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FedEx Corporation

FDX
48
Integrated Freight & Logistics · Industrials
Also trades as: 0QZX.L GBP 2.93 (-0.16%) · FDX.DE EUR 262.80 (+0.38%)
Price
$293.55
-1.99 (-0.67%)
Market Cap
$69.47B
Winston Score
48
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 18, 2026 · filings through May 31, 2026

§How the score breaks down

Quality
Mixed
9/30
Growth
Good
10/20
Cash Flow
Strong
7/10
Stability
Good
6/10
Valuation
Strong
7/10
Ownership
Good
8/15
Dividends
Weak
1/5

48 of 100 counted points = Winston Score 48.

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Share count falling — buybacks

−10.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 266.0M (2022) → 239.0M (2026)

§Winston Score History

The full picture

FedEx is a shipping and delivery company that moves packages and freight for businesses and individuals around the world. Its main services include overnight express delivery, ground shipping, and freight transport for large items. Customers range from small online sellers to major retailers and manufacturers who need goods moved quickly and reliably.

FedEx makes money by charging fees for each shipment, with prices based on speed, weight, and distance. It operates in over 220 countries and territories, making it one of the largest logistics networks on the planet. The company's size and its own fleet of planes, trucks, and sorting facilities give it a scale advantage that is hard for smaller rivals to match. The biggest risk FedEx faces is slowing e-commerce growth combined with rising fuel and labor costs, which squeeze its already thin operating margins and make consistent profitability a challenge.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-4.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

7.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$13.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

FedEx Corporation is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
22.7%
Thin — 22.7% gross margin
Profit after running costs
Operating Margin
8.4%
Modest — 8.4% operating margin
Return on the money invested
ROCE
8.6%
Below par — 8.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+7.7%
Steady sales growth (+7.7% YoY)
Profit growth
EPS YoY
+7.9%
Modest earnings growth (+7.9% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
201%
Turns 201% of profit into real cash
Spare cash per sale
FCF Margin
5.4%
Thin free cash flow (5.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
1.36
Elevated debt (1.36)
Covers its interest
Interest Cover
11.99x
Comfortably covers interest (12.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
16.0x
Fair value — P/E 16.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+3.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (16.0 → 12.6)

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Dividends

Dividend
Dividend Yield
1.61%
Small dividend — 1.61% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-5.7%
Dividend cut (-5.7% YoY) — warning sign
Payout Ratio
31%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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