Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

FedEx Corp., EBITDA calculation

US$ in millions

12 months ended:	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Net income	4,331)	3,972)	3,826)	5,231)	1,286)	540)
Add: Income tax expense	1,505)	1,391)	1,070)	1,443)	383)	115)
Earnings before tax (EBT)	5,836)	5,363)	4,896)	6,674)	1,669)	655)
Add: Interest expense	745)	694)	689)	793)	672)	588)
Earnings before interest and tax (EBIT)	6,581)	6,057)	5,585)	7,467)	2,341)	1,243)
Add: Depreciation and amortization	4,287)	4,176)	3,970)	3,793)	3,615)	3,353)
Earnings before interest, tax, depreciation and amortization (EBITDA)	10,868)	10,233)	9,555)	11,260)	5,956)	4,596)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	FedEx Corp. EBITDA increased from 2022 to 2023 and from 2023 to 2024.

FedEx Corp., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	78,361)
Earnings before interest, tax, depreciation and amortization (EBITDA)	10,868)
Valuation Ratio
EV/EBITDA	7.21
Benchmarks
EV/EBITDA, Competitors¹
Uber Technologies Inc.	32.33
Union Pacific Corp.	14.43
United Airlines Holdings Inc.	6.21
United Parcel Service Inc.	9.09
EV/EBITDA, Sector
Transportation	12.86
EV/EBITDA, Industry
Industrials	16.44

Based on: 10-K (reporting date: 2024-05-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

FedEx Corp., historical EV/EBITDA calculation, comparison to benchmarks

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	88,219)	77,708)	70,008)	92,612)	60,117)	59,545)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	10,868)	10,233)	9,555)	11,260)	5,956)	4,596)
Valuation Ratio
EV/EBITDA³	8.12	7.59	7.33	8.22	10.09	12.96
Benchmarks
EV/EBITDA, Competitors⁴
Uber Technologies Inc.	31.61	45.37	—	227.40	—	—
Union Pacific Corp.	14.16	15.44	12.56	15.46	15.65	—
United Airlines Holdings Inc.	—	3.81	6.05	20.34	—	4.00
United Parcel Service Inc.	—	11.23	8.83	9.55	30.22	12.80
EV/EBITDA, Sector
Transportation	—	13.07	13.06	12.69	50.30	—
EV/EBITDA, Industry
Industrials	—	14.99	16.55	16.42	30.48	—

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 See details »

² See details »

³ 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 88,219 ÷ 10,868 = 8.12

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	FedEx Corp. EV/EBITDA ratio increased from 2022 to 2023 and from 2023 to 2024.

FedEx Corp. (NYSE:FDX)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical