Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

Price to FCFE (P/FCFE) 

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Free Cash Flow to Equity (FCFE)

FedEx Corp., FCFE calculation

US$ in millions

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12 months ended: May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016
Net income 5,231  1,286  540  4,572  2,997  1,820 
Net noncash charges 6,776  7,903  7,564  3,562  4,135  4,425 
Changes in assets and liabilities (1,872) (4,092) (2,491) (3,460) (2,202) (537)
Cash provided by operating activities 10,135  5,097  5,613  4,674  4,930  5,708 
Capital expenditures (5,884) (5,868) (5,490) (5,663) (5,116) (4,818)
Payments on debt (6,318) (2,548) (1,436) (38) (82) (41)
Proceeds from debt issuances 4,212  6,556  2,463  1,480  1,190  6,519 
Free cash flow to equity (FCFE) 2,145  3,237  1,150  453  922  7,368 

Based on: 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), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to FedEx Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. FedEx Corp. FCFE increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Price to FCFE Ratio, Current

FedEx Corp., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 259,178,229
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 2,145 
FCFE per share 8.28
Current share price (P) 227.72
Valuation Ratio
P/FCFE 27.52
Benchmarks
P/FCFE, Competitors1
American Airlines Group Inc. 1.69
CSX Corp. 18.42
Delta Air Lines Inc.
Union Pacific Corp. 14.27
United Airlines Holdings Inc. 2.01
United Parcel Service Inc. 20.12
P/FCFE, Sector
Transportation 15.07
P/FCFE, Industry
Industrials 635.32

Based on: 10-K (reporting date: 2021-05-31).

1 Click competitor name to see calculations.

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


Price to FCFE Ratio, Historical

FedEx Corp., historical P/FCFE calculation, comparison to benchmarks

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May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016
No. shares of common stock outstanding1 267,348,232 261,954,496 260,808,410 265,924,840 268,257,434 265,524,323
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 2,145  3,237  1,150  453  922  7,368 
FCFE per share3 8.02 12.36 4.41 1.70 3.44 27.75
Share price1, 4 294.82 164.13 169.79 230.18 215.48 160.76
Valuation Ratio
P/FCFE5 36.75 13.28 38.51 135.12 62.69 5.79
Benchmarks
P/FCFE, Competitors6
American Airlines Group Inc. 2.12
CSX Corp. 22.62 22.81 12.48 8.96 22.97
Delta Air Lines Inc. 2.34 9.52 13.66 15.41
Union Pacific Corp. 16.72 18.85 15.85 10.96 16.38
United Airlines Holdings Inc. 2.58 3.16 6.19 12.69 17.47
United Parcel Service Inc. 22.62 33.39 19.54 20.00 22.12
P/FCFE, Sector
Transportation 18.08 12.76 15.76 15.65 23.16
P/FCFE, Industry
Industrials 750.78 25.85 21.08 23.09 22.19

Based on: 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), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 2,145,000,000 ÷ 267,348,232 = 8.02

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

5 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 294.82 ÷ 8.02 = 36.75

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. FedEx Corp. P/FCFE ratio decreased from 2019 to 2020 but then increased from 2020 to 2021 not reaching 2019 level.