FDX
FEDEX CORP
Transportation • CIK: 0001048911
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Market Cap
$65.40B
P/E (TTM)
15.1x
Rev Growth (TTM)
+3.1%
Net Margin (TTM)
4.8%
FCF Yield (TTM)
6.6%
FCF Margin (TTM)
4.8%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$4.3B
Q2 '26
$1.2B+9%
Q1 '26
$1.1B+4%
FCF Margin
TTM4.8%
Q2 '265.1%+4%
Sector: 4.4%Above Avg
OCF Margin9.1%
OCF/NI1.89x
CapEx Coverage2.1x
FCF Yield6.6%
FCF Growth (2Y)+27%
Cash Conversion Cycle
45 days
DSO: 45+DIO: –−DPO: –
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM4.8%
Div Yield2.1%
+Buyback (TTM)2.7%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)2.1%
FCF Payout Ratio31.3%
Free Cash Flow (TTM)$4.3B
Stock Repurchases (TTM)$1.8B
Capital Return / FCF72.3%
Est. Dividends Paid (TTM)$1.4B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
10.1%
Stable
+0.2% YoY+0.7%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
4.7%
8Q: 4.3%
Asset Turnover
1.03x
8Q: 1.02x
Leverage (1+D/E)
1.72x
D/E: 0.72x
DuPont: 8.3% ≈ 10.1% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
2.18x
8Q:2.14x
+17.6%
Invested Cap Turn
2.17x
8Q:2.15x
+9.7%
CapEx Intensity
9.3%
8Q:8.9%
CapEx/Depreciation
0.90x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $90.1B | $23.5B↑5.5% | $22.2B↑0.1% | $22.2B↑0.3% | $22.2B↑0.9% | $22.0B↑1.8% | $21.6B↓2.4% | $22.1B↑1.7% | $21.7B |
Operating Income | $5.6B | $1.4B↑16.2% | $1.2B↓33.9% | $1.8B↑38.8% | $1.3B↑22.8% | $1.1B↓2.6% | $1.1B↓30.5% | $1.6B↑25.1% | $1.2B |
Net Income | $4.3B | $955.0M↑16.0% | $823.0M↓50.0% | $1.6B↑81.3% | $908.0M↑22.9% | $739.0M↓6.8% | $793.0M↓46.1% | $1.5B↑67.7% | $878.0M |
Operating Cash Flow | $8.2B | $2.0B↑13.7% | $1.7B↓31.9% | $2.5B↑25.2% | $2.0B↑52.7% | $1.3B↑11.0% | $1.2B↓56.0% | $2.7B↑67.6% | $1.6B |
Free Cash Flow | $4.3B | $1.2B↑9.2% | $1.1B↑4.5% | $1.0B↑3.1% | $1.0B↑103.0% | $500.0M↑19.0% | $420.0M↓71.9% | $1.5B↑547.6% | $231.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
15.1x
Valuation Lenses
Earnings
15.1x
vs – sector
Cash Flow
21.5x
EV/FCF vs –
Growth-Adj
1.0xPEG
Undervalued for growth
Quality-Adj
1.5P/E per %ROIC
ROIC: 10.1%
Shareholder Returns
Dividend
2.1%
Buyback
2.7%
Total Yield
4.8%
Market Cap$65.40B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
84/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
15.8%
8Q:–
Return on Invested Capital (ROIC)Top 25%
10.1%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 4.7%
Asset Turnover: 1.03x
Earnings Quality
Cash Conversion
1.89x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin100.0%
Capital Efficiency
Invested Capital Turnover2.17x
Working Capital
Cash Conversion Cycle45 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
63/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
3.1%
OpInc Growth YoY
31.0%
EPS Growth YoY
15.5%
FCF 3Y CAGR
27.2%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
High Quality
Profitability Cascade
Gross
100.0%
Operating
6.3%
Below Avg in sector
Net
4.8%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+0.0 pts
FCF: 4.8% | Net: 4.8%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $13.72B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.72x
Balance sheet risk & solvency analysis