FedEx Corp. (NYSE:FDX)

The common stock valuation ratios for the analyzed period demonstrate fluctuating trends across all metrics. Generally, the period from August 31, 2020, through February 28, 2022, shows a decreasing trend in valuation multiples, followed by periods of volatility and, in some cases, a subsequent increase. The most recent quarters, from February 29, 2024, through November 30, 2024, suggest a stabilization or slight increase in some ratios, but this is not consistent across all measures.

Price to Earnings (P/E) Ratio

The P/E ratio experienced a significant decline from 34.80 in August 2020 to a low of 11.50 in February 2022. It then exhibited volatility, peaking at 17.14 in February 2023 before settling around the 14.83-17.21 range from February 2024 through May 2024. The most recent values, August 2024 through November 2024, show a slight decrease to 17.09 and 15.06 respectively. This suggests a decreasing investor willingness to pay for each dollar of earnings during the initial period, followed by a period of reassessment and relative stabilization.

Price to Operating Profit (P/OP) Ratio

Similar to the P/E ratio, the P/OP ratio generally decreased from 20.51 in August 2020 to 9.66 in February 2022. A subsequent increase was observed, reaching 13.03 in February 2023, before fluctuating between 11.83 and 14.24 from February 2024 through August 2024. The latest two quarters show a slight decline to 13.48 and 11.85. This pattern mirrors the P/E ratio, indicating a changing perception of the company’s operational profitability relative to its market price.

Price to Sales (P/S) Ratio

The P/S ratio demonstrated a more moderate decline from 0.87 in August 2020 to 0.61 in May 2022. It then experienced a period of fluctuation, peaking at 0.80 in November 2023, before decreasing to 0.67 in February 2025. The most recent values show a slight increase to 0.75 and 0.92. This ratio suggests a relatively stable relationship between price and revenue, with some recent upward movement.

Price to Book Value (P/BV) Ratio

The P/BV ratio decreased from 3.19 in August 2020 to 1.60 in August 2022. It then showed a recovery, reaching 2.85 in February 2026. The ratio fluctuated between 2.47 and 2.70 from February 2024 through August 2024, and then decreased to 2.51 and 2.21 in the following two quarters. This indicates a changing assessment of the company’s net asset value relative to its market capitalization.

Overall, the analyzed valuation ratios suggest a period of re-evaluation in the market’s perception of the company’s value. The initial decline in multiples may reflect concerns about future growth or profitability, while the subsequent fluctuations and recent stabilization could indicate a period of adjustment and renewed investor confidence. The variations between the ratios suggest differing investor focus on earnings, operating profit, sales, and book value at different points in time.

The price to earnings (P/E) ratio exhibited considerable fluctuation over the observed period, spanning from August 2020 to November 2025. Initially, the ratio demonstrated a decreasing trend, followed by periods of relative stability and subsequent increases, ultimately concluding with a value comparable to the beginning of the analyzed timeframe.

Initial Decline (Aug 31, 2020 – Feb 28, 2021)

The P/E ratio began at 34.80 and generally decreased to 23.08. This initial decline suggests a potential shift in investor sentiment, possibly reflecting increasing confidence in future earnings relative to the share price, or a correction after a period of growth. The rate of decline slowed towards the end of this period.

Period of Low Ratios (May 31, 2021 – Feb 28, 2022)

From May 2021 through February 2022, the P/E ratio remained relatively low, fluctuating between 13.14 and 14.80. This indicates a period where the share price was comparatively low relative to earnings, potentially signaling undervaluation or concerns about future growth prospects. The lowest value of 11.50 was recorded in February 2022.

Subsequent Increase and Volatility (May 31, 2022 – Nov 30, 2023)

Following February 2022, the P/E ratio experienced an increase, reaching 18.95 in May 2023, with intermittent fluctuations. This suggests a renewed investor interest or improved earnings expectations. However, the ratio did not maintain a consistent upward trajectory, indicating ongoing market uncertainty. The ratio peaked at 18.95 in May 2023, then decreased to 16.32 by November 2023.

Recent Trends (Feb 29, 2024 – Nov 30, 2025)

From February 2024 to November 2025, the P/E ratio demonstrated continued volatility, ranging from 14.83 to 18.95. The ratio concluded at 18.95, a level similar to that observed in May 2023. This suggests a stabilization, although the fluctuations indicate ongoing sensitivity to market conditions and earnings performance.

Overall, the P/E ratio’s movement suggests a dynamic valuation influenced by a combination of share price and earnings performance. The observed patterns indicate periods of investor optimism, caution, and eventual stabilization, though continued volatility remains apparent.

The Price to Operating Profit (P/OP) ratio for the observed period demonstrates a generally decreasing trend, punctuated by periods of fluctuation. Initially, the ratio exhibited a decline from 20.51 to 11.82 between August 2020 and August 2021. Subsequently, the ratio experienced a period of relative stability and modest increases before declining sharply in late 2022, followed by a recovery and then a leveling off towards the end of the observed timeframe.

Overall Trend

The P/OP ratio generally decreased over the analyzed period. Starting at 20.51, it trended downwards to a low of 6.66 in August 2022. While a recovery was observed in late 2023 and early 2024, the ratio settled around the 11-14 range, indicating a lower valuation relative to operating profit compared to the beginning of the period.

Initial Decline (Aug 2020 - Aug 2021)

A consistent decline in the P/OP ratio was evident during this timeframe. This suggests that the market valuation, relative to operating profit, decreased steadily. The ratio moved from 20.51 in August 2020 to 11.82 in August 2021, representing a significant contraction.

