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)
Net Fixed Asset Turnover
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Total Asset Turnover
Equity Turnover

FedEx Corp., long-term (investment) activity ratios

	May 31, 2020	May 31, 2019	May 31, 2018	May 31, 2017	May 31, 2016	May 31, 2015
Net fixed asset turnover	2.06	2.29	2.32	2.32	2.07	2.27
Net fixed asset turnover (including operating lease, right-of-use asset)	1.46	2.29	2.32	2.32	2.07	2.27
Total asset turnover	0.94	1.28	1.25	1.24	1.09	1.28
Equity turnover	3.78	3.92	3.37	3.75	3.65	3.17

Based on: 10-K (filing date: 2020-07-20), 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14).

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.’s net fixed asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
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.’s net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2018 to 2019 and from 2019 to 2020.
Total asset turnover	An activity ratio calculated as total revenue divided by total assets.	FedEx Corp.’s total asset turnover ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Equity turnover	An activity ratio calculated as total revenue divided by shareholders’ equity.	FedEx Corp.’s equity turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

FedEx Corp., net fixed asset turnover calculation, comparison to benchmarks

	May 31, 2020	May 31, 2019	May 31, 2018	May 31, 2017	May 31, 2016	May 31, 2015
Selected Financial Data (US$ in millions)
Revenue	69,217	69,693	65,450	60,319	50,365	47,453
Net property and equipment	33,608	30,429	28,154	25,981	24,284	20,875
Long-term Activity Ratio
Net fixed asset turnover¹	2.06	2.29	2.32	2.32	2.07	2.27
Benchmarks
Net Fixed Asset Turnover, Competitors²
CSX Corp.	0.33	0.37	0.38	0.36	0.36	—
Norfolk Southern Corp.	0.31	0.36	0.37	0.35	0.33	—
Union Pacific Corp.	0.36	0.40	0.43	0.41	0.40	—
United Parcel Service Inc.	2.62	2.43	2.70	2.98	3.24	—
Net Fixed Asset Turnover, Sector
Industrial Transportation	—	1.06	1.08	1.05	0.99	—
Net Fixed Asset Turnover, Industry
Industrials	—	2.44	2.56	2.45	2.41	—

Based on: 10-K (filing date: 2020-07-20), 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14).

¹ 2020 Calculation
Net fixed asset turnover = Revenue ÷ Net property and equipment
= 69,217 ÷ 33,608 = 2.06

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.’s net fixed asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

FedEx Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

	May 31, 2020	May 31, 2019	May 31, 2018	May 31, 2017	May 31, 2016	May 31, 2015
Selected Financial Data (US$ in millions)
Revenue	69,217	69,693	65,450	60,319	50,365	47,453

Net property and equipment	33,608	30,429	28,154	25,981	24,284	20,875
Operating lease right-of-use assets, net	13,917	—	—	—	—	—
Net property and equipment (including operating lease, right-of-use asset)	47,525	30,429	28,154	25,981	24,284	20,875
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)¹	1.46	2.29	2.32	2.32	2.07	2.27
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors²
CSX Corp.	0.32	0.37	0.38	0.36	0.36	—
Norfolk Southern Corp.	0.31	0.35	0.37	0.35	0.33	—
Union Pacific Corp.	0.35	0.39	0.43	0.41	0.40	—
United Parcel Service Inc.	2.40	2.22	2.70	2.98	3.24	—
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Industrial Transportation	—	1.02	1.08	1.05	0.99	—
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Industrials	—	2.29	2.56	2.45	2.41	—

Based on: 10-K (filing date: 2020-07-20), 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14).

¹ 2020 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Net property and equipment (including operating lease, right-of-use asset)
= 69,217 ÷ 47,525 = 1.46

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.’s net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2018 to 2019 and from 2019 to 2020.

FedEx Corp., total asset turnover calculation, comparison to benchmarks

	May 31, 2020	May 31, 2019	May 31, 2018	May 31, 2017	May 31, 2016	May 31, 2015
Selected Financial Data (US$ in millions)
Revenue	69,217	69,693	65,450	60,319	50,365	47,453
Total assets	73,537	54,403	52,330	48,552	46,064	37,069
Long-term Activity Ratio
Total asset turnover¹	0.94	1.28	1.25	1.24	1.09	1.28
Benchmarks
Total Asset Turnover, Competitors²
CSX Corp.	0.27	0.31	0.33	0.32	0.31	—
Norfolk Southern Corp.	0.26	0.30	0.32	0.30	0.28	—
Union Pacific Corp.	0.31	0.35	0.39	0.37	0.36	—
United Parcel Service Inc.	1.36	1.28	1.44	1.45	1.51	—
Total Asset Turnover, Sector
Industrial Transportation	—	0.75	0.78	0.76	0.72	—
Total Asset Turnover, Industry
Industrials	—	0.63	0.67	0.62	0.62	—

Based on: 10-K (filing date: 2020-07-20), 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14).

¹ 2020 Calculation
Total asset turnover = Revenue ÷ Total assets
= 69,217 ÷ 73,537 = 0.94

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.’s total asset turnover ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

FedEx Corp., equity turnover calculation, comparison to benchmarks

	May 31, 2020	May 31, 2019	May 31, 2018	May 31, 2017	May 31, 2016	May 31, 2015
Selected Financial Data (US$ in millions)
Revenue	69,217	69,693	65,450	60,319	50,365	47,453
Common stockholders’ investment	18,295	17,757	19,416	16,073	13,784	14,993
Long-term Activity Ratio
Equity turnover¹	3.78	3.92	3.37	3.75	3.65	3.17
Benchmarks
Equity Turnover, Competitors²
CSX Corp.	0.81	1.01	0.98	0.78	0.95	—
Norfolk Southern Corp.	0.66	0.74	0.75	0.64	0.80	—
Union Pacific Corp.	1.15	1.20	1.12	0.85	1.00	—
United Parcel Service Inc.	128.81	22.68	23.79	65.87	150.39	—
Equity Turnover, Sector
Industrial Transportation	—	2.85	2.60	2.32	2.61	—
Equity Turnover, Industry
Industrials	—	3.45	3.55	2.96	2.87	—

Based on: 10-K (filing date: 2020-07-20), 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14).

¹ 2020 Calculation
Equity turnover = Revenue ÷ Common stockholders’ investment
= 69,217 ÷ 18,295 = 3.78

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.’s equity turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

FedEx Corp. (NYSE:FDX)

Analysis of Long-term (Investment) Activity Ratios

Long-term Activity Ratios (Summary)

Net Fixed Asset Turnover

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Total Asset Turnover

Equity Turnover