Stock Analysis on Net
Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

FedEx Corp., adjusted financial ratios

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Activity Ratio
Total Asset Turnover
Reported 1.01 1.03 1.09 1.01 0.94 1.28
Adjusted 1.02 1.04 1.10 1.03 0.96 1.02
Liquidity Ratio
Current Ratio
Reported 1.36 1.37 1.43 1.51 1.58 1.45
Adjusted 1.40 1.40 1.45 1.53 1.60 1.47
Solvency Ratios
Debt to Equity
Reported 0.73 0.79 0.81 0.86 1.20 0.99
Adjusted 1.21 1.28 1.32 1.35 1.78 1.70
Debt to Capital
Reported 0.42 0.44 0.45 0.46 0.55 0.50
Adjusted 0.55 0.56 0.57 0.57 0.64 0.63
Financial Leverage
Reported 3.15 3.34 3.45 3.43 4.02 3.06
Adjusted 2.76 2.89 3.02 3.02 3.57 3.53
Profitability Ratios
Net Profit Margin
Reported 4.94% 4.41% 4.09% 6.23% 1.86% 0.77%
Adjusted 4.68% 4.80% 4.02% 7.90% 1.96% 0.13%
Return on Equity (ROE)
Reported 15.70% 15.23% 15.34% 21.64% 7.03% 3.04%
Adjusted 13.15% 14.48% 13.35% 24.53% 6.68% 0.46%
Return on Assets (ROA)
Reported 4.98% 4.56% 4.45% 6.32% 1.75% 0.99%
Adjusted 4.76% 5.00% 4.42% 8.11% 1.87% 0.13%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. FedEx Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. FedEx Corp. adjusted current ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. FedEx Corp. adjusted debt-to-equity ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. FedEx Corp. adjusted debt-to-capital ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 FedEx Corp. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. FedEx Corp. adjusted net profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. FedEx Corp. adjusted ROE improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. FedEx Corp. adjusted ROA improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

FedEx Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Reported
Selected Financial Data (US$ in millions)
Revenue 87,693 90,155 93,512 83,959 69,217 69,693
Total assets 87,007 87,143 85,994 82,777 73,537 54,403
Activity Ratio
Total asset turnover1 1.01 1.03 1.09 1.01 0.94 1.28
Adjusted
Selected Financial Data (US$ in millions)
Revenue 87,693 90,155 93,512 83,959 69,217 69,693
Adjusted total assets2 86,130 86,452 85,127 81,717 72,365 68,422
Activity Ratio
Adjusted total asset turnover3 1.02 1.04 1.10 1.03 0.96 1.02

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 2024 Calculation
Total asset turnover = Revenue ÷ Total assets
= 87,693 ÷ 87,007 = 1.01

2 Adjusted total assets. See details »

3 2024 Calculation
Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 87,693 ÷ 86,130 = 1.02

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. FedEx Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 18,207 18,610 20,365 20,580 16,383 13,086
Current liabilities 13,355 13,586 14,274 13,660 10,344 9,013
Liquidity Ratio
Current ratio1 1.36 1.37 1.43 1.51 1.58 1.45
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 18,643 19,082 20,705 20,938 16,558 13,207
Current liabilities 13,355 13,586 14,274 13,660 10,344 9,013
Liquidity Ratio
Adjusted current ratio3 1.40 1.40 1.45 1.53 1.60 1.47

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 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 18,207 ÷ 13,355 = 1.36

2 Adjusted current assets. See details »

3 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 18,643 ÷ 13,355 = 1.40

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. FedEx Corp. adjusted current ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 20,203 20,579 20,264 20,879 22,003 17,581
Common stockholders’ investment 27,582 26,088 24,939 24,168 18,295 17,757
Solvency Ratio
Debt to equity1 0.73 0.79 0.81 0.86 1.20 0.99
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 37,719 38,332 37,194 36,462 36,121 32,819
Adjusted common stockholders’ investment3 31,187 29,886 28,165 27,035 20,285 19,359
Solvency Ratio
Adjusted debt to equity4 1.21 1.28 1.32 1.35 1.78 1.70

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 2024 Calculation
Debt to equity = Total debt ÷ Common stockholders’ investment
= 20,203 ÷ 27,582 = 0.73

2 Adjusted total debt. See details »

3 Adjusted common stockholders’ investment. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted common stockholders’ investment
= 37,719 ÷ 31,187 = 1.21

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. FedEx Corp. adjusted debt-to-equity ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 20,203 20,579 20,264 20,879 22,003 17,581
Total capital 47,785 46,667 45,203 45,047 40,298 35,338
Solvency Ratio
Debt to capital1 0.42 0.44 0.45 0.46 0.55 0.50
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 37,719 38,332 37,194 36,462 36,121 32,819
Adjusted total capital3 68,906 68,218 65,359 63,497 56,406 52,178
Solvency Ratio
Adjusted debt to capital4 0.55 0.56 0.57 0.57 0.64 0.63

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 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 20,203 ÷ 47,785 = 0.42

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 37,719 ÷ 68,906 = 0.55

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. FedEx Corp. adjusted debt-to-capital ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 87,007 87,143 85,994 82,777 73,537 54,403
Common stockholders’ investment 27,582 26,088 24,939 24,168 18,295 17,757
Solvency Ratio
Financial leverage1 3.15 3.34 3.45 3.43 4.02 3.06
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 86,130 86,452 85,127 81,717 72,365 68,422
Adjusted common stockholders’ investment3 31,187 29,886 28,165 27,035 20,285 19,359
Solvency Ratio
Adjusted financial leverage4 2.76 2.89 3.02 3.02 3.57 3.53

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 2024 Calculation
Financial leverage = Total assets ÷ Common stockholders’ investment
= 87,007 ÷ 27,582 = 3.15

2 Adjusted total assets. See details »

3 Adjusted common stockholders’ investment. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted common stockholders’ investment
= 86,130 ÷ 31,187 = 2.76

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 FedEx Corp. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 4,331 3,972 3,826 5,231 1,286 540
Revenue 87,693 90,155 93,512 83,959 69,217 69,693
Profitability Ratio
Net profit margin1 4.94% 4.41% 4.09% 6.23% 1.86% 0.77%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,101 4,326 3,759 6,631 1,355 90
Revenue 87,693 90,155 93,512 83,959 69,217 69,693
Profitability Ratio
Adjusted net profit margin3 4.68% 4.80% 4.02% 7.90% 1.96% 0.13%

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 2024 Calculation
Net profit margin = 100 × Net income ÷ Revenue
= 100 × 4,331 ÷ 87,693 = 4.94%

2 Adjusted net income. See details »

3 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × 4,101 ÷ 87,693 = 4.68%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. FedEx Corp. adjusted net profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 4,331 3,972 3,826 5,231 1,286 540
Common stockholders’ investment 27,582 26,088 24,939 24,168 18,295 17,757
Profitability Ratio
ROE1 15.70% 15.23% 15.34% 21.64% 7.03% 3.04%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,101 4,326 3,759 6,631 1,355 90
Adjusted common stockholders’ investment3 31,187 29,886 28,165 27,035 20,285 19,359
Profitability Ratio
Adjusted ROE4 13.15% 14.48% 13.35% 24.53% 6.68% 0.46%

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 2024 Calculation
ROE = 100 × Net income ÷ Common stockholders’ investment
= 100 × 4,331 ÷ 27,582 = 15.70%

2 Adjusted net income. See details »

3 Adjusted common stockholders’ investment. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted common stockholders’ investment
= 100 × 4,101 ÷ 31,187 = 13.15%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. FedEx Corp. adjusted ROE improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 4,331 3,972 3,826 5,231 1,286 540
Total assets 87,007 87,143 85,994 82,777 73,537 54,403
Profitability Ratio
ROA1 4.98% 4.56% 4.45% 6.32% 1.75% 0.99%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,101 4,326 3,759 6,631 1,355 90
Adjusted total assets3 86,130 86,452 85,127 81,717 72,365 68,422
Profitability Ratio
Adjusted ROA4 4.76% 5.00% 4.42% 8.11% 1.87% 0.13%

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 2024 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 4,331 ÷ 87,007 = 4.98%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 4,101 ÷ 86,130 = 4.76%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. FedEx Corp. adjusted ROA improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.