NYSE · Industrials

FedEx Corporation

FDX · Integrated Freight & Logistics

$355.25

▼ -38.42 (-9.76%)

Data cached · refreshes every 10 min

Mr. Market is currently offering FedEx Corporation at $355.25.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability D

Gross Profit Margin 21.6%

Operating Margin 6.8%

Net Income Margin 4.7%

Fin. Health D

Years to Pay Off Debt 9.1 yrs

Working Capital vs Long-Term Debt -$16.2B

Working Capital $3.0B

Valuation F

Margin of Safety 0.0%

Price-to-Book 3.02x

Cash Flow C

Free Cash Flow $3.0B

CapEx % of Net Income 99.1%

Owner Earnings $12.4B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $84.8B

Enterprise Value $127.7B

P/E (TTM) 18.96

Dividend Yield 1.47%

Exchange NYSE

Key Margins

Gross Profit 21.6%

Operating Margin 6.8%

Net Margin 4.7%

Company Info

Sector Industrials

Industry Integrated Freight & Logistics

Employees 300000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering FedEx Corporation at $355.25.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $355.25, the stock trades at a 68% premium to its Graham Number of $210.95. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About FedEx Corporation

FedEx Corporation, together with its subsidiaries, provides transportation, e-commerce, and business services in the United States and internationally. It operates through Federal Express and FedEx Freight segments. The company offers transportation services, including express, freight, less-than-truckload freight, and time-specific freight-shipping; and small-package ground delivery services. It also provides e-commerce and digital solutions; dataworks; printing and shipping management, including digital printing, professional finishing, document creation, design solutions, direct mail, signs and graphics, custom-branded boxes, copying, computer rental, free Wi-Fi, corporate print solutions, shredding, expedited U.S. passport processing and renewal, and digital notarization; packing services, as well as packing supplies and boxes; document and business services; and retail access for package transportation. In addition, the company offers logistics services, air and ocean freight-forwarding and cargo transportation, specialty transportation, customs brokerage and clearance, trade management tools and data, and door-to-door solutions; and third party logistics and supply chain management solutions, such as inbound logistics, warehousing and distribution, fulfillment, contract packaging and product configuration, systems integration, returns process and disposition, test, repair, refurbishment, and product liquidation. Further, it provides sales, marketing, administrative, information technology, and back-office support services. FedEx Corporation was founded in 1971 and is headquartered in Memphis, Tennessee.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	21.6% ▼	21.6%	21.3%	21.6%	N/A
Operating Margin %	6.8% ▼	7.2%	5.9%	7.0%	N/A
Net Income %	4.7% ▼	4.9%	4.4%	4.1%	N/A
Diluted EPS	16.81 ▼	17.21	15.48	14.33	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$87.6B	$87.0B	$87.1B	$86.0B	N/A
Total Debt	$37.4B ↓	$37.7B	$38.3B	$37.2B	N/A
Working Capital	$3.0B ▼	$4.9B	$5.0B	$6.1B	N/A
Years to Pay Debt	9.14	8.71	9.65	9.72	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$3.0B ▼	$3.1B	$2.7B	$3.1B	N/A
Owner Earnings	$12.4B	$13.8B	$14.3B	$14.6B	N/A
CapEx % of Net Income	99.1%	119.5%	155.4%	176.8%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-192,696	-190,662	-110,334	-60,882
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	11,271,000	11,607,000	10,659,000	9,833,000
Total Unusual Items	-777,000	-739,000	-426,000	-278,000
Total Unusual Items Excluding Goodwill	-777,000	-739,000	-426,000	-278,000
Net Income From Continuing Operation Net Minority Interest	4,092,000	4,331,000	3,972,000	3,826,000
Reconciled Depreciation	4,264,000	4,287,000	4,176,000	3,970,000
Reconciled Cost Of Revenue	68,931,000	68,741,000	70,989,000	73,345,000
EBITDA	10,494,000	10,868,000	10,233,000	9,555,000
EBIT	6,230,000	6,581,000	6,057,000	5,585,000
Net Interest Income	-426,000	-375,000	-496,000	-636,000
Interest Expense	789,000	745,000	694,000	689,000
Interest Income	363,000	370,000	198,000	53,000
Normalized Income	4,676,304	4,879,338	4,287,666	4,043,118
Net Income From Continuing And Discontinued Operation	4,092,000	4,331,000	3,972,000	3,826,000
Total Expenses	81,932,000	81,395,000	84,817,000	86,989,000
Rent Expense Supplemental	4,647,000	4,571,000	4,738,000	4,712,000
Total Operating Income As Reported	5,217,000	5,559,000	4,912,000	6,245,000
Diluted Average Shares	243,427	251,656	256,589	266,992
