Discounted Cash Flow

Fedex Corp.

FDX · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $60.3b $3.0b $-186.0m 5.0% $9.06
2017 $65.5b (8.5%) $4.6b (52.6%) $-989.0m (-431.7%) 7.0% (40.6%) $13.76 (52.0%)
2018 $69.7b (6.5%) $540.0m (-88.2%) $123.0m (112.4%) 0.8% (-88.9%) $1.66 (-87.9%)
2019 $69.2b (-0.7%) $1.3b (138.1%) $-771.0m (-726.8%) 1.9% (139.8%) $3.96 (138.8%)
2020 $84.0b (21.3%) $5.2b (306.8%) $4.3b (651.4%) 6.2% (235.3%) $15.95 (302.2%)
2021 $93.5b (11.4%) $3.8b (-26.9%) $3.1b (-27.8%) 4.1% (-34.3%) $11.72 (-26.5%)
2022 $90.2b (-3.6%) $4.0b (3.8%) $2.7b (-12.9%) 4.4% (7.7%) $12.57 (7.3%)
2023 $87.7b (-2.7%) $4.3b (9.0%) $3.1b (17.3%) 4.9% (12.1%) $14.03 (11.6%)
2024 $87.9b (0.3%) $4.1b (-5.5%) $3.0b (-4.9%) 4.7% (-5.8%) $13.67 (-2.6%)
2025 $94.7b (7.7%) $4.4b (8.3%) $5.1b (71.6%) 4.7% (0.6%) $18.71 (36.9%)
2026 $50.4b (-46.8%) $1.8b (-58.9%) $890.0m (-82.6%) 3.6% (-22.8%) $6.59 (-64.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model