FedEx Corporation (FDX)
Total asset 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 87,926,000 | 87,815,000 | 87,393,000 | 87,591,000 | 87,693,000 | 87,514,000 | 87,945,000 | 88,594,000 | 90,155,000 | 92,619,000 | 94,091,000 | 94,751,000 | 93,512,000 | 91,683,000 | 89,552,000 | 86,641,000 | 83,959,000 | 78,752,000 | 74,729,000 | 71,490,000 |
| Total assets | US$ in thousands | 129,102,000 | 85,043,000 | 85,481,000 | 86,711,000 | 87,007,000 | 86,114,000 | 88,051,000 | 87,576,000 | 87,110,000 | 85,775,000 | 85,591,000 | 85,826,000 | 85,994,000 | 84,108,000 | 84,247,000 | 82,048,000 | 82,777,000 | 82,793,000 | 81,156,000 | 77,648,000 |
| Total asset turnover | 0.68 | 1.03 | 1.02 | 1.01 | 1.01 | 1.02 | 1.00 | 1.01 | 1.03 | 1.08 | 1.10 | 1.10 | 1.09 | 1.09 | 1.06 | 1.06 | 1.01 | 0.95 | 0.92 | 0.92 |
May 31, 2025 calculation
Total asset turnover = Revenue (ttm) ÷ Total assets
= $87,926,000K ÷ $129,102,000K
= 0.68
The total asset turnover ratio for FedEx Corporation exhibits notable fluctuations over the analyzed period, reflecting shifts in the company's efficiency in utilizing its assets to generate revenue. From August 31, 2020, through November 30, 2021, the ratio remained relatively stable, starting at 0.92 and increasing gradually to 1.06, indicating an improvement in asset utilization efficiency during this period.
Between February 28, 2021, and May 31, 2022, the ratio continued an upward trend, reaching a peak of 1.10, with small incremental increases signaling enhanced operational efficiency or revenue growth relative to asset base. This peak persisted into late 2022, with the ratio maintaining at 1.10 in November 2022, and only slightly decreasing to 1.08 in February 2023.
From mid-2023 onward, the ratio experienced a declining trend, dropping to 1.03 by May 31, 2023, and further to 1.01 by August 31, 2023. Over the subsequent quarters, the ratio stabilized around 1.00 to 1.02, suggesting a period of relative consistency in asset productivity.
A significant drop is observed in the most recent data point for May 31, 2025, where the ratio declines sharply to 0.68. This substantial decrease may indicate a decline in revenue efficiency relative to the asset base or possible changes in asset management strategies, operational disruptions, or revenue declines.
Overall, the trend reflects a period of growth and efficiency improvement up to late 2022, followed by stabilization at lower levels, and a sharp decline in early 2025. The fluctuations highlight the dynamic nature of asset utilization, influenced by operational, strategic, and market factors affecting FedEx's revenue-generating capacity relative to its asset holdings.