FedEx Corporation (FDX)
Inventory turnover
| May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue (ttm) | US$ in thousands | 66,811,000 | 67,943,000 | 67,713,000 | 67,936,000 | 67,701,000 | 67,402,000 | 67,797,000 | 69,422,000 | 70,989,000 | 72,948,000 | 74,104,000 | 74,463,000 | 73,345,000 | 72,075,000 | 70,660,000 | 68,360,000 | 66,005,000 | 62,523,000 | 59,563,000 | 57,383,000 |
| Inventory | US$ in thousands | — | 617,000 | 620,000 | 611,000 | 614,000 | 640,000 | 632,000 | 631,000 | 604,000 | 631,000 | 655,000 | 647,000 | 637,000 | 611,000 | 594,000 | 577,000 | 587,000 | 583,000 | 587,000 | 593,000 |
| Inventory turnover | — | 110.12 | 109.21 | 111.19 | 110.26 | 105.32 | 107.27 | 110.02 | 117.53 | 115.61 | 113.14 | 115.09 | 115.14 | 117.96 | 118.96 | 118.47 | 112.44 | 107.24 | 101.47 | 96.77 |
May 31, 2025 calculation
Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $66,811,000K ÷ $—K
= —
The inventory turnover ratio for FedEx Corporation demonstrates a generally high and relatively stable level over the specified periods, indicating efficient management of inventory relative to sales. Starting from August 31, 2020, the ratio was 96.77, which increased steadily through the subsequent quarters, reaching a peak of 118.96 on November 30, 2021. This upward trend suggests improvements in inventory utilization and possibly increased sales efficiency during this period.
From the peak, the ratio experienced minor fluctuations, maintaining an elevated level between approximately 113 and 118 until May 31, 2023. A slight decline is observed thereafter, with the ratio decreasing to 110.02 as of August 31, 2023, and further down to 107.27 by November 30, 2023. In early 2024, the ratio saw a modest decline to 105.32 on February 29, 2024, before recovering somewhat to 110.26 in May 2024 and 111.19 by August 31, 2024. The latest reported value on November 30, 2024, stands at 109.21, with a slight increase to 110.12 as of February 28, 2025.
Overall, FedEx’s inventory turnover ratio has remained within a relatively narrow and high range over the analyzed period, reflecting consistent inventory management efficiency. The recent slight declines followed by modest recoveries might indicate seasonal fluctuations or adjustments in inventory strategies, but the ratios generally suggest effective inventory utilization aligned with the company's operational scale and sales activities. The absence of data beyond May 2025 prevents a definitive assessment of longer-term trends beyond this point.