Common Stock Valuation Ratios (Price Multiples)
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).
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FedEx Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Current Valuation Ratios
FedEx Corp., current price multiples
| FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Airlines Holdings Inc. | United Parcel Service Inc. | Transportation | Industrials | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||
| Current share price (P) | ||||||||||
| No. shares of common stock outstanding | ||||||||||
| Growth rate (g) | ||||||||||
| Earnings per share (EPS) | ||||||||||
| Next year expected EPS | ||||||||||
| Operating profit per share | ||||||||||
| Sales per share | ||||||||||
| Book value per share (BVPS) | ||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||
| Price to earnings (P/E) | ||||||||||
| Price to next year expected earnings | ||||||||||
| Price-earnings-growth (PEG) | ||||||||||
| Price to operating profit (P/OP) | ||||||||||
| Price to sales (P/S) | ||||||||||
| Price to book value (P/BV) | ||||||||||
Based on: 10-K (reporting date: 2024-05-31).
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
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Price to earnings (P/E) | |||||||
| Price to operating profit (P/OP) | |||||||
| Price to sales (P/S) | |||||||
| Price to book value (P/BV) |
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio shows a significant decline from 82 in May 2019 to 33.43 in May 2020, followed by a continued decreasing trend reaching 14.8 by May 2022. Since then, it has slightly increased to 16.11 in May 2023 and 17.21 in May 2024. This pattern indicates that the company’s earnings have either grown or that the market valuation relative to earnings has normalized after a period of high valuation in 2019.
- Price to Operating Profit (P/OP) Ratio
- This ratio fluctuates considerably over the periods analyzed. It starts at 9.92 in May 2019, rises sharply to 17.79 in May 2020, then declines steadily to a low of 9.07 in May 2022. Subsequently, it rises again to 13.03 in May 2023 and marginally increases to 13.4 in May 2024. The volatility suggests variable market perceptions of operating profit or changing profitability levels impacting valuation multiples.
- Price to Sales (P/S) Ratio
- The P/S ratio remains relatively stable, hovering around 0.6 to 0.85 throughout the periods. It experienced a minor decrease from 0.64 in May 2019 to 0.62 in May 2020, followed by a notable rise to 0.94 in May 2021. Afterward, it dipped again to 0.61 in May 2022, then increased slightly over the subsequent two years to reach 0.85 in May 2024. This stability indicates consistent valuation relative to revenue, with moderate fluctuations possibly reflecting sales growth or shifts in investor sentiment.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibits a pattern of moderate fluctuations, beginning at 2.49 in May 2019 and slightly declining to 2.35 in May 2020. It then spikes to 3.26 in May 2021 before decreasing back to 2.27 in May 2022. The ratio shows a gradual increase subsequently, reaching 2.45 in May 2023 and 2.7 in May 2024. This trend suggests changes in market valuation relative to the company’s net asset value, potentially influenced by book value growth or valuation reassessments.
Price to Earnings (P/E)
FedEx Corp., historical P/E calculation, comparison to benchmarks
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Net income (in millions) | |||||||
| Earnings per share (EPS)2 | |||||||
| Share price1, 3 | |||||||
| Valuation Ratio | |||||||
| P/E ratio4 | |||||||
| Benchmarks | |||||||
| P/E Ratio, Competitors5 | |||||||
| Uber Technologies Inc. | |||||||
| Union Pacific Corp. | |||||||
| United Airlines Holdings Inc. | |||||||
| United Parcel Service Inc. | |||||||
| P/E Ratio, Sector | |||||||
| Transportation | |||||||
| P/E Ratio, Industry | |||||||
| Industrials | |||||||
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 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).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of FedEx Corp. Annual Report.
4 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a fluctuating trend over the analyzed period. Initially, it slightly decreased from $169.79 in 2019 to $164.13 in 2020. This was followed by a significant increase to $294.82 in 2021. Subsequently, the price declined to $217.98 in 2022, before rising again to $254.73 in 2023, and reaching $305.02 in 2024, marking the highest value in the period.
- Earnings per Share (EPS)
- Earnings per share demonstrated strong growth throughout the period. It more than doubled from $2.07 in 2019 to $4.91 in 2020. The EPS peaked sharply at $19.57 in 2021, then declined to $14.72 in 2022. The following years saw a gradual recovery with EPS increasing to $15.81 in 2023 and $17.73 in 2024.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio showed a downward trend from 82 in 2019 to 33.43 in 2020, reflecting improved earnings relative to share price. The ratio further decreased to 15.07 in 2021 and slightly declined to 14.8 in 2022, corresponding to the EPS peak period. From 2023 onward, the P/E ratio increased moderately to 16.11 and then 17.21 in 2024, indicating a relative increase in share price compared to earnings.
Price to Operating Profit (P/OP)
FedEx Corp., historical P/OP calculation, comparison to benchmarks
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Operating income (in millions) | |||||||
| Operating profit per share2 | |||||||
| Share price1, 3 | |||||||
| Valuation Ratio | |||||||
| P/OP ratio4 | |||||||
| Benchmarks | |||||||
| P/OP Ratio, Competitors5 | |||||||
| Uber Technologies Inc. | |||||||
| Union Pacific Corp. | |||||||
| United Airlines Holdings Inc. | |||||||
| United Parcel Service Inc. | |||||||
| P/OP Ratio, Sector | |||||||
| Transportation | |||||||
| P/OP Ratio, Industry | |||||||
| Industrials | |||||||
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 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).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of FedEx Corp. Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price experienced a notable fluctuation during the analyzed period. Initially, it decreased slightly from 169.79 US$ in 2019 to 164.13 US$ in 2020. Subsequently, it surged significantly to 294.82 US$ in 2021, before declining to 217.98 US$ in 2022. The price showed a recovery trend after that, rising to 254.73 US$ in 2023 and further increasing to 305.02 US$ by 2024. Overall, the share price demonstrated substantial volatility with an upward trend in the latter years.
