Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

Common Stock Valuation Ratios (Price Multiples)

Microsoft Excel

Current Valuation Ratios

FedEx Corp., current price multiples

Microsoft Excel
FedEx Corp. Uber Technologies Inc. Union Pacific Corp. United Parcel Service Inc. Transportation Industrials
Selected Financial Data
Current share price (P) $253.29
No. shares of common stock outstanding 249,892,548
Growth rate (g) 10.84%
 
Earnings per share (EPS) $15.89
Next year expected EPS $17.62
Operating profit per share $19.66
Sales per share $360.78
Book value per share (BVPS) $104.40
Valuation Ratios (Price Multiples)
Price to earnings (P/E) 15.94 83.71 23.34 19.49 26.44 25.89
Price to next year expected earnings 14.38 199.40 19.05 19.27 32.14 26.03
Price-earnings-growth (PEG) 1.47 1.04 16.37
Price to operating profit (P/OP) 12.89 142.31 16.39 14.31 20.66 21.74
Price to sales (P/S) 0.70 4.24 6.17 1.44 2.07 2.08
Price to book value (P/BV) 2.43 14.04 10.07 7.56 7.21 7.17

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

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.


Historical Valuation Ratios (Summary)

FedEx Corp., historical price multiples

Microsoft Excel
May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018
Price to earnings (P/E) 16.11 14.80 15.07 33.43 82.00 13.39
Price to operating profit (P/OP) 13.03 9.07 13.46 17.79 9.92 12.57
Price to sales (P/S) 0.71 0.61 0.94 0.62 0.64 0.94
Price to book value (P/BV) 2.45 2.27 3.26 2.35 2.49 3.15

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).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. FedEx Corp. P/E ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. FedEx Corp. P/OP ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. FedEx Corp. P/S ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. FedEx Corp. P/BV ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Price to Earnings (P/E)

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

Microsoft Excel
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$)
Net income (in millions) 3,972 3,826 5,231 1,286 540 4,572
Earnings per share (EPS)2 15.81 14.72 19.57 4.91 2.07 17.19
Share price1, 3 254.73 217.98 294.82 164.13 169.79 230.18
Valuation Ratio
P/E ratio4 16.11 14.80 15.07 33.43 82.00 13.39
Benchmarks
P/E Ratio, Competitors5
Uber Technologies Inc. 89.56
Union Pacific Corp. 23.85 17.97 23.67 25.57 21.44
United Parcel Service Inc. 18.89 13.27 14.11 104.33 20.59
P/E Ratio, Sector
Transportation 27.02 30.56 20.01 347.91 133.39
P/E Ratio, Industry
Industrials 25.47 35.70 32.59 151.48 48.27

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 2023 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= 3,972,000,000 ÷ 251,187,242 = 15.81

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

4 2023 Calculation
P/E ratio = Share price ÷ EPS
= 254.73 ÷ 15.81 = 16.11

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. FedEx Corp. P/E ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Price to Operating Profit (P/OP)

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

Microsoft Excel
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$)
Operating income (in millions) 4,912 6,245 5,857 2,417 4,466 4,870
Operating profit per share2 19.56 24.03 21.91 9.23 17.12 18.31
Share price1, 3 254.73 217.98 294.82 164.13 169.79 230.18
Valuation Ratio
P/OP ratio4 13.03 9.07 13.46 17.79 9.92 12.57
Benchmarks
P/OP Ratio, Competitors5
Uber Technologies Inc. 152.26
Union Pacific Corp. 16.75 12.68 16.53 17.46 14.83
United Parcel Service Inc. 13.86 11.70 14.20 18.23 11.72
P/OP Ratio, Sector
Transportation 21.11 14.75 19.99 32.20 26.12
P/OP Ratio, Industry
Industrials 21.38 19.84 21.37 47.82 19.18

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 2023 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 4,912,000,000 ÷ 251,187,242 = 19.56

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

4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 254.73 ÷ 19.56 = 13.03

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. FedEx Corp. P/OP ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Price to Sales (P/S)

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

Microsoft Excel
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$)
Revenue (in millions) 90,155 93,512 83,959 69,217 69,693 65,450
Sales per share2 358.92 359.88 314.04 264.23 267.22 246.12
Share price1, 3 254.73 217.98 294.82 164.13 169.79 230.18
Valuation Ratio
P/S ratio4 0.71 0.61 0.94 0.62 0.64 0.94
Benchmarks
P/S Ratio, Competitors5
Uber Technologies Inc. 4.53 2.16 3.90 9.07 4.00
Union Pacific Corp. 6.31 5.05 7.08 7.00 5.85
United Parcel Service Inc. 1.39 1.53 1.87 1.66 1.23
P/S Ratio, Sector
Transportation 2.11 1.61 2.19 2.28 1.78
P/S Ratio, Industry
Industrials 2.05 1.83 2.07 2.13 1.84

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 2023 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= 90,155,000,000 ÷ 251,187,242 = 358.92

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

4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 254.73 ÷ 358.92 = 0.71

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. FedEx Corp. P/S ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Price to Book Value (P/BV)

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

Microsoft Excel
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$)
Common stockholders’ investment (in millions) 26,088 24,939 24,168 18,295 17,757 19,416
Book value per share (BVPS)2 103.86 95.98 90.40 69.84 68.08 73.01
Share price1, 3 254.73 217.98 294.82 164.13 169.79 230.18
Valuation Ratio
P/BV ratio4 2.45 2.27 3.26 2.35 2.49 3.15
Benchmarks
P/BV Ratio, Competitors5
Uber Technologies Inc. 15.02 9.36 4.71 8.24 3.99
Union Pacific Corp. 10.29 10.34 10.90 8.07 7.00
United Parcel Service Inc. 7.32 7.75 12.76 213.26 27.98
P/BV Ratio, Sector
Transportation 7.37 6.30 7.21 8.74 5.98
P/BV Ratio, Industry
Industrials 7.06 5.66 5.56 6.11 6.88

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 2023 Calculation
BVPS = Common stockholders’ investment ÷ No. shares of common stock outstanding
= 26,088,000,000 ÷ 251,187,242 = 103.86

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

4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 254.73 ÷ 103.86 = 2.45

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. FedEx Corp. P/BV ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.