Explain this page
Arphra AIPlain-English read on FedEx Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +21.23% | +21.57% | +21.26% | +21.61% | +21.60% | +21.28% | +21.01% | +21.93% | +21.98% |
| Operating margin | +7.18% | +6.98% | +5.92% | +7.25% | +6.92% | +6.56% | +6.71% | +6.66% | +6.86% |
| EBITDA margin | +13.44% | +10.22% | +11.35% | +12.39% | +11.94% | +11.82% | +11.65% | +11.56% | +12.01% |
| EBIT margin | +8.91% | +5.97% | +6.72% | +7.50% | +7.09% | +6.90% | +7.07% | +7.25% | +7.12% |
| Pre-tax margin | +7.96% | +5.24% | +5.95% | +6.66% | +6.19% | +6.41% | +6.09% | +6.19% | +6.28% |
| Net margin | +6.24% | +4.09% | +4.41% | +4.94% | +4.65% | +4.77% | +4.57% | +4.57% | +4.80% |
| Cost structure | |||||||||
| Cost of revenue / sales | +78.77% | +78.43% | +78.74% | +78.39% | +78.40% | +80.56% | +78.25% | +80.80% | +78.09% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +14.05% | +14.59% | +15.34% | +14.36% | +14.69% | +14.48% | +14.83% | +14.87% | +15.18% |
| Effective tax rate | +21.62% | +21.85% | +25.94% | +25.79% | +24.79% | +25.17% | +25.80% | +25.43% | +24.71% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +21.64% | +15.34% | +15.23% | +15.70% | +14.58% | +15.84% | +15.28% | +15.06% | +15.78% |
| Return on assets (ROA) | +6.32% | +4.45% | +4.56% | +4.98% | +4.67% | +4.81% | +4.76% | +4.58% | +4.94% |
| Return on capital (ROC) | +9.93% | +10.50% | +8.29% | +9.73% | +9.29% | +8.88% | +9.23% | +9.22% | +9.53% |
| Return on invested capital (ROIC) | +8.63% | +6.16% | +6.17% | +6.63% | +6.25% | +6.46% | +6.29% | +6.33% | +6.67% |
| Asset turnover | +101.23% | +108.74% | +103.50% | +100.79% | +100.34% | +100.86% | +104.21% | +100.21% | +103.03% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +6.24% | +4.09% | +4.41% | +4.94% | +4.65% | +4.77% | +4.57% | +4.57% | +4.80% |
| Asset turnover (× revenue / assets) | +101.23% | +108.74% | +103.50% | +100.79% | +100.34% | +100.86% | +104.21% | +100.21% | +103.03% |
| Equity multiplier (× assets / equity) | +342.51% | +344.82% | +333.91% | +315.45% | +312.13% | +329.17% | +320.85% | +328.93% | +319.09% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 1.01 | 1.09 | 1.03 | 1.01 | 1.00 | 1.01 | 1.04 | 1.00 | 1.03 |
| Fixed-asset turnover | 1.64 | 1.71 | 1.55 | 1.50 | 1.51 | — | — | — | — |
| Inventory turnover | 112.44 | 115.14 | 117.53 | 111.96 | 114.50 | — | — | — | — |
| Receivables turnover | 6.94 | 7.88 | 8.85 | 8.69 | 7.73 | — | — | — | — |
| Payables turnover | 17.18 | 18.20 | 18.45 | 21.56 | 18.67 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 52.57 | 46.30 | 41.25 | 41.98 | 47.19 | — | — | — | — |
| Days inventory outstanding (DIO) | 3.25 | 3.17 | 3.11 | 3.26 | 3.19 | — | — | — | — |
| Days payables outstanding (DPO) | 21.24 | 20.06 | 19.79 | 16.93 | 19.55 | — | — | — | — |
| Cash conversion cycle | 34.58 | 29.42 | 24.57 | 28.31 | 30.83 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.94 | 2.57 | 2.22 | 1.92 | 1.72 | 1.95 | 1.99 | 2.01 | 1.95 |
| FCF / Net income | 0.81 | 0.80 | 0.66 | 0.72 | 0.73 | 0.69 | 0.74 | 0.74 | 0.68 |
| FCF margin | +5.07% | +3.28% | +2.93% | +3.58% | +3.39% | +3.31% | +3.36% | +3.40% | +3.26% |
| OCF margin | +12.10% | +10.51% | +9.78% | +9.48% | +8.00% | +9.30% | +9.11% | +9.19% | +9.35% |
| CapEx / Revenue | +7.02% | +7.23% | +6.85% | +5.90% | +4.61% | +5.74% | +5.71% | +5.63% | +5.87% |
| CapEx / D&A | 1.55 | 1.70 | 1.48 | 1.21 | 0.95 | — | — | — | — |
| Stock-based comp / Revenue | +0.24% | +0.20% | +0.20% | +0.19% | +0.18% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 19.48 | 14.36 | 15.49 | 17.21 | 16.81 | 22.58 | 26.67 | 32.54 | 36.81 |
| EPS · basic | 19.77 | 14.52 | 15.61 | 17.44 | 16.96 | 22.98 | 26.57 | 32.51 | 37.18 |
| Book value / share | 90.18 | 93.76 | 101.91 | 109.89 | 115.53 | 122.53 | 126.01 | 132.91 | 142.11 |
| Tangible BV / share | 62.78 | 68.02 | 76.77 | 84.30 | 88.36 | 122.53 | 126.01 | 132.91 | 142.11 |
| Sales / share | 312.66 | 351.55 | 352.17 | 349.37 | 361.84 | 406.80 | 421.34 | 438.11 | 467.18 |
| Operating CF / share | 37.82 | 36.96 | 34.43 | 33.12 | 28.95 | 37.83 | 38.39 | 40.25 | 43.68 |
| Free cash flow / share | 15.86 | 11.54 | 10.32 | 12.49 | 12.27 | 13.45 | 14.16 | 14.88 | 15.25 |
| Dividends / share | 2.56 | 2.98 | 4.60 | 5.02 | 5.51 | 5.84 | 6.16 | 6.16 | 6.49 |
| Payout ratio | +13.11% | +20.73% | +29.63% | +29.07% | +32.72% | +30.11% | +32.01% | +30.75% | +28.96% |
| Retention ratio | +86.89% | +79.27% | +70.37% | +70.93% | +67.28% | +69.89% | +67.99% | +69.25% | +71.04% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +11.60% | -3.59% | -2.73% | +0.27% | +12.01% | +4.49% | +4.31% | +5.03% | +3.78% |
| Gross profit · YoY | — | +13.37% | -4.96% | -1.12% | +0.23% | +10.34% | +3.17% | +8.88% | +5.27% | +4.23% |
| Profit | ||||||||||
| Operating income · YoY | — | +8.39% | -18.17% | +19.05% | -4.30% | +6.24% | +6.84% | +3.53% | +8.19% | +3.18% |
| EBITDA · YoY | — | -15.14% | +7.10% | +6.21% | -3.44% | +10.93% | +3.02% | +3.48% | +9.12% | +2.33% |
| Net income · YoY | — | -26.86% | +3.82% | +9.04% | -5.52% | +14.81% | +0.08% | +4.34% | +10.28% | +0.42% |
| Operating | ||||||||||
| EBIT · YoY | — | -25.20% | +8.45% | +8.65% | -5.33% | +9.14% | +7.02% | +6.90% | +3.14% | +0.90% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -26.28% | +7.87% | +11.10% | -2.32% | +34.30% | +18.15% | +21.98% | +13.13% | +8.28% |
| EPS · basic · YoY | — | -26.56% | +7.51% | +11.72% | -2.75% | +35.49% | +15.62% | +22.37% | +14.36% | +8.22% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $36.46B | $37.19B | $38.33B | $37.72B | $37.42B | $43.11B | $44.01B | $44.96B | $46.82B |
| Net debt | $29.38B | $30.3B | $31.48B | $31.22B | $31.91B | $36.16B | $36.68B | $37.18B | $38.67B |
| Net debt / EBITDA | 2.61 | 3.17 | 3.08 | 2.87 | 3.04 | 3.11 | 3.06 | 3.00 | 2.86 |
| Debt / equity | 1.51 | 1.49 | 1.47 | 1.37 | 1.33 | 1.45 | 1.43 | 1.38 | 1.37 |
| Debt / assets | +44.05% | +43.25% | +44.00% | +43.35% | +42.70% | +44.15% | +44.57% | +41.97% | +42.78% |
| Equity / assets | +29.20% | +29.00% | +29.95% | +31.70% | +32.04% | +30.38% | +31.17% | +30.40% | +31.34% |
| Coverage | |||||||||
| EBITDA / interest expense | 14.20 | 13.87 | 14.74 | 14.59 | 13.30 | 13.80 | 13.66 | 14.17 | 14.04 |
| Operating income / interest | 7.59 | 9.47 | 7.69 | 8.53 | 7.71 | 7.66 | 7.86 | 8.16 | 8.02 |
| Interest expense | $793M | $689M | $694M | $745M | $789M | $843.86M | $878.06M | $875.74M | $964.49M |
| Liquidity | |||||||||
| Current ratio | 1.51 | 1.43 | 1.37 | 1.36 | 1.19 | — | — | — | — |
| Quick ratio | 1.40 | 1.31 | 1.25 | 1.24 | 1.10 | — | — | — | — |
| Cash ratio | 0.52 | 0.48 | 0.50 | 0.49 | 0.36 | — | — | — | — |
| Working capital | $6.92B | $6.09B | $4.99B | $4.85B | $2.98B | — | — | — | — |
| Working capital / revenue | +8.26% | +6.51% | +5.54% | +5.53% | +3.38% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).