- Operating Profit per Share
- The operating profit per share displayed variability over the analyzed timeframe. It declined sharply from 17.12 US$ in 2019 to 9.23 US$ in 2020, likely reflecting challenging conditions in that year. A robust recovery followed, with operating profit per share reaching a peak of 24.03 US$ in 2022. A slight reduction occurred in 2023 to 19.56 US$, but the figure rebounded to 22.75 US$ in 2024. The data indicates a general recovery trend with some fluctuations after the initial decline.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio showed significant variation tied closely to changes in share price and operating profit per share. The ratio peaked at 17.79 in 2020, reflecting the period when operating profit per share was at its lowest and the share price had not yet declined strongly. It then decreased to 13.46 in 2021 and further dropped to its lowest point of 9.07 in 2022, coinciding with the operating profit peak. The ratio increased again to 13.03 in 2023 and slightly to 13.4 in 2024, indicating a moderated valuation relative to operating profit in recent years.
Price to Sales (P/S)
FedEx Corp., historical P/S calculation, comparison to benchmarks
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Revenue (in millions) | |||||||
| Sales per share2 | |||||||
| Share price1, 3 | |||||||
| Valuation Ratio | |||||||
| P/S ratio4 | |||||||
| Benchmarks | |||||||
| P/S Ratio, Competitors5 | |||||||
| Uber Technologies Inc. | |||||||
| Union Pacific Corp. | |||||||
| United Airlines Holdings Inc. | |||||||
| United Parcel Service Inc. | |||||||
| P/S Ratio, Sector | |||||||
| Transportation | |||||||
| P/S Ratio, Industry | |||||||
| Industrials | |||||||
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 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).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of FedEx Corp. Annual Report.
4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share price
- The share price experienced fluctuations over the six-year period. Starting at $169.79 in 2019, it slightly declined to $164.13 in 2020, followed by a significant increase to $294.82 in 2021. Subsequently, the price dropped to $217.98 in 2022 but increased again to $254.73 in 2023 and further to $305.02 in 2024. Overall, the share price shows an upward trend with notable volatility.
- Sales per share
- Sales per share showed a consistent upward trend between 2019 and 2022, moving from $267.22 to a peak of $359.88. After a minor decline to $358.92 in 2023, it remained almost flat in 2024 at $358.95. This indicates stable sales performance per share after a period of growth.
- Price-to-Sales (P/S) ratio
- The P/S ratio started at 0.64 in 2019 and decreased slightly to 0.62 in 2020. It then rose sharply to 0.94 in 2021, signifying that the market priced the shares higher relative to sales that year. Following this peak, the ratio declined to 0.61 in 2022 before recovering moderately to 0.71 in 2023 and 0.85 in 2024. This pattern reflects market valuation adjustments relative to sales over time, with the ratio in 2024 still below the 2021 peak.
Price to Book Value (P/BV)
FedEx Corp., historical P/BV calculation, comparison to benchmarks
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Common stockholders’ investment (in millions) | |||||||
| Book value per share (BVPS)2 | |||||||
| Share price1, 3 | |||||||
| Valuation Ratio | |||||||
| P/BV ratio4 | |||||||
| Benchmarks | |||||||
| P/BV Ratio, Competitors5 | |||||||
| Uber Technologies Inc. | |||||||
| Union Pacific Corp. | |||||||
| United Airlines Holdings Inc. | |||||||
| United Parcel Service Inc. | |||||||
| P/BV Ratio, Sector | |||||||
| Transportation | |||||||
| P/BV Ratio, Industry | |||||||
| Industrials | |||||||
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 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).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
BVPS = Common stockholders’ investment ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of FedEx Corp. Annual Report.
4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price displayed variability over the analyzed period. It declined slightly from 169.79 USD in 2019 to 164.13 USD in 2020, followed by a significant increase to 294.82 USD in 2021. Subsequently, the price decreased to 217.98 USD in 2022, before rising again to 254.73 USD in 2023 and further to 305.02 USD in 2024. Overall, there is an upward trend when comparing the start and end points, despite fluctuations.
- Book Value Per Share (BVPS)
- The book value per share exhibited consistent growth throughout the period. Starting at 68.08 USD in 2019, it increased steadily to reach 112.9 USD in 2024. This represents a sustained improvement in the underlying equity value per share over the six years.
- Price to Book Value Ratio (P/BV)
- The P/BV ratio showed some volatility during the period. It started at 2.49 in 2019 and slightly declined to 2.35 in 2020. It peaked sharply at 3.26 in 2021, coinciding with the peak in share price that year. Then, it dropped to 2.27 in 2022, after which it gradually increased to 2.45 in 2023 and 2.7 in 2024. This pattern indicates fluctuations in market valuation relative to book value, with the ratio generally remaining above 2, suggesting the market often valued the company at a premium to its book value.