Period of Fluctuations (Aug 2021 - Aug 2022)

Following the initial decline, the ratio experienced more volatility. It increased to 10.90 in November 2021, then to 9.66 in February 2022, before reaching a low of 6.66 in August 2022. This period suggests increased market sensitivity to operating profit or other factors influencing valuation.

Recovery and Stabilization (Aug 2022 - May 2025)

From the low of 6.66 in August 2022, the P/OP ratio began to recover, peaking at 14.89 in February 2026. However, this recovery was not sustained, and the ratio stabilized in the 11-13 range through May 2025. This suggests a potential ceiling on valuation growth relative to operating profit during this period.

Recent Trend (May 2025 - Aug 2025)

The most recent observations indicate a slight increase in the P/OP ratio, moving from 11.95 in May 2025 to 14.89 in February 2026. This could indicate renewed investor confidence or a change in market perception of future operating profitability.

In summary, the P/OP ratio demonstrates a long-term decreasing trend with intermittent fluctuations. The ratio’s movement suggests a changing relationship between market valuation and operating profit over the observed period, with a recent indication of potential stabilization or modest growth.

The price-to-sales (P/S) ratio for the observed period demonstrates considerable fluctuation. Initially, the ratio exhibited an increasing trend from August 2020 to November 2020, followed by a period of relative stability before declining through February 2022. A significant drop occurred between February 2022 and August 2022, after which the ratio experienced volatility with both increases and decreases before reaching a peak in February 2024. The most recent observations indicate a slight decline through May 2025, followed by increases in the subsequent periods.

Initial Trend (Aug 31, 2020 – Nov 30, 2020)

The P/S ratio increased from 0.87 to 1.04, suggesting a growing investor willingness to pay more for each dollar of sales during this period. This could be attributed to positive market sentiment or expectations of future growth.

Decline and Stabilization (Dec 1, 2020 – Feb 28, 2022)

From November 2020 to February 2022, the P/S ratio generally decreased, falling from 1.04 to 0.64. This suggests a diminishing investor confidence in the company’s ability to translate sales into market value. The ratio remained relatively stable between November 2021 and February 2022.

Significant Drop (Feb 28, 2022 – Aug 31, 2022)

A substantial decrease in the P/S ratio occurred between February 2022 and August 2022, dropping from 0.64 to 0.42. This sharp decline could indicate a significant shift in investor perception, potentially triggered by macroeconomic factors or company-specific challenges.

Volatility and Recent Trends (Sep 1, 2022 – May 31, 2025)

Following the decline, the P/S ratio experienced considerable volatility, fluctuating between 0.42 and 0.92. The ratio peaked at 0.92 in February 2024, then decreased to 0.75 in May 2025. The latest observations show an increase to 0.92 in February 2026.

Sales per Share Trend

Throughout the observed period, sales per share generally increased from 272.25 to 385.29. This upward trend in sales per share contrasts with the fluctuations in the P/S ratio, indicating that changes in the ratio are not solely driven by sales performance but also by investor sentiment and market valuation.

The observed patterns suggest that the market valuation, as reflected in the P/S ratio, is sensitive to factors beyond revenue generation. The significant drop in the ratio during 2022, coupled with the subsequent volatility, warrants further investigation into potential underlying causes. The recent increase in the P/S ratio, despite relatively stable sales per share, may indicate a renewed investor interest or a correction in market valuation.

The price-to-book value (P/BV) ratio for the observed period demonstrates considerable fluctuation. Initially, the ratio exhibited an increasing trend from August 2020 to November 2020, followed by a period of relative stability before declining through the first half of 2021. A significant drop was then observed in the latter half of 2021 and continued into the first half of 2022, reaching a low point in August 2022. Subsequently, the ratio experienced a recovery through February 2023, followed by further increases into November 2023. A slight decline occurred in early 2024, before a renewed upward trend culminating in May 2024. The ratio then decreased through the remainder of the observed period, ending with a value comparable to that seen in late 2021 and early 2022.

Initial Period (Aug 31, 2020 – May 31, 2021)

The P/BV ratio began at 3.19 and peaked at 3.68 before settling at 3.26. This suggests a period of increasing investor confidence relative to the company’s book value, followed by stabilization. The share price increased more rapidly than book value per share during this time.

Decline (Aug 31, 2021 – Aug 31, 2022)

A pronounced decline in the P/BV ratio occurred, falling from 2.75 to a low of 1.60. This indicates a decrease in investor willingness to pay for each dollar of book value, potentially reflecting concerns about future performance or broader market conditions. The share price decreased at a faster rate than book value per share.

Recovery and Subsequent Fluctuation (Feb 28, 2023 – Nov 30, 2024)

The ratio recovered to 2.61 by November 2023, demonstrating renewed investor interest. However, this was followed by a period of fluctuation, with the ratio peaking at 2.85 in February 2025 and then declining to 2.21 by February 2026. This suggests a period of uncertainty and shifting investor sentiment.

Recent Trend (Feb 29, 2024 – Nov 30, 2025)

The most recent observations show a downward trend in the P/BV ratio, decreasing from 2.70 to 2.21. This suggests a potential cooling of investor enthusiasm or a reassessment of the company’s intrinsic value relative to its book value.

Throughout the period, the P/BV ratio remained generally above 2.0, indicating that investors were, for the most part, willing to pay more than one times the book value for each share. However, the significant fluctuations highlight the sensitivity of this ratio to market conditions and company-specific factors. The decline in the latter part of the observed period warrants further investigation to determine the underlying causes and potential implications.