FedEx Corp., current enterprise value calculation

Current share price (P)	$307.40
No. shares of common stock outstanding	236,581,188
US$ in millions
Common equity (market value)¹	72,725)
Add: Preferred stock, no par value; no shares issued or outstanding (per books)	—)
Total equity	72,725)
Add: Current portion of long-term debt (per books)	1,676)
Add: Short-term borrowings (per books)	745)
Add: Long-term debt, less current portion (per books)	23,293)
Total equity and debt	98,439)
Less: Cash and cash equivalents	13,311)
Enterprise value (EV)	85,128)

Based on: 10-K (reporting date: 2026-05-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 307.40 × 236,581,188

FedEx Corp., EV calculation

	May 31, 2026	May 31, 2025	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021
Share price^1, 2	$306.22	$225.73	$305.02	$254.73	$217.98	$294.82
No. shares of common stock outstanding¹	236,581,188	235,899,098	244,302,246	251,187,242	259,845,660	267,348,232
US$ in millions
Common equity (market value)³	72,446)	53,250)	74,517)	63,985)	56,641)	78,820)
Add: Preferred stock, no par value; no shares issued or outstanding (book value)	—)	—)	—)	—)	—)	—)
Total equity	72,446)	53,250)	74,517)	63,985)	56,641)	78,820)
Add: Current portion of long-term debt (book value)	1,676)	1,428)	68)	126)	82)	146)
Add: Short-term borrowings (book value)	745)	—)	—)	—)	—)	—)
Add: Long-term debt, less current portion (book value)	23,293)	19,151)	20,135)	20,453)	20,182)	20,733)
Total equity and debt	98,160)	73,829)	94,720)	84,564)	76,905)	99,699)
Less: Cash and cash equivalents	13,311)	5,502)	6,501)	6,856)	6,897)	7,087)
Enterprise value (EV)	84,849)	68,327)	88,219)	77,708)	70,008)	92,612)

Based on: 10-K (reporting date: 2026-05-31), 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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of FedEx Corp. Annual Report.

³ 2026 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 306.22 × 236,581,188

The financial trajectory from May 31, 2021, to May 31, 2026, is characterized by significant volatility in valuation metrics, exhibiting a recurring pattern of contraction and recovery. The movements in market equity are closely mirrored by the enterprise value and the combined total of equity and debt, indicating that the company's overall valuation is heavily driven by equity market fluctuations.

Equity Valuation Trends: Common equity market value experienced a peak of 78,820 million in 2021, followed by a sharp decline to 56,641 million in 2022. A steady recovery period followed, reaching 74,517 million by 2024. However, a secondary significant contraction is observed in 2025, where equity fell to 53,250 million, before rebounding to 72,446 million in 2026.
Capital Structure and Total Liabilities: Total equity and debt followed a near-identical trajectory to the common equity values. The highest capitalization was recorded in 2021 at 99,699 million, with a subsequent trough in 2025 at 73,829 million. The close alignment between total equity and total equity and debt suggests a relatively consistent debt-to-equity relationship throughout the analyzed period.
Enterprise Value (EV) Analysis: Enterprise value demonstrates a cyclical movement, starting at 92,612 million in 2021 and decreasing to 70,008 million in 2022. The value climbed back to 88,219 million by 2024, experienced a notable drop to 68,327 million in 2025, and ultimately recovered to 84,849 million in 2026. The consistency between EV and the combined equity and debt figures suggests that cash and cash equivalents remained relatively stable relative to the total capital structure.

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FedEx Corp. (NYSE:FDX)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)