Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
FedEx Corp., historical price multiples (quarterly data)
Based on: 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
The analysis of the financial ratios over the observed periods reveals notable trends in valuation metrics.
- Price to Earnings (P/E) Ratio
- The P/E ratio was absent in the initial periods but, starting from May 2020, it demonstrated a general declining trend from a high of 34.8 to a low of 11.5 by May 2022. Following this trough, the ratio showed increased volatility, fluctuating between approximately 11 and 18 through November 2024 before declining again to 13.01 by May 2025. This pattern suggests an initial reduction in market expectations for earnings growth or an improvement in earnings, succeeded by a phase of fluctuating investor sentiment and then a moderate contraction in valuation.
- Price to Operating Profit (P/OP) Ratio
- Similarly, the P/OP ratio began being recorded from May 2020. It followed a comparable trend to the P/E ratio, peaking in November 2020 at 20.51 and subsequently declining to 6.66 by August 2022. Thereafter, the ratio increased again to a peak of 14.24 by November 2024 before decreasing to 10.21 in May 2025. This indicates variable market perception relative to operating performance, with periods of optimistic valuation followed by corrections, reflecting changing profitability dynamics or market conditions.
- Price to Sales (P/S) Ratio
- The P/S ratio showed more stability compared to earnings-based ratios, beginning at 0.62 in May 2020, rising to approximately 1.04 by February 2021, then experiencing a gradual decline to 0.42 in August 2022. Following this low point, the ratio increased again to a peak of 0.85 in November 2024, later settling near 0.61 by May 2025. This behavior reflects moderate fluctuations in valuation relative to sales, possibly linked to revenue growth rates and sales stability during the periods.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio was consistently reported over the entire span. It started at 2.49 in August 2019, declined to a low of 1.32 in February 2020, then steadily rose to 3.68 by November 2020. Subsequently, it showed moderate reduction and fluctuated between approximately 1.6 and 2.7 until May 2025. This trend indicates periods of changing investor confidence in net asset valuations, with an initial dip coinciding with early 2020 possibly reflecting market disruptions, followed by recovery and relative stability.
Overall, the financial ratios suggest that the company experienced significant valuation changes since early 2020, marked by initial high price multiples followed by declines and periodic recoveries. These patterns likely reflect evolving earnings performance, profitability, sales trends, and broader market sentiment affecting the company's valuation metrics over the observed quarterly periods.
Price to Earnings (P/E)
FedEx Corp., historical P/E calculation (quarterly data)
| May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 235,899,098 | 239,598,919 | 240,850,603 | 244,323,464 | 244,302,246 | 246,080,750 | 249,892,548 | 251,420,447 | 251,187,242 | 251,351,937 | 252,397,140 | 260,219,792 | 259,845,660 | 259,178,229 | 264,969,342 | 265,650,056 | 267,348,232 | 265,342,075 | 265,070,592 | 262,591,998 | 261,954,496 | 261,249,779 | 261,119,074 | 260,910,309 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||
| Net income (in millions) | 1,648) | 909) | 741) | 794) | 1,474) | 879) | 900) | 1,078) | 1,538) | 771) | 788) | 875) | 558) | 1,112) | 1,044) | 1,112) | 1,868) | 892) | 1,226) | 1,245) | (334) | 315) | 560) | 745) | |||||||
| Earnings per share (EPS)2 | 17.35 | 16.35 | 16.14 | 16.56 | 17.73 | 17.86 | 17.16 | 16.61 | 15.81 | 11.90 | 13.21 | 13.79 | 14.72 | 19.82 | 18.55 | 19.19 | 19.57 | 11.42 | 9.25 | 6.80 | 4.91 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 225.73 | 246.21 | 275.88 | 300.39 | 305.02 | 264.85 | 280.00 | 250.52 | 254.73 | 204.05 | 164.35 | 154.54 | 217.98 | 227.98 | 238.52 | 252.07 | 294.82 | 263.51 | 292.26 | 236.67 | 164.13 | 94.96 | 163.23 | 173.30 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||
| P/E ratio4 | 13.01 | 15.06 | 17.09 | 18.13 | 17.21 | 14.83 | 16.32 | 15.09 | 16.11 | 17.14 | 12.45 | 11.20 | 14.80 | 11.50 | 12.86 | 13.14 | 15.07 | 23.08 | 31.59 | 34.80 | 33.43 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | 14.74 | 14.24 | 16.83 | 34.47 | 67.77 | 99.82 | 89.56 | 97.47 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | — | — | 18.86 | 19.12 | 21.68 | 21.08 | 22.08 | 23.25 | 23.85 | 20.14 | 21.55 | 17.65 | 17.97 | 16.21 | 19.32 | 22.53 | 23.67 | 24.01 | 24.34 | 27.76 | 25.57 | — | — | — | |||||||
| United Airlines Holdings Inc. | — | — | 8.92 | 5.98 | 9.58 | 8.57 | 5.20 | 5.96 | 5.70 | 4.15 | 6.96 | 7.67 | 21.74 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | — | — | 12.76 | 13.59 | 17.05 | 20.17 | 20.11 | 21.14 | 18.89 | 13.92 | 15.41 | 14.01 | 13.27 | 12.72 | 15.37 | 14.93 | 14.11 | 28.39 | 27.60 | 36.12 | 104.33 | — | — | — | |||||||
Based on: 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
EPS
= (Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025)
÷ No. shares of common stock outstanding
= (1,648,000,000 + 909,000,000 + 741,000,000 + 794,000,000)
÷ 235,899,098 = 17.35
3 Closing price as at the filing date of FedEx Corp. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 225.73 ÷ 17.35 = 13.01
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the reported periods. Initially, there was a sharp decline from US$173.3 in August 2019 to US$94.96 by February 2020. This was followed by a strong recovery and growth, peaking at US$294.82 in May 2021. Subsequently, the price experienced a downward correction, falling to US$154.54 by August 2022. From this low, the share price rebounded again, reaching a new high of US$305.02 in May 2024, before showing some decline to US$225.73 by May 2025. The overall pattern reflects cyclical fluctuations with significant recoveries following downturns.
- Earnings Per Share (EPS) Pattern
- EPS data is first available from May 2020, starting at US$4.91 and showing a steady upward trajectory, peaking at US$19.57 in August 2021. After that peak, EPS demonstrated some volatility but generally maintained levels above US$13, with a minor downward adjustment in mid-2022, followed by a gradual increase again approaching US$17.35 in May 2025. This indicates robust earnings growth over the period after initial availability, with some short-term fluctuations.
- Price to Earnings (P/E) Ratio Analysis
- The P/E ratio started at 33.43 in May 2020 and steadily decreased to 11.5 by May 2022, reflecting either an increase in earnings outpacing the share price or a market reassessment leading to valuation compression. A moderate increase in P/E occurred in the 2022-2023 timeframe, reaching a peak of 18.13 in November 2024, before declining again to 13.01 by May 2025. This trend suggests changing investor sentiment towards earnings multiples with periods of both elevated and subdued valuations.
- Correlations and Insights
- The initial share price drop coinciding with absent or unavailable EPS data may point to market uncertainty or external shocks. The subsequent sharp rise in share price aligns with increasing EPS, supporting the premise of improved operational performance driving stock valuation. However, the reduction in P/E ratio during the initial EPS growth phase implies earnings growth was strong relative to price appreciation. Later fluctuations in P/E and share price, despite stable EPS, indicate market valuation shifts and possible external factors influencing investor perception.
