FedEx Corp., FCFE calculation

USD $ in millions

	12 months ended	May 31, 2018	May 31, 2017	May 31, 2016	May 31, 2015	May 31, 2014	May 31, 2013
	Net income
	Net noncash charges
	Changes in assets and liabilities
	Cash provided by operating activities
	Capital expenditures
	Principal payments on debt
	Proceeds from debt issuances
	Free cash flow to equity (FCFE)

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to FedEx Corp.’s 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.’s FCFE declined from 2016 to 2017 and from 2017 to 2018.

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

No. shares of common stock outstanding
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)
FCFE per share
Current share price (P)
Ratio
P/FCFE
Benchmarks
P/FCFE, Competitors
CSX Corp.
Union Pacific Corp.
United Parcel Service Inc.
P/FCFE, Sector
Industrial Transportation
P/FCFE, Industry
Industrials

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

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

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

		May 31, 2018	May 31, 2017	May 31, 2016	May 31, 2015	May 31, 2014	May 31, 2013
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Free cash flow to equity (FCFE) (in millions)²
	FCFE per share⁴
	Share price^1, 3
	Ratio
	P/FCFE⁵
	Benchmarks
	P/FCFE, Competitors
	CSX Corp.
	Union Pacific Corp.
	United Parcel Service Inc.
	P/FCFE, Sector
	Industrial Transportation
	P/FCFE, Industry
	Industrials

¹ Data adjusted for splits and stock dividends.

³ Close price on the filing date of FedEx Corp.’s Annual Report.

2018 Calculations

⁴ FCFE per share = FCFE ÷ No. shares of common stock outstanding
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⁵ P/FCFE = Share price ÷ FCFE per share
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Ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	FedEx Corp.’s P/FCFE ratio increased from 2016 to 2017 and from 2017 to 2018.

	FedEx Corp.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

	All companies
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

FedEx Corp. (FDX)

Price to FCFE (P/FCFE)