Latest Ratios: P/E Ratio 16.7x · EV/EBITDA 9.4x · ROE 14.8%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $74.0B | $79.2B | $42.7B | $51.3B | $44.9B | $48.1B | $67.9B | $27.5B | $32.9B | $54.6B | $42.1B |
| Enterprise Value | $103.6B | $108.9B | $74.6B | $82.5B | $76.4B | $78.4B | $97.3B | $58.8B | $48.2B | $67.9B | $53.1B |
| P/E Ratio → | 16.71 | 17.87 | 10.45 | 11.88 | 11.33 | 12.59 | 13.01 | 21.46 | 60.90 | 11.93 | 14.10 |
| P/S Ratio | 0.78 | 0.84 | 0.49 | 0.59 | 0.50 | 0.51 | 0.81 | 0.40 | 0.47 | 0.83 | 0.70 |
| P/B Ratio | 2.34 | 2.50 | 1.52 | 1.86 | 1.72 | 1.93 | 2.81 | 1.51 | 1.85 | 2.81 | 2.62 |
| P/FCF | 14.45 | 15.49 | 14.32 | 16.37 | 17.01 | 15.67 | 15.98 | — | 267.67 | — | — |
| P/OCF | 8.29 | 8.88 | 6.07 | 6.18 | 5.10 | 4.89 | 6.70 | 5.40 | 5.87 | 11.67 | 8.55 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.15 | 0.85 | 0.94 | 0.85 | 0.84 | 1.16 | 0.85 | 0.69 | 1.04 | 0.88 |
| EV / EBITDA | 9.42 | 9.90 | 7.21 | 7.76 | 8.03 | 7.47 | 9.92 | 9.09 | 5.92 | 8.25 | 6.31 |
| EV / EBIT | 15.64 | 16.44 | 11.97 | 12.54 | 12.62 | 14.04 | 13.03 | 25.11 | 38.77 | 13.82 | 10.43 |
| EV / FCF | — | 21.28 | 25.02 | 26.32 | 28.93 | 25.55 | 22.89 | — | 391.75 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.8% | 21.8% | 21.6% | 21.6% | 21.3% | 21.6% | 21.2% | 19.3% | 21.3% | 21.5% | 22.8% |
| Operating Margin | 7.0% | 7.0% | 6.9% | 7.2% | 5.9% | 7.0% | 7.2% | 4.1% | 6.9% | 7.8% | 9.0% |
| Net Profit Margin | 4.7% | 4.7% | 4.7% | 4.9% | 4.4% | 4.1% | 6.2% | 1.9% | 0.8% | 7.0% | 5.0% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.8% | 14.8% | 14.7% | 16.1% | 15.6% | 15.6% | 24.6% | 7.1% | 2.9% | 25.8% | 20.1% |
| ROA | 4.8% | 4.8% | 4.7% | 5.0% | 4.6% | 4.5% | 6.7% | 2.0% | 1.0% | 9.1% | 6.3% |
| ROIC | 8.2% | 8.2% | 7.7% | 8.2% | 7.1% | 9.0% | 8.8% | 5.2% | 10.9% | 12.9% | 15.9% |
| ROCE | 8.7% | 8.7% | 8.3% | 8.6% | 7.4% | 9.3% | 9.1% | 5.3% | 10.9% | 12.3% | 13.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.36 | 1.36 | 1.33 | 1.37 | 1.47 | 1.49 | 1.51 | 1.97 | 0.99 | 0.85 | 0.93 |
| Debt / EBITDA | 3.91 | 3.91 | 3.62 | 3.54 | 4.03 | 3.54 | 3.72 | 5.59 | 2.16 | 2.02 | 1.77 |
| Net Debt / Equity | — | 0.94 | 1.14 | 1.13 | 1.21 | 1.21 | 1.22 | 1.71 | 0.86 | 0.69 | 0.68 |
| Net Debt / EBITDA | 2.70 | 2.70 | 3.08 | 2.93 | 3.31 | 2.89 | 2.99 | 4.83 | 1.88 | 1.62 | 1.30 |
| Debt / FCF | — | 5.79 | 10.71 | 9.95 | 11.92 | 9.87 | 6.91 | — | 124.08 | — | — |
| Interest Coverage | 12.43 | 12.43 | 7.90 | 8.83 | 8.73 | 8.11 | 9.42 | 3.48 | 2.11 | 8.80 | 9.94 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.48 | 1.48 | 1.19 | 1.36 | 1.37 | 1.43 | 1.51 | 1.58 | 1.45 | 1.39 | 1.59 |
| Quick Ratio | 1.44 | 1.44 | 1.15 | 1.32 | 1.32 | 1.38 | 1.46 | 1.53 | 1.39 | 1.33 | 1.53 |
| Cash Ratio | 0.70 | 0.70 | 0.36 | 0.49 | 0.50 | 0.48 | 0.52 | 0.47 | 0.26 | 0.34 | 0.50 |
| Asset Turnover | — | 0.96 | 1.00 | 1.01 | 1.03 | 1.09 | 1.01 | 0.94 | 1.28 | 1.25 | 1.24 |
| Inventory Turnover | 110.76 | 110.76 | 114.50 | 111.96 | 117.53 | 115.14 | 112.44 | 97.68 | 99.22 | 97.81 | 90.57 |
| Days Sales Outstanding | — | 48.83 | 47.19 | 41.98 | 41.25 | 46.30 | 52.57 | 53.27 | 47.74 | 47.30 | 45.98 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.9% | 1.7% | 3.1% | 2.5% | 2.6% | 1.6% | 1.0% | 2.5% | 2.1% | 1.0% | 1.0% |
| Payout Ratio | 31.0% | 31.0% | 32.7% | 29.1% | 29.6% | 20.7% | 13.1% | 52.8% | 126.5% | 11.7% | 14.2% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.0% | 5.6% | 9.6% | 8.4% | 8.8% | 7.9% | 7.7% | 4.7% | 1.6% | 8.4% | 7.1% |
| FCF Yield | 6.9% | 6.5% | 7.0% | 6.1% | 5.9% | 6.4% | 6.3% | — | 0.4% | — | — |
| Buyback Yield | 1.1% | 1.0% | 7.1% | 4.9% | 3.3% | 4.7% | 0.0% | 0.0% | 4.5% | 1.9% | 1.2% |
| Total Shareholder Yield | 2.9% | 2.7% | 10.2% | 7.3% | 6.0% | 6.3% | 1.0% | 2.5% | 6.6% | 2.8% | 2.2% |
| Shares Outstanding | — | $239M | $243M | $251M | $256M | $266M | $268M | $262M | $265M | $272M | $270M |
Integration and execution risk
