Microsoft Excel LibreOffice Calc

FedEx Corp. (FDX)

Enterprise Value (EV)

Intermediate level

Current Enterprise Value (EV)

FedEx Corp., current enterprise value calculation

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Current share price (P) $159.98
No. shares of common stock outstanding 261,119,074
US$ in millions
Common equity (market value)1 41,774 
Total equity 41,774 
Add: Current portion of long-term debt (per books) 964 
Add: Long-term debt, less current portion (per books) 16,617 
Total equity and debt 59,355 
Less: Cash and cash equivalents 2,319 
Enterprise value (EV) 57,036 

Based on: 10-K (filing date: 2019-07-16).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 159.98 × 261,119,074

Historical Enterprise Value (EV)

FedEx Corp., EV calculation

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May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014
Share price1, 2 $169.79 $230.18 $215.48 $160.76 $171.24 $151.07
No. shares of common stock outstanding1 260,808,410 265,924,840 268,257,434 265,524,323 282,430,208 285,423,144
US$ in millions
Common equity (market value)3 44,283  61,211  57,804  42,686  48,363  43,119 
Total equity 44,283  61,211  57,804  42,686  48,363  43,119 
Add: Current portion of long-term debt (book value) 964  1,342  22  29  19  1 
Add: Long-term debt, less current portion (book value) 16,617  15,243  14,909  13,838  7,249  4,736 
Total equity and debt 61,864  77,796  72,735  56,553  55,631  47,856 
Less: Cash and cash equivalents 2,319  3,265  3,969  3,534  3,763  2,908 
Enterprise value (EV) 59,545  74,531  68,766  53,019  51,868  44,948 

Based on: 10-K (filing date: 2019-07-16), 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).

1 Data adjusted for splits and stock dividends.

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

3 2019 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 169.79 × 260,808,410

1 Data adjusted for splits and stock dividends.
2

Item Description The company
EV Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments. FedEx Corp.’s EV increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.