Free Cash Flow to The Firm (FCFF)
Interest Paid, Net of Tax
EV to FCFF Ratio, Current
EV to FCFF Ratio, Historical

FedEx Corp., FCFF calculation

USD $ in millions

	12 months ended	May 31, 2018	May 31, 2017	May 31, 2016	May 31, 2015	May 31, 2014	May 31, 2013
	Net income
	Net noncash charges
	Changes in assets and liabilities
	Cash provided by operating activities
	Cash payments for interest, net of capitalized interest, net of tax¹
	Capitalized interest, net of tax²
	Capital expenditures
	Free cash flow to the firm (FCFF)

Based on: 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), 10-K (filing date: 2014-07-14), 10-K (filing date: 2013-07-15).

^{1, 2} See Details »

Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the FedEx Corp.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	FedEx Corp.’s FCFF declined from 2016 to 2017 and from 2017 to 2018.

FedEx Corp., interest paid, net of tax calculation

USD $ in millions

	12 months ended	May 31, 2018	May 31, 2017	May 31, 2016	May 31, 2015	May 31, 2014	May 31, 2013
	Effective Income Tax Rate (EITR)

	EITR¹
	Interest Paid, Net of Tax
	Cash payments for interest, net of capitalized interest, before tax
	Less: Cash payments for interest, net of capitalized interest, tax²
	Cash payments for interest, net of capitalized interest, net of tax
	Interest Costs Capitalized, Net of Tax
	Capitalized interest, before tax
	Less: Capitalized interest, tax³
	Capitalized interest, net of tax

Based on: 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), 10-K (filing date: 2014-07-14), 10-K (filing date: 2013-07-15).

¹ See Details »

2018 Calculations

² Cash payments for interest, net of capitalized interest, tax = Cash payments for interest, net of capitalized interest × EITR
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³ Capitalized interest, tax = Capitalized interest × EITR
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FedEx Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (USD $ in millions)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors
CSX Corp.
Union Pacific Corp.
United Parcel Service Inc.
EV/FCFF, Sector
Industrial Transportation
EV/FCFF, Industry
Industrials

Based on: 10-K (filing date: 2018-07-16).

If company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.

Otherwise, if company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

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

		May 31, 2018	May 31, 2017	May 31, 2016	May 31, 2015	May 31, 2014	May 31, 2013
	Selected Financial Data (USD $ in millions)
	Enterprise value (EV)¹
	Free cash flow to the firm (FCFF)²
	Ratio
	EV/FCFF³
	Benchmarks
	EV/FCFF, Competitors
	CSX Corp.
	Union Pacific Corp.
	United Parcel Service Inc.
	EV/FCFF, Sector
	Industrial Transportation
	EV/FCFF, Industry
	Industrials

Based on: 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), 10-K (filing date: 2014-07-14), 10-K (filing date: 2013-07-15).

¹ See Details »

² See Details »

2018 Calculations

³ EV/FCFF = EV ÷ FCFF
= hidden ÷ hidden = hidden

Ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	FedEx Corp.’s EV/FCFF ratio increased from 2016 to 2017 but then declined significantly from 2017 to 2018.

	FedEx Corp.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

	All companies
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

FedEx Corp. (FDX)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical