FedEx (FDX)
Industrials · $70.2B market cap · SEC CIK 0001048911
fundamentals score out of 100
Next reports on Mar 17, 2027, with analysts expecting $5.28 in earnings per share.
The case for FDX
- Free cash flow of 7.3% of its market value a year: a lot of cash for the price.
- Reasonably priced at 15.8× earnings.
- Return on equity of 15%.
- Gross margin of 62% absorbs cost shocks.
- Pays a modest 2.0% dividend.
- Up 58.4% over the past year.
The case against
- Growth is weak (37/100): revenue +7.7%, EPS +9.8%, +2.4% a year over five years.
- Net margin of 5% is thinner than 91% of Industrials companies.
- Stability is weak (40/100): beta 1.30, a 48% swing over the year.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 83 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 37 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 42 |
| Momentumhow the price has behaved lately | 63 |
| Stabilityhow violently it moves, what it owes and what it pays you | 40 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
Key numbers
| Price / earnings | 15.8× |
|---|---|
| Price / book | 2.55× |
| Price / sales | 0.7× |
| Revenue growth (YoY) | +7.7% |
| EPS growth (YoY) | +9.8% |
| Gross margin | 62% |
| Operating margin | 6% |
| Net margin | 5% |
| Return on equity | 15% |
| Debt / equity | 0.81× |
| Current ratio | 1.48 |
| Dividend yield | 1.96% |
| Beta | 1.30 |
| 52-week range | $180.99 – $345.37 |
| Position in that range | 70% of the way up |
| 3-month return | -9.3% |
| 1-year return | +58.4% |
Five years of financials, as filed
Pulled from FedEx's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $94.7B | $87.9B | $87.7B | $90.2B | $93.5B |
| Operating income | $5.5B | $5.2B | $5.6B | $4.9B | $6.2B |
| Net income | $4K | $4K | $4K | $4K | $4K |
| Operating cash flow | $8.9B | $7.0B | $8.3B | $8.8B | $9.8B |
| Capital expenditure | $3.8B | $4.1B | $5.2B | $6.2B | $6.8B |
| Total assets | $89.2B | $85.5B | $88.1B | $85.6B | $84.2B |
| Shareholder equity | $28.1B | $26.5B | $26.8B | $24.1B | $24.9B |
| Cash | $6.6B | $5.0B | $6.7B | $4.6B | $6.8B |
| Free cash flow | $5.1B | $3.0B | $3.1B | $2.7B | $3.1B |
| Operating margin | 5.8% | 5.9% | 6.3% | 5.4% | 6.7% |
| Net margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Diluted shares | 239M | 243M | 251M | 256M | 266M |
Share count is down 10.2% over 4 years. Buybacks have been shrinking the pie.
What FedEx says it does
" of this Annual Report under the caption "Reputation and Responsibility — Governance." ITEM 11. EXECUTIVE COMPENSATION Information required by this Item regarding director and executive compensation will be presented in FedEx’s definitive proxy statement for its 2026 annual meeting of stockholders, which will be held on September 28, 2026, and is incorporated herein by reference; provided that the information in the "Executive Compensation — Pay Versus Performance" section of the definitive proxy statement is not incorporated herein by reference. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS Information required by this Item regarding security ownership of certain beneficial owners and management and related stockholder matters, as well as equity compensation plan information, will be presented in FedEx’s definitive proxy statement for its 2026 annual meeting of stockholders,…
Risk factors FDX lists in its 10-K
- Business Optimization and Realignment Costs
- International operational transformation programs
- Federal Express Segment Operating Income
- FedEx Freight Segment Operating Income
- Cash Provided by Operating Activities
- Cash Provided by (Used in) Financing Activities
- Parent Guarantor and Subsidiary Issuer
- Report of Independent Registered Public Accounting Firm
- Opinion on Internal Control Over Financial Reporting
- Definition and Limitations of Internal Control Over Financial Reporting
- Opinion on the Financial Statements
- U.S. Pension Projected Benefit Obligation
- How We Addressed the Matter in Our Audit
- Valuation of Self-Insurance Accruals