FedEx Corporation (FDX) Financial Ratios
30 years of historical data (1996–2025) · Industrials · Integrated Freight & Logistics
EV/EBITDA
↓
11.33
↑+22% vs avg
5yr avg: 9.30
30Y Low4.5·High11.6
P/FCF
↓
28.61
↑+45% vs avg
5yr avg: 19.71
30Y Low12.8·High81.4
P/B Ratio
↓
3.14
↑+28% vs avg
5yr avg: 2.44
30Y Low1.3·High3.5
ROE
↓
14.7%
-15% vs avg
5yr avg: 17.3%
30Y Low1%·High26%
Debt/EBITDA
↓
3.62
↓-2% vs avg
5yr avg: 3.69
30Y Low0.3·High5.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FDX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
FedEx Corporation trades at 21.6x earnings, 47% above its 5-year average of 14.7x, sitting at the 60th percentile of its historical range. Compared to the Industrials sector median P/E of 25.7x, the stock trades at a discount of 16%. On a free-cash-flow basis, the stock trades at 28.6x P/FCF, 45% above the 5-year average of 19.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $85.3B | $53.0B | $63.7B | $55.8B | $59.7B | $84.4B | $34.2B | $40.9B | $67.8B | $52.3B | $46.0B |
| Enterprise Value | $117.2B | $84.9B | $95.0B | $87.3B | $90.0B | $113.7B | $65.4B | $56.1B | $81.1B | $63.3B | $56.4B |
| P/E Ratio → | 21.58 | 12.97 | 14.76 | 14.07 | 15.64 | 16.16 | 26.64 | 75.63 | 14.82 | 17.51 | 25.34 |
| P/S Ratio | 0.97 | 0.60 | 0.73 | 0.62 | 0.64 | 1.01 | 0.49 | 0.59 | 1.04 | 0.87 | 0.91 |
| P/B Ratio | 3.14 | 1.89 | 2.31 | 2.14 | 2.40 | 3.49 | 1.87 | 2.30 | 3.49 | 3.26 | 3.34 |
| P/FCF | 28.61 | 17.78 | 20.33 | 21.13 | 19.47 | 19.85 | — | 332.39 | — | — | 51.72 |
| P/OCF | 12.12 | 7.53 | 7.67 | 6.33 | 6.08 | 8.32 | 6.71 | 7.28 | 14.50 | 10.62 | 8.06 |
P/E links to full P/E history page with 30-year chart
FDX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
FedEx Corporation's enterprise value stands at 11.3x EBITDA, 22% above its 5-year average of 9.3x. The Industrials sector median is 13.7x, placing the stock at a 17% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.97 | 1.08 | 0.97 | 0.96 | 1.36 | 0.95 | 0.81 | 1.24 | 1.05 | 1.12 |
| EV / EBITDA | 11.33 | 8.21 | 8.92 | 9.17 | 8.58 | 11.59 | 10.12 | 6.90 | 9.86 | 7.52 | 9.17 |
| EV / EBIT | 19.27 | 13.63 | 14.43 | 14.41 | 16.12 | 15.23 | 27.96 | 45.17 | 16.51 | 12.43 | 18.32 |
| EV / FCF | — | 28.48 | 30.28 | 33.05 | 29.34 | 26.76 | — | 456.47 | — | — | 63.33 |
FDX Profitability
Margins and return-on-capital ratios measuring operating efficiency
FedEx Corporation earns an operating margin of 6.9%, above the Industrials sector average of 4.7%. ROE of 14.7% is modest. ROIC of 7.7% represents adequate returns on invested capital versus a sector median of 6.3%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.6% | 21.6% | 21.6% | 21.3% | 21.6% | 21.2% | 19.3% | 21.3% | 21.5% | 22.8% | 23.5% |
| Operating Margin | 6.9% | 6.9% | 7.2% | 5.9% | 7.0% | 7.2% | 4.1% | 6.9% | 7.8% | 9.0% | 7.0% |
| Net Profit Margin | 4.7% | 4.7% | 4.9% | 4.4% | 4.1% | 6.2% | 1.9% | 0.8% | 7.0% | 5.0% | 3.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.7% | 14.7% | 16.1% | 15.6% | 15.6% | 24.6% | 7.1% | 2.9% | 25.8% | 20.1% | 12.6% |
| ROA | 4.7% | 4.7% | 5.0% | 4.6% | 4.5% | 6.7% | 2.0% | 1.0% | 9.1% | 6.3% | 4.4% |
| ROIC | 7.7% | 7.7% | 8.2% | 7.1% | 9.0% | 8.8% | 5.2% | 10.9% | 12.9% | 15.9% | 12.4% |
| ROCE | 8.3% | 8.3% | 8.6% | 7.4% | 9.3% | 9.1% | 5.3% | 10.9% | 12.3% | 13.8% | 10.2% |
FDX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
FedEx Corporation carries a Debt/EBITDA ratio of 3.6x, which is moderately leveraged (17% above the sector average of 3.1x). Net debt stands at $31.9B ($37.4B total debt minus $5.5B cash). Interest coverage of 7.7x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.33 | 1.33 | 1.37 | 1.47 | 1.49 | 1.51 | 1.97 | 0.99 | 0.85 | 0.93 | 1.01 |
| Debt / EBITDA | 3.62 | 3.62 | 3.54 | 4.03 | 3.54 | 3.72 | 5.59 | 2.16 | 2.02 | 1.77 | 2.26 |
| Net Debt / Equity | — | 1.14 | 1.13 | 1.21 | 1.21 | 1.22 | 1.71 | 0.86 | 0.69 | 0.68 | 0.75 |
| Net Debt / EBITDA | 3.08 | 3.08 | 2.93 | 3.31 | 2.89 | 2.99 | 4.83 | 1.88 | 1.62 | 1.30 | 1.68 |
