Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

$24.99

Enterprise Value to FCFF (EV/FCFF)

Microsoft Excel

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Free Cash Flow to The Firm (FCFF)

FedEx Corp., FCFF calculation

US$ in millions

Microsoft Excel
12 months ended: May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018
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 (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).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the FedEx Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. FedEx Corp. FCFF decreased from 2021 to 2022 and from 2022 to 2023.

Interest Paid, Net of Tax

FedEx Corp., interest paid, net of tax calculation

US$ in millions

Microsoft Excel
12 months ended: May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018
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 (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 2023 Calculation
Cash payments for interest, net of capitalized interest, tax = Cash payments for interest, net of capitalized interest × EITR
= × =

3 2023 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= × =


Enterprise Value to FCFF Ratio, Current

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

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Valuation Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors1
Uber Technologies Inc.
Union Pacific Corp.
United Parcel Service Inc.
EV/FCFF, Sector
Transportation
EV/FCFF, Industry
Industrials

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

1 Click competitor name to see calculations.

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


Enterprise Value to FCFF Ratio, Historical

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

Microsoft Excel
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
Free cash flow to the firm (FCFF)2
Valuation Ratio
EV/FCFF3
Benchmarks
EV/FCFF, Competitors4
Uber Technologies Inc.
Union Pacific Corp.
United Parcel Service Inc.
EV/FCFF, Sector
Transportation
EV/FCFF, Industry
Industrials

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/FCFF = EV ÷ FCFF
= ÷ =

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. FedEx Corp. EV/FCFF ratio increased from 2021 to 2022 and from 2022 to 2023.