FedEx Corp. (NYSE:FDX)

Price to Earnings (P/E) Ratio Trend

The P/E ratio shows a general downward trend from August 2020 through November 2021, falling from 34.8 to a low around 11.5 by February 2022. This decline reflects a period of decreasing market valuation relative to earnings. After February 2022, the ratio fluctuates moderately, rising again to a peak of 18.13 in August 2024 before declining towards 12.97 by August 2025. Overall, the P/E ratio suggests phases of market revaluation with some volatility in the more recent periods.

Price to Operating Profit (P/OP) Ratio Trend

The P/OP ratio steadily decreases from 20.51 in August 2020 to a trough near 6.66 by August 2022, indicating an improving relationship between price and operating profitability. After this low point, the ratio increases again, peaking at 14.24 in August 2024, before falling to approximately 10.04 in August 2025. The cyclical pattern may mirror changes in operating profit margins or investor sentiment about future operating performance.

Price to Sales (P/S) Ratio Trend

The P/S ratio starts at a moderate level of 0.87 in August 2020, rising somewhat to above 1.0 by November 2020, but then declines consistently to a low near 0.42 in August 2022. Following this low, the ratio recovers, approaching values around 0.85 in mid-2024, but trends downward again, ending close to 0.60 by August 2025. This pattern indicates fluctuating market valuation relative to sales, with a notable dip in mid periods followed by a partial rebound.

Price to Book Value (P/BV) Ratio Trend

The P/BV ratio shows a gradual decline from 3.19 in August 2020 to about 1.60 in August 2022, suggesting a decreasing premium on the company’s book value. Subsequently, the ratio rebounds to around 2.7 in late 2024, then decreases again toward approximately 1.9 by August 2025. This trend reflects variable investor confidence in the company's net asset value over time, with periods of both discount and modest premium valuations.

Overall Observations

Across all valuation ratios, there is a common pattern of decline through late 2021 into 2022, followed by partial recovery in most ratios around 2023 and 2024 before declining again toward 2025. This suggests an initial period of reduced market valuation relative to earnings, operating profit, sales, and book value, possibly influenced by broader economic or industry-specific factors. The subsequent recovery phases indicate improved market sentiments or financial performance before some moderation in the later periods. The volatility and cyclical nature of these ratios highlight changing investor perceptions about growth prospects, profitability, and asset valuation during the timeframe examined.

Share Price Trend

The share price exhibited significant volatility over the observed periods. Initially, there was an upward movement from $236.67 to a peak of $294.82 in May 2021. Subsequently, a prolonged downward trend can be seen, reaching a low near $154.54 by August 2022. Following this trough, the share price recovered strongly, climbing back above $300 in May 2024, before declining moderately toward $226.50 by the last recorded period.

Earnings Per Share (EPS) Trend

EPS showed a general upward trend from $6.80 in August 2020 to a high of $19.82 in February 2022, indicating improved profitability. Post this peak, EPS decreased notably to around $13.21 by November 2022. Afterward, EPS gradually increased again, stabilizing within the range of approximately $16.00 to $17.86 up to August 2025. This suggests recovery and sustained profitability levels in more recent quarters.

Price-to-Earnings (P/E) Ratio Trend

The P/E ratio decreased substantially from 34.8 at the start to a low of around 11.2, coinciding with rising EPS and a falling share price period. After reaching this low, the P/E ratio fluctuated mostly between 12 and 18, with periodic rises and declines. The modest variations in the P/E ratio during recent periods, despite some share price fluctuations, may indicate shifting market expectations or adjustments related to earnings stability.

Overall Insights

The data reflects an initial phase of share price appreciation accompanied by rising EPS. This phase was followed by share price depreciation despite relatively high EPS, resulting in a lower P/E ratio that may suggest undervaluation or market skepticism during that period. The subsequent recovery in both share price and EPS indicates strengthening investor confidence and underlying business performance. The oscillations in P/E ratio imply changes in market sentiment or risk perception, warranting ongoing monitoring of earnings quality and market conditions.

Share Price Trends

The share price demonstrated significant volatility over the reported periods. Initially, there was an upward trajectory, peaking around November 2020 and May 2021, followed by a sustained decline through August 2022, reaching a low point at 154.54 US$. Subsequently, the share price rebounded strongly, surpassing 300 US$ by May 2024, before experiencing another downward correction toward the end of the timeline, settling near 226.50 US$ by August 2025.

Operating Profit Per Share (OPPS) Trends

Operating profit per share exhibited a general upward progression from August 2020 through May 2022, increasing from 11.54 US$ to a peak of 24.03 US$. After this peak, OPPS showed some fluctuation but remained relatively stable above 20 US$ for the majority of subsequent quarters, indicating sustained operational profitability. Notably, there was a slight dip around May 2023, followed by recovery and moderate growth, ending at 22.56 US$ in August 2025.

