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FedEx

NYSE:FDX
Snowflake Description

Established dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FDX
NYSE
$43B
Market Cap
  1. Home
  2. US
  3. Transportation
Company description

FedEx Corporation provides transportation, e-commerce, and business services worldwide. The last earnings update was 89 days ago. More info.


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FDX Share Price and Events
7 Day Returns
4.1%
NYSE:FDX
3.8%
US Logistics
0.5%
US Market
1 Year Returns
-37.8%
NYSE:FDX
-22.3%
US Logistics
0.8%
US Market
FDX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
FedEx (FDX) 4.1% -3.2% -9.8% -37.8% 1.4% 11.1%
US Logistics 3.8% -1.2% -6% -22.3% 4.7% 10.3%
US Market 0.5% -0.1% 1% 0.8% 37.5% 37.5%
1 Year Return vs Industry and Market
  • FDX underperformed the Logistics industry which returned -22.3% over the past year.
  • FDX underperformed the Market in United States of America which returned 0.8% over the past year.
Price Volatility
FDX
Industry
5yr Volatility vs Market

FDX Value

 Is FedEx undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of FedEx to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for FedEx.

NYSE:FDX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 23 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:FDX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Logistics Unlevered Beta Simply Wall St/ S&P Global 1
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.999 (1 + (1- 21%) (42.95%))
1.227
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.23
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.227 * 5.96%)
10.04%

Discounted Cash Flow Calculation for NYSE:FDX using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for FedEx is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:FDX DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 10.04%)
2019 493.67 Analyst x3 448.62
2020 1,816.48 Analyst x5 1,500.09
2021 2,819.00 Analyst x2 2,115.55
2022 3,310.00 Analyst x1 2,257.35
2023 3,564.00 Analyst x1 2,208.77
2024 3,777.68 Est @ 6% 2,127.56
2025 3,967.17 Est @ 5.02% 2,030.39
2026 4,138.95 Est @ 4.33% 1,925.00
2027 4,298.30 Est @ 3.85% 1,816.69
2028 4,449.35 Est @ 3.51% 1,708.93
Present value of next 10 years cash flows $18,138.95
NYSE:FDX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $4,449.35 × (1 + 2.73%) ÷ (10.04% – 2.73%)
$62,513.70
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $62,513.70 ÷ (1 + 10.04%)10
$24,010.56
NYSE:FDX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $18,138.95 + $24,010.56
$42,149.51
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $42,149.51 / 260.57
$161.76
NYSE:FDX Discount to Share Price
Calculation Result
Value per share (USD) From above. $161.76
Current discount Discount to share price of $164.55
= -1 x ($164.55 - $161.76) / $161.76
-1.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of FedEx is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for FedEx's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are FedEx's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:FDX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-02-28) in USD $13.83
NYSE:FDX Share Price ** NYSE (2019-06-14) in USD $164.55
United States of America Logistics Industry PE Ratio Median Figure of 14 Publicly-Listed Logistics Companies 18.62x
United States of America Market PE Ratio Median Figure of 3,094 Publicly-Listed Companies 17.69x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of FedEx.

NYSE:FDX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:FDX Share Price ÷ EPS (both in USD)

= 164.55 ÷ 13.83

11.9x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • FedEx is good value based on earnings compared to the US Logistics industry average.
  • FedEx is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does FedEx's expected growth come at a high price?
Raw Data
NYSE:FDX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.9x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 23 Analysts
11.1%per year
United States of America Logistics Industry PEG Ratio Median Figure of 12 Publicly-Listed Logistics Companies 1.47x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NYSE:FDX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.9x ÷ 11.1%

1.07x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • FedEx is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on FedEx's assets?
Raw Data
NYSE:FDX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-02-28) in USD $76.35
NYSE:FDX Share Price * NYSE (2019-06-14) in USD $164.55
United States of America Logistics Industry PB Ratio Median Figure of 16 Publicly-Listed Logistics Companies 2.83x
United States of America Market PB Ratio Median Figure of 5,244 Publicly-Listed Companies 1.79x
NYSE:FDX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:FDX Share Price ÷ Book Value per Share (both in USD)

= 164.55 ÷ 76.35

2.16x

* Primary Listing of FedEx.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • FedEx is good value based on assets compared to the US Logistics industry average.
X
Value checks
We assess FedEx's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Logistics industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Logistics industry average (and greater than 0)? (1 check)
  5. FedEx has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

