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Short-term (Operating) Activity Analysis Quarterly Data

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Ratios (Summary)

FedEx Corp., short-term (operating) activity ratios (quarterly data)

 
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 May 31, 2015 Feb 28, 2015 Nov 30, 2014 Aug 31, 2014 May 31, 2014 Feb 28, 2014 Nov 30, 2013 Aug 31, 2013 May 31, 2013 Feb 28, 2013 Nov 30, 2012 Aug 31, 2012 May 31, 2012 Feb 29, 2012 Nov 30, 2011 Aug 31, 2011
Turnover Ratios
Inventory turnover
Receivables turnover
Payables turnover
Working capital turnover
Average No. of Days
Average inventory processing period
Add: Average receivable collection period
Operating cycle
Less: Average payables payment period
Cash conversion cycle
Source: Based on data from FedEx Corp. Quarterly and Annual Reports
Ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. FedEx Corp.'s inventory turnover deteriorated from Q1 2018 to Q2 2018 but then improved from Q2 2018 to Q3 2018 exceeding Q1 2018 level.
Receivables turnover An activity ratio equal to revenue divided by receivables. FedEx Corp.'s receivables turnover deteriorated from Q1 2018 to Q2 2018 but then slightly improved from Q2 2018 to Q3 2018.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. FedEx Corp.'s payables turnover declined from Q1 2018 to Q2 2018 but then increased from Q2 2018 to Q3 2018 exceeding Q1 2018 level.
Working capital turnover An activity ratio calculated as revenue divided by working capital. FedEx Corp.'s working capital turnover improved from Q1 2018 to Q2 2018 and from Q2 2018 to Q3 2018.
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. FedEx Corp.'s average receivable collection period deteriorated from Q1 2018 to Q2 2018 but then slightly improved from Q2 2018 to Q3 2018.
Operating cycle Equal to average inventory processing period plus average receivables collection period. FedEx Corp.'s operating cycle deteriorated from Q1 2018 to Q2 2018 but then slightly improved from Q2 2018 to Q3 2018.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. FedEx Corp.'s cash conversion cycle deteriorated from Q1 2018 to Q2 2018 and from Q2 2018 to Q3 2018.

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Inventory Turnover

FedEx Corp., inventory turnover calculation (quarterly data)

 
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 May 31, 2015 Feb 28, 2015 Nov 30, 2014 Aug 31, 2014 May 31, 2014 Feb 28, 2014 Nov 30, 2013 Aug 31, 2013 May 31, 2013 Feb 28, 2013 Nov 30, 2012 Aug 31, 2012 May 31, 2012 Feb 29, 2012 Nov 30, 2011 Aug 31, 2011
Selected Financial Data (USD $ in millions)
Cost of revenue
Spare parts, supplies and fuel, less allowances
Ratio
Inventory turnover1
Source: Based on data from FedEx Corp. Quarterly and Annual Reports

Q3 2018 Calculations

1 Inventory turnover = (Cost of revenueQ3 2018 + Cost of revenueQ2 2018 + Cost of revenueQ1 2018 + Cost of revenueQ4 2017) ÷ Spare parts, supplies and fuel, less allowances
= ( + + + ) ÷ =

Ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. FedEx Corp.'s inventory turnover deteriorated from Q1 2018 to Q2 2018 but then improved from Q2 2018 to Q3 2018 exceeding Q1 2018 level.

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Receivables Turnover

FedEx Corp., receivables turnover calculation (quarterly data)

 
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 May 31, 2015 Feb 28, 2015 Nov 30, 2014 Aug 31, 2014 May 31, 2014 Feb 28, 2014 Nov 30, 2013 Aug 31, 2013 May 31, 2013 Feb 28, 2013 Nov 30, 2012 Aug 31, 2012 May 31, 2012 Feb 29, 2012 Nov 30, 2011 Aug 31, 2011
Selected Financial Data (USD $ in millions)
Revenues
Receivables, less allowances
Ratio
Receivables turnover1
Source: Based on data from FedEx Corp. Quarterly and Annual Reports

Q3 2018 Calculations

1 Receivables turnover = (RevenuesQ3 2018 + RevenuesQ2 2018 + RevenuesQ1 2018 + RevenuesQ4 2017) ÷ Receivables, less allowances
= ( + + + ) ÷ =

Ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. FedEx Corp.'s receivables turnover deteriorated from Q1 2018 to Q2 2018 but then slightly improved from Q2 2018 to Q3 2018.

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Payables Turnover

FedEx Corp., payables turnover calculation (quarterly data)

 
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 May 31, 2015 Feb 28, 2015 Nov 30, 2014 Aug 31, 2014 May 31, 2014 Feb 28, 2014 Nov 30, 2013 Aug 31, 2013 May 31, 2013 Feb 28, 2013 Nov 30, 2012 Aug 31, 2012 May 31, 2012 Feb 29, 2012 Nov 30, 2011 Aug 31, 2011
Selected Financial Data (USD $ in millions)
Cost of revenue
Accounts payable
Ratio
Payables turnover1
Source: Based on data from FedEx Corp. Quarterly and Annual Reports

Q3 2018 Calculations

1 Payables turnover = (Cost of revenueQ3 2018 + Cost of revenueQ2 2018 + Cost of revenueQ1 2018 + Cost of revenueQ4 2017) ÷ Accounts payable
= ( + + + ) ÷ =

Ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. FedEx Corp.'s payables turnover declined from Q1 2018 to Q2 2018 but then increased from Q2 2018 to Q3 2018 exceeding Q1 2018 level.

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Working Capital Turnover

FedEx Corp., working capital turnover calculation (quarterly data)

 
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 May 31, 2015 Feb 28, 2015 Nov 30, 2014 Aug 31, 2014 May 31, 2014 Feb 28, 2014 Nov 30, 2013 Aug 31, 2013 May 31, 2013 Feb 28, 2013 Nov 30, 2012 Aug 31, 2012 May 31, 2012 Feb 29, 2012 Nov 30, 2011 Aug 31, 2011
Selected Financial Data (USD $ in millions)
Current assets
Less: Current liabilities
Working capital
Revenues
Ratio
Working capital turnover1
Source: Based on data from FedEx Corp. Quarterly and Annual Reports

Q3 2018 Calculations

1 Working capital turnover = (RevenuesQ3 2018 + RevenuesQ2 2018 + RevenuesQ1 2018 + RevenuesQ4 2017) ÷ Working capital
= ( + + + ) ÷ =

Ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. FedEx Corp.'s working capital turnover improved from Q1 2018 to Q2 2018 and from Q2 2018 to Q3 2018.

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Average Inventory Processing Period

FedEx Corp., average inventory processing period calculation (quarterly data)

 
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 May 31, 2015 Feb 28, 2015 Nov 30, 2014 Aug 31, 2014 May 31, 2014 Feb 28, 2014 Nov 30, 2013 Aug 31, 2013 May 31, 2013 Feb 28, 2013 Nov 30, 2012 Aug 31, 2012 May 31, 2012 Feb 29, 2012 Nov 30, 2011 Aug 31, 2011
Selected Financial Data
Inventory turnover
Ratio (no. of days)
Average inventory processing period1
Source: Based on data from FedEx Corp. Quarterly and Annual Reports

Q3 2018 Calculations

1 Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ =

Ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period.

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Average Receivable Collection Period

FedEx Corp., average receivable collection period calculation (quarterly data)

 
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 May 31, 2015 Feb 28, 2015 Nov 30, 2014 Aug 31, 2014 May 31, 2014 Feb 28, 2014 Nov 30, 2013 Aug 31, 2013 May 31, 2013 Feb 28, 2013 Nov 30, 2012 Aug 31, 2012 May 31, 2012 Feb 29, 2012 Nov 30, 2011 Aug 31, 2011
Selected Financial Data
Receivables turnover
Ratio (no. of days)
Average receivable collection period1
Source: Based on data from FedEx Corp. Quarterly and Annual Reports

Q3 2018 Calculations

1 Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =

Ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. FedEx Corp.'s average receivable collection period deteriorated from Q1 2018 to Q2 2018 but then slightly improved from Q2 2018 to Q3 2018.

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Operating Cycle

FedEx Corp., operating cycle calculation (quarterly data)

No. of days

 
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 May 31, 2015 Feb 28, 2015 Nov 30, 2014 Aug 31, 2014 May 31, 2014 Feb 28, 2014 Nov 30, 2013 Aug 31, 2013 May 31, 2013 Feb 28, 2013 Nov 30, 2012 Aug 31, 2012 May 31, 2012 Feb 29, 2012 Nov 30, 2011 Aug 31, 2011
Selected Financial Data
Average inventory processing period
Average receivable collection period
Ratio
Operating cycle1
Source: Based on data from FedEx Corp. Quarterly and Annual Reports

Q3 2018 Calculations

1 Operating cycle = Average inventory processing period + Average receivable collection period
= + =

Ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. FedEx Corp.'s operating cycle deteriorated from Q1 2018 to Q2 2018 but then slightly improved from Q2 2018 to Q3 2018.

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Average Payables Payment Period

FedEx Corp., average payables payment period calculation (quarterly data)

 
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 May 31, 2015 Feb 28, 2015 Nov 30, 2014 Aug 31, 2014 May 31, 2014 Feb 28, 2014 Nov 30, 2013 Aug 31, 2013 May 31, 2013 Feb 28, 2013 Nov 30, 2012 Aug 31, 2012 May 31, 2012 Feb 29, 2012 Nov 30, 2011 Aug 31, 2011
Selected Financial Data
Payables turnover
Ratio (no. of days)
Average payables payment period1
Source: Based on data from FedEx Corp. Quarterly and Annual Reports

Q3 2018 Calculations

1 Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ =

Ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.

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Cash Conversion Cycle

FedEx Corp., cash conversion cycle calculation (quarterly data)

No. of days

 
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 May 31, 2015 Feb 28, 2015 Nov 30, 2014 Aug 31, 2014 May 31, 2014 Feb 28, 2014 Nov 30, 2013 Aug 31, 2013 May 31, 2013 Feb 28, 2013 Nov 30, 2012 Aug 31, 2012 May 31, 2012 Feb 29, 2012 Nov 30, 2011 Aug 31, 2011
Selected Financial Data
Average inventory processing period
Average receivable collection period
Average payables payment period
Ratio
Cash conversion cycle1
Source: Based on data from FedEx Corp. Quarterly and Annual Reports

Q3 2018 Calculations

1 Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= + =

Ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. FedEx Corp.'s cash conversion cycle deteriorated from Q1 2018 to Q2 2018 and from Q2 2018 to Q3 2018.

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