FDXFEDEX CORP
Air Courier Services
- Revenue
- $94.7B
- 7.7% YoY
- Operating margin
- 5.8%
- 2.8% YoY
- EBITDA
- $9.8B
- 3.7% YoY
- Market cap
- $73.4B
- Employees
- 452,000
- $210K revenue each
- Net debt / EBITDA
- 1.0×
- $9.3B net debt
- AI in 10-K
- 5.4
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$13M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo2013309× net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo24% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo12% of assetsOver 40% of assets
- Shareholder dissentNo91% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$210K · 0th pctBottom quartile of its SIC industry
- Quiet on AINo5.4 per 10K words · 84th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.0× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$73.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$29M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $93.5B | $90.2B | $87.7B | $87.9B | $94.7B | 7.7% |
| Operating income | $6.2B | $4.9B | $5.6B | $5.2B | $5.5B | 4.7% |
| Net income | $4K | $4K | $4K | $4K | $4K | 8.3% |
| Operating cash flow | $9.8B | $8.8B | $8.3B | $7.0B | $8.9B | 27% |
| Capex | $6.8B | $6.2B | $5.2B | $4.1B | $3.8B | 6.1% |
| Stock-based comp | $190M | $182M | $163M | $154M | $177M | 15% |
| Buybacks | $2.2B | $1.5B | $2.5B | $3.0B | $796M | 74% |
| Dividends | $793M | $1.2B | $1.3B | $1.3B | $1.4B | 2.6% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $29M · 11
- Net
- −$29M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $28M | $51M | 144 | 136 |
| FY2025 | $13M | $7M | 75 | 93 |
| FY2024 | $12M | $16M | 85 | 97 |
| FY2023 | $13M | $13M | 72 | 87 |
| FY2022 | $11M | −$20M | 72 | 91 |