FedEx Corp. (NYSE:FDX)

Debt to equity ratio

The debt to equity ratio exhibited relative stability around the 1.0 mark during mid-2019 through early 2020, ranging approximately from 1.01 to 1.2. From mid-2020 onward, the ratio shows a consistent declining trend, falling below 0.8 by mid-2023 and generally maintaining a value near 0.75 through mid-2025. This indicates a gradual reduction in reliance on equity for financing relative to debt.

Debt to equity ratio (including operating lease liability)

This ratio follows a similar pattern to the standard debt to equity ratio but begins at a higher base due to the inclusion of operating lease liabilities, starting around 1.78–1.97 in 2019–2020. There is a noticeable downward trajectory over the period, decreasing to roughly 1.33–1.36 by mid-2025. The trend reflects a reduction in total liabilities including leases relative to equity.

Debt to capital ratio

The debt to capital ratio remains fairly consistent over the period, starting near 0.5 in 2019, peaking slightly around 0.55 in mid-2020, then trending downward to stabilize close to 0.43 by 2025. This pattern signals a modest reduction in the proportion of debt within the company's total capital structure.

Debt to capital ratio (including operating lease liability)

When incorporating operating lease liabilities, the debt to capital ratio is higher, beginning around 0.64 in 2019 and rising marginally to 0.66 during mid-2020. Following this, the ratio declines steadily to about 0.57–0.58 by 2025. The data suggest an ongoing but gradual deleveraging including leased assets in the capital base.

Debt to assets ratio

This ratio shows a slight increase to 0.3 in early 2020 and remains relatively flat thereafter, often hovering around 0.23–0.24 through 2025. This indicates a stable proportion of debt relative to total assets over the extended period.

Debt to assets ratio (including operating lease liability)

Incorporating operating leases, the debt to assets ratio is notably higher, near 0.47–0.49 at the outset, then gradually decreases to approximately 0.43–0.44 by the later periods. This consistent decrease reflects a relative reduction in total liabilities including operating leases versus assets.

Financial leverage

Financial leverage began near 3.75–4.0 throughout 2019 and 2020, peaking shortly after at 4.02. Thereafter, a gradual decline is observable, with leverage moving down to the range of 3.12 to 3.30 by 2025. This trend implies a moderate reduction in the company's use of debt financing relative to equity and assets, demonstrating improved balance sheet strength over time.

The analysis of the financial data reveals several notable trends in the capital structure and balance sheet strength over the reported periods.

Total Debt

Total debt demonstrated an overall increase initially, rising from approximately $18.8 billion in August 2019 to a peak near $23.3 billion by August 2020. Following this peak, total debt showed a gradual decrease and relative stabilization, fluctuating mostly between $20.0 billion and $20.6 billion from May 2021 through August 2025, with a slight uptick observed towards the final periods reaching about $21.2 billion.

Common Stockholders’ Investment

Common stockholders’ investment showed a persistent upward trajectory across the entire timeframe. Starting at roughly $18.2 billion in August 2019, it increased steadily, surpassing $24 billion in mid-2021 and continuing to grow to an estimated $28.1 billion by August 2025. Some fluctuations were noted, especially between November 2022 and February 2024, but the overall trend remained strongly positive.

Debt to Equity Ratio

The debt to equity ratio exhibited significant variation, influenced by the movements in total debt and equity. Initially stable around 1.0 to 1.2 from August 2019 through early 2021, the ratio declined markedly starting May 2021, dropping below 0.9 and continuing a downward trend with values generally hovering between 0.73 and 0.84. This suggests a reduction in financial leverage and potentially a stronger equity base relative to debt over the more recent periods.

In summary, the company appears to have managed its debt levels post-August 2020 effectively, maintaining them at a controlled range despite some recent increases. Simultaneously, the growth in equity investment indicates increased retained earnings or capital infusion, reflecting positively on financial stability and shareholder value. The declining debt to equity ratio corroborates this, indicating an improved balance between financing sources and potentially lower financial risk.

Total Debt (including operating lease liability)

The total debt level exhibited an overall increasing trend from August 2019 through November 2020, rising from approximately 32.8 billion USD to over 38 billion USD. This was followed by a gradual decline between early 2021 and mid-2023, reaching a low near 37 billion USD. Subsequently, the debt level remained relatively stable with slight fluctuations around 37 to 38 billion USD through the forecasted periods ending August 2025.

Common Stockholders' Investment

Equity investment showed consistent growth during the observed periods. Starting at approximately 18.2 billion USD in August 2019, it increased steadily to around 26.8 billion USD by mid-2024. Occasional minor decreases occurred, notably around late 2022, but the general trajectory remained upward, reaching just above 27.7 billion USD by August 2025. This trend suggests sustained shareholder capital inflows or retained earnings growth.

