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FedEx Corp FDX

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Stock XNYS Rating as of
$258.78 −0.54 (0.21%)
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As of Delayed Price Pre-Open: $258.85 +0.07
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Company Report

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FedEx's Top-Line Trends Still Sluggish, but Express Margins Show Promise

Matthew Young

Overnight delivery pioneer FedEx is one of three large national carriers that dominate the for-hire small-parcel delivery landscape—FedEx and UPS are the major U.S. incumbents, while DHL Express leads Europe. FedEx is also the largest US less-than-truckload carrier, which helps forge sticky relationships with retail and industrial shippers on the package side. Rival UPS has been around much longer in the US ground market, forging a density advantage and higher margins, but FedEx has gradually enhanced its ground positioning over the past decade, with help from its speed advantage over UPS and capacity investment.

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Price vs Fair Value

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FDX is trading at a 267% premium.
Price
$258.78
Fair Value
$511.00
Uncertainty
High
1-Star Price
$451.00
5-Star Price
$423.00
Economic Moat
Brbcthn
Capital Allocation
Gldzkvy

Bulls Say, Bears Say

Bulls

Despite near-term normalization off lofty levels, FedEx's US ground and international express package delivery operations should enjoy positive longer-term tailwinds from e-commerce growth.

Bears

Lingering sluggish retail restocking will create year-over-year volume growth headwinds into the first half of calendar 2024.

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Trading Information

Previous Close Price
$259.32
Day Range
$257.41–260.99
52-Week Range
$213.81–291.27
Bid/Ask
$258.85 / $259.56
Market Cap
$63.68 Bil
Volume/Avg
265 / 1.8 Mil

Key Statistics

Price/Earnings (Normalized)
14.92
Price/Sales
0.75
Dividend Yield (Trailing)
1.95%
Dividend Yield (Forward)
1.95%
Total Yield
4.49%

Company Profile

FedEx pioneered overnight delivery in 1973 and remains the world's largest express package provider. In its fiscal 2023, which ended May 2023, FedEx derived 47% of revenue from its express division, 37% from ground, and 11% from freight, its asset-based less-than-truckload shipping segment. The remainder comes from other services, including FedEx Office, which provides document production/shipping, and FedEx Logistics, which provides global forwarding. FedEx acquired Dutch parcel delivery firm TNT Express in 2016. TNT was previously the fourth-largest global parcel delivery provider.
Sector
Industrials
Industry
Integrated Freight & Logistics
Stock Style Box
Large Value
Total Number of Employees
787,400
Website
https://www.fedex.com

Competitors

Valuation

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Metric
FDX
DHL
ODFL
Price/Earnings (Normalized)
 14.9213.5532.07
Price/Book Value
 2.412.129.01
Price/Sales
 0.750.606.80
Price/Cash Flow
 5.486.0524.32
Price/Earnings
FDX
DHL
ODFL

Financial Strength

Metric
FDX
DHL
ODFL
Quick Ratio
 1.170.742.15
Current Ratio
 1.310.952.29
Interest Coverage
 16.467.225,446.68
Quick Ratio
FDX
DHL
ODFL

Profitability

Metric
FDX
DHL
ODFL
Return on Assets (Normalized)
 5.74%5.51%23.37%
Return on Equity (Normalized)
 19.12%16.07%30.38%
Return on Invested Capital (Normalized)
 8.22%9.19%29.46%
Return on Assets
FDX
DHL
ODFL
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Integrated Freight & Logistics Industry Comparables

Screen in Investor
Ticker
Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
UPS
United Parcel Service Inc Class BYzmmvmbxcCyxhn$128.0 Bil
DPSTF
DHL Group—Yvsbq$51.8 Bil
DHLGY
DHL Group ADRHvdpyzgxdMsvwwr$51.8 Bil
ZTO
ZTO Express (Cayman) Inc ADRNgqqrvslkxGrfzs$19.5 Bil
JBHT
JB Hunt Transport Services IncYgkjrscTkrry$17.5 Bil
EXPD
Expeditors International of Washington IncGpjkjbqkynKxmyb$16.6 Bil
CHRW
C.H. Robinson Worldwide IncMnbdqptnhqKwwxc$9.7 Bil
LSTR
Landstar System IncVcyqvkdrZqz$6.6 Bil
HUBG
Hub Group Inc Class AJlkwlxqvYjynk$2.7 Bil

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