Price to Operating Profit Ratio (P/OP) Trends

The P/OP ratio revealed an overall decreasing trend from 20.51 in August 2020 to a low of 6.66 in August 2022. This declining ratio suggests that the share price became more attractive relative to operating earnings during this period. However, from late 2022 onwards, the ratio increased again, peaking near 14.24 in November 2024 before gradually declining to around 10.04 by August 2025. Such changes reflect fluctuating market expectations and valuation adjustments in response to share price movements and operating profit changes.

Interrelation of Metrics

The data indicate a period of share price correction despite growing operating profit per share until mid-2022, leading to a compressed valuation (lower P/OP). The subsequent rally in share price in 2023 and 2024, combined with relatively steady operating profits, resulted in higher valuation multiples. The final quarters show a moderation in both share price and P/OP ratio, suggesting a possible market rebalancing or cautious investor sentiment.

Overall Analysis

The financial performance, as measured by operating profit per share, remained robust and exhibited growth throughout the periods assessed. The share price reacted to broader market or possibly company-specific factors, creating periods of undervaluation or premium pricing relative to earnings. The P/OP ratio's significant fluctuations highlight changing investor perceptions of value over time. This dynamic underscores the importance of considering both earnings trends and market conditions when evaluating the company’s financial health and valuation.

The analysis of the financial data reveals several notable trends in the recent quarterly periods under review.

Share Price

The share price showed an initial upward trajectory reaching a peak around November 2020 at $292.26. Following this peak, the share price experienced a decline with fluctuations, hitting a significant low near $154.54 in August 2022. After this low point, the share price demonstrated a recovery trend, climbing again to above $300 by May 2024. In the most recent quarters, the price has shown some volatility but generally remains above the mid-200 dollar level.

Sales per Share

Sales per share consistently increased over the entire period with relatively steady growth. Starting at $272.25 in August 2020, the sales per share rose gradually to $375.46 by August 2025. This steady rise indicates increasing revenue generation capacity on a per-share basis, reflecting growing business activity or efficiency improvements.

Price-to-Sales (P/S) Ratio

The P/S ratio exhibited a downward trend from 0.87 in August 2020, dipping to its lowest levels around 0.42 to 0.44 in mid to late 2022, coinciding with the lowest share prices. This decline suggests that the market valuation of the company's sales was relatively lower during this timeframe, possibly reflecting investor caution or broader market conditions. Subsequently, the P/S ratio recovered somewhat, reaching a range between 0.7 and 0.85 from late 2023 through mid-2024, aligning with the recovering share price. More recently, the ratio has shown a downward adjustment again to approximately 0.6 by August 2025, despite rising sales per share, indicating a moderation in market valuation relative to sales.

In summary, the company demonstrated robust growth in sales per share over the period, signaling strong underlying revenue performance. The share price and P/S ratio, however, showed considerable volatility, reflecting fluctuating investor sentiment and market valuation dynamics. The recovery in share price and P/S ratio after mid-2022 indicates regained market confidence, although recent moderation suggests cautious investor outlook amid ongoing challenges or market conditions.

The share price of the company exhibited significant fluctuations over the observed periods. Initially, it rose from 236.67 US dollars in August 2020 to peak levels around 294.82 US dollars by May 2021, followed by a sharp decline reaching a low of 154.54 US dollars by August 2022. Subsequently, the share price recovered steadily, achieving a high of 305.02 US dollars in May 2024, before declining again to about 226.5 US dollars by August 2025.

Book value per share (BVPS) showed a generally upward trend throughout the period, increasing from 74.11 US dollars in August 2020 to 117.7 US dollars by August 2025. This consistent increase suggests steady growth in the company's net asset value per share over time, with only minor fluctuations around the midpoints.

The price-to-book value (P/BV) ratio demonstrated considerable variation in line with the movement of the share price relative to the book value. Initially, the P/BV ratio was relatively high, peaking at 3.68 in November 2020, indicating a premium valuation compared to book value. It then declined sharply to around 1.6 by August 2022, reflecting either a reduction in market valuation or increased book value. After this trough, the ratio increased again reaching approximately 2.7 in mid-2024, followed by a decline to about 1.92 by August 2025. This pattern implies periods of market optimism and pessimism relative to the underlying asset base.

Overall, the data reveal significant volatility in market pricing, contrasted with steady growth in intrinsic value as measured by book value per share. The oscillations in price-to-book ratio indicate changing investor sentiment and market conditions impacting valuation multiples over the analyzed timeframe.

Share Price Trend

Initial rise until mid-2021, steep drop through mid-2022, recovery phase to mid-2024, followed by a gradual decline to late 2025.

Book Value Per Share (BVPS)

Steady upward trajectory with minor fluctuations, rising from 74.11 to 117.7 US dollars over five years.

Price-to-Book Value Ratio (P/BV)

High initial valuation, a sharp decline coinciding with share price drop, subsequent rebound, and a final decrease by the end of the period.