FedEx Corp., current enterprise value calculation

Current share price (P)	$275.73
No. shares of common stock outstanding	240,850,603
US$ in millions
Common equity (market value)¹	66,410)
Total equity	66,410)
Add: Current portion of long-term debt (per books)	68)
Add: Long-term debt, less current portion (per books)	20,135)
Total equity and debt	86,613)
Less: Cash and cash equivalents	6,501)
Enterprise value (EV)	80,112)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 275.73 × 240,850,603

FedEx Corp., EV calculation

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Share price^1, 2	$305.02	$254.73	$217.98	$294.82	$164.13	$169.79
No. shares of common stock outstanding¹	244,302,246	251,187,242	259,845,660	267,348,232	261,954,496	260,808,410
US$ in millions
Common equity (market value)³	74,517)	63,985)	56,641)	78,820)	42,995)	44,283)
Total equity	74,517)	63,985)	56,641)	78,820)	42,995)	44,283)
Add: Current portion of long-term debt (book value)	68)	126)	82)	146)	51)	964)
Add: Long-term debt, less current portion (book value)	20,135)	20,453)	20,182)	20,733)	21,952)	16,617)
Total equity and debt	94,720)	84,564)	76,905)	99,699)	64,998)	61,864)
Less: Cash and cash equivalents	6,501)	6,856)	6,897)	7,087)	4,881)	2,319)
Enterprise value (EV)	88,219)	77,708)	70,008)	92,612)	60,117)	59,545)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of FedEx Corp. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 305.02 × 244,302,246

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	FedEx Corp. EV increased from 2022 to 2023 and from 2023 to 2024.

FedEx Corp. (NYSE:FDX)

Enterprise Value (EV)