FEDEX CORP
$324.14
+4.84 (+1.52%) · delayed · Nov 13, 2026
Five-year price
52w $209.34 to $345.37
- Market cap
- $75.9B
- Enterprise value
- $86.6B
- P/E
- 17.5×
- 18.5× on 3y avg EPS
- EV / EBIT
- 15.9×
- FCF yield
- 6.7%
- ROIC
- 9.9%
- Debt / equity
- 0.76
- Piotroski F
- 5/9
Value scorecard · FY2026
Does it pass the value tests?
Quality
50
- ○ROIC > 12% (5y avg)5y avg ROIC 10.3%
- ○ROE > 15% (5y avg)5y avg ROE 15.0%
- ●Stable operating marginsMargin volatility 0.4% (σ, 5y)
- ●Earnings convert to cashFCF / net income 82% (5y avg)
- ○Growing revenueRevenue CAGR 5y 2.4%
- ●Shrinking share countDiluted shares -10.8% over 5y
Value
40
- ○P/E below 15P/E 17.5
- ○EV/EBIT below 12EV/EBIT 15.9
- ●FCF yield above 6%FCF yield 6.7%
- ○Price below Graham NumberGraham Number $237.49
- ●P/B below 3P/B 2.4
Safety
20
- ○Debt / equity below 0.5D/E 0.76
- ●Debt payable in < 4 yrs of earningsNet debt $10.7B
- ○Interest coverage > 8xCoverage 5.6x
- ○Current ratio > 1.5Current ratio 1.48
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $94.7B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.48
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 76%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 18.5
- ○P/E × P/B ≤ 22.5Product 44.4
Valuation lab
What do you have to believe?
At $324.14, the market is pricing in about 3.4% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $10.7B · 234M shares · 5y revenue CAGR 2.4%
Intrinsic value
$285.98
Price
$324.14
Premium paid
13%
What the price implies
The market is paying for 3.4% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
53% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 60,319 | 65,450 | 69,693 | 69,217 | 83,959 | 93,512 | 90,155 | 87,693 | 87,926 | 94,720 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 4,566 | 4,272 | 4,466 | 2,417 | 5,857 | 6,245 | 4,912 | 5,559 | 5,217 | 5,463 |
| Operating margin | 7.6% | 6.5% | 6.4% | 3.5% | 7.0% | 6.7% | 5.4% | 6.3% | 5.9% | 5.8% |
| Pre-tax income | 4,579 | 4,353 | 655 | 1,669 | 6,674 | 4,896 | 5,363 | 5,836 | 5,441 | 5,793 |
| Income tax | 1,582 | (219) | 115 | 383 | 1,443 | 1,070 | 1,391 | 1,505 | 1,349 | 1,360 |
| Net income | 2,997 | 4,572 | 540 | 1,286 | 5,231 | 3,826 | 3,972 | 4,331 | 4,092 | 4,433 |
| EPS (diluted) | 11.07 | 16.79 | 2.03 | 4.90 | 19.45 | 14.33 | 15.48 | 17.21 | 16.81 | 18.55 |
| Diluted shares | 270 | 272 | 265 | 262 | 268 | 266 | 256 | 251 | 243 | 239 |
Who owns it