Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

Analysis of Short-term (Operating) Activity Ratios
Quarterly Data

Microsoft Excel

Short-term Activity Ratios (Summary)

FedEx Corp., short-term (operating) activity ratios (quarterly data)

Microsoft Excel
Aug 31, 2024 May 31, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018
Turnover Ratios
Inventory turnover 143.36 142.82 136.74 139.15 140.40 149.26 146.78 143.65 146.45 146.80 150.05 150.76 150.16 143.03 135.08 127.31 120.56 121.01 122.65 120.12 121.41 126.03
Receivables turnover 8.49 8.69 8.84 8.25 8.68 8.85 8.64 8.08 8.57 7.88 7.86 7.34 7.79 6.96 6.86 6.55 6.80 6.85 7.47 7.13 7.48 7.65
Payables turnover 23.43 27.50 23.15 21.98 23.35 23.43 23.23 23.59 22.74 23.20 21.90 21.37 22.67 21.86 19.74 20.02 21.41 21.17 21.82 21.07 21.92 23.00
Working capital turnover 21.99 18.07 21.26 18.06 17.45 17.94 21.22 22.52 16.22 15.35 16.74 13.05 13.06 12.13 9.67 8.17 9.27 11.46 31.44 26.10 22.61 17.11
Average No. Days
Average inventory processing period 3 3 3 3 3 2 2 3 2 2 2 2 2 3 3 3 3 3 3 3 3 3
Add: Average receivable collection period 43 42 41 44 42 41 42 45 43 46 46 50 47 52 53 56 54 53 49 51 49 48
Operating cycle 46 45 44 47 45 43 44 48 45 48 48 52 49 55 56 59 57 56 52 54 52 51
Less: Average payables payment period 16 13 16 17 16 16 16 15 16 16 17 17 16 17 18 18 17 17 17 17 17 16
Cash conversion cycle 30 32 28 30 29 27 28 33 29 32 31 35 33 38 38 41 40 39 35 37 35 35

Based on: 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. FedEx Corp. inventory turnover ratio improved from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.
Receivables turnover An activity ratio equal to revenue divided by receivables. FedEx Corp. receivables turnover ratio deteriorated from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. FedEx Corp. payables turnover ratio increased from Q3 2024 to Q4 2024 but then slightly decreased from Q4 2024 to Q1 2025 not reaching Q3 2024 level.
Working capital turnover An activity ratio calculated as revenue divided by working capital. FedEx Corp. working capital turnover ratio deteriorated from Q3 2024 to Q4 2024 but then improved from Q4 2024 to Q1 2025 exceeding Q3 2024 level.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. FedEx Corp. number of days of receivables outstanding deteriorated from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.
Operating cycle Equal to average inventory processing period plus average receivables collection period. FedEx Corp. operating cycle deteriorated from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.

Inventory Turnover

FedEx Corp., inventory turnover calculation (quarterly data)

Microsoft Excel
Aug 31, 2024 May 31, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018
Selected Financial Data (US$ in millions)
Revenue 21,579 22,109 21,738 22,165 21,681 21,930 22,169 22,814 23,242 24,394 23,641 23,474 22,003 22,565 21,510 20,563 19,321 17,358 17,487 17,324 17,048 17,807 17,010 17,824 17,052
Spare parts, supplies, and fuel, less allowances 611 614 640 632 631 604 631 655 647 637 611 594 577 587 583 587 593 572 568 576 574 553 546 522 523
Short-term Activity Ratio
Inventory turnover1 143.36 142.82 136.74 139.15 140.40 149.26 146.78 143.65 146.45 146.80 150.05 150.76 150.16 143.03 135.08 127.31 120.56 121.01 122.65 120.12 121.41 126.03
Benchmarks
Inventory Turnover, Competitors2
Union Pacific Corp. 31.34 29.91 31.29 32.46 31.35 33.38 34.44 33.57 30.77 29.66 31.22 35.11 31.95 29.89 29.29 30.62 30.21 30.24 31.15 28.91

Based on: 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).

1 Q1 2025 Calculation
Inventory turnover = (RevenueQ1 2025 + RevenueQ4 2024 + RevenueQ3 2024 + RevenueQ2 2024) ÷ Spare parts, supplies, and fuel, less allowances
= (21,579 + 22,109 + 21,738 + 22,165) ÷ 611 = 143.36

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. FedEx Corp. inventory turnover ratio improved from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.

Receivables Turnover

FedEx Corp., receivables turnover calculation (quarterly data)

Microsoft Excel
Aug 31, 2024 May 31, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018
Selected Financial Data (US$ in millions)
Revenue 21,579 22,109 21,738 22,165 21,681 21,930 22,169 22,814 23,242 24,394 23,641 23,474 22,003 22,565 21,510 20,563 19,321 17,358 17,487 17,324 17,048 17,807 17,010 17,824 17,052
Receivables, less allowances 10,312 10,087 9,904 10,665 10,207 10,188 10,721 11,644 11,055 11,863 11,668 12,197 11,125 12,069 11,481 11,417 10,508 10,102 9,323 9,709 9,312 9,116 9,037 9,573 8,716
Short-term Activity Ratio
Receivables turnover1 8.49 8.69 8.84 8.25 8.68 8.85 8.64 8.08 8.57 7.88 7.86 7.34 7.79 6.96 6.86 6.55 6.80 6.85 7.47 7.13 7.48 7.65
Benchmarks
Receivables Turnover, Competitors2
Uber Technologies Inc. 11.28 10.59 10.41 10.95 11.98 13.59 13.16 11.47 11.77 10.39 8.65 7.16 11.13 10.67 10.04 10.38 15.58 21.59 20.93 11.65
Union Pacific Corp. 11.93 11.40 11.14 11.63 12.48 13.56 12.82 13.15 11.90 11.42 11.57 12.66 12.63 12.34 11.99 12.98 12.53 14.55 12.91 13.61
United Parcel Service Inc. 9.86 9.89 9.39 8.11 9.84 10.03 9.60 7.97 9.21 8.78 8.82 7.76 9.01 9.12 8.84 7.87 8.93 8.38 9.23 7.76

Based on: 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).

1 Q1 2025 Calculation
Receivables turnover = (RevenueQ1 2025 + RevenueQ4 2024 + RevenueQ3 2024 + RevenueQ2 2024) ÷ Receivables, less allowances
= (21,579 + 22,109 + 21,738 + 22,165) ÷ 10,312 = 8.49

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. FedEx Corp. receivables turnover ratio deteriorated from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.

Payables Turnover

FedEx Corp., payables turnover calculation (quarterly data)

Microsoft Excel
Aug 31, 2024 May 31, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018
Selected Financial Data (US$ in millions)
Revenue 21,579 22,109 21,738 22,165 21,681 21,930 22,169 22,814 23,242 24,394 23,641 23,474 22,003 22,565 21,510 20,563 19,321 17,358 17,487 17,324 17,048 17,807 17,010 17,824 17,052
Accounts payable 3,738 3,189 3,780 4,002 3,794 3,848 3,987 3,989 4,167 4,030 4,187 4,190 3,822 3,841 3,990 3,733 3,339 3,269 3,193 3,283 3,179 3,030 3,156 3,400 3,066
Short-term Activity Ratio
Payables turnover1 23.43 27.50 23.15 21.98 23.35 23.43 23.23 23.59 22.74 23.20 21.90 21.37 22.67 21.86 19.74 20.02 21.41 21.17 21.82 21.07 21.92 23.00
Benchmarks
Payables Turnover, Competitors2
Uber Technologies Inc. 31.76 32.37 28.05 28.43 27.17 30.63 29.34 27.00 22.55 18.17 13.53 10.87 24.80 15.26 23.16 21.93 23.50 24.51 32.64 26.50
United Parcel Service Inc. 16.76 16.89 16.63 14.35 15.59 15.81 15.69 13.36 15.02 13.96 14.04 12.93 14.65 14.09 14.20 13.11 14.32 14.68 15.69 13.34

Based on: 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).

