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FedEx Piotroski F-Score

: 6 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

FedEx has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for FedEx's Piotroski F-Score or its related term are showing as below:

FDX' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 8
Current: 6

During the past 13 years, the highest Piotroski F-Score of FedEx was 8. The lowest was 2. And the median was 6.


FedEx Piotroski F-Score Historical Data

The historical data trend for FedEx's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

FedEx Annual Data
Trend May13 May14 May15 May16 May17 May18 May19 May20 May21 May22
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 5.00 6.00 6.00 6.00

FedEx Quarterly Data
Aug17 Nov17 Feb18 May18 Aug18 Nov18 Feb19 May19 Aug19 Nov19 Feb20 May20 Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 7.00 8.00 7.00 6.00

Competitive Comparison

For the Integrated Freight & Logistics subindustry, FedEx's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

FedEx Piotroski F-Score Distribution

For the Transportation industry and Industrials sector, FedEx's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where FedEx's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (May22) TTM:Last Year (May21) TTM:
Net Income was 1112 + 1044 + 1112 + 558 = $3,826 Mil.
Cash Flow from Operations was 2084 + 1998 + 2248 + 3502 = $9,832 Mil.
Revenue was 22003 + 23474 + 23641 + 24394 = $93,512 Mil.
Gross Profit was 4586 + 4942 + 4891 + 5748 = $20,167 Mil.
Average Total Assets from the begining of this year (May21)
to the end of this year (May22) was
(82777 + 82048 + 84247 + 84108 + 85994) / 5 = $83834.8 Mil.
Total Assets at the begining of this year (May21) was $82,777 Mil.
Long-Term Debt & Capital Lease Obligation was $34,669 Mil.
Total Current Assets was $20,365 Mil.
Total Current Liabilities was $14,274 Mil.
Net Income was 1245 + 1226 + 892 + 1868 = $5,231 Mil.

Revenue was 19321 + 20563 + 21510 + 22565 = $83,959 Mil.
Gross Profit was 4259 + 4331 + 4175 + 5189 = $17,954 Mil.
Average Total Assets from the begining of last year (May20)
to the end of last year (May21) was
(73537 + 77648 + 81156 + 82793 + 82777) / 5 = $79582.2 Mil.
Total Assets at the begining of last year (May20) was $73,537 Mil.
Long-Term Debt & Capital Lease Obligation was $34,108 Mil.
Total Current Assets was $20,580 Mil.
Total Current Liabilities was $13,660 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

FedEx's current Net Income (TTM) was 3,826. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

FedEx's current Cash Flow from Operations (TTM) was 9,832. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (May21)
=3826/82777
=0.04622057

ROA (Last Year)=Net Income/Total Assets (May20)
=5231/73537
=0.07113426

FedEx's return on assets of this year was 0.04622057. FedEx's return on assets of last year was 0.07113426. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

FedEx's current Net Income (TTM) was 3,826. FedEx's current Cash Flow from Operations (TTM) was 9,832. ==> 9,832 > 3,826 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: May22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from May21 to May22
=34669/83834.8
=0.41353948

Gearing (Last Year: May21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from May20 to May21
=34108/79582.2
=0.4285883

FedEx's gearing of this year was 0.41353948. FedEx's gearing of last year was 0.4285883. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: May22)=Total Current Assets/Total Current Liabilities
=20365/14274
=1.42671991

Current Ratio (Last Year: May21)=Total Current Assets/Total Current Liabilities
=20580/13660
=1.50658858

FedEx's current ratio of this year was 1.42671991. FedEx's current ratio of last year was 1.50658858. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

FedEx's number of shares in issue this year was 261.972. FedEx's number of shares in issue last year was 267. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=20167/93512
=0.21566216

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=17954/83959
=0.21384247

FedEx's gross margin of this year was 0.21566216. FedEx's gross margin of last year was 0.21384247. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (May21)
=93512/82777
=1.12968578

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (May20)
=83959/73537
=1.14172457

FedEx's asset turnover of this year was 1.12968578. FedEx's asset turnover of last year was 1.14172457. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+0+1+1+0
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

FedEx has an F-score of 6 indicating the company's financial situation is typical for a stable company.

FedEx  (NYSE:FDX) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


FedEx Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of FedEx's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


FedEx Business Description

FedEx logo
Industry
Industrials » Transportation NAICS : 492110 SIC : 4513
Address
942 South Shady Grove Road, Memphis, TN, USA, 38120
FedEx pioneered overnight delivery in 1973 and remains the world's largest express package provider. In its fiscal 2020 (ended May 2020), FedEx derived 51% of revenue from its express division, 33% from ground, and 10% from freight, its asset-based less-than-truckload shipping segment. The remainder comes from other services, including FedEx Office, which provides document production/shipping, and FedEx Logistics, which provides global forwarding. FedEx acquired Dutch parcel delivery firm TNT Express in 2016. TNT was previously the fourth- largest global parcel delivery provider.
Executives
Brannon Jill officer: EVP - Chief Sales Officer 942 S. SHADY GROVE ROAD MEMPHIS TN 38120
Merino John L officer: CVP PRIN ACCT OFFICER 942 S SHADY GROVE ROAD MEMPHIS TN 38120
Maier Henry J officer: President and CEO/FedEx Ground 1000 FEDEX DRIVE MOON TOWNSHIP PA 15108
Walsh Paul S director 8 HENRIETTA PLACE LONDON X0 94111
Colleran Donald F officer: President/CEO FedEx Express 942 SOUTH SHADY GROVE ROAD MEMPHIS TN 38117
Carter Robert B officer: EVP / Chief Info Officer 942 S SHADY GROVE RD MEMPHIS TN 38120
Carere Brie officer: EVP/Chief Mkt & Comm Officer 942 S. SHADY GROVE ROAD MEMPHIS TN 38120
Martin R Brad director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: MARTIN R BRAD a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Smith John Alan officer: President & CEO/FedEx Freight 1715 AARON BRENNER DRIVE MEMPHIS TN 38120
Jackson Shirley A director 110 8TH STREEET TROY NY 12180-3590
Lenz Michael C. officer: EVP CHIEF FINANCIAL OFF 942 S. SHADY GROVE ROAD MEMPHIS TN 38120
Inglis John C director 605 HILLSMERE DRIVE ANNAPOLIS MD 21403
Steiner David P director 1001 FANNIN ST STE 4000 HOUSTON TX 77002
Griffith Susan Patricia director 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143
Schwab Susan C director 2101 VAN MUNCHING HALL COLLEGE PARK MD 20742

FedEx Headlines

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