Debt to Equity Ratio (including operating lease liability)

The debt to equity ratio initially increased from 1.81 in August 2019 to nearly 1.97 by May 2020, implying a higher relative debt burden in that period. Thereafter, the ratio exhibited a consistent downward trend, falling to approximately 1.33 by mid-2025. This decrease primarily reflects either a reduction in total debt relative to equity or stronger equity growth, indicating an improving financial leverage position and potentially reduced financial risk over time.

Overall Financial Trends

The data indicate a phase of rising indebtedness during 2019 and early 2020, possibly driven by external factors necessitating increased borrowing. Following this, both debt and debt to equity ratio stabilized and declined moderately, while common stockholders’ investment increased steadily. The simultaneous decrease in leverage ratios and growth in equity suggests enhanced capitalization and possibly improved creditworthiness, positioning the entity for greater financial flexibility in the future periods.

The analysis of the financial data reveals several key trends in the company’s capital structure over the reported periods.

Total Debt

Total debt exhibited a general upward trend from August 2019 through February 2021, increasing from approximately 18.8 billion USD to around 23.4 billion USD. Following this peak, there was a noticeable decline in debt levels by May 2021 to below 21 billion USD. From this point onward, total debt maintained relative stability with moderate fluctuations, generally fluctuating around 20 billion USD through to August 2025, ending slightly higher at around 21.2 billion USD.

Total Capital

Total capital grew steadily from 36.9 billion USD in August 2019 to approximately 45.4 billion USD by February 2021. After reaching this level, it stabilized with minor variations, staying within the range of roughly 44 billion to 48.9 billion USD through the final periods. This indicates consistent growth in overall capitalization with some consolidation in later years.

Debt to Capital Ratio

The debt to capital ratio displayed a downward trend from 0.51 in August 2019 to a low point around 0.42 by August 2024. Initially, the ratio increased slightly reaching a peak of 0.55 in May 2020, coinciding with the rise in total debt. However, after May 2020, it steadily decreased, reflecting either a reduction in relative debt levels or an increase in capital. The ratio's gradual decline to around 0.42 suggests a strategic shift towards lower leverage and a more conservative capital structure stance over time.

Overall, the data suggest that the company increased its capital base while managing debt levels prudently after an initial increase, leading to a lower proportion of debt financing relative to total capital in recent periods. Stability in total debt combined with growth in capital and a declining debt to capital ratio imply an improvement in financial leverage and potentially enhanced financial flexibility going forward.

The analysis of the quarterly financial data reveals several key trends related to the company's debt and capital structure over the observed period.

Total Debt (Including Operating Lease Liability)

The total debt shows moderate fluctuations over the quarters, beginning at approximately 32,794 million USD and generally trending upwards with some variability. A notable increase occurs around early 2020, coinciding with a jump from 33,442 million USD to 38,029 million USD by August 2020, potentially indicating increased borrowing during that period. Subsequently, total debt stabilizes around the 37,000 to 38,000 million USD range with slight decreases and increases, concluding slightly higher than the initial figure at around 37,906 million USD by late 2025.

Total Capital (Including Operating Lease Liability)

Total capital displays a consistent upward trajectory over the course of the data, rising from about 50,960 million USD at the start to roughly 65,677 million USD towards the end of the period. This steady increase suggests ongoing capital accumulation or investment, with gradual growth apparent across all quarters without significant declines.

Debt to Capital Ratio (Including Operating Lease Liability)

The debt-to-capital ratio depicts a general declining trend. Starting at approximately 0.64, it remains relatively stable through early 2020, then begins a steady decrease to a low of about 0.57 by late 2025. This decline indicates an improvement in the capital structure, as the proportion of debt relative to total capital diminishes over time, suggesting a potentially stronger equity base or reduced relative indebtedness.

Overall, the data indicate that while total debt levels have increased moderately and experienced short-term fluctuations, total capital has grown steadily. The resulting effect is a gradual reduction in the debt-to-capital ratio, reflecting a more conservative leverage position in the latter periods of the timeframe analyzed.

Total Debt

The total debt exhibited an overall increasing trend from August 2019 through the early months of 2021, rising from approximately $18.8 billion to a peak near $23.5 billion by February 2021. Following this peak, there was a noticeable reduction in debt to around $20.3 billion for the remainder of 2021 and most of 2022. However, starting in late 2023, total debt began to show a gradual upward movement again, reaching about $21.2 billion by August 2025.

