FEDEX CORP (FDX)

Air Courier Services

Latest Price

$307.40

TTM P/E

16.42

Normalized P/E

19.28

Div Yield

1.42%

Book Value

126.29

P/B Ratio

2.43

Valuation metrics

EPS: $18.55

Book value / share: $132.41

Formula: √(22.5 × EPS × BVPS)

Graham Number

$235.09

24% downside

Norm. op. income: $5.5B (median of 7yr)

Tax rate: 23%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$129.35

58% downside

Base FCF: $3.1B (median of recent 5yr)

Growth: -5%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$61.04

80% downside

EPS: $18.55

Target P/E: 19×

Formula: EPS × P/E

P/E Fair Value

$352.45

+15% upside

76.8% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	18.80M	$6.70B	7.93%	+1.98M	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	13.90M	$4.95B	5.87%	--	2026-03-31
Dodge & Cox	9.98M	$3.56B	4.21%	-5.60M	2026-03-31
STATE STREET CORP	9.74M	$3.48B	4.11%	+220.2K	2026-03-31
PRIMECAP MANAGEMENT CO/CA/	8.30M	$2.96B	3.50%	-209.7K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	7.15M	$2.55B	3.02%	--	2026-03-31
FMR LLC	6.27M	$2.23B	2.65%	+1.27M	2026-03-31
FRANKLIN RESOURCES INC	5.90M	$2.10B	2.49%	+762.0K	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	5.15M	$1.82B	2.17%	+161.5K	2026-03-31
Invesco Ltd.	3.23M	$1.15B	1.36%	-329.7K	2026-03-31