Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

Enterprise Value to EBITDA (EV/EBITDA) 

Microsoft Excel

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

FedEx Corp., EBITDA calculation

US$ in millions

Microsoft Excel
12 months ended: May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Net income 4,331 3,972 3,826 5,231 1,286 540
Add: Income tax expense 1,505 1,391 1,070 1,443 383 115
Earnings before tax (EBT) 5,836 5,363 4,896 6,674 1,669 655
Add: Interest expense 745 694 689 793 672 588
Earnings before interest and tax (EBIT) 6,581 6,057 5,585 7,467 2,341 1,243
Add: Depreciation and amortization 4,287 4,176 3,970 3,793 3,615 3,353
Earnings before interest, tax, depreciation and amortization (EBITDA) 10,868 10,233 9,555 11,260 5,956 4,596

Based on: 10-K (reporting date: 2024-05-31), 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).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. FedEx Corp. EBITDA increased from 2022 to 2023 and from 2023 to 2024.

Enterprise Value to EBITDA Ratio, Current

FedEx Corp., current EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV) 81,946
Earnings before interest, tax, depreciation and amortization (EBITDA) 10,868
Valuation Ratio
EV/EBITDA 7.54
Benchmarks
EV/EBITDA, Competitors1
Uber Technologies Inc. 36.95
Union Pacific Corp. 14.74
United Parcel Service Inc. 10.01
EV/EBITDA, Sector
Transportation 13.60
EV/EBITDA, Industry
Industrials 16.40

Based on: 10-K (reporting date: 2024-05-31).

1 Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.


Enterprise Value to EBITDA Ratio, Historical

FedEx Corp., historical EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 88,219 77,708 70,008 92,612 60,117 59,545
Earnings before interest, tax, depreciation and amortization (EBITDA)2 10,868 10,233 9,555 11,260 5,956 4,596
Valuation Ratio
EV/EBITDA3 8.12 7.59 7.33 8.22 10.09 12.96
Benchmarks
EV/EBITDA, Competitors4
Uber Technologies Inc. 45.37 227.40
Union Pacific Corp. 15.44 12.56 15.46 15.65 13.73
United Parcel Service Inc. 11.23 8.83 9.55 30.22 12.80
EV/EBITDA, Sector
Transportation 14.94 14.15 12.42 30.99 22.19
EV/EBITDA, Industry
Industrials 15.63 17.07 16.21 26.87 17.56

Based on: 10-K (reporting date: 2024-05-31), 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).

1 See details »

2 See details »

3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 88,219 ÷ 10,868 = 8.12

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/EBITDA Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock. FedEx Corp. EV/EBITDA ratio increased from 2022 to 2023 and from 2023 to 2024.