Fedex Corp. (FDX) intrinsic value & 10-year financials
Fedex Corp. (FDX) has a Graham intrinsic value of $324.88 per share. At $293.55 on Oct 17, 2026, the stock trades 10% below that value. Over the last 10 fiscal years revenue grew 5.1% a year to $94.7B, with an average return on invested capital of 11.0%.
- Graham intrinsic value
- $324.88
- Share price (Oct 17, 2026)
- $293.55
- Price vs Graham value
- 10% below
- Market cap
- $70.2B
- Revenue (FY2026)
- $94.7B
- Revenue growth (10-yr CAGR)
- 5.1%
- ROIC (10-yr avg)
- 11.0%
- Free cash flow (FY2026)
- $5.1B
FDX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $94.7B | $4.4B | $18.55 | $5.1B | 5.8% | 9.8% |
| FY2025 | $87.9B | $4.1B | $16.81 | $3.0B | 5.9% | 9.5% |
| FY2024 | $87.7B | $4.3B | $17.21 | $3.1B | 6.3% | 10.2% |
| FY2023 | $90.2B | $4.0B | $15.48 | $2.7B | 5.4% | 9.3% |
| FY2022 | $93.5B | $3.8B | $14.33 | $3.1B | 6.7% | 12.8% |
| FY2021 | $84.0B | $5.2B | $19.45 | $4.3B | 7.0% | 12.5% |
| FY2020 | $69.2B | $1.3B | $4.90 | -$771.0M | 3.5% | 5.5% |
| FY2019 | $69.7B | $540.0M | $2.03 | $123.0M | 6.4% | 11.6% |
| FY2018 | $65.5B | $4.6B | $16.79 | -$989.0M | 7.4% | 16.7% |
| FY2017 | $60.3B | $3.0B | $11.07 | -$186.0M | 8.4% | 12.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FedEx has demonstrated mature, steady growth, with revenue compounding at 5.1% annually over the past decade.
FedEx returns on capital have been average, hovering around 11.0% ROIC over the decade.
Over the decade, FedEx shows that management has aggressively returned capital to shareholders by retiring 11.5% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FedEx is modeled at 5.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $324.88 per share.