Enterprise Value (EV)
Current Enterprise Value (EV)
FedEx Corp., current enterprise value calculation
| Current share price (P) | $232.21 |
| No. shares of common stock outstanding | 235,899,098 |
| US$ in millions | |
| Common equity (market value)1 | 54,778) |
| Total equity | 54,778) |
| Add: Current portion of long-term debt (per books) | 1,428) |
| Add: Long-term debt, less current portion (per books) | 19,151) |
| Total equity and debt | 75,357) |
| Less: Cash and cash equivalents | 5,502) |
| Enterprise value (EV) | 69,855) |
Based on: 10-K (reporting date: 2025-05-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 232.21 × 235,899,098
Historical Enterprise Value (EV)
FedEx Corp., EV calculation
Based on: 10-K (reporting date: 2025-05-31), 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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of FedEx Corp. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 225.73 × 235,899,098
The financial data over the presented periods reveals several notable trends and shifts in the company's capital structure and market valuation.
- Common Equity (Market Value) and Total Equity
- Both common equity and total equity values exhibit similar patterns as they are equal across all years. There is a significant increase from 42,995 million USD in 2020 to a peak of 78,820 million USD in 2021. Following this peak, a notable decline occurs in 2022, dropping to 56,641 million USD. The equity values then recover gradually through 2023 and 2024, reaching 74,517 million USD, before another substantial decrease is observed in 2025, falling to 53,250 million USD.
- Total Equity and Debt
- This measure follows a comparable trajectory to equity but at higher levels due to the inclusion of debt. There is a marked increase from 64,998 million USD in 2020 to 99,699 million USD in 2021, indicating a possible increase in debt or combined capital financing. This is followed by a decline to 76,905 million USD in 2022. Over the next two years, the figure rises to 94,720 million USD in 2024 before decreasing again to 73,829 million USD in 2025. This pattern suggests fluctuations in the company's leverage or total capital employed.
- Enterprise Value (EV)
- The enterprise value mirrors the trends seen in equity and total capital but generally remains slightly below the total equity and debt figures. Starting at 60,117 million USD in 2020, EV increases to 92,612 million USD in 2021, then declines to 70,008 million USD in 2022. The following years show a recovery to 88,219 million USD in 2024, followed by a decrease to 68,327 million USD in 2025. These fluctuations in EV suggest changes in market sentiment about the company's overall valuation and its capital structure.
In summary, the company's capital metrics show a peak in 2021, followed by declines and partial recoveries in subsequent years, with a notable drop again in 2025. This pattern indicates periods of expansion and contraction in market valuation and funding structure, which may be influenced by external market conditions or internal operational factors. The parallel movements in equity, total capital, and enterprise value imply a close relationship between market valuation and financing decisions throughout the examined period.