FDXFFedEx Freight Holding Company, Inc.
Air Courier Services
- Revenue
- $8.8B
- 1.1% YoY
- Operating margin
- 6.1%
- 61% YoY
- EBITDA
- $1.1B
- 44% YoY
- Market cap
- $18.9B
- Employees
- 40,000
- $220K revenue each
- Net debt / EBITDA
- 3.8×
- $4.0B net debt
- AI in 10-K
- 3.3
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes25% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo29% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo8% of assetsOver 40% of assets
- Shareholder dissentNo—Any vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$220K · 14th pctBottom quartile of its SIC industry
- Quiet on AINo3.3 per 10K words · 73rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$18.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|
| Revenue | $9.4B | $8.9B | $8.8B | 1.1% |
| Operating income | $1.8B | $1.4B | $540M | 62% |
| Net income | $1.6B | $1.3B | $655M | 51% |
| Operating cash flow | $1.5B | $1.5B | $167M | 89% |
| Capex | $461M | $437M | $379M | 13% |
| Stock-based comp | $12M | $10M | $13M | 30% |
| Dividends | $0 | $0 | $48M |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.