Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

FedEx Corp., EBITDA calculation

US$ in millions

12 months ended:	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
Net income	3,972)	3,826)	5,231)	1,286)	540)	4,572)
Add: Income tax expense	1,391)	1,070)	1,443)	383)	115)	(219)
Earnings before tax (EBT)	5,363)	4,896)	6,674)	1,669)	655)	4,353)
Add: Interest expense	694)	689)	793)	672)	588)	558)
Earnings before interest and tax (EBIT)	6,057)	5,585)	7,467)	2,341)	1,243)	4,911)
Add: Depreciation and amortization	4,176)	3,970)	3,793)	3,615)	3,353)	3,095)
Earnings before interest, tax, depreciation and amortization (EBITDA)	10,233)	9,555)	11,260)	5,956)	4,596)	8,006)

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).

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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 decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	79,062)
Earnings before interest, tax, depreciation and amortization (EBITDA)	10,233)
Valuation Ratio
EV/EBITDA	7.73
Benchmarks
EV/EBITDA, Competitors¹
Uber Technologies Inc.	38.81
Union Pacific Corp.	15.15
United Parcel Service Inc.	11.15
EV/EBITDA, Sector
Transportation	14.21
EV/EBITDA, Industry
Industrials	15.69

Based on: 10-K (reporting date: 2023-05-31).

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.

FedEx Corp., historical EV/EBITDA 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)
Enterprise value (EV)¹	77,708)	70,008)	92,612)	60,117)	59,545)	74,531)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	10,233)	9,555)	11,260)	5,956)	4,596)	8,006)
Valuation Ratio
EV/EBITDA³	7.59	7.33	8.22	10.09	12.96	9.31
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	15.57	16.80	15.95	26.00	17.09	—

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 See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 77,708 ÷ 10,233 = 7.59

⁴ Click competitor name to see calculations.

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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 decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

FedEx Corp. (NYSE:FDX)

Enterprise Value to EBITDA (EV/EBITDA)

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

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical