FedEx Corp. (NYSE:FDX)

Price to earnings (P/E) ratio

The P/E ratio exhibits considerable volatility over the observed period. Initial data points show an absence of values, with a notably high spike at 568.3 in February 2020, followed by a sharp decline to 33.43 in May 2020. Subsequently, there is a gradual and steady decrease from 34.8 in August 2020 to a low of 11.5 in May 2022. Afterward, the ratio fluctuates moderately between approximately 11.2 and 18.13, indicating a stabilization but remaining below earlier high levels. This trend suggests an initial market uncertainty or earnings volatility around early 2020, followed by increasing confidence and earnings normalization in later periods.

Price to operating profit (P/OP) ratio

The P/OP ratio also shows marked variability. Starting around 9.92 in August 2019, the ratio generally increased, peaking at 20.51 in November 2020, indicating that stock prices relative to operating profits became more expensive during this period. From this peak, the ratio declined steadily to a low of 6.66 in November 2022. Following this, a renewed upward trend is observed, reaching approximately 14.24 by November 2024. This pattern suggests shifts in market valuation of operating profitability, with a period of relative undervaluation in late 2022 followed by recovery in pricing multiples.

Price to sales (P/S) ratio

The P/S ratio follows a fluctuating trend with less extreme variation compared to P/E and P/OP ratios. It starts low in mid-2019 around 0.64 to 0.65, dips to 0.36 around May 2020, reflecting a sharp drop possibly related to market conditions at that time. Subsequently, the ratio climbs to just over 1.0 by February 2021, then experiences a decline with values generally between 0.42 and 0.94 through 2022 and early 2023. From mid-2023 onwards, the ratio rises again to near 0.8 before slightly declining towards 0.67 at the latest point. This indicates varied investor sentiment relative to sales, with notable trough during early 2020 followed by recovery and relative stability in subsequent years.

Price to book value (P/BV) ratio

The P/BV ratio reveals an overall downward trend from August 2018 through late 2022, dropping from 3.51 to a low of 1.6 in November 2022. A marked decrease occurs between early 2019 and early 2020, followed by moderate volatility and partial recovery to a peak of around 3.68 in November 2020. Post-2020, the ratio declines consistently until late 2022. From late 2022 through early 2025, the ratio stabilizes within the 2.2 to 2.7 range, indicating that the market valuation relative to book value reached a trough and then maintained a more moderate valuation band. This pattern suggests fluctuations in investor perception of net asset value over time, with pronounced dips coinciding possibly with broader market or company-specific events, followed by stabilization.

The share price exhibits considerable volatility over the period analyzed. It initially declined from 255.73 US$ in August 2018 to a low point of 94.96 US$ in February 2020, reflective of a downward trend during this interval. Subsequently, a recovery phase is observed, with the price rising sharply to a peak of 305.02 US$ in November 2024 before experiencing a moderate decline towards 246.21 US$ in February 2025.

Earnings per share (EPS) data, available from May 2019 onwards, demonstrate a general upward trend despite some fluctuations. EPS began at 2.07 US$ and increased substantially to a starting peak of 19.82 US$ in May 2022. After this peak, EPS experiences a gradual decline and fluctuates at lower levels, stabilizing around 16 US$ in the most recent quarters up to February 2025. Notably, there is a significant dip into negative territory occurring in May 2020 (-1.34 US$), before a strong rebound.

The price-to-earnings (P/E) ratio shows substantial variability, with very high values observed when EPS is low, indicating that prices were high relative to earnings during certain intervals. For example, the P/E ratio spikes to 568.3 in February 2020, coinciding with minimal or negative EPS. As EPS grows, the P/E ratio declines to more moderate levels ranging between approximately 11 and 18 in the later periods, suggesting a more balanced valuation relative to earnings. Additionally, the P/E ratio trends downward from early high values to stabilize around the mid-teens in the recent periods.

Overall, the data suggest that after an initial period of share price decline and EPS volatility including negative earnings, the company experienced significant earnings growth accompanied by a recovery and subsequent fluctuations in share price. The valuation multiples, as reflected in the P/E ratio, moved from extreme highs during earnings troughs to more normalized levels consistent with stabilized earnings performance.

Share Price

Declined sharply from 2018 until early 2020, then recovered significantly, peaking in late 2024, followed by a moderate decline.

Earnings Per Share (EPS)

Showed strong growth post-2019, with a notable negative dip in mid-2020, before peaking in mid-2022 and stabilizing with minor fluctuations thereafter.

Price-to-Earnings (P/E) Ratio

Exhibited extreme volatility early on due to low or negative earnings, then normalized toward lower mid-teens reflecting stabilized earnings in later periods.

Over the observed periods, the share price exhibited significant fluctuations. Beginning at a high of 255.73 US$ in August 2018, the price declined to its lowest point of 94.96 US$ in February 2020. Following this trough, a recovery trend ensued, reaching a peak near 305.02 US$ in May 2024. Despite this recovery, variability persisted, with the share price declining again toward the most recent data point of 246.21 US$ in February 2025.

Operating profit per share showed a progressive upward trajectory from May 2019 onwards, starting at 17.12 US$. The metric generally increased over subsequent quarters, peaking at 24.03 US$ in August 2022. After this peak, operating profit per share experienced a slight decline but remained relatively stable around the low twenties, indicating sustained operational profitability.

The price-to-operating-profit (P/OP) ratio demonstrated considerable volatility throughout the timeline. Early on, the ratio decreased from values in the range of approximately 10 to 11, reaching a low of 6.66 in August 2022, coinciding with high operating profits and moderate share prices, suggesting increased valuation efficiency or market confidence. Following this trough, the P/OP ratio rose again, moving between 11 and 14 in the latest quarters. This increase might reflect adjustments in market valuation relative to operating profit, possibly due to the fluctuations in share price or changes in market expectations.

In summary, the data indicate that while the share price experienced notable volatility with a significant dip around early 2020 and a recovery thereafter, operating profit per share steadily increased until mid-2022 with slight stabilization afterward. The P/OP ratio's variability highlights shifts in market perception and valuation relative to operating profitability, with a notable low in mid-2022 and subsequent increases through early 2025.

Share price trends

Marked by initial decline from late 2018 to early 2020, followed by recovery peaking in mid-2024 and subsequent moderate decline.

Operating profit per share trends

Consistent growth from mid-2019 through mid-2022, with stabilization and slight decline in following periods.

Price-to-operating-profit ratio trends

Volatile pattern with a nadir in mid-2022, indicating periods of varying market valuation relative to operating profit performance.

The analysis of the quarterly financial data reveals several notable trends and fluctuations over the observed periods.

Share Price

The share price exhibited significant volatility throughout the timeline. Initially, from August 2018 to February 2020, the price generally declined from $255.73 to a low of $94.96 in February 2020. This period includes a notable sharp drop, coinciding with early 2020, likely reflective of broader market uncertainties or company-specific challenges.

Following this low, the share price experienced a marked recovery, rising to $292.26 by November 2020, indicating renewed investor confidence or improved operational performance. Thereafter, it showed fluctuations but maintained a relatively high range between $217.98 and $305.02 from mid-2021 through early 2024.

Towards the last observed quarters, specifically from late 2024 to February 2025, the share price appeared to decline again, dropping from $300.39 to $246.21, suggesting some recent downward pressure.

Sales Per Share

Sales per share data begins from May 2019 with values around $267.22 and displays a consistent upward trajectory throughout the periods. There is a steady increase in sales per share, growing from the high $260s to reach approximately $366.51 by February 2025.

This steady growth suggests relatively stable revenue generation or increasing operational efficiency on a per-share basis. The trend is positive and indicates expanding sales performance over the five-year span.

Price to Sales Ratio (P/S)

The Price to Sales ratio exhibits considerable variability aligned with changes in both share price and sales per share. Initially, from May 2019, the ratio hovered around 0.64 to 0.65, then dropped substantially to 0.36 in May 2020, reflecting the sharp share price decline at that time while sales per share remained relatively stable.

Subsequently, the P/S ratio rebounded significantly, peaking at 1.04 in November 2020 during the period of share price recovery. However, in the following years, it trended mostly downward with some fluctuations, declining to around 0.42 to 0.44 in late 2022, indicating that share price appreciation was not keeping pace with sales growth.

By early 2025, the ratio shows a modest increase, reaching approximately 0.67, hinting at some correction or revaluation of the shares relative to sales.

Overall, the data reflects a period of initial share price decline followed by recovery and some volatility, accompanied by steady growth in sales per share. The price to sales ratio fluctuates in response to share price movements relative to sales, highlighting periods of undervaluation or overvaluation relative to underlying sales performance. These patterns suggest market sensitivity to external factors impacting share valuation, while the company's sales metrics denote consistent operational progress.

The share price of the company exhibits notable volatility over the observed quarters. Initially, the price shows a declining trend from approximately $256 in August 2018 to a low near $95 by February 2020. This was followed by a recovery phase, with the share price rising significantly to a peak of about $294 by May 2021. Subsequently, a general downward adjustment occurred, reaching around $154 toward August 2022. Thereafter, the share price regained strength, increasing steadily to around $305 by May 2024 before experiencing a slight decrease at the end of the period to approximately $246.

The book value per share (BVPS) displays a more stable and moderate upward trajectory throughout the timeframe. Starting at about $73 in August 2018, it experienced minor fluctuations but generally rose to approximately $112 by May 2024. This increase indicates a consistent accumulation of equity value per share over time, despite some short-term variations.

The price-to-book value ratio (P/BV) reflects the relationship between the market valuation and the underlying book value. Initially, it starts relatively high at 3.51 in August 2018, then declines steadily to a low of about 1.32 by February 2020, mirroring the drop in share price during that period. Following this trough, the ratio rises again, reaching nearly 3.68 by November 2020, suggesting market optimism or improved investor sentiment. Afterward, the ratio declines again to approximately 1.6 by August 2022, aligning with the decreased share price, and then ascends moderately to around 2.7 by May 2024, before slightly dropping towards the end of the data set.

In summary, the share price has experienced significant fluctuations likely influenced by external market conditions or company-specific events, while the book value per share showed steady growth indicative of underlying equity strengthening. The P/BV ratio fluctuated in conjunction with market price movements, reflecting changing investor perceptions regarding the company’s valuation relative to its book value.