Price to Operating Profit (P/OP)
FedEx Corp., historical P/OP calculation (quarterly data)
| May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 235,899,098 | 239,598,919 | 240,850,603 | 244,323,464 | 244,302,246 | 246,080,750 | 249,892,548 | 251,420,447 | 251,187,242 | 251,351,937 | 252,397,140 | 260,219,792 | 259,845,660 | 259,178,229 | 264,969,342 | 265,650,056 | 267,348,232 | 265,342,075 | 265,070,592 | 262,591,998 | 261,954,496 | 261,249,779 | 261,119,074 | 260,910,309 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||
| Operating income (in millions) | 1,793) | 1,292) | 1,052) | 1,080) | 1,555) | 1,243) | 1,276) | 1,485) | 1,503) | 1,042) | 1,176) | 1,191) | 1,924) | 1,326) | 1,597) | 1,398) | 1,797) | 1,005) | 1,465) | 1,590) | 475) | 411) | 554) | 977) | |||||||
| Operating profit per share2 | 22.12 | 20.78 | 20.47 | 21.09 | 22.75 | 22.38 | 21.23 | 20.71 | 19.56 | 21.22 | 22.25 | 23.20 | 24.03 | 23.61 | 21.88 | 21.33 | 21.91 | 17.09 | 14.87 | 11.54 | 9.23 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 225.73 | 246.21 | 275.88 | 300.39 | 305.02 | 264.85 | 280.00 | 250.52 | 254.73 | 204.05 | 164.35 | 154.54 | 217.98 | 227.98 | 238.52 | 252.07 | 294.82 | 263.51 | 292.26 | 236.67 | 164.13 | 94.96 | 163.23 | 173.30 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||
| P/OP ratio4 | 10.21 | 11.85 | 13.48 | 14.24 | 13.40 | 11.83 | 13.19 | 12.10 | 13.03 | 9.62 | 7.38 | 6.66 | 9.07 | 9.66 | 10.90 | 11.82 | 13.46 | 15.42 | 19.66 | 20.51 | 17.79 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | 41.26 | 45.38 | 59.27 | 56.59 | 67.67 | 89.86 | 152.26 | 325.09 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | — | — | 13.29 | 13.25 | 15.06 | 14.58 | 15.32 | 16.22 | 16.75 | 14.11 | 15.20 | 12.56 | 12.68 | 11.53 | 13.58 | 15.79 | 16.53 | 16.70 | 16.84 | 18.84 | 17.46 | — | — | — | |||||||
| United Airlines Holdings Inc. | — | — | 5.91 | 3.90 | 5.92 | 5.16 | 3.20 | 3.68 | 3.54 | 2.59 | 4.31 | 4.01 | 6.86 | 23.16 | 93.38 | — | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | — | — | 8.70 | 9.34 | 11.64 | 14.25 | 14.32 | 15.25 | 13.86 | 12.08 | 13.27 | 12.19 | 11.70 | 10.32 | 12.38 | 12.08 | 14.20 | 16.72 | 16.10 | 19.92 | 18.23 | — | — | — | |||||||
Based on: 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
Operating profit per share
= (Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025)
÷ No. shares of common stock outstanding
= (1,793,000,000 + 1,292,000,000 + 1,052,000,000 + 1,080,000,000)
÷ 235,899,098 = 22.12
3 Closing price as at the filing date of FedEx Corp. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 225.73 ÷ 22.12 = 10.21
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited notable volatility over the observed period. Initially, it declined from $173.30 in August 2019 to a low point of $94.96 in February 2020. Subsequently, a strong recovery phase took the price to a peak of $294.82 by May 2021. After this peak, the share price experienced a downward trend, decreasing to $154.54 in August 2022. Thereafter, the price gradually recovered again, reaching $305.02 in May 2024, before retracing somewhat to $225.73 by May 2025.
- Operating Profit Per Share (OPPS) Trends
- The operating profit per share showed a generally increasing trajectory with some fluctuations. Starting from data availability in May 2020 at $9.23, OPPS rose consistently to a peak of $24.03 in August 2022. Following this peak, a moderate decline ensued, bringing OPPS down to around $19.56 by May 2023. The figures then stabilized and gradually increased again, reaching $22.12 by May 2025.
- Price to Operating Profit Ratio (P/OP) Trends
- The P/OP ratio, calculated as the share price divided by the operating profit per share, varied considerably. Initially, this ratio increased from 17.79 in May 2020 to a high of 20.51 in November 2020, indicating the share price growth outpaced profit growth during that period. From there, the ratio declined steadily, bottoming at 6.66 in August 2022, suggesting the share price became relatively undervalued compared to operating profit. It then rose again, peaking near 14.24 in November 2024, reflecting renewed share price strength relative to earnings, before declining somewhat to 10.21 by May 2025.
- Interrelationships and Insights
- The patterns in share price and operating profit per share indicate phases of recovery and correction. The initial drop in share price to February 2020 aligns with early uncertainty, followed by a strong operational performance reflected in increased OPPS. The subsequent fall in share price despite strong operating profits around mid-2022 suggests external market factors may have weighed on valuation. The P/OP ratio fluctuations highlight changing market sentiment with periods of undervaluation and overvaluation relative to earnings performance. Overall, the company's operating profit growth appears robust but the share price exhibits sensitivity to broader market conditions beyond pure earnings trends.
Price to Sales (P/S)
FedEx Corp., historical P/S calculation (quarterly data)
| May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 235,899,098 | 239,598,919 | 240,850,603 | 244,323,464 | 244,302,246 | 246,080,750 | 249,892,548 | 251,420,447 | 251,187,242 | 251,351,937 | 252,397,140 | 260,219,792 | 259,845,660 | 259,178,229 | 264,969,342 | 265,650,056 | 267,348,232 | 265,342,075 | 265,070,592 | 262,591,998 | 261,954,496 | 261,249,779 | 261,119,074 | 260,910,309 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||
| Revenue (in millions) | 22,220) | 22,160) | 21,967) | 21,579) | 22,109) | 21,738) | 22,165) | 21,681) | 21,930) | 22,169) | 22,814) | 23,242) | 24,394) | 23,641) | 23,474) | 22,003) | 22,565) | 21,510) | 20,563) | 19,321) | 17,358) | 17,487) | 17,324) | 17,048) | |||||||
| Sales per share2 | 372.73 | 366.51 | 362.85 | 358.50 | 358.95 | 355.63 | 351.93 | 352.37 | 358.92 | 368.48 | 372.79 | 364.12 | 359.88 | 353.74 | 337.97 | 326.15 | 314.04 | 296.79 | 281.92 | 272.25 | 264.23 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 225.73 | 246.21 | 275.88 | 300.39 | 305.02 | 264.85 | 280.00 | 250.52 | 254.73 | 204.05 | 164.35 | 154.54 | 217.98 | 227.98 | 238.52 | 252.07 | 294.82 | 263.51 | 292.26 | 236.67 | 164.13 | 94.96 | 163.23 | 173.30 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||
| P/S ratio4 | 0.61 | 0.67 | 0.76 | 0.84 | 0.85 | 0.74 | 0.80 | 0.71 | 0.71 | 0.55 | 0.44 | 0.42 | 0.61 | 0.64 | 0.71 | 0.77 | 0.94 | 0.89 | 1.04 | 0.87 | 0.62 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | 3.93 | 3.85 | 3.77 | 3.62 | 3.40 | 3.60 | 4.53 | 2.86 | 2.74 | 2.26 | 2.16 | 1.98 | 2.47 | 2.46 | 3.90 | 5.95 | 6.34 | 8.09 | 9.07 | — | — | — | |||||||
| Union Pacific Corp. | — | — | 5.36 | 5.31 | 6.03 | 5.76 | 5.94 | 6.17 | 6.31 | 5.31 | 5.86 | 4.93 | 5.05 | 4.69 | 5.65 | 6.77 | 7.08 | 7.01 | 6.96 | 7.50 | 7.00 | — | — | — | |||||||
| United Airlines Holdings Inc. | — | — | 0.51 | 0.38 | 0.53 | 0.42 | 0.27 | 0.29 | 0.28 | 0.23 | 0.36 | 0.30 | 0.36 | 0.31 | 0.34 | 0.57 | 0.63 | 0.75 | 1.06 | 1.56 | 1.11 | — | — | — | |||||||
| United Parcel Service Inc. | — | — | 0.81 | 0.88 | 1.08 | 1.26 | 1.18 | 1.40 | 1.39 | 1.28 | 1.60 | 1.53 | 1.53 | 1.41 | 1.68 | 1.63 | 1.87 | 1.94 | 1.81 | 2.09 | 1.66 | — | — | — | |||||||
Based on: 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
Sales per share
= (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
÷ No. shares of common stock outstanding
= (22,220,000,000 + 22,160,000,000 + 21,967,000,000 + 21,579,000,000)
÷ 235,899,098 = 372.73
3 Closing price as at the filing date of FedEx Corp. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 225.73 ÷ 372.73 = 0.61
