FedEx Corp., FCFE 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)
Net noncash charges	7,412)	8,016)	9,125)	6,776)	7,903)	7,564)
Changes in assets and liabilities	(3,431)	(3,140)	(3,119)	(1,872)	(4,092)	(2,491)
Cash provided by operating activities	8,312)	8,848)	9,832)	10,135)	5,097)	5,613)
Capital expenditures	(5,176)	(6,174)	(6,763)	(5,884)	(5,868)	(5,490)
Principal payments on debt	(147)	(152)	(161)	(6,318)	(2,548)	(1,436)
Proceeds from debt issuances	—)	—)	—)	4,212)	6,556)	2,463)
Free cash flow to equity (FCFE)	2,989)	2,522)	2,908)	2,145)	3,237)	1,150)

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).

Download chart

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to FedEx Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	FedEx Corp. FCFE decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

FedEx Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	244,323,464
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	2,989)
FCFE per share	12.23
Current share price (P)	293.06
Valuation Ratio
P/FCFE	23.95
Benchmarks
P/FCFE, Competitors¹
Uber Technologies Inc.	43.58
Union Pacific Corp.	33.82
United Parcel Service Inc.	15.46
P/FCFE, Sector
Transportation	27.15
P/FCFE, Industry
Industrials	24.31

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

¹ Click competitor name to see calculations.

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

FedEx Corp., historical P/FCFE calculation, comparison to benchmarks

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
No. shares of common stock outstanding¹	244,302,246	251,187,242	259,845,660	267,348,232	261,954,496	260,808,410
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	2,989)	2,522)	2,908)	2,145)	3,237)	1,150)
FCFE per share³	12.23	10.04	11.19	8.02	12.36	4.41
Share price^1, 4	305.02	254.73	217.98	294.82	164.13	169.79
Valuation Ratio
P/FCFE⁵	24.93	25.37	19.48	36.75	13.28	38.51
Benchmarks
P/FCFE, Competitors⁶
Uber Technologies Inc.	—	50.60	333.68	139.66	—	—
Union Pacific Corp.	—	36.37	13.19	17.16	18.08	15.24
United Parcel Service Inc.	—	17.24	21.80	22.62	33.39	19.54
P/FCFE, Sector
Transportation	—	29.42	20.55	24.57	31.15	31.09
P/FCFE, Industry
Industrials	—	22.81	23.85	—	49.40	28.48

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 Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 2,989,000,000 ÷ 244,302,246 = 12.23

⁴ Closing price as at the filing date of FedEx Corp. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 305.02 ÷ 12.23 = 24.93

⁶ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	FedEx Corp. P/FCFE ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

FedEx Corp. (NYSE:FDX)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical