Key Performance Metrics

  • The review of Net Profit Margin witnessed a mixed trend. The Net Profit Margin improved from 0.77% in 2019 to 4.41% in 2023.
  • The average EBIT Margin for the period under analysis was 5.3%, with 2019 and 2021 performing the worst and best, respectively.
  • In the current year, FedEx was able to cover its interest liabilities 8.73 times – compared to 2019 when it was 2.11times.
  • The Asset turnover stood at 1.05 times in 2023 from 1.3 times in 2019, implying a low performance on Assets of the business in relation to revenue.


  • The revenue of FedEx has fluctuated year on year. The revenue decreased by 0.68% between 2019 and 2020 and a further 21.30% increase was recorded between 2020 and 2021. There also occurred a decrease of 3.95% between 2022 and 2023 (the current period).
  • FedEx’s performance in profitability looks good as the return on capital employed also recorded good performance during the period of analysis.


  • The company’s result in liquidity looks poor, as the current ratio increased from 1.37:1 to 1.45:1 in the last year. Which implies that the company has enough assets to settle its current liabilities.

Capital Structure

  • FedEx is both equity and debt financed.
  • The debt-to-equity (D/E) ratio has been increasing year on year. The gearing position of the company appears to be high as it stood at 170% in the current year.

Source: FedEx Annual Report

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