1 Q1 2025 Calculation
Payables turnover = (RevenueQ1 2025 + RevenueQ4 2024 + RevenueQ3 2024 + RevenueQ2 2024) ÷ Accounts payable
= (21,579 + 22,109 + 21,738 + 22,165) ÷ 3,738 = 23.43

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. FedEx Corp. payables turnover ratio increased from Q3 2024 to Q4 2024 but then slightly decreased from Q4 2024 to Q1 2025 not reaching Q3 2024 level.

Working Capital Turnover

FedEx Corp., working capital turnover calculation (quarterly data)

Microsoft Excel
Aug 31, 2024 May 31, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018
Selected Financial Data (US$ in millions)
Current assets 18,094 18,207 17,424 19,117 18,887 18,610 17,944 18,217 19,606 20,365 19,466 20,747 19,546 20,580 21,710 21,265 18,903 16,383 12,541 13,198 13,017 13,086 13,500 13,438 12,641
Less: Current liabilities 14,111 13,355 13,308 14,248 13,811 13,586 13,580 14,039 13,765 14,274 13,990 13,884 12,910 13,660 13,566 12,115 11,195 10,344 10,325 10,547 9,935 9,013 9,256 9,496 9,606
Working capital 3,983 4,852 4,116 4,869 5,076 5,024 4,364 4,178 5,841 6,091 5,476 6,863 6,636 6,920 8,144 9,150 7,708 6,039 2,216 2,651 3,082 4,073 4,244 3,942 3,035
 
Revenue 21,579 22,109 21,738 22,165 21,681 21,930 22,169 22,814 23,242 24,394 23,641 23,474 22,003 22,565 21,510 20,563 19,321 17,358 17,487 17,324 17,048 17,807 17,010 17,824 17,052
Short-term Activity Ratio
Working capital turnover1 21.99 18.07 21.26 18.06 17.45 17.94 21.22 22.52 16.22 15.35 16.74 13.05 13.06 12.13 9.67 8.17 9.27 11.46 31.44 26.10 22.61 17.11
Benchmarks
Working Capital Turnover, Competitors2
Uber Technologies Inc. 9.33 18.50 18.54 20.23 28.22 17.25 65.98 80.50 83.47 1,646.62 9.53 129.39 10.72 3.69 4.83 3.46 3.19 1.71
Union Pacific Corp. 114.40 476.41 67.83
United Parcel Service Inc. 41.54 23.94 60.59 52.36 27.10 20.23 18.10 24.61 14.61 12.16 11.27 13.21 12.81 14.87 19.13 26.45 17.95 19.57 21.16 43.84

Based on: 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).

1 Q1 2025 Calculation
Working capital turnover = (RevenueQ1 2025 + RevenueQ4 2024 + RevenueQ3 2024 + RevenueQ2 2024) ÷ Working capital
= (21,579 + 22,109 + 21,738 + 22,165) ÷ 3,983 = 21.99

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. FedEx Corp. working capital turnover ratio deteriorated from Q3 2024 to Q4 2024 but then improved from Q4 2024 to Q1 2025 exceeding Q3 2024 level.

Average Inventory Processing Period

FedEx Corp., average inventory processing period calculation (quarterly data)

Microsoft Excel
Aug 31, 2024 May 31, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018
Selected Financial Data
Inventory turnover 143.36 142.82 136.74 139.15 140.40 149.26 146.78 143.65 146.45 146.80 150.05 150.76 150.16 143.03 135.08 127.31 120.56 121.01 122.65 120.12 121.41 126.03
Short-term Activity Ratio (no. days)
Average inventory processing period1 3 3 3 3 3 2 2 3 2 2 2 2 2 3 3 3 3 3 3 3 3 3
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Union Pacific Corp. 12 12 12 11 12 11 11 11 12 12 12 10 11 12 12 12 12 12 12 13

Based on: 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).

1 Q1 2025 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 143.36 = 3

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period.

Average Receivable Collection Period

FedEx Corp., average receivable collection period calculation (quarterly data)

Microsoft Excel
Aug 31, 2024 May 31, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018
Selected Financial Data
Receivables turnover 8.49 8.69 8.84 8.25 8.68 8.85 8.64 8.08 8.57 7.88 7.86 7.34 7.79 6.96 6.86 6.55 6.80 6.85 7.47 7.13 7.48 7.65
Short-term Activity Ratio (no. days)
Average receivable collection period1 43 42 41 44 42 41 42 45 43 46 46 50 47 52 53 56 54 53 49 51 49 48
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Uber Technologies Inc. 32 34 35 33 30 27 28 32 31 35 42 51 33 34 36 35 23 17 17 31
Union Pacific Corp. 31 32 33 31 29 27 28 28 31 32 32 29 29 30 30 28 29 25 28 27
United Parcel Service Inc. 37 37 39 45 37 36 38 46 40 42 41 47 40 40 41 46 41 44 40 47

Based on: 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).

1 Q1 2025 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 8.49 = 43

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. FedEx Corp. number of days of receivables outstanding deteriorated from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.

Operating Cycle

FedEx Corp., operating cycle calculation (quarterly data)

No. days

Microsoft Excel
Aug 31, 2024 May 31, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018
Selected Financial Data
Average inventory processing period 3 3 3 3 3 2 2 3 2 2 2 2 2 3 3 3 3 3 3 3 3 3
Average receivable collection period 43 42 41 44 42 41 42 45 43 46 46 50 47 52 53 56 54 53 49 51 49 48
Short-term Activity Ratio
Operating cycle1 46 45 44 47 45 43 44 48 45 48 48 52 49 55 56 59 57 56 52 54 52 51
Benchmarks
Operating Cycle, Competitors2
Union Pacific Corp. 43 44 45 42 41 38 39 39 43 44 44 39 40 42 42 40 41 37 40 40

Based on: 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).

1 Q1 2025 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 3 + 43 = 46

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. FedEx Corp. operating cycle deteriorated from Q3 2024 to Q4 2024 and from Q4 2024 to Q1 2025.

Average Payables Payment Period

FedEx Corp., average payables payment period calculation (quarterly data)

Microsoft Excel
Aug 31, 2024 May 31, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018
Selected Financial Data
Payables turnover 23.43 27.50 23.15 21.98 23.35 23.43 23.23 23.59 22.74 23.20 21.90 21.37 22.67 21.86 19.74 20.02 21.41 21.17 21.82 21.07 21.92 23.00
Short-term Activity Ratio (no. days)
Average payables payment period1 16 13 16 17 16 16 16 15 16 16 17 17 16 17 18 18 17 17 17 17 17 16
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Uber Technologies Inc. 11 11 13 13 13 12 12 14 16 20 27 34 15 24 16 17 16 15 11 14
United Parcel Service Inc. 22 22 22 25 23 23 23 27 24 26 26 28 25 26 26 28 25 25 23 27

Based on: 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).

1 Q1 2025 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 23.43 = 16

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.

Cash Conversion Cycle

FedEx Corp., cash conversion cycle calculation (quarterly data)

No. days

Microsoft Excel
Aug 31, 2024 May 31, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018
Selected Financial Data
Average inventory processing period 3 3 3 3 3 2 2 3 2 2 2 2 2 3 3 3 3 3 3 3 3 3
Average receivable collection period 43 42 41 44 42 41 42 45 43 46 46 50 47 52 53 56 54 53 49 51 49 48
Average payables payment period 16 13 16 17 16 16 16 15 16 16 17 17 16 17 18 18 17 17 17 17 17 16
Short-term Activity Ratio
Cash conversion cycle1 30 32 28 30 29 27 28 33 29 32 31 35 33 38 38 41 40 39 35 37 35 35

Based on: 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).

1 Q1 2025 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 3 + 4316 = 30

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.