Fedex Corp (FDX)
Industrials · Air Freight & Logistics · US stock · S&P 500 component
$303.92
▲ +5.69 (1.91%)
Fair valueFair
$321 +5.7% to fair value
$161fair band $273–$389$482
Day's range
$296.71 – $304.82
52-week range
$234.53 – $413.87
About Fedex Corp
FedEx runs a worldwide transportation network that moves parcels, documents and freight by air and by road. Its services include time-definite express delivery, ground package delivery, less-than-truckload freight and supply chain and logistics support. Customers range from consumers and small businesses to large retailers and manufacturers, who ship goods through its fleet of aircraft and delivery vehicles and its network of sorting hubs and depots.
Revenue comes from shipping fees charged per package or shipment, plus surcharges and logistics services. Sales reached $94.7 billion over the last twelve months and have grown at 1.7% a year over the last three years. The operating margin is 5.8%, and the business earns a profit of 7% on the capital invested in it. Net debt is 3.1 times EBITDA. It pays a dividend with a yield of 1.8%. On the site's X-Ray Score it receives 54 out of 100.
FDX news
Crude oil in focus as stockpile draw, export data and warning reports collideCrude oil in focus as export and stockpile reports divergeCrude oil reports diverge as diplomacy hopes meet supply riskCrude oil slips as traders watch Middle East diplomacy
All FDX news →Price chart
52-wk range $234.53 – $413.87Volume 1,033,777Daily, split-adjusted
Vitals
Market cap$72.6B
52-week range$234.53 – $413.87
Volume (last day)1,033,777
P/E (TTM)16,316,932.1
EBIT / EV yield5.3%
Free-cash-flow yield7.0%
Dividend yield1.8%
Revenue (TTM)$94.7B
Net income (TTM)$4,433
Operating margin5.8%
Return on capital6.7%
Debt incl. leases$43.7B
Cash & securities$13.3B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$321middle half of models $300 – $359
Fair
+5.7% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $304
Undervalued < $273Fair $273 – $389Overvalued > $389
P/E multiple
$258
P/B multiple
$365
P/S multiple
$315
EV/EBITDA multiple
$375
EV/EBIT multiple
$293
EV/revenue multiple
$308
10-year DCF, EBITDA exit
$370
5-year DCF, EBITDA exit
$354
10-year DCF, revenue exit
$366
5-year DCF, revenue exit
$350
10-year DCF, growth exit
$308
5-year DCF, growth exit
$281
Dividend discount, stable
$198
Dividend discount, multi-stage
$334
Earnings power value
$344
Growth the price implies
12.1%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
78/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield5.3%
Free-cash-flow yield7.0%
Fair value vs price1.1×
Growth
Fair
51/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)1.7%
EPS growth (3y)6.2%
Growth consistency70%
Profitability
Weak
45/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital6.7%
Operating margin5.8%
Financial health
Weak
37/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA3.1×
Interest coverNo interest cost
Dividends
Fair
63/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.8%
Dividends vs free cash flow25%
Dividend growth5.3%
Quarterly results: last 6 quarters
+1.9%
Feb '25
+0.5%
May '25
+3.1%
Aug '25
+6.8%
Nov '25
+8.3%
Feb '26
+12.5%
May '26
Revenue against the same quarter a year earlier. Latest quarter revenue $25.0B.
Compare with peers
EXPD Expeditors Internation...45 UPS United Parcel Service...44 CHRW C. H. Robinson Worldwi...38Other Air Freight & Logistics companies by X-Ray Score.
SWOT analysis: Fedex Corp
Strengthsinside the company
- Free cash flow equals 7.0% of the market value, which funds dividends, buybacks or debt paydown.
- Operating profit covers interest 50x, so debt costs are a small drag.
Weaknessesinside the company
- Return on invested capital of 6.7% is well below the 19.7% median of industry peers.
Opportunitiesvaluation and setting
- Revenue growth picked up to 7.7% last year from 1.7% a year over three years.
- Dividends use only 25% of free cash flow, which leaves room to raise them.
Threatsvaluation and setting
- Trades at 16,385,490.6x earnings, 60,893,673% above the 26.9x median of industry peers, so the price already assumes better results.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare FDX with peers and sector
Medians of 3 Air Freight & Logistics peers and of 80 Industrials stocks in our universe.
Largest peers (X-Ray Score): UPS 44, EXPD 45, CHRW 38.
| Metric | FDX | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 54 | 44 | 50 |
| Valuation | 77 | 33 | 44 |
| Growth | 51 | 9 | 50 |
| Profitability | 45 | 48 | 51 |
| Financial health | 37 | 68 | 49 |
| Dividends | 63 | 36 | 53 |
Sector leaders: highest X-Ray Score in Industrials
FDX ranks #32 of 81 in Industrials and #1 of 4 in Air Freight & Logistics by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for FDX
Each factor is rated by where FDX stands among the 81 Industrials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 10 Good · 2 Average · 9 Bad of 21
Growth: 1 · 1 · 1
Profitability: 0 · 0 · 4
Financial strength: 1 · 1 · 2
Valuation: 4 · 0 · 1
Cash flow: 3 · 0 · 1
Efficiency: 1 · 0 · 0
| Factor | FDX | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +1.7% | Bad beats 27% | +5.6% | – | – |
| Revenue growth, last year | +7.7% | Good beats 68% | +4.5% | +0.3% | ▲ Better |
| EPS growth, 3 years a year | +6.2% | Average beats 52% | +5.7% | – | – |
| Profitability | |||||
| Operating margin | 5.8% | Bad beats 9% | 17.5% | 5.9% | ≈ In line |
| Net margin | 0.0% | Bad beats 1% | 12.8% | 0.0% | ≈ In line |
| Return on invested capital | 6.7% | Bad beats 4% | 14.9% | – | – |
| Return on equity | 0.0% | Bad beats 1% | 23.7% | 0.0% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 3.1x | Bad beats 9% | 1.8x | 1.4x | ▼ Worse |
| Interest cover | 50.0x | Good beats 76% | 21.4x | 7.1x | ▲ Better |
| Current ratio | 1.48 | Average beats 63% | 1.25 | 1.37 | ≈ In line |
| Piotroski F-score | 5 / 9 | Bad beats 16% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 16,385,490.6x | Bad beats 1% | 28.9x | 11,859,846.7x | ▼ Worse |
| Price / book | 2.3x | Good beats 93% | 6.2x | 1.9x | ▼ Worse |
| Price / sales | 0.8x | Good beats 96% | 3.5x | 0.5x | ≈ In line |
| EV / EBITDA | 10.5x | Good beats 92% | 18.5x | 6.5x | ▼ Worse |
| Free cash flow yield | 7.0% | Good beats 91% | 3.8% | 6.4% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 5.4% | Bad beats 12% | 13.8% | 3.4% | ▲ Better |
| Cash from operations / net income | 2,013,309.27 | Good beats 99% | 1.39 | 2,013,309.27 | ≈ In line |
| Free cash flow growth, 3 years a year | +24.1% | Good beats 74% | +14.5% | – | – |
| Accruals (lower is better) | −9.0% | Good beats 93% | −3.2% | – | – |
| Efficiency | |||||
| Days sales outstanding | 49 days | Good beats 68% | 57 days | 46 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 6 Good · ● 4 Average · ● 5 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldGood
Risk models
Altman Z''Average
Piotroski F-ScoreBad
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Good
Revenue growth (3y)Bad
Growth consistencyAverage
Balance sheet
Current ratioAverage
Net debt / EBITDABad
Interest coverGood
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalBad
Operating marginBad
Each check is graded against the company's sector, not a fixed number. Checklist score 49/100.
Financials
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Revenue | $93.5B | $90.2B | $87.7B | $87.9B | $94.7B |
| Operating income | $6.2B | $4.9B | $5.6B | $5.2B | $5.5B |
| Net income | $3,826 | $3,972 | $4,331 | $4,092 | $4,433 |
| Operating cash flow | $9.8B | $8.8B | $8.3B | $7.0B | $8.9B |
| Operating margin | 6.7% | 5.4% | 6.3% | 5.9% | 5.8% |
| Free cash flow | $3.1B | $2.7B | $3.1B | $3.0B | $5.1B |
| Diluted EPS | $14.33 | $15.48 | $17.21 | $16.81 | $18.55 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
9 bullish · 1 neutral · 6 bearish
Weekly
Bullish
7 bullish · 1 neutral · 4 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 295.0 | Bullish |
| EMA 10 | 296.1 | Bullish |
| SMA 20 | 291.7 | Bullish |
| EMA 20 | 295.7 | Bullish |
| SMA 50 | 306.9 | Bearish |
| EMA 50 | 301.7 | Bullish |
| SMA 100 | 312.3 | Bearish |
| EMA 100 | 303.9 | Bullish |
| SMA 200 | 301.2 | Bullish |
| EMA 200 | 291.2 | Bullish |
Oscillators (daily)
| RSI (14) | 59.65 | Neutral |
| MACD (12, 26) | -1.15 | Bearish |
| Momentum (12) | 5.15 | Bullish |
| Stochastic %K (14) | 95.45 | Bearish |
| Williams %R (14) | -4.55 | Bearish |
| CCI (20) | 203.0 | Bearish |
Pivot points (classic, last session)
S3 290.7 | S2 293.7 | S1 298.8 | Pivot 301.8 | R1 306.9 | R2 309.9 | R3 315.0 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
5.34 USD
Yield on today's price
1.76%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.2200 | |
| 1.2200 | |
| 1.4500 | |
| 1.4500 | |
| 1.4500 | |
| 1.4500 | |
| 1.3800 | |
| 1.3800 | |
| 1.3800 | |
| 1.3800 | |
| 1.2600 | |
| 1.2600 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold FDX
| ETF | Share of the fund |
|---|---|
| IYT iShares Transportation Average | 4.25% |
| DIVO Amplify CWP Enhanced Dividend Income | 2.41% |
| VIS Vanguard Industrials | 1.30% |
| VLUE iShares MSCI USA Value Factor | 1.27% |
| XLI Industrial Select Sector SPDR | 1.19% |
| RSPN Invesco S&P 500 Equal Weight Industria... | 1.14% |
| FIDU Fidelity MSCI Industrials Index | 0.97% |
| IYJ iShares U.S. Industrials | 0.80% |
The eight funds with the largest weight in FDX among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
FDX stock splits
FDX has split its stock 2 times since 1996. The latest was a 2-for-1 split on 7 May 1999.
Full FDX stock split history →FDX SEC filings
8-KSEC EDGAR
Shareholder vote results; Other events
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
424B5SEC EDGAR
424B5
DEF 14ASEC EDGAR
Proxy statement
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Results of operations
10-KSEC EDGAR
Annual report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.