FDX Future Performance

 How is FedEx expected to perform in the next 1 to 3 years based on estimates from 23 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
11.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is FedEx expected to grow at an attractive rate?
  • FedEx's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • FedEx's earnings growth is positive but not above the United States of America market average.
  • FedEx's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:FDX Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:FDX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 23 Analysts 11.1%
NYSE:FDX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 23 Analysts 4.4%
United States of America Logistics Industry Earnings Growth Rate Market Cap Weighted Average 11%
United States of America Logistics Industry Revenue Growth Rate Market Cap Weighted Average 6.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:FDX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 23 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:FDX Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-05-31 85,201 10,046 5,191 1
2022-05-31 81,150 9,606 4,841 1
2021-05-31 75,767 8,660 4,567 8
2020-05-31 72,284 7,434 4,143 23
2019-05-31 69,824 6,049 3,502 23
NYSE:FDX Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-02-28 69,200 6,835 3,631
2018-11-30 68,716 5,355 4,965
2018-08-31 67,205 4,785 4,805
2018-05-31 65,450 4,674 4,566
2018-02-28 63,864 3,447 4,460
2017-11-30 62,335 3,793 2,948
2017-08-31 60,953 4,549 2,874
2017-05-31 60,319 4,930 2,993
2017-02-28 57,570 4,557 1,904
2016-11-30 55,227 5,889 1,850
2016-08-31 52,749 5,438 1,841
2016-05-31 50,365 5,708 1,818

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • FedEx's earnings are expected to grow by 11.1% yearly, however this is not considered high growth (20% yearly).
  • FedEx's revenue is expected to grow by 4.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:FDX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 23 Analyst Estimates (S&P Global) See Below

All data from FedEx Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:FDX Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-05-31 21.66 21.66 21.66 1.00
2022-05-31 19.62 19.62 19.62 1.00
2021-05-31 17.75 19.63 15.25 8.00
2020-05-31 15.72 17.50 13.17 19.00
2019-05-31 13.19 14.73 10.19 19.00
NYSE:FDX Past Financials Data
Date (Data in USD Millions) EPS *
2019-02-28 13.83
2018-11-30 18.77
2018-08-31 18.05
2018-05-31 17.10
2018-02-28 16.67
2017-11-30 11.04
2017-08-31 10.77
2017-05-31 11.25
2017-02-28 7.13
2016-11-30 6.89
2016-08-31 6.77
2016-05-31 6.59

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • FedEx is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess FedEx's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
FedEx has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

FDX Past Performance

  How has FedEx performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare FedEx's growth in the last year to its industry (Logistics).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • FedEx has delivered over 20% year on year earnings growth in the past 5 years.
  • FedEx's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • FedEx's 1-year earnings growth is negative, it can't be compared to the US Logistics industry average.
Earnings and Revenue History
FedEx's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from FedEx Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:FDX Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-02-28 69,200.00 3,631.00 442.00
2018-11-30 68,716.00 4,965.00 442.00
2018-08-31 67,205.00 4,805.00 442.00
2018-05-31 65,450.00 4,566.00 442.00
2018-02-28 63,864.00 4,460.00 458.00
2017-11-30 62,335.00 2,948.00 458.00
2017-08-31 60,953.00 2,874.00 458.00
2017-05-31 60,319.00 2,993.00 458.00
2017-02-28 57,570.00 1,904.00 417.00
2016-11-30 55,227.00 1,850.00 417.00
2016-08-31 52,749.00 1,841.00 417.00
2016-05-31 50,365.00 1,818.00 417.00
2016-02-29 49,500.00 995.00 403.00
2015-11-30 48,562.00 1,115.00 403.00
2015-08-31 48,048.00 1,086.00 403.00
2015-05-31 47,453.00 1,048.00 403.00
2015-02-28 47,178.00 2,896.00 407.00
2014-11-30 46,763.00 2,647.00 407.00
2014-08-31 46,227.00 2,484.00 407.00
2014-05-31 45,567.00 2,320.00 407.00
2014-02-28 45,163.00 1,668.00 424.00
2013-11-30 44,815.00 1,651.00 424.00
2013-08-31 44,519.00 1,589.00 424.00
2013-05-31 44,287.00 2,711.00 424.00
2013-02-28 43,860.00 1,805.00 421.00
2012-11-30 43,471.00 1,965.00 421.00
2012-08-31 42,951.00 2,024.00 421.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • FedEx has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • FedEx used its assets more efficiently than the US Logistics industry average last year based on Return on Assets.
  • FedEx's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess FedEx's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Logistics industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
FedEx has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

FDX Health

 How is FedEx's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up FedEx's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • FedEx is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • FedEx's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of FedEx's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from FedEx Company Filings, last reported 3 months ago.