According to current market data, FedEx trades at a forward P/E of 15.46, which appears to discount the company relative to pure-play LTL carriers like Old Dominion, suggesting investors remain skeptical of the firm's ability to fully realize margin synergies from its integrated network consolidation strategy.
The current EV/EBITDA multiple of 9.61 indicates that the market is pricing FedEx as a mature industrial entity rather than a high-growth logistics provider. This valuation suggests that the market is waiting for tangible evidence of margin expansion from the 'One FedEx' initiative before re-rating the stock closer to its more efficient, specialized peers.
Based on reported financial figures, FedEx's ROIC has struggled to exceed 2.5% over the last ten quarters, a performance that significantly lags behind industry peers like Old Dominion, which consistently generates returns on invested capital in the double digits due to its more focused operational model.
The persistently low ROIC suggests that the massive capital intensity required to maintain the global air-hub-and-spoke network acts as a drag on shareholder value creation. Investors should monitor whether the ongoing consolidation of Express and Ground networks can meaningfully improve these returns by reducing redundant asset bases.
As reported in recent quarterly filings, FedEx maintains a cash conversion cycle of approximately 28 days, a figure that has remained remarkably consistent over the last ten quarters, indicating a stable management of receivables and payables despite the significant operational shifts occurring within the broader logistics network.
The stability in the cash conversion cycle suggests that the company has successfully maintained its leverage over suppliers and customers even during periods of high macroeconomic volatility. This efficiency is a critical component of the company's ability to self-fund its ongoing fleet modernization and infrastructure integration efforts.
Based on the company's latest balance sheet, the debt-to-equity ratio of 1.36 in 2026Q4 demonstrates a disciplined approach to capital structure, providing the firm with a necessary buffer to navigate the high-cost execution phase of its current operational restructuring and potential future macroeconomic headwinds.
The interest coverage ratio, which peaked at 14.92 in 2026Q4, indicates that the company's debt service remains well-supported by current operating income. This financial cushion is essential for maintaining investment-grade status while the company undergoes the capital-intensive transition to a more unified and efficient operating model.
Investors frequently misapply the P/E ratio to FedEx, as it obscures the massive non-cash volatility caused by pension accounting and heavy depreciation of its aircraft fleet, which often leads to an inaccurate assessment of the company's true underlying earning power and cash-generating capability.
A more appropriate metric for this business model would be EV/EBITDA or P/FCF, as these ratios better account for the company's capital-intensive nature and the significant cash flow generated by its core operations. Relying solely on P/E risks misinterpreting the company's financial health due to non-recurring accounting adjustments.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FDX stock.
FedEx Corporation's current P/E ratio is 16.7x. The historical average is 22.0x. This places it at the 57th percentile of its historical range.
FedEx Corporation's current EV/EBITDA is 9.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.3x.
FedEx Corporation's return on equity (ROE) is 14.8%. The historical average is 13.0%.
Based on historical data, FedEx Corporation is trading at a P/E of 16.7x. This is at the 57th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FedEx Corporation's current dividend yield is 1.85% with a payout ratio of 31.0%.
FedEx Corporation has 21.8% gross margin and 7.0% operating margin.
FedEx Corporation's Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.