FedEx Corporation (FDX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1.8%

$313.76

vs $319.59 price

Levered DCF

$225.56

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.8

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	18.25×	10.36×	11.73×	11.24×	12.45×	12.66×	21.23×	60.31×
P/B	2.56×	1.52×	1.84×	1.71×	1.91×	2.73×	1.49×	1.83×
P/S	0.85×	0.49×	0.58×	0.49×	0.51×	0.79×	0.39×	0.47×
EV / EBITDA	9.93×	7.11×	7.54×	7.43×	8.15×	8.48×	9.82×	10.4×
Gross margin	21.8%	21.6%	21.6%	21.3%	21.6%	21.2%	19.3%	21.3%
Operating margin	7.0%	6.9%	7.2%	5.9%	7.0%	7.2%	4.1%	6.9%
Net margin	4.7%	4.7%	4.9%	4.4%	4.1%	6.2%	1.9%	0.8%
Current ratio	1.48×	1.19×	1.36×	1.37×	1.43×	1.51×	1.58×	1.45×
Debt / equity	1.36×	1.33×	1.37×	1.47×	1.49×	1.51×	1.97×	0.99×
Interest coverage	12.43×	7.71×	8.53×	7.69×	9.47×	7.59×	4.24×	8.14×
Dividend yield	1.7%	3.1%	2.5%	2.6%	1.7%	1.0%	2.5%	2.1%
Payout ratio	31.0%	32.7%	29.1%	29.6%	20.7%	13.1%	52.8%	126.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.0%	14.6%	15.7%	15.2%	15.3%	21.6%	7.0%	3.0%
Return on invested capital	6.0%	6.0%	6.2%	5.2%	6.9%	6.6%	3.4%	8.5%
Return on assets	4.5%	4.7%	5.0%	4.6%	4.4%	6.3%	1.7%	1.0%
Free cash flow yield	6.3%	7.0%	6.2%	5.9%	6.5%	6.4%	-2.8%	0.4%
Earnings yield	5.5%	9.6%	8.5%	8.9%	8.0%	7.9%	4.7%	1.7%
Enterprise value	$110.5B	$74.6B	$81.9B	$76.1B	$77.9B	$95.5B	$58.5B	$47.8B
Net debt / EBITDA	2.66×	3.04×	2.87×	3.08×	3.17×	2.61×	5.25×	3.32×
Cash conversion cycle (days)	31	31	28	25	29	35	36	31