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Global express and ground package delivery company, plus less-than-truckload freight via FedEx Freight.
Global express and ground package delivery company, plus less-than-truckload freight via FedEx Freight.
Is paid per package or pallet, with express air shipping priced above ground, so the mix between them matters. Since 2024 it has been merging its separate Express and Ground operations into one network, and it has announced plans to separate FedEx Freight into its own listed company.
Moat: wide (scale, distribution, installed base). Global air-express hub network (Memphis SuperHub) and ground density took decades to build.
Headquarters: Memphis, Tennessee, US · Founded: 1971 · Employees: 530,000
Size FedEx (FDX) is a United States Industrials company (Air Freight/Couriers) with a market value of $72.2B, the 188th largest of 3,117 United States companies the cockpit tracks. Shares closed at $308.14 on 6 Nov 2026.
Performance Over six months the shares gained 1.4%, against +1.2% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 9 in its peer set.
Growth Revenue grew 7.7% over the last twelve months (peer median +8.2%); the operating margin is 7.0% (peer median 8.6%).
Valuation It trades at 15.4× forward earnings against a peer median of 15.9× (4th cheapest of 9).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +6 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.3 points below its cost of capital (9.4% WACC).
Credit FedEx has 37 bonds outstanding ($16.1B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 101 bp.
Short interest Short interest is 2.2% of the free float (15 Oct 2026).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $94.7B | $94.7B | $87.9B | $87.7B | $90.2B |
| Revenue growth | — | +8% | 0% | -3% | — |
| Gross profit | $20.6B | $20.6B | $19.0B | $19.0B | $19.2B |
| EBITDA | $11.0B | $11.0B | $10.3B | $10.6B | $9.51B |
| Net income | $4.43B | $4.43B | $4.09B | $4.33B | $3.97B |
| Free cash flow | $5.12B | $5.12B | $2.98B | $3.14B | $2.67B |
| Capital expenditure | $3.81B | $3.81B | $4.05B | $5.18B | $6.17B |
| Total debt | $34.2B | $42.9B | $37.4B | $37.7B | $38.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| FedEx FDX | $72.2B | +1% | +8% | 7% | 15.4× | 8.3% |
| United Parcel Service UPS | $92.1B | +9% | 0% | 9% | 13.6× | 3.9% |
| Deutsche Post DHL.DE | $72.8B | +21% | +1% | 8% | 16.0× | 3.3% |
| Old Dominion ODFL | $34.2B | -17% | +4% | 27% | 24.9× | 15.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FDX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.6% | +11.1% | 4th lowest of 9 |
| 6-month return | +1.4% | +1.2% | 5th highest of 9 |
| Distance from 52-week high | -10.4% | -14.6% | 3rd highest of 9 |
| Revenue growth (TTM) | +7.7% | +8.2% | 5th highest of 9 |
| Operating margin | 7.0% | 8.6% | 3rd lowest of 9 |
| Forward P/E | 15.4× | 15.9× | 4th cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | 8.3% | 3.9% | 4th most demanding of 9 |
| Growth delivered (Del g) | +2.5% | +6.3% | 3rd lowest of 9 |
| Hurdle (Req g minus delivered) | +5.9 pp | -0.2 pp | 3rd most demanding of 9 |
| ROIC minus cost of capital | -0.3 pp | +7.1 pp | 2nd lowest of 9 |
| EV / EBITDA | 8.7× | 11.8× | 2nd cheapest of 7 |
| Net debt / EBITDA | 2.1× | 2.0× | 3rd most indebted of 7 |
| Bond spread | 101 bp | 81 bp | 2nd widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| FedEx FDX | United States | $72.2B | +1% | +8% | 7% | 15.4× | 8.3% | +2.5% |
| Deutsche Post DHL.DE | Germany | $72.8B | +21% | +1% | 8% | 16.0× | 3.3% | +4.4% |
| United Parcel Service UPS | United States | $92.1B | +9% | 0% | 9% | 13.6× | 3.9% | +1.0% |
| Dsv A/s DSV.CO | Denmark | $51.5B | -3% | +37% | 8% | 23.5× | 3.9% | +16.3% |
| Poste Italiane PST.MI | Italy | $43.9B | +1% | +11% | 14% | 13.5× | 17.6% | -6.8% |
| Expeditors International EXPD | United States | $24.0B | +18% | +19% | 10% | 21.1× | 8.9% | +2.9% |
| S.F 6936.HK | Hong Kong | $23.9B | -12% | +11% | 5% | 12.5× | -11.4% | +14.1% |
| S.F 002352.SZ | China | $23.9B | -7% | +6% | 5% | 15.9× | -12.9% | +14.9% |
| Brambles BXB.AX | Australia | $20.4B | +2% | +1% | 17% | 20.8× | 8.9% | +8.3% |
FedEx has 37 bonds outstanding with $16.1B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.38%, a spread of 101 bp over government bonds.