5 Click competitor name to see calculations.
The share price demonstrates considerable volatility across the analyzed periods. Initially, it declined sharply from $173.3 in August 2019 to $94.96 in February 2020, followed by a significant recovery and growth, peaking at $294.82 in May 2021. Subsequently, a downward trend is observed until August 2022, where the share price reaches a low of $154.54. From this point onward, a general upward trajectory resumes, with fluctuations, ultimately reaching $372.73 by May 2025.
Sales per share exhibit a consistent upward trend throughout the available data. Starting at $264.23 in May 2020, sales per share steadily increase, reaching $372.73 by May 2025. This represents a sustained growth in sales on a per-share basis over the period, indicating operational expansion or enhanced revenue generation capacity per share.
The price-to-sales (P/S) ratio presents notable fluctuations that reflect the interplay between the share price and sales growth. Initially, the P/S ratio rises from 0.62 in May 2020 to a peak of 1.04 in February 2021, suggesting that the market price was increasing at a faster pace than sales. After this peak, the ratio declines markedly to 0.42 by August 2022, indicating that sales growth outpaced changes in share price or that the market valuation became more conservative relative to sales. From August 2022 onwards, the P/S ratio rebounds to 0.85 by August 2024, followed by a gradual decline to 0.61 by May 2025. These variations imply shifts in market sentiment and valuation multiples despite the continuous increase in sales per share.
Overall, the data reveals an underlying strength in sales performance with consistent growth over the analyzed timeframe. The share price, however, exhibits periods of pronounced volatility, reflecting sensitivity to broader market conditions or company-specific factors. The fluctuating P/S ratio underscores changing investor perceptions about the company’s valuation relative to its sales, with periods of premium valuation followed by phases of relative undervaluation.
- Share Price
- Highly volatile with an initial sharp decline followed by recovery and growth until mid-2021, a subsequent dip until mid-2022, then a general upward trend with fluctuations towards 2025.
- Sales per Share
- Consistent and steady growth throughout the period, indicating improving revenue generation on a per-share basis.
- Price-to-Sales Ratio
- Varied significantly, peaking early in 2021, then decreasing markedly by mid-2022, followed by partial recovery and gradual decline, reflecting changes in market valuation relative to sales growth.
Price to Book Value (P/BV)
FedEx Corp., historical P/BV calculation (quarterly data)
| May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 235,899,098 | 239,598,919 | 240,850,603 | 244,323,464 | 244,302,246 | 246,080,750 | 249,892,548 | 251,420,447 | 251,187,242 | 251,351,937 | 252,397,140 | 260,219,792 | 259,845,660 | 259,178,229 | 264,969,342 | 265,650,056 | 267,348,232 | 265,342,075 | 265,070,592 | 262,591,998 | 261,954,496 | 261,249,779 | 261,119,074 | 260,910,309 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||
| Common stockholders’ investment (in millions) | 28,074) | 26,708) | 26,460) | 27,176) | 27,582) | 26,375) | 26,766) | 26,534) | 26,088) | 24,733) | 24,115) | 25,140) | 24,939) | 24,526) | 24,940) | 24,321) | 24,168) | 21,981) | 21,039) | 19,462) | 18,295) | 18,831) | 18,659) | 18,166) | |||||||
| Book value per share (BVPS)2 | 119.01 | 111.47 | 109.86 | 111.23 | 112.90 | 107.18 | 107.11 | 105.54 | 103.86 | 98.40 | 95.54 | 96.61 | 95.98 | 94.63 | 94.12 | 91.55 | 90.40 | 82.84 | 79.37 | 74.11 | 69.84 | 72.08 | 71.46 | 69.63 | |||||||
| Share price1, 3 | 225.73 | 246.21 | 275.88 | 300.39 | 305.02 | 264.85 | 280.00 | 250.52 | 254.73 | 204.05 | 164.35 | 154.54 | 217.98 | 227.98 | 238.52 | 252.07 | 294.82 | 263.51 | 292.26 | 236.67 | 164.13 | 94.96 | 163.23 | 173.30 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||
| P/BV ratio4 | 1.90 | 2.21 | 2.51 | 2.70 | 2.70 | 2.47 | 2.61 | 2.37 | 2.45 | 2.07 | 1.72 | 1.60 | 2.27 | 2.41 | 2.53 | 2.75 | 3.26 | 3.18 | 3.68 | 3.19 | 2.35 | 1.32 | 2.28 | 2.49 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | 8.23 | 7.96 | 7.70 | 10.26 | 11.04 | 12.55 | 15.02 | 10.98 | 11.08 | 10.20 | 9.36 | 9.20 | 9.47 | 5.91 | 4.71 | 6.34 | 5.73 | 6.42 | 8.24 | 8.85 | 6.04 | 5.01 | |||||||
| Union Pacific Corp. | — | — | 8.04 | 8.03 | 8.66 | 8.44 | 8.70 | 9.49 | 10.29 | 9.16 | 10.99 | 9.92 | 10.34 | 9.76 | 10.41 | 12.90 | 10.90 | 10.68 | 10.01 | 8.91 | 8.07 | 7.33 | 7.22 | 6.46 | |||||||
| United Airlines Holdings Inc. | — | — | 2.21 | 1.73 | 2.38 | 2.07 | 1.45 | 1.74 | 1.60 | 1.34 | 2.41 | 2.21 | 2.32 | 2.61 | 3.09 | 4.58 | 3.06 | 2.74 | 3.16 | 3.17 | 2.85 | 1.42 | 1.08 | 0.78 | |||||||
| United Parcel Service Inc. | — | — | 4.64 | 5.08 | 5.90 | 6.78 | 6.20 | 7.41 | 7.32 | 6.21 | 7.71 | 7.54 | 7.75 | 8.39 | 10.31 | 10.42 | 12.76 | 15.21 | 15.53 | 26.13 | 213.26 | 24.66 | 28.64 | 24.78 | |||||||
Based on: 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
BVPS = Common stockholders’ investment ÷ No. shares of common stock outstanding
= 28,074,000,000 ÷ 235,899,098 = 119.01
3 Closing price as at the filing date of FedEx Corp. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 225.73 ÷ 119.01 = 1.90
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited considerable volatility over the analyzed periods. Initially, it decreased from $173.3 in August 2019 to a low of $94.96 by February 2020. This was followed by a substantial recovery and growth, peaking at $294.82 in May 2021. Subsequently, the price declined gradually, reaching $154.54 by August 2022. A renewed upward trend occurred afterwards, culminating in a peak of $305.02 in May 2024, before experiencing another slight decline to $225.73 in May 2025.
- Book Value per Share (BVPS) Trends
- The book value per share displayed a generally upward trajectory throughout the periods. Starting at $69.63 in August 2019, BVPS rose with minor fluctuations, reaching $119.01 by May 2025. This indicates steady growth in the company's net asset value per share over time.
- Price to Book Value (P/BV) Ratio Trends
- The P/BV ratio showed significant oscillations correlating with the changes in share price relative to book value. The ratio declined from 2.49 in August 2019 to a trough of 1.32 in February 2020, reflecting the share price dip at that time. Then it increased sharply to a high of 3.68 by November 2020, corresponding with strong share price recovery. After a gradual decrease to 1.6 in August 2022, the ratio rose again, reaching approximately 2.7 in May and August 2024 before declining to 1.9 by May 2025. This pattern suggests fluctuations in market sentiment and valuation relative to book value.
- Overall Insights
- The data reveals an initial period of market uncertainty or external pressures that negatively impacted share price in early 2020, with book value per share remaining relatively stable or increasing. Subsequent recovery saw share price growth outpacing gains in BVPS, leading to elevated P/BV ratios, indicative of optimistic market valuation. Periods of share price decline or stagnation brought the P/BV ratio closer to historical lows, potentially signaling market reevaluations or increased risk perception. The steady growth in book value per share throughout suggests ongoing improvements in the company's asset base, even when market valuations were volatile.