Basic Average Shares	243,000	251,000	256,000	266,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	4,087,000	4,325,000	3,966,000	3,819,000
Net Income Common Stockholders	4,087,000	4,325,000	3,966,000	3,819,000
Otherunder Preferred Stock Dividend	5,000	6,000	6,000	7,000
Net Income	4,092,000	4,331,000	3,972,000	3,826,000
Net Income Including Noncontrolling Interests	4,092,000	4,331,000	3,972,000	3,826,000
Net Income Continuous Operations	4,092,000	4,331,000	3,972,000	3,826,000
Tax Provision	1,349,000	1,505,000	1,391,000	1,070,000
Pretax Income	5,441,000	5,836,000	5,363,000	4,896,000
Other Income Expense	-127,000	-87,000	521,000	-991,000
Other Non Operating Income Expenses	650,000	652,000	947,000	-713,000
Special Income Charges	-777,000	-739,000	-426,000	-278,000
Other Special Charges					393,000
Impairment Of Capital Assets	21,000	157,000	117,000	0
Restructuring And Mergern Acquisition	756,000	582,000	309,000	278,000
Net Non Operating Interest Income Expense	-426,000	-375,000	-496,000	-636,000
Interest Expense Non Operating	789,000	745,000	694,000	689,000
Interest Income Non Operating	363,000	370,000	198,000	53,000
Operating Income	5,994,000	6,298,000	5,338,000	6,523,000
Operating Expense	13,001,000	12,654,000	13,828,000	13,644,000
Other Operating Expenses	13,001,000	12,654,000	13,828,000	13,644,000
Selling General And Administration		-722,000	-1,054,000	726,000	-1,983,000
General And Administrative Expense		-722,000	-1,054,000	726,000	-1,983,000
Salaries And Wages		-722,000	-1,054,000	726,000	-1,983,000
Gross Profit	18,995,000	18,952,000	19,166,000	20,167,000
Cost Of Revenue	68,931,000	68,741,000	70,989,000	73,345,000
Total Revenue	87,926,000	87,693,000	90,155,000	93,512,000
Operating Revenue	87,926,000	87,693,000	90,155,000	93,512,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	80,000	73,698	66,813	58,154
Ordinary Shares Number	238,000	244,302	251,187	259,846
Share Issued	318,000	318,000	318,000	318,000
Net Debt	15,077,000	13,702,000	13,723,000	12,899,000
Total Debt	37,416,000	37,719,000	38,332,000	37,194,000
Tangible Book Value	21,471,000	21,159,000	19,653,000	18,094,000
Invested Capital	48,653,000	47,785,000	46,667,000	44,735,000
Working Capital	2,975,000	4,852,000	5,024,000	6,091,000
Net Tangible Assets	21,471,000	21,159,000	19,653,000	18,094,000
Capital Lease Obligations	16,837,000	17,516,000	17,753,000	17,398,000
Common Stock Equity	28,074,000	27,582,000	26,088,000	24,939,000
Total Capitalization	47,225,000	47,717,000	46,541,000	44,685,000
Total Equity Gross Minority Interest	28,074,000	27,582,000	26,088,000	24,939,000
Stockholders Equity	28,074,000	27,582,000	26,088,000	24,939,000
Gains Losses Not Affecting Retained Earnings	-1,362,000	-1,359,000	-1,327,000	-1,103,000
Other Equity Adjustments	-1,362,000	-1,359,000	-1,327,000	-1,103,000
Treasury Stock	16,288,000	13,728,000	11,645,000	10,484,000
Retained Earnings	41,402,000	38,649,000	35,259,000	32,782,000
Additional Paid In Capital	4,290,000	3,988,000	3,769,000	3,712,000
Capital Stock	32,000	32,000	32,000	32,000
Common Stock	32,000	32,000	32,000	32,000
Total Liabilities Net Minority Interest	59,553,000	59,425,000	61,055,000	61,055,000
Total Non Current Liabilities Net Minority Interest	44,142,000	46,070,000	47,469,000	46,781,000
Other Non Current Liabilities	783,000	689,000	695,000	682,000
Employee Benefits	1,698,000	2,010,000	3,130,000	4,448,000
Non Current Pension And Other Postretirement Benefit Plans	1,698,000	2,010,000	3,130,000	4,448,000
Non Current Accrued Expenses	4,033,000	3,701,000	3,339,000	2,889,000
Non Current Deferred Liabilities	4,205,000	4,482,000	4,489,000	4,093,000
Non Current Deferred Taxes Liabilities	4,205,000	4,482,000	4,489,000	4,093,000
Long Term Debt And Capital Lease Obligation	33,423,000	35,188,000	35,816,000	34,669,000
Long Term Capital Lease Obligation	14,272,000	15,053,000	15,363,000	14,923,000
Long Term Debt	19,151,000	20,135,000	20,453,000	19,746,000
Current Liabilities	15,411,000	13,355,000	13,586,000	14,274,000
Current Debt And Capital Lease Obligation	3,993,000	2,531,000	2,516,000	2,525,000
Current Capital Lease Obligation	2,565,000	2,463,000	2,390,000	2,475,000
Current Debt	1,428,000	68,000	126,000	50,000
Other Current Borrowings	1,428,000	68,000	126,000	50,000
Pensionand Other Post Retirement Benefit Plans Current	1,648,000	1,916,000	1,647,000	1,780,000
Payables And Accrued Expenses	9,770,000	8,908,000	9,423,000	9,969,000
Current Accrued Expenses	5,706,000	5,385,000	5,270,000	5,407,000
Payables	4,064,000	3,523,000	4,153,000	4,562,000
Total Tax Payable	372,000	334,000	305,000	532,000
Accounts Payable	3,692,000	3,189,000	3,848,000	4,030,000