NYSE:FDX Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-02-28 19,894.00 18,416.00 2,872.00
2018-11-30 19,294.00 17,291.00 2,123.00
2018-08-31 19,173.00 16,944.00 2,369.00
2018-05-31 19,416.00 16,585.00 3,265.00
2018-02-28 18,894.00 17,580.00 2,789.00
2017-11-30 17,055.00 15,441.00 2,768.00
2017-08-31 16,618.00 15,156.00 3,503.00
2017-05-31 16,073.00 14,931.00 3,969.00
2017-02-28 15,184.00 14,758.00 3,173.00
2016-11-30 14,531.00 13,596.00 3,059.00
2016-08-31 14,142.00 13,782.00 2,989.00
2016-05-31 13,784.00 13,762.00 3,534.00
2016-02-29 14,327.00 8,488.00 2,841.00
2015-11-30 14,990.00 8,495.00 3,647.00
2015-08-31 15,283.00 7,258.00 3,543.00
2015-05-31 14,993.00 7,268.00 3,763.00
2015-02-28 16,012.00 7,228.00 3,478.00
2014-11-30 15,563.00 4,735.00 2,266.00
2014-08-31 15,121.00 4,736.00 2,416.00
2014-05-31 15,277.00 4,737.00 2,908.00
2014-02-28 15,227.00 4,736.00 3,042.00
2013-11-30 17,533.00 2,990.00 3,935.00
2013-08-31 17,655.00 2,993.00 5,096.00
2013-05-31 17,398.00 2,990.00 4,917.00
2013-02-28 16,112.00 2,242.00 3,372.00
2012-11-30 15,543.00 2,242.00 2,517.00
2012-08-31 15,024.00 2,359.00 2,743.00
  • FedEx's level of debt (92.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (31.1% vs 92.6% today).
  • Debt is well covered by operating cash flow (37.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 10.2x coverage).
X
Financial health checks
We assess FedEx's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. FedEx has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

FDX Dividends

 What is FedEx's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.58%
Current annual income from FedEx dividends. Estimated to be 1.9% next year.
If you bought $2,000 of FedEx shares you are expected to receive $32 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • FedEx's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • FedEx's dividend is below the markets top 25% of dividend payers in United States of America (3.71%).
Upcoming dividend payment

Purchase FedEx before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:FDX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 23 Analyst Estimates (S&P Global) See Below
United States of America Logistics Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 2.7%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:FDX Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-05-31 4.20 2.00
2022-05-31 3.75 2.00
2021-05-31 3.19 9.00
2020-05-31 2.88 17.00
2019-05-31 2.61 17.00
NYSE:FDX Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-06-10 2.600 1.600
2019-02-15 2.600 1.462
2018-11-16 2.600 1.422
2018-08-17 2.600 1.112
2018-06-11 2.600 1.078
2018-02-16 2.000 0.812
2017-11-17 2.000 0.808
2017-08-18 2.000 0.915
2017-06-12 2.000 0.945
2017-02-17 1.600 0.830
2016-11-18 1.600 0.838
2016-08-19 1.600 0.933
2016-06-06 1.600 1.000
2016-02-19 1.000 0.638
2015-11-02 1.000 0.698
2015-08-14 1.000 0.659
2015-06-08 1.000 0.582
2015-02-13 0.800 0.462
2014-11-21 0.800 0.457
2014-08-15 0.800 0.504
2014-06-09 0.800 0.538
2014-02-14 0.600 0.439
2013-11-15 0.600 0.436
2013-08-16 0.600 0.508
2013-06-03 0.600 0.585
2013-02-15 0.560 0.563
2012-11-02 0.560 0.592
2012-08-17 0.560 0.633
2012-06-04 0.560 0.627
2012-02-17 0.520 0.579
2011-11-18 0.520 0.600
2011-08-19 0.520 0.685
2011-06-06 0.520 0.593
2011-02-28 0.480 0.521
2010-11-08 0.480 0.521
2010-08-23 0.480 0.563
2010-06-07 0.480 0.610
2010-02-16 0.440 0.504
2009-11-20 0.440 0.526
2009-08-14 0.440 0.588

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of FedEx's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (5.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (5.3x coverage).
X
Income/ dividend checks
We assess FedEx's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can FedEx afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. FedEx has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

FDX Management

 What is the CEO of FedEx's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Frederick Smith
COMPENSATION $16,665,398
AGE 74
TENURE AS CEO 21.4 years
CEO Bio

Mr. Frederick W. Smith has been Chairman of FedEx Express since 1975. Mr. Smith has been the Chief Executive Officer of FedEx Corporation since January 1998 and served as its President from January 1998 to February 1, 2017. Mr. Smith serves as Chief Executive Officer and President at FedEx Ground Package System, Inc. He serves as Director, Chairman of FedEx Corp, Chief Executive Officer of FedEx Corp and President of FedEx Corp at FedEx Office and Print Services, Inc. Mr. Smith is the Founder of FedEx Corporation and has been its Executive Chairman since 1998 and Executive Director since 1971. He is the Founder of Memphis Angels. Mr. Smith founded Federal Express Corporation (US) in 1971 and served as its President from June 1971 to February 1975. Mr. Smith served as the Chief Executive Officer of Federal Express Corporation (US) from 1977 to January 1998. He was Chairman, President and Chief Executive Officer of FedEx Express from April 1983 to January 1998. He served as an officer in the U.S. Marine Corps in Vietnam from 1966 to 1970. He has been the Chairman of Federal Express Corporation since 1975. He served as Chairman of the Board of Governors for the International Air Transport Association and the U.S. Air Transport Association. Mr. Smith serves as a Director of FedEx Corporation of FedEx Ground Package System, Inc. He serves as a Director of Federal Express Corp. He has been Director of Startup America Partnership, LLC since August 23, 2011. He serves as Emeritus Public Trustee of Mayo Clinic. He serves as a Director of FedEx Office and Print Services, Inc. He serves as a Trustee of Mayo Foundation For Medical Education And Research. He has served as a Director of the Business Roundtable, Council on Foreign Relations, Inc., and Library of Congress James Madison Council. He served as a Director of Value America Inc. since 1999. He served as a Member of the Advisory Board of Forstmann Little & Co. He served as a Director of CATO Institute. He is the Co-chairman of the Energy Security Leadership Council. He serves as a Co-chairman of the U.S. World War II Memorial Project, Mayo Foundation Boards and the St. Jude Children's Research Hospital. Mr. Smith serves as the Chair of the Business Roundtable's Security Task Force. He serves as the Chairman of the U.S.-France Business Council. He served as Chairman of the U.S.-China Business Council. He was named Chief Executive magazine's 2004 “Chief Executive Officer of the Year. Mr. Smith attended Yale University, where he earned a B.A. degree in 1966.

CEO Compensation
  • Frederick's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Frederick's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the FedEx management team in years:

1.7
Average Tenure
62
Average Age
  • The average tenure for the FedEx management team is less than 2 years, this suggests a new team.
Management Team

Frederick Smith

TITLE
Founder
COMPENSATION
$17M
AGE
74
TENURE
21.4 yrs

Alan Graf

TITLE
Executive VP & CFO
COMPENSATION
$7M
AGE
64
TENURE
21.4 yrs

Rob Carter

TITLE
CIF, Co-CEO & Executive VP of FedEx Information Services
COMPENSATION
$6M
AGE
58
TENURE
19 yrs

Raj Subramaniam

TITLE
President & COO
AGE
52
TENURE
0.3 yrs

John Merino

TITLE
Corporate VP & Principal Accounting Officer

Mickey Foster

TITLE
Staff Vice President of Investor Relations

Mark Allen

TITLE
Executive VP
AGE
62
TENURE
1.7 yrs

Brie Carere

TITLE
Executive VP and Chief Marketing & Communications Officer
TENURE
0.4 yrs

Jill Brannon

TITLE
Executive VP & Chief Sales Officer
TENURE
0.3 yrs

Judy Edge

TITLE
Corporate Vice President of Human Resources
Board of Directors Tenure

Average tenure and age of the FedEx board of directors in years:

10
Average Tenure
63
Average Age
  • The average tenure for the FedEx board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Frederick Smith

TITLE
Founder
COMPENSATION
$17M
AGE
74
TENURE
21.4 yrs

Paul Walsh

TITLE
Independent Director
COMPENSATION
$309K
AGE
63
TENURE
23.4 yrs

John Edwardson

TITLE
Independent Director
COMPENSATION
$319K
AGE
69
TENURE
16 yrs

David Steiner

TITLE
Lead Independent Director
COMPENSATION
$309K
AGE
58

Chris Inglis

TITLE
Independent Director
COMPENSATION
$294K
AGE
63
TENURE
3.6 yrs

Shirley Jackson

TITLE
Independent Director
COMPENSATION
$294K
AGE
71
TENURE
20.4 yrs

Susan Schwab

TITLE
Independent Director
COMPENSATION
$294K
AGE
63
TENURE
10 yrs

R. Martin

TITLE
Independent Director
COMPENSATION
$294K
AGE
66
TENURE
7.8 yrs

Joshua Ramo

TITLE
Independent Director
COMPENSATION
$294K
AGE
49
TENURE
7.8 yrs

Kim Jabal

TITLE
Independent Director
COMPENSATION
$294K
AGE
49
TENURE
5.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
04. Jan 19 Buy David Steiner Individual 02. Jan 19 02. Jan 19 7,000 $162.92 $1,140,446
18. Oct 18 Buy Susan Griffith Individual 17. Oct 18 17. Oct 18 1,000 $225.16 $225,156
X
Management checks
We assess FedEx's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. FedEx has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

FDX News

Simply Wall St News

How Much Of FedEx Corporation (NYSE:FDX) Do Insiders Own?

Check out our latest analysis for FedEx NYSE:FDX Ownership Summary, June 8th 2019 What Does The Institutional Ownership Tell Us About FedEx? … We can see that FedEx does have institutional investors; and they hold 72% of the stock. … Insider Ownership Of FedEx The definition of company insiders can be subjective, and does vary between jurisdictions.

Simply Wall St -

A Look At The Fair Value Of FedEx Corporation (NYSE:FDX)

Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. … We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we discount the value of these future cash flows to their estimated value in today's dollars: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF ($, Millions) $464.25 $1.82k $2.44k $3.31k $3.56k $3.78k $3.97k $4.14k $4.30k $4.45k Growth Rate Estimate Source Analyst x4 Analyst x5 Analyst x3 Analyst x1 Analyst x1 Est @ 6% Est @ 5.02% Est @ 4.33% Est @ 3.85% Est @ 3.51% Present Value ($, Millions) Discounted @ 9.87% $422.56 $1.50k $1.84k $2.27k $2.23k $2.15k $2.05k $1.95k $1.84k $1.74k Present Value of 10-year Cash Flow (PVCF)= $17.99b "Est" = FCF growth rate estimated by Simply Wall St The second stage is also known as Terminal Value, this is the business's cash flow after the first stage.

Simply Wall St -

What Do Analysts Think About The Future Of FedEx Corporation's (NYSE:FDX)?

Looking at FedEx Corporation's (NYSE:FDX) earnings update in February 2019, analysts seem cautiously bearish, with profits predicted to rise by 11% next year relative to the higher past 5-year average growth rate of 22%. … To understand the overall trajectory of FDX's earnings growth over these next fews years, I've fitted a line through these analyst earnings forecast to determine an annual growth rate from the slope. … NYSE:FDX Past and Future Earnings, May 16th 2019 From the current net income level of US$4.6b and the final forecast of US$6.1b by 2022, the annual rate of growth for FDX’s earnings is 12%.

Simply Wall St -

Is FedEx Corporation's (NYSE:FDX) Stock Available For A Good Price After Accounting For Growth?

Help shape the future of investing tools and you could win a $250 gift card! … FedEx Corporation (NYSE:FDX) closed yesterday at $180.66, which left some investors asking whether the high earnings potential can still be justified at this price. … Let’s take a look at some key metrics to determine whether there's any value here for current and potential future investors.

