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FDXF price
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Research · S&P 500 · Industrials
FDXF · FedEx Freight
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
17/45
low value score9 of 12 checks scored9 of the 12 checks that carry a score were scored from the data available. 3 could not be scored (ROE Trend, Retained Earnings, Margin of Safety) and were left out, so the score is out of 45 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
1/5Diluted EPS: $10.57 (2023), $10.53 (2024), $9.00 (2025), $4.38 (2026). The latest figure is half the 2023 figure or less; the framework scores that as 1.
ROE Trend
Not scoredShareholder equity is negative in 2026, so ROE has no meaningful value and is not scored.
ROIC
2/5ROIC of 9.2%: operating income of $540.00M divided by $5.89B of capital (total assets $6.88B minus current liabilities $993.00M), fiscal year to May 31, 2026, as filed in the 10-K (SEC EDGAR). The framework scores 5-10% as 2.
Profit Margins
3/5Net margin of 7.4%; the framework scores 5-10% as 3; gross margin 29.3%, operating margin -5.8%.
Balance sheet & cash
Debt-to-Equity
4/5Debt-to-equity of 0.44; the framework scores 0.3-0.8 as 4 (total debt $6.37B, total cash $251.00M). Calculated from the balance sheet in yfinance (at Nov 30, 2025) because yfinance's summary figure was not available.
Free Cash Flow
1/5Free cash flow (operating cash flow minus capital expenditure): $1.19B (2023), $1.08B (2024), $1.09B (2025), -$212.00M (2026). The latest figure is at or below zero; the framework scores that as 1.
Retained Earnings
Not scoredFewer than 3 years of retained earnings figures are available, so it is not scored.
Valuation models
Graham IV
1/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $4.38 x (8.5 + 2 x 0.0) x (4.4 / 4.5) = $36.40 (EPS CAGR -35.5% floored at 0%; the formula returns a negative value below -4.25% growth). Current price $113.21; price is 211.0% above the model value.
DCF Value
1/5Free cash flow per share is -$3.42; a two-stage DCF cannot be computed from negative free cash flow.
Margin of Safety
Not scoredNeeds both a Graham value and a DCF value. Graham value $36.40 (price is 211.0% above the model value); DCF value N/A (not comparable).
Price-to-Book
1/5Book value is negative; the framework scores negative book value as 1.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 1 of 2 years (2025-2026); lowest 9.2%, highest 33.0%.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words · 10-K filed Aug 5, 2026
Despite several strategic combinations in our industry in recent years, shippers continue to have a wide range of options for their LTL freight. The strength and size of our network enable us to deliver high-quality service, speed, geographic coverage, responsiveness, and flexibility.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
3/5Capital allocation, 2023-2026: dividends or buybacks paid in 0 of 4 years (fail); $0 paid out against $3.16B of free cash flow (pass); total debt $1.45B to $6.37B, up 338.7%, 4.6x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 0.15B to 0.15B, unchanged (pass). 2 of 4 tests passed; the framework scores that as 3.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $4.38, g = 0.0%, Y = 4.5
g floored at 0.0% (3-year EPS CAGR was -35.5%; below -4.25% the formula returns a negative value)
IV = $36.40
Current price $113.21 vs Graham value $36.40 — price is 211.0% above the model value.
DCF:
FCF/share -$3.418 — a two-stage DCF cannot be computed from negative free cash flow.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $113.21. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.