Total Assets	87,627,000	87,007,000	87,143,000	85,994,000
Total Non Current Assets	69,241,000	68,800,000	68,533,000	65,629,000
Other Non Current Assets	4,543,000	3,771,000	4,053,000	4,080,000
Goodwill And Other Intangible Assets	6,603,000	6,423,000	6,435,000	6,845,000
Other Intangible Assets			234,000	301,000	352,000
Goodwill	6,603,000	6,423,000	6,435,000	6,544,000
Net PPE	58,095,000	58,606,000	58,045,000	54,704,000
Accumulated Depreciation	-45,980,000	-42,900,000	-39,926,000	-37,184,000
Gross PPE	104,075,000	101,506,000	97,971,000	91,888,000
Other Properties	35,331,000	34,995,000	34,186,000	31,543,000
Machinery Furniture Equipment	26,211,000	25,418,000	24,486,000	22,665,000
Current Assets	18,386,000	18,207,000	18,610,000	20,365,000
Other Current Assets	914,000	1,005,000	962,000	968,000
Prepaid Assets				968,000	837,000
Inventory	602,000	614,000	604,000	637,000
Receivables	11,368,000	10,087,000	10,188,000	11,863,000
Accounts Receivable	11,368,000	10,087,000	10,188,000	11,863,000
Allowance For Doubtful Accounts Receivable	-773,000	-775,000	-800,000	-692,000
Gross Accounts Receivable	12,141,000	10,862,000	10,988,000	12,555,000
Cash Cash Equivalents And Short Term Investments	5,502,000	6,501,000	6,856,000	6,897,000
Cash And Cash Equivalents	5,502,000	6,501,000	6,856,000	6,897,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	2,981,000	3,136,000	2,674,000	3,069,000
Repurchase Of Capital Stock	-3,017,000	-2,500,000	-1,500,000	-2,248,000
Repayment Of Debt	-157,000	-147,000	-152,000	-161,000
Issuance Of Debt			0	0	4,212,000
Issuance Of Capital Stock	524,000	491,000	231,000	184,000
Capital Expenditure	-4,055,000	-5,176,000	-6,174,000	-6,763,000
Interest Paid Supplemental Data	814,000	744,000	694,000	695,000
Income Tax Paid Supplemental Data	1,285,000	1,555,000	1,096,000	751,000
End Cash Position	5,502,000	6,501,000	6,856,000	6,897,000
Beginning Cash Position	6,501,000	6,856,000	6,897,000	7,087,000
Effect Of Exchange Rate Changes	76,000	-41,000	-118,000	-187,000
Changes In Cash	-1,075,000	-314,000	77,000	-3,000
Financing Cash Flow	-4,019,000	-3,426,000	-2,597,000	-3,019,000
Cash Flow From Continuing Financing Activities	-4,019,000	-3,426,000	-2,597,000	-3,019,000
Net Other Financing Charges	-30,000	-11,000	1,000	-1,000
Cash Dividends Paid	-1,339,000	-1,259,000	-1,177,000	-793,000
Common Stock Dividend Paid	-1,339,000	-1,259,000	-1,177,000	-793,000
Net Common Stock Issuance	-2,493,000	-2,009,000	-1,269,000	-2,064,000
Common Stock Payments	-3,017,000	-2,500,000	-1,500,000	-2,248,000
Common Stock Issuance	524,000	491,000	231,000	184,000
Net Issuance Payments Of Debt	-157,000	-147,000	-152,000	-161,000
Net Long Term Debt Issuance	-157,000	-147,000	-152,000	-161,000
Long Term Debt Payments	-157,000	-147,000	-152,000	-161,000
Long Term Debt Issuance			0	0	4,212,000
Investing Cash Flow	-4,092,000	-5,200,000	-6,174,000	-6,816,000
Cash Flow From Continuing Investing Activities	-4,092,000	-5,200,000	-6,174,000	-6,816,000
Net Other Investing Changes	115,000	114,000	84,000	94,000
Net Investment Purchase And Sale	-152,000	-138,000	-84,000	-147,000
Sale Of Investment	110,000	38,000	0	0
Purchase Of Investment	-262,000	-176,000	-84,000	-147,000
Net Business Purchase And Sale			0	0	-228,000
Purchase Of Business			0	0	-228,000
Capital Expenditure Reported	-4,055,000	-5,176,000	-6,174,000	-6,763,000
Operating Cash Flow	7,036,000	8,312,000	8,848,000	9,832,000
Cash Flow From Continuing Operating Activities	7,036,000	8,312,000	8,848,000	9,832,000
Change In Working Capital	-4,700,000	-3,431,000	-3,140,000	-3,119,000
Change In Other Working Capital	-565,000	-565,000	-639,000	-790,000
Change In Other Current Assets	90,000	-43,000	48,000	-158,000
Change In Payables And Accrued Expense	-2,445,000	-2,553,000	-3,331,000	-1,861,000
Change In Payable	-2,445,000	-2,553,000	-3,331,000	-1,861,000
Change In Account Payable	-2,445,000	-2,553,000	-3,331,000	-1,861,000
Change In Receivables	-1,780,000	-270,000	782,000	-310,000
Other Non Cash Items	3,199,000	2,945,000	3,495,000	2,984,000
Stock Based Compensation	154,000	163,000	182,000	190,000
Provisionand Write Offof Assets	521,000	421,000	696,000	403,000
Asset Impairment Charge	21,000	157,000	117,000	0
Deferred Tax			3,472,000	2,931,000	2,887,000
Deferred Income Tax			3,472,000	2,931,000	2,887,000
Depreciation Amortization Depletion	4,264,000	4,287,000	4,176,000	3,970,000
Depreciation And Amortization	4,264,000	4,287,000	4,176,000	3,970,000
Operating Gains Losses	-515,000	-561,000	-650,000	1,578,000
Pension And Employee Benefit Expense	-515,000	-561,000	-650,000	1,578,000
Net Income From Continuing Operations	4,092,000	4,331,000	3,972,000	3,826,000

