billion 5 Market value of equity (market cap) 6 Growth rate for equity 7 Market price of stock (per share) 8 Annual dividend 9 Beta of stock 10 Risk free rate 11 Market rate of return 12 DGM cost of equity (stock) 13 CAPM cost of equity (stock) 14 Average cost of equity 15 Market value of debt 1.20% 10.30% billion 16 Average tax rate 17 Pre tax cost of debt (bonds) 18 After tax cost of debt (bonds) 19 Total market value of equity and debt 20 Weight for equity 21 Weight for debt 22 Weighted average cost of capital billion D E F G 2021-05 2020-05 2019-05 2018-05 2017-05 2016-05 7,087 12,069 587 837 20,580 4,881 10,102 572 828 16,383 2,319 9,116 553 1,098 13,086 3,265 8,481 525 1,070 13,341 3,969 7,599 514 546 12,628 3,534 7,252 496 707 11,989 70,077 (34,325) 6,992 15,383 4,070 62,197 82,777 65,024 (31,416) 6,372 13,917 3,257 57,154 73,537 59,511 (29,082) 6,884 600 3,404 41,317 54,403 55,121 (26,967) 6,973 480 3,382 38,989 52,330 50,626 (24,645) 7.154 529 2,260 35,924 48,552 47,018 (22,734) 6,747 1,008 2,036 34,075 46,064 1 Fed Ex Corp (FDX) BALANCE SHEET 2 Fiscal year ends in May. USD in millions 3 Assets 4 Current assets 5 Cash and cash equivalents 6 Receivables 7 Inventories 8 Prepaid expenses 9 Total current assets 10 Non-current assets 11 Gross property, plant and equipment 12 Accumulated Depreciation 13 Goodwill 14 Intangible assets 15 other long-term assets 16 Total non-current assets 17 Total assets 18 19 Liabilities 20 Current liabilities 21 Short-term debt 22 Accounts payable 23 Accrued liabilities 24 Other current liabilities 25 Total current liabilities 26 Non-current liabilities 27 Long term debt 28 Deferred taxes liabilities 29 Accrued liabilities 30 Pensions and other bereits 31 Other long-term liabilities 32 Total non-current liabilities 33 Total liabilities 34 35 Stockholders' equity 36 Common stock 37 Additional pald-in capital 38 Retained earnings 39 Treasury stock 40 Accumulated other comprehensive income 41 Total stockholders' equity 42 Total liabilities and stockholders' equity 43 146 3,841 7,465 2,208 13,660 51 3,269 5,101 1,923 10,344 964 3,030 3,634 1,385 9,013 1,342 2,977 4,375 933 9,627 22 2,752 4,363 781 7,918 29 2,944 4,231 804 8,008 20,733 3,927 15,805 3,501 983 44,949 58,609 21,952 3,162 14,299 5,019 466 44,898 55,242 16,617 2,821 1,998 5,095 1,102 27,633 36,646 15,243 2,867 1,905 2,187 1,085 23,287 32,914 14,909 2,485 1,631 4,487 1,049 24,561 32,479 13,838 1,567 1,469 6,227 1,171 24,272 32,280 32 3,481 29,817 (8,430) (732) 24,168 82,777 32 3,356 25,216 19,162) (1,147) 18,295 73,537 32 3,231 24,648 19,289) (865) 17,757 54,403 32 3,117 24,823 17.978) (578) 19,416 52,330 32 3,005 20,833 (7.382) (415) 16,073 48,552 32 2,892 18,371 7,342) (169) 13,784 46,064 2021-05 2020-05 2019-05 2018-05 2017-05 2016-05 44 45 46 Fed Ex Corp (FDX) INCOME STATEMENT 47 Fiscal year ends in May. USD in millions 48 49 Revenue (Sales) 50 Cost of revenue Cost of goods sold) 51 Gross profit (Gross margin) 52 Sales, general and administrative 53 Other operating expenses 54 EBITDA 55 Deprecand amort 56 Operating income (EBIT) 57 Interest Expense 58 Taxable income 59 Income tax expense 60 Net Income 61 62 63 64 83,959 58,953 25,006 1,765 11,981 11,260 3,793 7,467 793 6,674 1,443 5,231 69,217 51,055 18,162 1,714 10,492 5,956 3,615 2,341 672 1,669 383 1,286 69,693 52,354 17,339 1,687 11,056 4,596 3,353 1,243 588 655 65,450 49,764 15,686 1,645 4,674 9,367 3,095 6,272 558 5,714 1,142 4,572 60,319 45,504 14,815 1,599 5,655 7,561 2,995 4,566 512 4,054 1,057 2,997 50,365 38,539 11,826 1,498 4,621 5,707 2,630 3,077 337 2,740 922 1,818 115 540 D E FED EX Corp. yahoo finance data 05/31/21 year end) Annual Annual Growth Average Growth Dividends Rates Rate Current stock price Market Cap (Value) Beta PE Ratio EPS Annual dividend of shares outstanding 1 2 3 current price 4 outstanding shares market value $314.81 $83.110 billion 1.30 15.91 $ 19.79 $ 2.70 264 million Quarterly Dividends 0.7500 0.6500 0.6500 0.6500 0.6500 0.6000 0.6000 0.6000 0.6000 0.5500 0.5500 0.5500 0.5500 0.5000 0.5000 0.5000 0.5000 0.4500 0.4500 0.4500 0.4500 0.4000 0.4000 0.4000 $ Date 06/25/21 03/05/21 12/11/20 09/03/20 06/26/20 03/06/20 12/06/19 09/06/19 06/21/19 03/08/19 12/07/18 09/07/18 06/22/18 03/09/18 12/08/17 09/08/17 06/20/17 03/09/17 12/08/16 09/08/16 06/14/16 03/10/16 12/10/15 09/08/25 314.81 264,000,000 83,109,840,000 or 83.110 billion $ $ 19 20 21 Note: FedEx paid out more individends in the most recent year end 22 than it actually earned. Companies can do this if they have sufficient 23 retained earnings 24 25 26 - o 1 Fed Ex Corp. outstanding bonds as of 05/31/21 2 Face amounts are in millions. 4 Name Maturity Year Current Price Coupon % Yield to Maturity % Market Value $ (Mil) Weight Welghted YTM % 2034 2020 2020 2029 2030 2031 2034 2033 2011 2043 1.8575% 4.7805 5.0153% #11223 3.6970% Face Amount $(MI) 930.00 810.00 555.00 395.00 1.740.00 85.00 505.00 580.00 740.00 1,215.00 7100 130.00 2,055.00 900.00 1.345.00 135.00 1 230.00 325.00 225.00 615.00 1.81000 725.00 800.00 700.00 5 6 Senior Secured Debt 7 Senior Unsecured Debt 8 Senior Unsecured Debt 9 Senior Unsecured Debt 10 Serior Unsecured Debt 11 Senior Unsecured Debt 12 Senior Unsecured Debt 13 Senior Unsecured Debt 14 Senior Unsecured Debt 15 Senior Unsecured bt 16 Senior Unsecured Debt 17 Senior Unsecured Debt 18 Senior Unsecured Debt 19 Senior secured Debt 20 telor Unsecured Debt 21 Senior Untecured Debt 22 Senior Unsecured Debt 23 Senior Unsecured 24 Senior Unsecured Debt 25 Senior Unsecured Debt For 26 Serior Unsecured Debt Foreign 27 Beri Unsecured Dot Foreign 28 Senior Unsecured Debit (Foreign 29 Berlor Und Detron 30 Other Debt and Cape 31 Totals 32 33 24 35 IN 2045 2016 2017 2010 2049 2050 2005 2000 100.215 92.100 19370 100.500 99.598 100.000 90218 15.172 99.885 81.070 93,333 78.171 83.283 79.140 73.300 100120 99.675 75 692 105.333 986 100397 100.000 100T 99.241 100 000 3.250% 2.400% 4200% 3050 2.400% SOON 3.300% 3.250 4.000 5.100 4. 100% 46SON 44009 40509 4950 5.250% 5001 7.800 0.450% 1.825% 0.4504 1 300% 0.950 2.2009 5.6789 534 3.250 545009 5.6070 5.7579 5.91519 5.00105 6.03 494194 5.2713 8.0852 721315 2027 2020 2032 2039 various 1.565 0.4500 12404% 101215 2.1 0.0000 0.0000% 22,680.00 or 22.680 billion 0.000 or 0.000 billion Pre-tex Cost of Debt 37 98 Adjustment for ARerte Cost of Debt billion 5 Market value of equity (market cap) 6 Growth rate for equity 7 Market price of stock (per share) 8 Annual dividend 9 Beta of stock 10 Risk free rate 11 Market rate of return 12 DGM cost of equity (stock) 13 CAPM cost of equity (stock) 14 Average cost of equity 15 Market value of debt 1.20% 10.30% billion 16 Average tax rate 17 Pre tax cost of debt (bonds) 18 After tax