to Assets

FedEx Corp., debt to assets calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015
Selected Financial Data (US$ in millions)
Short-term borrowings —  —  —  —  —  —  —  —  300  150  —  —  225  250  299  —  799  250  —  —  —  —  —  —  —  —  — 
Current portion of long-term debt 116  117  125  146  646  97  87  51  35  16  35  964  973  642  1,404  1,342  764  11  19  22  45  43  47  29  11  14  14 
Long-term debt, less current portion 20,393  20,386  20,554  20,733  22,797  23,221  23,204  21,952  18,973  18,691  18,726  16,617  17,218  16,399  15,241  15,243  16,017  15,180  15,137  14,909  14,713  13,553  13,735  13,838  8,477  8,481  7,244 
Total debt 20,509  20,503  20,679  20,879  23,443  23,318  23,291  22,003  19,308  18,857  18,761  17,581  18,416  17,291  16,944  16,585  17,580  15,441  15,156  14,931  14,758  13,596  13,782  13,867  8,488  8,495  7,258 
 
Total assets 84,108  84,247  82,048  82,777  82,793  81,156  77,648  73,537  70,014  69,954  68,452  54,403  54,464  53,289  51,901  52,330  51,851  50,281  49,350  48,552  46,781  46,348  45,575  46,064  37,819  38,371  37,245 
Solvency Ratio
Debt to assets1 0.24 0.24 0.25 0.25 0.28 0.29 0.30 0.30 0.28 0.27 0.27 0.32 0.34 0.32 0.33 0.32 0.34 0.31 0.31 0.31 0.32 0.29 0.30 0.30 0.22 0.22 0.19
Benchmarks
Debt to Assets, Competitors2
American Airlines Group Inc. 0.56 0.57 0.56 0.55 0.58 0.53 0.52 0.48 0.43 0.41 0.41 0.41 0.40 0.40 0.47 0.46 0.46 0.49 0.47 0.47 0.47
CSX Corp. 0.40 0.40 0.41 0.41 0.41 0.42 0.42 0.42 0.43 0.42 0.43 0.42 0.41 0.40 0.37 0.37 0.37 0.33 0.33 0.33 0.32
Delta Air Lines Inc. 0.35 0.37 0.38 0.39 0.40 0.40 0.44 0.34 0.25 0.17 0.16 0.16 0.17 0.16 0.17 0.18 0.16 0.17 0.17 0.17 0.18
Norfolk Southern Corp. 0.38 0.36 0.36 0.35 0.33 0.33 0.33 0.33 0.33 0.32 0.32 0.31 0.31 0.31 0.31 0.27 0.28 0.28 0.28 0.28 0.29
Union Pacific Corp. 0.50 0.47 0.47 0.46 0.43 0.43 0.44 0.45 0.45 0.41 0.42 0.41 0.41 0.38 0.38 0.39 0.30 0.29 0.29 0.28 0.27
United Parcel Service Inc. 0.31 0.32 0.34 0.35 0.37 0.40 0.41 0.43 0.47 0.44 0.45 0.44 0.44 0.45 0.50 0.50 0.52 0.53 0.46 0.45 0.45

Based on: 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), 10-K (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-K (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-Q (reporting date: 2015-08-31).

1 Q3 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 20,509 ÷ 84,108 = 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 Q1 2022 to Q2 2022 but then slightly deteriorated from Q2 2022 to Q3 2022.

Debt to Assets (including Operating Lease Liability)

FedEx Corp., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015
Selected Financial Data (US$ in millions)
Short-term borrowings —  —  —  —  —  —  —  —  300  150  —  —  225  250  299  —  799  250  —  —  —  —  —  —  —  —  — 
Current portion of long-term debt 116  117  125  146  646  97  87  51  35  16  35  964  973  642  1,404  1,342  764  11  19  22  45  43  47  29  11  14  14 
Long-term debt, less current portion 20,393  20,386  20,554  20,733  22,797  23,221  23,204  21,952  18,973  18,691  18,726  16,617  17,218  16,399  15,241  15,243  16,017  15,180  15,137  14,909  14,713  13,553  13,735  13,838  8,477  8,481  7,244 
Total debt 20,509  20,503  20,679  20,879  23,443  23,318  23,291  22,003  19,308  18,857  18,761  17,581  18,416  17,291  16,944  16,585  17,580  15,441  15,156  14,931  14,758  13,596  13,782  13,867  8,488  8,495  7,258 
Current portion of operating lease liabilities 2,395  2,371  2,263  2,208  2,133  2,123  2,024  1,923  1,902  1,928  1,896  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Operating lease liabilities, less current portion 14,450  13,955  13,382  13,375  12,990  13,009  12,714  12,195  12,232  12,432  12,137  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 37,354  36,829  36,324  36,462  38,566  38,450  38,029  36,121  33,442  33,217  32,794  17,581  18,416  17,291  16,944  16,585  17,580  15,441  15,156  14,931  14,758  13,596  13,782  13,867  8,488  8,495  7,258 
 
