Industrials · Air Freight & Logistics · US stock · price as of 16 Oct 2026
Key indicators
Price
$293.55
52-week range
$184.62 – $342.74
Market cap
$70.2B
P/E (trailing)
15,760,185.0×
EV / EBITDA
8.5×
Free-cash-flow yield
7.3%
Dividend yield
1.8%
Revenue (last 12 months)
$94.7B
Revenue growth (3y a year)
1.7%
Operating margin
5.8%
Return on invested capital
6.7%
Net debt / EBITDA
3.1×
Fair value
Blended fair value$265.93 range $249 – $284
Versus priceFair−9% to fair value
Peer multiples
$370.88
Fundamentals-adjusted multiple
$225.90
10-year DCF (market-scaled)
$201.00
Earnings power value (floor, not blended)
$106.62
Model uncertainty
Medium
X-Ray Score
51/ 100 · High confidence · ahead of 52% of sector peers
Valuation65
Growth51
Profitability45
Financial health37
Dividends63
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Fedex Corp an X-Ray Score of 51 out of 100 (high confidence), ahead of 52% of the S&P 500 stocks in its sector. Its strongest lens is valuation (65) and its weakest is financial health (37).
Our fair value blend is $265.93 (range $249.27 to $283.63). At $293.55 the stock trades 10% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Fedex Corp (FDX)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$164.82
$163.67
$194.60
$170.62
$329.27
$293.55
Market cap
$43.8B
$41.9B
$48.8B
$41.5B
$78.7B
$70.2B
P/E
11.5×
10.6×
11.3×
10.1×
17.8×
15,760,185.0×
EV / revenue
0.6×
0.6×
0.7×
0.6×
1.0×
0.9×
EV / EBITDA
5.6×
6.1×
6.4×
6.0×
9.3×
8.5×
Price / free cash flow
14.3×
15.7×
15.6×
13.9×
15.4×
13.7×
Free-cash-flow yield
7.0%
6.4%
6.4%
7.2%
6.5%
7.3%
Price / book
1.8×
1.6×
1.8×
1.5×
2.5×
2.2×
Dividend yield
1.82%
3.58%
1.94%
3.24%
1.76%
1.82%
Fundamentals checklist ● 5 Good · ● 5 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−9.0%Good
Free-cash-flow yield7.3%Good
Risk models
Altman Z score2.9×Average
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)6.2%Average
Free-cash-flow growth (3y)24.1%Good
Revenue growth (3y)1.7%Bad
Growth consistency70%Average
Balance sheet
Current ratio1.5×Average
Net debt / EBITDA3.1×Bad
Interest coverno interest costGood
Valuation
Fair value vs price0.9×Average
EBIT / EV yield5.4%Good
Profitability
Return on invested capital6.7%Bad
Operating margin5.8%Bad
XStocksXray
Fedex Corp (FDX)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
93,512
90,155
87,693
87,926
94,720
94,720
Gross profit
–
–
–
–
–
–
Operating income
6,245
4,912
5,559
5,217
5,463
5,463
Net income
0
0
0
0
0
0
Diluted EPS ($)
14.33
15.48
17.21
16.81
18.55
0.00
Free cash flow
3,069
2,674
3,136
2,981
5,116
5,116
Gross margin
–
–
–
–
–
–
Operating margin
6.7%
5.4%
6.3%
5.9%
5.8%
5.8%
Net margin
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
85,994
87,143
87,007
87,627
98,937
98,937
Cash
6,897
6,856
6,501
5,502
13,311
13,311
Total debt
20,264
20,579
20,203
20,579
26,464
26,464
Equity
24,939
26,088
27,582
28,074
31,647
31,647
Dividend per share ($)
3.00
5.86
3.78
5.52
5.80
5.80
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.