Simply Wall St -

How Financially Strong Is FedEx Corporation (NYSE:FDX)?

the health of the financials determines whether the company continues to succeed. … This article will examine FedEx’s financial liquidity and debt levels to get an idea of whether the company can deal with cyclical downturns and maintain funds to accommodate strategic spending for future growth. … Note that this commentary is very high-level and solely focused on financial health, so I suggest you dig deeper yourself

Simply Wall St -

Why You Should Like FedEx Corporation’s (NYSE:FDX) ROCE

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Return On Capital Employed (ROCE): What is it? … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

Is FedEx Corporation's (NYSE:FDX) P/E Ratio Really That Good?

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … Based on the last twelve months, FedEx's P/E ratio is 13.87. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Where FedEx Corporation's (NYSE:FDX) Earnings Growth Stands Against Its Industry

When FedEx Corporation (NYSE:FDX) released its most recent earnings update (28 February 2019), I compared it against two factor: its historical earnings track record, and the performance of its industry peers on average. … FDX's trailing twelve-month earnings (from 28 February 2019) of US$3.6b has. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 22%, indicating the rate at which FDX is growing has slowed down

Simply Wall St -

Why You Should Care About FedEx Corporation’s (NYSE:FDX) Cash Levels

I will take you through FedEx’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … Free cash flow (FCF) is the amount of cash FedEx has left after it pays off its expenses, including its net capital expenditures, which is what the company needs to spend each year to maintain or grow its business operations. … The two ways to assess whether FedEx’s FCF is sufficient, is to compare the FCF yield to the market index yield, as well as determine whether the top-line operating cash flows will continue to grow

Simply Wall St -

Have Insiders Been Buying FedEx Corporation (NYSE:FDX) Shares This Year?

So before you buy or sell FedEx Corporation (NYSE:FDX), you may well want to know whether insiders have been buying or selling. … The Last 12 Months Of Insider Transactions At FedEx. … In the last twelve months insiders paid US$1.4m for 8.00k shares purchased

Simply Wall St -

FDX Company Info

Description

FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company’s FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages. The company’s FedEx Freight segment offers less-than-truckload and freight delivery services. As of May 31, 2018, it operated approximately 27,000 vehicles and 370 service centers. The company’s FedEx Services segment provides sales, marketing, information technology, communications, customer, technical support, billing and collection, and other back-office support services. It also offers FedEx Mobile, a suite of solutions to track packages, create shipping labels, view account-specific rate quotes, and access drop-off location information; FedEx Office, a suite of printing and shipping management solutions for copying and digital printing, professional finishing, document creation, direct mail, signs and graphics, computer rentals, Wi-Fi, and corporate print solutions; and packing services, supplies, and boxes, as well as FedEx Express and FedEx Ground shipping services. The company’s Corporate, Other and Eliminations segment offers international trade services in customs brokerage, and ocean and air freight forwarding services; cross-border enablement and technology solutions, and e-commerce transportation solutions; integrated supply chain management solutions; time-critical shipment services; critical inventory and service parts logistics, 3-D printing, and technology repair. This segment also provides international trade advisory services, including assistance with the customs-trade partnership against terrorism program; and publishes customs duty and tax information. FedEx Corporation was founded in 1971 and is headquartered in Memphis, Tennessee.

Details
Name: FedEx Corporation
FDX
Exchange: NYSE
Founded: 1971
$42,877,552,404
260,574,612
Website: http://www.fedex.com
Address: FedEx Corporation
942 South Shady Grove Road,
Memphis,
Tennessee, 38120,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE FDX Common Stock New York Stock Exchange US USD 02. Jan 1992
DB FDX Common Stock Deutsche Boerse AG DE EUR 02. Jan 1992
XTRA FDX Common Stock XETRA Trading Platform DE EUR 02. Jan 1992
LSE 0QZX Common Stock London Stock Exchange GB USD 02. Jan 1992
SWX FDX Common Stock SIX Swiss Exchange CH CHF 02. Jan 1992
WBAG FDX Common Stock Wiener Boerse AG AT EUR 02. Jan 1992
BMV FDX * Common Stock Bolsa Mexicana de Valores MX MXN 02. Jan 1992
BOVESPA FDXB34 BDR EACH REPR 1 COM USD0.10 Bolsa de Valores de Sao Paulo BR BRL 24. Aug 2012
Number of employees
Current staff
Staff numbers
359,000
FedEx employees.
Industry
Air Freight and Logistics
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/16 23:34
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/13
Last earnings filing: 2019/03/19
Last earnings reported: 2019/02/28
Last annual earnings reported: 2018/05/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.