Question 1

What is FedEx's P/FCF ratio?

Accepted Answer

FedEx (FDX) P/FCF ratio is 15.1× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for FedEx?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For FedEx specifically, the relevant sector benchmark is the current sector median of 24.3×.

Question 5

Is FedEx's P/FCF ratio high or low?

Accepted Answer

FedEx's P/FCF ratio of 15.1× is below its own 5-year average of 16.3× and below the sector median of 24.3×. That places the current reading at the 39th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is FedEx's historical P/FCF ratio range?

Accepted Answer

In the available daily series, FedEx (FDX) P/FCF ratio has ranged from a low of 10.2× in 2004 to a high of 624.0× in 2009. The 5-year average is 16.3× and the 5-year median is 16.0×.

Question 7

What was FedEx's P/FCF ratio in 2026?

Accepted Answer

FedEx (FDX) P/FCF ratio at the end of 2026 was 15.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does FedEx's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2026	$81.6B	$5.12B	15.9×	+1.9×	May 31, 2026
2025	$41.8B	$2.98B	14.0×	-2.0×	May 31, 2025
2024	$50.3B	$3.14B	16.0×	-0.6×	May 31, 2024
2023	$44.1B	$2.64B	16.7×	+1.3×	May 31, 2023
2022	$47.2B	$3.07B	15.4×	-0.6×	May 31, 2022
2021	$67.8B	$4.25B	16.0×	—	May 31, 2021
2020	$27.3B	-$771M	—	—	May 31, 2020
2019	$32.3B	$123M	262.6×	—	May 31, 2019
2018	$53.3B	-$989M	—	—	May 31, 2018
2017	$41.9B	-$186M	—	—	May 31, 2017
2016	$35.3B	$890M	39.6×	+0.5×	May 31, 2016
2015	$39.9B	$1.02B	39.1×	-6.2×	May 31, 2015
2014	$33.1B	$731M	45.3×	+26.6×	May 31, 2014
2013	$24.6B	$1.31B	18.7×	-8.6×	May 31, 2013
2012	$22.6B	$828M	27.3×	-12.1×	May 31, 2012
2011	$23.9B	$607M	39.4×	-24.1×	May 31, 2011
2010	$20.4B	$322M	63.4×	+14.1×	May 31, 2010
2009	$14.5B	$294M	49.3×	—	May 31, 2009
2008	$22.8B	-$278M	—	—	May 31, 2008
2007	$27.8B	$681M	40.8×	+17.5×	May 31, 2007
2006	$26.9B	$1.16B	23.2×	-1.5×	May 31, 2006
2005	$21.8B	$881M	24.8×	+14.6×	May 31, 2005
2004	$17.8B	$1.75B	10.2×	-32.5×	May 31, 2004
2003	$15.4B	$360M	42.7×	+21.4×	May 31, 2003
2002	$13B	$613M	21.2×	—	May 31, 2002


Pentair (PNR)	19.8×
Thomson Reuters (TRI)	18.8×
PACCAR (PCAR)	18.6×
United Parcel Service (UPS)	18.5×
Gorman-Rupp (GRC)	18.5×
Alamo Group (ALG)	18.0×
Allegion (ALLE)	17.8×
Snap-on (SNA)	17.6×
United Airlines Holdings (UAL)	17.5×
Honeywell International (HON)	17.4×
Equifax (EFX)	17.0×
Norfolk Southern (NSC)	16.9×
AGCO (AGCO)	15.4×
General Dynamics (GD)	15.3×
Carlisle Companies (CSL)	14.7×
Amentum Holdings (AMTM)	14.7×
Stanley Black & Decker (SWK)	14.4×
A. O. Smith (AOS)	14.2×
Huntington Ingalls Industries (HII)	14.1×
McGrath RentCorp (MGRC)	13.9×
Masco (MAS)	13.0×
Pool (POOL)	12.2×
Delta Air Lines (DAL)	10.1×
ABM Industries (ABM)	7.2×
Upwork (UPWK)	6.3×

P/FCF Ratio for FedEx (FDX) 2002-2026

P/FCF Ratio daily chart for FedEx (FDX)

Historical P/FCF Ratio for FedEx (FDX) from 2002 to 2026

About P/FCF Ratio at FedEx (FDX)

FedEx P/FCF Ratio by Year

FedEx P/FCF Ratio 2026: 15.9×

FedEx P/FCF Ratio 2025: 14.0×

FedEx P/FCF Ratio 2024: 16.0×

FedEx P/FCF Ratio 2023: 16.7×

FedEx P/FCF Ratio 2022: 15.4×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

FedEx (FDX) Key Financials