Total Assets

Total assets displayed a generally positive trajectory, growing steadily from $68.5 billion in August 2019 to exceed $87 billion by May 2025. There were minor fluctuations within this period—such as a slight dip around late 2023—but the overall trend indicates asset growth, particularly through expansion between 2019 and mid-2021, followed by relatively stable but elevated asset levels thereafter.

Debt to Assets Ratio

The debt to assets ratio followed a declining pattern after an initial increase. Starting at approximately 0.27 in August 2019, it rose slightly peaking near 0.30 in mid-2020, coinciding with the period of rising total debt and assets. Subsequently, the ratio steadily decreased, stabilizing between 0.23 and 0.24 from mid-2021 onward. This suggests an improved balance sheet leverage position, as the rate of asset growth outpaced increases in debt, maintaining a relatively lower proportion of debt relative to total assets during the later periods.

Summary

The data indicates a phase of increased borrowing up to early 2021, followed by deleveraging efforts and asset growth. The stabilization of the debt to assets ratio in the lower 0.23–0.24 range in recent periods points to a strategic focus on controlling leverage despite moderate upticks in total debt. The growth in total assets supports financial strength, while lower relative debt levels may enhance financial flexibility.

Total Debt (including operating lease liability)

Over the observed periods, total debt exhibited moderate fluctuations with an overall slight increase. Starting at approximately $32.8 billion in August 2019, debt rose to a peak near $38.1 billion by February 2023. Subsequent periods showed relative stability, with total debt oscillating around the $37 to $38 billion range. Notably, some decreases appeared towards mid to late periods, ending near $37.9 billion in August 2025, indicating managed control over debt levels.

Total Assets

Total assets displayed a general upward trend. Beginning at about $68.5 billion in August 2019, assets increased steadily, surpassing $81 billion by late 2019 and early 2020. The upward trajectory continued, reaching values close to $87.6 billion by August 2025. Despite minor fluctuations and occasional periods of slight decline or plateau, the overall asset base expanded consistently over the time frame.

Debt to Assets Ratio (including operating lease liability)

The debt to assets ratio remained relatively stable, fluctuating between approximately 0.43 and 0.49. Initially around 0.48 in August 2019, the ratio saw a gradual decline over time, reaching closer to 0.43 by the end of the period in August 2025. This trend suggests a slight improvement in capital structure, indicating that asset growth outpaced increases in debt, contributing to somewhat lower financial leverage.

Summary of Financial Position Trends

The data suggest a controlled growth in debt matched by a stronger increase in the asset base, resulting in a modest decline in the debt to assets ratio. This pattern indicates an incremental improvement in financial stability and leverage management. The company appears to maintain balance sheet strength, with assets growing at a slightly faster rate than liabilities. The consistent asset growth could imply investments or acquisitions contributing to the expanding asset portfolio, while the steadiness in debt levels reflects prudent debt management.

The financial data reveals several notable trends over the observed periods. Total assets exhibit a general upward trajectory, increasing from approximately 68,452 million USD at the beginning of the period to 88,416 million USD by the latter entries, despite some fluctuations. This indicates a steady expansion of the company's asset base overall, with occasional periods of relative stagnation or minor declines.

Common stockholders’ investment follows a broadly similar positive trend, growing from around 18,166 million USD to a peak of approximately 28,074 million USD. There are moderate fluctuations visible throughout the timeframe, but the longer-term trend points towards consistently increasing shareholder equity, reflective of retained earnings growth or capital inflows.

The financial leverage ratio, defined as the ratio of total assets to common stockholders’ investment, exhibits a declining trend from an initial value around 3.77 to approximately 3.18 by the end. This reduction suggests a gradual decrease in reliance on debt financing relative to equity. The ratio demonstrated a peak during the middle periods (notably around May 2020), indicating a temporary rise in leverage, possibly linked to specific financing or operational conditions, but this trend reverses in subsequent dates as leverage steadily decreases.

In summary, the data illustrates growth in asset accumulation accompanied by an enhanced equity position, which collectively contribute to a reduction in financial leverage. These patterns indicate strengthening financial stability and potentially improved capacity to manage obligations with equity rather than increased debt burden over the analyzed timeline.

Total Assets

Rising from roughly 68.5 billion USD to over 88 billion USD, reflecting expansion with minor periodic declines.

Common Stockholders’ Investment

Increasing from about 18.2 billion USD to a peak exceeding 28 billion USD, indicating strengthening equity capital.

Financial Leverage Ratio

Decreasing from approximately 3.77 to near 3.18, showing reduced debt dependence relative to equity despite an intermediate peak.