These metrics estimate what FedEx Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$210.95

Margin of Safety

Market Cap ÷ Company Value

1.68

P/B Ratio

3.02

Warren's Owner Earnings

$12.4B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$87.9B

vs > $1.5B revenue

❌ Strong Financial Condition

1.19x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.47%

vs Uninterrupted dividends

❌ Earnings Growth

+17.3% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

19.0x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

3.02x P/B (P/E×P/B: 57.2)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-172.53

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$279.12

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	99.1%	119.5%	155.4%	176.8%	N/A
Repurchase of Capital Stock	-$3.0B	-$2.5B	-$1.5B	-$2.2B	N/A
Free Cash Flow	$3.0B ▼	$3.1B ▲	$2.7B ▼	$3.1B •	N/A •
Warren's Owner Earnings	$12.4B	$13.8B	$14.3B	$14.6B	N/A

Peers & Industry

No auto-detected peers for Integrated Freight & Logistics. You can manually compare FDX against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

7.45%

Moderate — some alignment with shareholders

Return on Equity (ROE)

14.6%

Adequate — returns are moderate

Return on Assets (ROA)

4.7%

Fair — average asset utilization

Share Buybacks (Latest Year)

$3.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-0.8% YoY

Debt is declining — management is deleveraging

Leadership Team

Brad Martin

Executive Chairman

Age 73

Pay: $200,378

0.005% of net income

Rajesh Subramaniam

President, CEO & Director

Age 59

Pay: $6,521,967

0.159% of net income

John Dietrich

Executive VP & CFO

Age 60

Pay: $2,749,952

0.067% of net income

John Alan Smith

COO of Federal Express Corporation for U.S. & Canada

Age 62

Pay: $2,838,089

0.069% of net income

Vishal Talwar

Executive VP, Chief Digital & Information Officer and President of FedEx Dataworks

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.79%	23,347,787
Blackrock Inc.	7.05%	16,824,307
Dodge & Cox Inc.	6.53%	15,582,168
State Street Corporation	3.99%	9,521,691
Primecap Management Company	3.57%	8,512,671
Franklin Resources, Inc.	2.15%	5,133,231
FMR, LLC	2.10%	5,006,509
Geode Capital Management, LLC	2.09%	4,985,778

Risk Analysis

Beta (Market Risk)

1.30

Moderate volatility — moves slightly more than market

Short Interest

1.4% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.41x

Moderate leverage

Current Ratio

1.47x

Adequate liquidity

52-Week Price Range

Low: $212.64 Current: $355.25 High: $404.03

Currently at 75% of 52-week range

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