FEDEX CORP (FDX)

Air Courier Services

Latest Price

$309.19

TTM P/E

16.52

Normalized P/E

19.42

Div Yield

1.41%

Book Value

126.29

P/B Ratio

2.45

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

+14% upside

82.3% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	20.78M	$6.51B	8.77%	+1.98M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	14.18M	$4.44B	5.98%	+280.2K	2026-06-30
STATE STREET CORP	10.05M	$3.16B	4.24%	+311.7K	2026-06-30
PRIMECAP MANAGEMENT CO/CA/	8.16M	$2.55B	3.44%	-146.2K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	7.35M	$2.30B	3.10%	+197.8K	2026-06-30
Dodge & Cox	7.23M	$2.26B	3.05%	-2.75M	2026-06-30
FRANKLIN RESOURCES INC	5.36M	$1.68B	2.26%	-530.5K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	5.19M	$1.62B	2.19%	+47.1K	2026-06-30
FMR LLC	5.04M	$1.58B	2.13%	-1.23M	2026-06-30
JANE STREET GROUP, LLC	4.64M	$1.45B	1.96%	+3.72M	2026-06-30