Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
FedEx Corp., long-term (investment) activity 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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | FedEx Corp. net fixed asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | FedEx Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | FedEx Corp. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | FedEx Corp. equity turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Net Fixed Asset Turnover
FedEx Corp., net fixed asset turnover 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) | |||||||
| Revenue | 90,155) | 93,512) | 83,959) | 69,217) | 69,693) | 65,450) | |
| Net property and equipment | 40,698) | 38,091) | 35,752) | 33,608) | 30,429) | 28,154) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | 2.22 | 2.45 | 2.35 | 2.06 | 2.29 | 2.32 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Uber Technologies Inc. | 17.98 | 15.31 | 9.42 | 6.14 | 8.17 | — | |
| Union Pacific Corp. | 0.42 | 0.44 | 0.40 | 0.36 | 0.40 | — | |
| United Parcel Service Inc. | 2.46 | 2.89 | 2.91 | 2.62 | 2.43 | — | |
| Net Fixed Asset Turnover, Sector | |||||||
| Transportation | 1.77 | 1.91 | 1.75 | 1.51 | 1.54 | — | |
| Net Fixed Asset Turnover, Industry | |||||||
| Industrials | 3.22 | 3.27 | 3.10 | 2.46 | 2.82 | — | |
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
Net fixed asset turnover = Revenue ÷ Net property and equipment
= 90,155 ÷ 40,698 = 2.22
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | FedEx Corp. net fixed asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
FedEx Corp., net fixed asset turnover (including operating lease, right-of-use asset) 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) | |||||||
| Revenue | 90,155) | 93,512) | 83,959) | 69,217) | 69,693) | 65,450) | |
| Net property and equipment | 40,698) | 38,091) | 35,752) | 33,608) | 30,429) | 28,154) | |
| Operating lease right-of-use assets, net | 17,347) | 16,613) | 15,383) | 13,917) | —) | —) | |
| Net property and equipment (including operating lease, right-of-use asset) | 58,045) | 54,704) | 51,135) | 47,525) | 30,429) | 28,154) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.55 | 1.71 | 1.64 | 1.46 | 2.29 | 2.32 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||
| Uber Technologies Inc. | 11.25 | 9.03 | 5.39 | 3.61 | 4.25 | — | |
| Union Pacific Corp. | 0.41 | 0.43 | 0.38 | 0.35 | 0.39 | — | |
| United Parcel Service Inc. | 2.20 | 2.61 | 2.63 | 2.40 | 2.22 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Transportation | 1.50 | 1.62 | 1.49 | 1.30 | 1.46 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Industrials | 2.78 | 2.82 | 2.67 | 2.17 | 2.62 | — | |
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
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Net property and equipment (including operating lease, right-of-use asset)
= 90,155 ÷ 58,045 = 1.55
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | FedEx Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Total Asset Turnover
FedEx Corp., total asset turnover 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) | |||||||
| Revenue | 90,155) | 93,512) | 83,959) | 69,217) | 69,693) | 65,450) | |
| Total assets | 87,143) | 85,994) | 82,777) | 73,537) | 54,403) | 52,330) | |
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | 1.03 | 1.09 | 1.01 | 0.94 | 1.28 | 1.25 | |
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Uber Technologies Inc. | 0.96 | 0.99 | 0.45 | 0.33 | 0.45 | — | |
| Union Pacific Corp. | 0.36 | 0.38 | 0.34 | 0.31 | 0.35 | — | |
| United Parcel Service Inc. | 1.28 | 1.41 | 1.40 | 1.36 | 1.28 | — | |
| Total Asset Turnover, Sector | |||||||
| Transportation | 0.92 | 0.98 | 0.87 | 0.80 | 0.87 | — | |
| Total Asset Turnover, Industry | |||||||
| Industrials | 0.68 | 0.66 | 0.61 | 0.52 | 0.62 | — | |
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
Total asset turnover = Revenue ÷ Total assets
= 90,155 ÷ 87,143 = 1.03
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | FedEx Corp. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Equity Turnover
FedEx Corp., equity turnover 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) | |||||||
| Revenue | 90,155) | 93,512) | 83,959) | 69,217) | 69,693) | 65,450) | |
| Common stockholders’ investment | 26,088) | 24,939) | 24,168) | 18,295) | 17,757) | 19,416) | |
| Long-term Activity Ratio | |||||||
| Equity turnover1 | 3.46 | 3.75 | 3.47 | 3.78 | 3.92 | 3.37 | |
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Uber Technologies Inc. | 3.31 | 4.34 | 1.21 | 0.91 | 1.00 | — | |
| Union Pacific Corp. | 1.63 | 2.05 | 1.54 | 1.15 | 1.20 | — | |
| United Parcel Service Inc. | 5.26 | 5.07 | 6.83 | 128.81 | 22.68 | — | |
| Equity Turnover, Sector | |||||||
| Transportation | 3.49 | 3.90 | 3.29 | 3.83 | 3.37 | — | |
| Equity Turnover, Industry | |||||||
| Industrials | 3.24 | 2.95 | 2.59 | 2.74 | 3.51 | — | |
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
Equity turnover = Revenue ÷ Common stockholders’ investment
= 90,155 ÷ 26,088 = 3.46
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | FedEx Corp. equity turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |