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. American Airlines Group Inc. CSX Corp. Delta Air Lines Inc. Union Pacific Corp. United Airlines Holdings Inc. United Parcel Service Inc. Transportation Industrials
Selected Financial Data
Current share price (P) $230.68
No. shares of common stock outstanding 259,845,660
Growth rate (g) 11.98%
 
Earnings per share (EPS) $14.72
Next year expected EPS $16.49
Operating profit per share $24.03
Sales per share $359.88
Book value per share (BVPS) $95.98
Valuation Ratios (Price Multiples)
Price to earnings (P/E) 15.67 19.45 79.00 22.97 13.81 20.45 33.04
Price to next year expected earnings 13.99 16.27 235.10 18.61 13.24 17.50 30.51
Price-earnings-growth (PEG) 1.31 0.99 0.98 3.25 1.21 3.99
Price to operating profit (P/OP) 9.60 13.15 11.73 16.05 13.89 15.15 18.66
Price to sales (P/S) 0.64 0.33 5.87 0.74 6.87 0.52 1.83 1.69 1.84
Price to book value (P/BV) 2.40 5.45 5.69 10.58 2.56 12.49 7.48 5.61

Based on: 10-K (reporting date: 2022-05-31).

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, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017
Price to earnings (P/E) 14.80 15.07 33.43 82.00 13.39 19.29
Price to operating profit (P/OP) 9.07 13.46 17.79 9.92 12.57 11.48
Price to sales (P/S) 0.61 0.94 0.62 0.64 0.94 0.96
Price to book value (P/BV) 2.27 3.26 2.35 2.49 3.15 3.60

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

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 2020 to 2021 and from 2021 to 2022.
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 2020 to 2021 and from 2021 to 2022.
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 increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
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 increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Price to Earnings (P/E)

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

Microsoft Excel
May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017
No. shares of common stock outstanding1 259,845,660 267,348,232 261,954,496 260,808,410 265,924,840 268,257,434
Selected Financial Data (US$)
Net income (in millions) 3,826  5,231  1,286  540  4,572  2,997 
Earnings per share (EPS)2 14.72 19.57 4.91 2.07 17.19 11.17
Share price1, 3 217.98 294.82 164.13 169.79 230.18 215.48
Valuation Ratio
P/E ratio4 14.80 15.07 33.43 82.00 13.39 19.29
Benchmarks
P/E Ratio, Competitors5
American Airlines Group Inc. 7.16 11.42 13.01
CSX Corp. 20.40 24.31 18.47 16.79 8.59
Delta Air Lines Inc. 96.74 7.94 8.81 10.57
Union Pacific Corp. 23.67 25.57 21.44 19.60 9.26
United Airlines Holdings Inc. 5.82 11.00 8.91
United Parcel Service Inc. 14.11 104.33 20.59 20.07 18.37
P/E Ratio, Sector
Transportation 22.06 16.53 15.47 11.85
P/E Ratio, Industry
Industrials 34.84 27.33 29.72 25.99

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

1 Data adjusted for splits and stock dividends.

2 2022 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= 3,826,000,000 ÷ 259,845,660 = 14.72

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

4 2022 Calculation
P/E ratio = Share price ÷ EPS
= 217.98 ÷ 14.72 = 14.80

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 2020 to 2021 and from 2021 to 2022.

Price to Operating Profit (P/OP)

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

Microsoft Excel
May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017
No. shares of common stock outstanding1 259,845,660 267,348,232 261,954,496 260,808,410 265,924,840 268,257,434
Selected Financial Data (US$)
Operating income (in millions) 6,245  5,857  2,417  4,466  4,870  5,037 
Operating profit per share2 24.03 21.91 9.23 17.12 18.31 18.78
Share price1, 3 217.98 294.82 164.13 169.79 230.18 215.48
Valuation Ratio
P/OP ratio4 9.07 13.46 17.79 9.92 12.57 11.48
Benchmarks
P/OP Ratio, Competitors5
American Airlines Group Inc. 3.94 6.07 6.15
CSX Corp. 13.79 15.41 12.39 11.41 12.82
Delta Air Lines Inc. 14.36 5.72 6.59 6.18
Union Pacific Corp. 16.53 17.46 14.83 13.73 12.30
United Airlines Holdings Inc. 4.07 7.11 5.43
United Parcel Service Inc. 14.20 18.23 11.72 13.69 11.98
P/OP Ratio, Sector
Transportation 16.35 9.85 11.07 9.90
P/OP Ratio, Industry
Industrials 19.67 859.02 13.93 12.19 13.09

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

1 Data adjusted for splits and stock dividends.

2 2022 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 6,245,000,000 ÷ 259,845,660 = 24.03

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

4 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 217.98 ÷ 24.03 = 9.07

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 2020 to 2021 and from 2021 to 2022.

Price to Sales (P/S)

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

Microsoft Excel
May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017
No. shares of common stock outstanding1 259,845,660 267,348,232 261,954,496 260,808,410 265,924,840 268,257,434
Selected Financial Data (US$)
Revenue (in millions) 93,512  83,959  69,217  69,693  65,450  60,319 
Sales per share2 359.88 314.04 264.23 267.22 246.12 224.85
Share price1, 3 217.98 294.82 164.13 169.79 230.18 215.48
Valuation Ratio
P/S ratio4 0.61 0.94 0.62 0.64 0.94 0.96
Benchmarks
P/S Ratio, Competitors5
American Airlines Group Inc. 0.38 0.66 0.26 0.36 0.59
CSX Corp. 6.16 6.35 5.15 4.53 4.12
Delta Air Lines Inc. 0.91 1.62 0.81 0.78 0.92
Union Pacific Corp. 7.08 7.00 5.85 5.12 4.67
United Airlines Holdings Inc. 0.63 1.11 0.40 0.57 0.50
United Parcel Service Inc. 1.87 1.66 1.23 1.34 1.37
P/S Ratio, Sector
Transportation 1.82 1.90 1.25 1.33 1.34
P/S Ratio, Industry
Industrials 1.94 1.99 1.62 1.50 1.63

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

1 Data adjusted for splits and stock dividends.

2 2022 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= 93,512,000,000 ÷ 259,845,660 = 359.88

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

4 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= 217.98 ÷ 359.88 = 0.61

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 increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Price to Book Value (P/BV)

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

Microsoft Excel
May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017
No. shares of common stock outstanding1 259,845,660 267,348,232 261,954,496 260,808,410 265,924,840 268,257,434
Selected Financial Data (US$)
Common stockholders’ investment (in millions) 24,939  24,168  18,295  17,757  19,416  16,073 
Book value per share (BVPS)2 95.98 90.40 69.84 68.08 73.01 59.92
Share price1, 3 217.98 294.82 164.13 169.79 230.18 215.48
Valuation Ratio
P/BV ratio4 2.27 3.26 2.35 2.49 3.15 3.60
Benchmarks
P/BV Ratio, Competitors5
American Airlines Group Inc. 6.36
CSX Corp. 5.72 5.13 5.19 4.42 3.20
Delta Air Lines Inc. 6.97 18.01 2.46 2.53 2.72
Union Pacific Corp. 10.90 8.07 7.00 5.72 3.99
United Airlines Holdings Inc. 3.06 2.85 1.52 2.34 2.16
United Parcel Service Inc. 12.76 213.26 27.98 31.82 90.21
P/BV Ratio, Sector
Transportation 8.07 8.93 5.03 5.12 4.51
P/BV Ratio, Industry
Industrials 5.91 6.26 6.48 6.03 5.33

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

1 Data adjusted for splits and stock dividends.

2 2022 Calculation
BVPS = Common stockholders’ investment ÷ No. shares of common stock outstanding
= 24,939,000,000 ÷ 259,845,660 = 95.98

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

4 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= 217.98 ÷ 95.98 = 2.27

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 increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.