Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

Analysis of Long-term (Investment) Activity Ratios

Microsoft Excel LibreOffice Calc

Long-term Activity Ratios (Summary)

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

Microsoft Excel LibreOffice Calc
May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017
Net fixed asset turnover 2.45 2.35 2.06 2.29 2.32 2.32
Net fixed asset turnover (including operating lease, right-of-use asset) 1.71 1.64 1.46 2.29 2.32 2.32
Total asset turnover 1.09 1.01 0.94 1.28 1.25 1.24
Equity turnover 3.75 3.47 3.78 3.92 3.37 3.75

Based on: 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), 10-K (reporting date: 2017-05-31).

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 2020 to 2021 and from 2021 to 2022.
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 2020 to 2021 and from 2021 to 2022.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. FedEx Corp. total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. FedEx Corp. equity turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level.

Net Fixed Asset Turnover

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

Microsoft Excel LibreOffice Calc
May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017
Selected Financial Data (US$ in millions)
Revenue 93,512  83,959  69,217  69,693  65,450  60,319 
Net property and equipment 38,091  35,752  33,608  30,429  28,154  25,981 
Long-term Activity Ratio
Net fixed asset turnover1 2.45 2.35 2.06 2.29 2.32 2.32
Benchmarks
Net Fixed Asset Turnover, Competitors2
American Airlines Group Inc. 1.01 0.55 1.31 1.31 1.24
CSX Corp. 0.38 0.33 0.37 0.38 0.36
Delta Air Lines Inc. 1.04 0.64 1.50 1.57 1.55
Union Pacific Corp. 0.40 0.36 0.40 0.43 0.41
United Airlines Holdings Inc. 0.77 0.49 1.43 1.46 1.44
United Parcel Service Inc. 2.91 2.62 2.43 2.70 2.98
Net Fixed Asset Turnover, Sector
Transportation 1.21 0.97 1.29 1.32 1.28
Net Fixed Asset Turnover, Industry
Industrials 2.08 1.66 2.08 2.21 2.12

Based on: 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), 10-K (reporting date: 2017-05-31).

1 2022 Calculation
Net fixed asset turnover = Revenue ÷ Net property and equipment
= 93,512 ÷ 38,091 = 2.45

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 2020 to 2021 and from 2021 to 2022.

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

Microsoft Excel LibreOffice Calc
May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017
Selected Financial Data (US$ in millions)
Revenue 93,512  83,959  69,217  69,693  65,450  60,319 
 
Net property and equipment 38,091  35,752  33,608  30,429  28,154  25,981 
Operating lease right-of-use assets, net 16,613  15,383  13,917  —  —  — 
Net property and equipment (including operating lease, right-of-use asset) 54,704  51,135  47,525  30,429  28,154  25,981 
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 1.71 1.64 1.46 2.29 2.32 2.32
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
American Airlines Group Inc. 0.80 0.44 1.05 1.03 1.24
CSX Corp. 0.37 0.32 0.37 0.38 0.36
Delta Air Lines Inc. 0.83 0.53 1.27 1.29 1.55
Union Pacific Corp. 0.38 0.35 0.39 0.43 0.41
United Airlines Holdings Inc. 0.67 0.43 1.24 1.46 1.44
United Parcel Service Inc. 2.63 2.40 2.22 2.70 2.98
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Transportation 1.04 0.84 1.17 1.23 1.28
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Industrials 1.79 1.46 1.90 2.11 2.12

Based on: 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), 10-K (reporting date: 2017-05-31).

1 2022 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Net property and equipment (including operating lease, right-of-use asset)
= 93,512 ÷ 54,704 = 1.71

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 2020 to 2021 and from 2021 to 2022.

Total Asset Turnover

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

Microsoft Excel LibreOffice Calc
May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017
Selected Financial Data (US$ in millions)
Revenue 93,512  83,959  69,217  69,693  65,450  60,319 
Total assets 85,994  82,777  73,537  54,403  52,330  48,552 
Long-term Activity Ratio
Total asset turnover1 1.09 1.01 0.94 1.28 1.25 1.24
Benchmarks
Total Asset Turnover, Competitors2
American Airlines Group Inc. 0.45 0.28 0.76 0.74 0.82
CSX Corp. 0.31 0.27 0.31 0.33 0.32
Delta Air Lines Inc. 0.41 0.24 0.73 0.74 0.77
Union Pacific Corp. 0.34 0.31 0.35 0.39 0.37
United Airlines Holdings Inc. 0.36 0.26 0.82 0.92 0.89
United Parcel Service Inc. 1.40 1.36 1.28 1.44 1.45
Total Asset Turnover, Sector
Transportation 0.65 0.54 0.81 0.83 0.84
Total Asset Turnover, Industry
Industrials 0.56 0.47 0.63 0.66 0.63

Based on: 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), 10-K (reporting date: 2017-05-31).

1 2022 Calculation
Total asset turnover = Revenue ÷ Total assets
= 93,512 ÷ 85,994 = 1.09

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 2020 to 2021 and from 2021 to 2022.

Equity Turnover

FedEx Corp., equity turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017
Selected Financial Data (US$ in millions)
Revenue 93,512  83,959  69,217  69,693  65,450  60,319 
Common stockholders’ investment 24,939  24,168  18,295  17,757  19,416  16,073 
Long-term Activity Ratio
Equity turnover1 3.75 3.47 3.78 3.92 3.37 3.75
Benchmarks
Equity Turnover, Competitors2
American Airlines Group Inc. 10.75
CSX Corp. 0.93 0.81 1.01 0.98 0.78
Delta Air Lines Inc. 7.69 11.14 3.06 3.25 2.97
Union Pacific Corp. 1.54 1.15 1.20 1.12 0.85
United Airlines Holdings Inc. 4.90 2.58 3.75 4.13 4.29
United Parcel Service Inc. 6.83 128.81 22.68 23.79 65.87
Equity Turnover, Sector
Transportation 4.43 4.71 4.03 3.83 3.36
Equity Turnover, Industry
Industrials 3.05 3.14 4.00 4.01 3.28

Based on: 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), 10-K (reporting date: 2017-05-31).

1 2022 Calculation
Equity turnover = Revenue ÷ Common stockholders’ investment
= 93,512 ÷ 24,939 = 3.75

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 deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level.