Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

Price to FCFE (P/FCFE) 

Microsoft Excel

Free Cash Flow to Equity (FCFE)

FedEx Corp., FCFE calculation

US$ in millions

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12 months ended: May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018
Net income 3,972 3,826 5,231 1,286 540 4,572
Net noncash charges 8,016 9,125 6,776 7,903 7,564 3,562
Changes in assets and liabilities (3,140) (3,119) (1,872) (4,092) (2,491) (3,460)
Cash provided by operating activities 8,848 9,832 10,135 5,097 5,613 4,674
Capital expenditures (6,174) (6,763) (5,884) (5,868) (5,490) (5,663)
Principal payments on debt (152) (161) (6,318) (2,548) (1,436) (38)
Proceeds from debt issuances 4,212 6,556 2,463 1,480
Free cash flow to equity (FCFE) 2,522 2,908 2,145 3,237 1,150 453

Based on: 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), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).

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 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 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 249,892,548
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 2,522
FCFE per share 10.09
Current share price (P) 253.29
Valuation Ratio
P/FCFE 25.10
Benchmarks
P/FCFE, Competitors1
Uber Technologies Inc. 47.29
Union Pacific Corp. 35.60
United Parcel Service Inc. 17.79
P/FCFE, Sector
Transportation 28.79
P/FCFE, Industry
Industrials 22.53

Based on: 10-K (reporting date: 2023-05-31).

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, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018
No. shares of common stock outstanding1 251,187,242 259,845,660 267,348,232 261,954,496 260,808,410 265,924,840
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 2,522 2,908 2,145 3,237 1,150 453
FCFE per share3 10.04 11.19 8.02 12.36 4.41 1.70
Share price1, 4 254.73 217.98 294.82 164.13 169.79 230.18
Valuation Ratio
P/FCFE5 25.37 19.48 36.75 13.28 38.51 135.12
Benchmarks
P/FCFE, Competitors6
Uber Technologies Inc. 50.60 333.68 139.66
Union Pacific Corp. 36.37 13.19 17.16 18.08 15.24
United Parcel Service Inc. 17.24 21.80 22.62 33.39 19.54
P/FCFE, Sector
Transportation 29.42 20.55 24.57 31.15 31.09
P/FCFE, Industry
Industrials 22.16 22.54 45.29 29.07

Based on: 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), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 2,522,000,000 ÷ 251,187,242 = 10.04

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

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 254.73 ÷ 10.04 = 25.37

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 2021 to 2022 but then slightly increased from 2022 to 2023.