FDXFedEx
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (2.1×).
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.
A balanced mix of margins, efficiency, and leverage. ROE 15% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is FDX?
FedEx earns 9.8% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 0.80 points above what the capital costs: growth creates value
- Operating margin
- 5.8%
Operating margin · Integrated Freight & Logistics median 5.3% · 12 months to Q4 2026
- Cash conversion
- 2.13×
Cash conversion · 1.79× a year ago · operating cash flow covers the operating profit after tax
| Year | Operating margin |
|---|---|
| FY2021 | 7.0% |
| FY2022 | 6.7% |
| FY2023 | 5.5% |
| FY2024 | 6.3% |
| FY2025 | 5.9% |
| FY2026 | 5.8% |
Details›
- Operating margin12 months to Q4 2026
- 5.8%
- Net margin12 months to Q4 2026
- 4.7%
- Free cash flow margin
- 5.4%
- Revenue, trailing twelve months
- $94.7B
- Free cash flow, trailing twelve months
- $5.12B
- Net income, trailing twelve months
- $4.43B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 9.8%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Integrated Freight & Logistics
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