| Debt / FCF | — | 10.71 | 9.95 | 11.92 | 9.87 | 6.91 | — | 124.08 | — | — | 11.61 |
| Interest Coverage | 7.71 | 7.71 | 8.53 | 7.69 | 9.47 | 7.59 | 4.24 | 8.14 | 9.19 | 10.60 | 10.46 |
FDX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.19x means FedEx Corporation can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.37x to 1.19x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.19 | 1.19 | 1.36 | 1.37 | 1.43 | 1.51 | 1.58 | 1.45 | 1.39 | 1.59 | 1.50 |
| Quick Ratio | 1.15 | 1.15 | 1.32 | 1.32 | 1.38 | 1.46 | 1.53 | 1.39 | 1.33 | 1.53 | 1.44 |
| Cash Ratio | 0.36 | 0.36 | 0.49 | 0.50 | 0.48 | 0.52 | 0.47 | 0.26 | 0.34 | 0.50 | 0.44 |
| Asset Turnover | — | 1.00 | 1.01 | 1.03 | 1.09 | 1.01 | 0.94 | 1.28 | 1.25 | 1.24 | 1.09 |
| Inventory Turnover | 114.50 | 114.50 | 111.96 | 117.53 | 115.14 | 112.44 | 97.68 | 99.22 | 97.81 | 90.57 | 77.70 |
| Days Sales Outstanding | — | 47.19 | 41.98 | 41.25 | 46.30 | 52.57 | 53.27 | 47.74 | 47.30 | 45.98 | 52.56 |
FDX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
FedEx Corporation returns 5.1% to shareholders annually — split between a 1.5% dividend yield and 3.5% buyback yield. The payout ratio of 32.7% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 4.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.5% | 2.5% | 2.0% | 2.1% | 1.3% | 0.8% | 2.0% | 1.7% | 0.8% | 0.8% | 0.6% |
| Payout Ratio | 32.7% | 32.7% | 29.1% | 29.6% | 20.7% | 13.1% | 52.8% | 126.5% | 11.7% | 14.2% | 15.2% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 7.7% | 6.8% | 7.1% | 6.4% | 6.2% | 3.8% | 1.3% | 6.7% | 5.7% | 3.9% |
| FCF Yield | 3.5% | 5.6% | 4.9% | 4.7% | 5.1% | 5.0% | — | 0.3% | — | — | 1.9% |
| Buyback Yield | 3.5% | 5.7% | 3.9% | 2.7% | 3.8% | 0.0% | 0.0% | 3.6% | 1.5% | 1.0% | 5.9% |
| Total Shareholder Yield | 5.1% | 8.2% | 5.9% | 4.8% | 5.1% | 0.8% | 2.0% | 5.3% | 2.3% | 1.8% | 6.5% |
| Shares Outstanding | — | $243M | $251M | $256M | $266M | $268M | $262M | $265M | $272M | $270M | $279M |
Peer Comparison
Compare FDX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FDXYou | $85B | 21.6 | 11.3 | 28.6 | 21.6% | 6.9% | 14.7% | 7.7% | 3.6 |
 UPS | $83B | 14.9 | 9.0 | 17.5 | 18.5% | 9.6% | 33.8% | 16.1% | 2.6 |
 XPO | $24B | 78.6 | 23.0 | 74.1 | 12.0% | 8.9% | 18.3% | 9.3% | 3.8 |
 ODFL | $41B | 40.6 | 23.7 | 42.8 | 32.2% | 24.8% | 23.9% | 23.6% | 0.1 |
 SAIA | $11B | 44.4 | 19.4 | 412.0 | 23.7% | 10.9% | 10.4% | 9.4% | 0.7 |
 JBHT | $23B | 39.7 | 15.5 | 24.3 | 10.5% | 7.2% | 15.8% | 12.0% | 0.9 |
 CHRW | $20B | 34.6 | 23.7 | 22.2 | 8.4% | 4.9% | 32.9% | 18.0% | 1.8 |
 EXPD | $20B | 25.7 | 18.1 | 21.3 | 15.3% | 9.5% | 35.5% | 42.4% | 0.9 |
 FWRD | $531M | -4.9 | 13.7 | 34.8 | 20.5% | 1.5% | -48.2% | 1.2% | 11.4 |
 GXO | $6B | 178.0 | 14.5 | 9999.0 | 11.6% | 3.2% | 1.1% | 3.6% | 9.0 |
 CEVA | $810M | -91.1 | — | 1569.5 | 88.1% | -7.1% | -3.3% | -2.3% | — |
| Industrials Median | — | 25.7 | 13.7 | 21.2 | 33.0% | 4.7% | 8.2% | 6.3% | 3.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonFDX — Frequently Asked Questions
Quick answers to the most common questions about buying FDX stock.
What is FedEx Corporation's P/E ratio?
FedEx Corporation's current P/E ratio is 21.6x. The historical average is 27.8x. This places it at the 60th percentile of its historical range.
What is FedEx Corporation's EV/EBITDA?
FedEx Corporation's current EV/EBITDA is 11.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.6x.
What is FedEx Corporation's ROE?
FedEx Corporation's return on equity (ROE) is 14.7%. The historical average is 13.0%.
Is FDX stock overvalued?
Based on historical data, FedEx Corporation is trading at a P/E of 21.6x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is FedEx Corporation's dividend yield?
FedEx Corporation's current dividend yield is 1.52% with a payout ratio of 32.7%.
What are FedEx Corporation's profit margins?
FedEx Corporation has 21.6% gross margin and 6.9% operating margin.
How much debt does FedEx Corporation have?
FedEx Corporation's Debt/EBITDA ratio is 3.6x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.