Total assets 84,108  84,247  82,048  82,777  82,793  81,156  77,648  73,537  70,014  69,954  68,452  54,403  54,464  53,289  51,901  52,330  51,851  50,281  49,350  48,552  46,781  46,348  45,575  46,064  37,819  38,371  37,245 
Solvency Ratio
Debt to assets (including operating lease liability)1 0.44 0.44 0.44 0.44 0.47 0.47 0.49 0.49 0.48 0.47 0.48 0.32 0.34 0.32 0.33 0.32 0.34 0.31 0.31 0.31 0.32 0.29 0.30 0.30 0.22 0.22 0.19
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
American Airlines Group Inc. 0.68 0.69 0.68 0.67 0.70 0.66 0.66 0.62 0.58 0.56 0.56 0.56 0.55 0.56 0.47 0.46 0.46 0.49 0.47 0.47 0.47
CSX Corp. 0.42 0.42 0.42 0.42 0.42 0.43 0.43 0.44 0.44 0.44 0.44 0.43 0.43 0.40 0.37 0.37 0.37 0.33 0.33 0.33 0.32
Delta Air Lines Inc. 0.45 0.48 0.47 0.47 0.48 0.49 0.52 0.43 0.33 0.27 0.26 0.26 0.28 0.27 0.17 0.18 0.16 0.17 0.17 0.17 0.18
Union Pacific Corp. 0.52 0.49 0.49 0.48 0.45 0.45 0.46 0.47 0.47 0.43 0.44 0.44 0.44 0.38 0.38 0.39 0.30 0.29 0.29 0.28 0.27
United Parcel Service Inc. 0.36 0.37 0.39 0.40 0.42 0.44 0.46 0.48 0.52 0.49 0.50 0.49 0.49 0.45 0.50 0.50 0.52 0.53 0.46 0.45 0.45

Based on: 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), 10-K (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-K (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-Q (reporting date: 2015-08-31).

1 Q3 2022 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 37,354 ÷ 84,108 = 0.44

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets (including operating lease liability) ratio 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 Q1 2022 to Q2 2022 but then deteriorated significantly from Q2 2022 to Q3 2022.

Financial Leverage

FedEx Corp., financial leverage calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015
Selected Financial Data (US$ in millions)
Total assets 84,108  84,247  82,048  82,777  82,793  81,156  77,648  73,537  70,014  69,954  68,452  54,403  54,464  53,289  51,901  52,330  51,851  50,281  49,350  48,552  46,781  46,348  45,575  46,064  37,819  38,371  37,245 
Common stockholders’ investment 24,526  24,940  24,321  24,168  21,981  21,039  19,462  18,295  18,831  18,659  18,166  17,757  19,894  19,294  19,173  19,416  18,894  17,055  16,618  16,073  15,184  14,531  14,142  13,784  14,327  14,990  15,283 
Solvency Ratio
Financial leverage1 3.43 3.38 3.37 3.43 3.77 3.86 3.99 4.02 3.72 3.75 3.77 3.06 2.74 2.76 2.71 2.70 2.74 2.95 2.97 3.02 3.08 3.19 3.22 3.34 2.64 2.56 2.44
Benchmarks
Financial Leverage, Competitors2
American Airlines Group Inc. 382.34 13.09 13.27 14.36 15.22
CSX Corp. 3.07 3.00 3.05 2.98 3.02 3.04 3.10 3.20 3.27 3.23 3.27 3.09 3.07 2.92 2.69 2.64 2.60 2.43 3.27 3.09 3.06
Delta Air Lines Inc. 24.66 18.64 27.93 58.79 151.62 46.93 23.56 8.32 4.80 4.20 4.20 4.48 4.79 4.40 4.01 4.34 4.31 3.83 3.71 3.84 3.98
Norfolk Southern Corp. 2.92 2.82 2.78 2.71 2.59 2.57 2.56 2.55 2.52 2.50 2.46 2.43 2.42 2.36 2.35 2.16 2.20 2.18 2.76 2.76 2.81
Union Pacific Corp. 5.38 4.49 4.48 4.34 3.80 3.68 3.70 3.86 3.89 3.40 3.44 3.40 3.46 2.90 2.87 2.95 2.37 2.33 3.00 2.88 2.83
United Parcel Service Inc. 4.55 4.87 5.46 6.00 8.86 94.99 11.16 14.22 18.46 17.71 9.59 11.98 15.02 16.56 15.07 19.43 33.08 45.40 27.41 31.93 71.74

Based on: 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), 10-K (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-K (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-Q (reporting date: 2015-08-31).

1 Q3 2022 Calculation
Financial leverage = Total assets ÷ Common stockholders’ investment
= 84,108 ÷ 24,526 = 3.43

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 Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.