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FedEx Corp. (FDX)

Enterprise Value (EV)

Difficulty: Intermediate

Current Enterprise Value (EV)

FedEx Corp., current enterprise value calculation

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Current share price (P) $173.57
No. shares of common stock outstanding 260,808,410
USD $ in millions
Common equity (market value) 45,269 
Total equity 45,269 
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 62,850 
Less: Cash and cash equivalents 2,319 
Enterprise value (EV) 60,531 

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

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
USD $ in millions
Common equity (market value) 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 (per books) 964  1,342  22  29  19  1 
Add: Long-term debt, less current portion (per books) 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 Close price on the filing date of FedEx Corp.’s Annual Report.

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 declined significantly from 2018 to 2019.