cost of debt (bonds) 19 Total market value of equity and debt 20 Weight for equity 21 Weight for debt 22 Weighted average cost of capital billion D E F G 2021-05 2020-05 2019-05 2018-05 2017-05 2016-05 7,087 12,069 587 837 20,580 4,881 10,102 572 828 16,383 2,319 9,116 553 1,098 13,086 3,265 8,481 525 1,070 13,341 3,969 7,599 514 546 12,628 3,534 7,252 496 707 11,989 70,077 (34,325) 6,992 15,383 4,070 62,197 82,777 65,024 (31,416) 6,372 13,917 3,257 57,154 73,537 59,511 (29,082) 6,884 600 3,404 41,317 54,403 55,121 (26,967) 6,973 480 3,382 38,989 52,330 50,626 (24,645) 7.154 529 2,260 35,924 48,552 47,018 (22,734) 6,747 1,008 2,036 34,075 46,064 1 Fed Ex Corp (FDX) BALANCE SHEET 2 Fiscal year ends in May. USD in millions 3 Assets 4 Current assets 5 Cash and cash equivalents 6 Receivables 7 Inventories 8 Prepaid expenses 9 Total current assets 10 Non-current assets 11 Gross property, plant and equipment 12 Accumulated Depreciation 13 Goodwill 14 Intangible assets 15 other long-term assets 16 Total non-current assets 17 Total assets 18 19 Liabilities 20 Current liabilities 21 Short-term debt 22 Accounts payable 23 Accrued liabilities 24 Other current liabilities 25 Total current liabilities 26 Non-current liabilities 27 Long term debt 28 Deferred taxes liabilities 29 Accrued liabilities 30 Pensions and other bereits 31 Other long-term liabilities 32 Total non-current liabilities 33 Total liabilities 34 35 Stockholders' equity 36 Common stock 37 Additional pald-in capital 38 Retained earnings 39 Treasury stock 40 Accumulated other comprehensive income 41 Total stockholders' equity 42 Total liabilities and stockholders' equity 43 146 3,841 7,465 2,208 13,660 51 3,269 5,101 1,923 10,344 964 3,030 3,634 1,385 9,013 1,342 2,977 4,375 933 9,627 22 2,752 4,363 781 7,918 29 2,944 4,231 804 8,008 20,733 3,927 15,805 3,501 983 44,949 58,609 21,952 3,162 14,299 5,019 466 44,898 55,242 16,617 2,821 1,998 5,095 1,102 27,633 36,646 15,243 2,867 1,905 2,187 1,085 23,287 32,914 14,909 2,485 1,631 4,487 1,049 24,561 32,479 13,838 1,567 1,469 6,227 1,171 24,272 32,280 32 3,481 29,817 (8,430) (732) 24,168 82,777 32 3,356 25,216 19,162) (1,147) 18,295 73,537 32 3,231 24,648 19,289) (865) 17,757 54,403 32 3,117 24,823 17.978) (578) 19,416 52,330 32 3,005 20,833 (7.382) (415) 16,073 48,552 32 2,892 18,371 7,342) (169) 13,784 46,064 2021-05 2020-05 2019-05 2018-05 2017-05 2016-05 44 45 46 Fed Ex Corp (FDX) INCOME STATEMENT 47 Fiscal year ends in May. USD in millions 48 49 Revenue (Sales) 50 Cost of revenue Cost of goods sold) 51 Gross profit (Gross margin) 52 Sales, general and administrative 53 Other operating expenses 54 EBITDA 55 Deprecand amort 56 Operating income (EBIT) 57 Interest Expense 58 Taxable income 59 Income tax expense 60 Net Income 61 62 63 64 83,959 58,953 25,006 1,765 11,981 11,260 3,793 7,467 793 6,674 1,443 5,231 69,217 51,055 18,162 1,714 10,492 5,956 3,615 2,341 672 1,669 383 1,286 69,693 52,354 17,339 1,687 11,056 4,596 3,353 1,243 588 655 65,450 49,764 15,686 1,645 4,674 9,367 3,095 6,272 558 5,714 1,142 4,572 60,319 45,504 14,815 1,599 5,655 7,561 2,995 4,566 512 4,054 1,057 2,997 50,365 38,539 11,826 1,498 4,621 5,707 2,630 3,077 337 2,740 922 1,818 115 540 D E FED EX Corp. yahoo finance data 05/31/21 year end) Annual Annual Growth Average Growth Dividends Rates Rate Current stock price Market Cap (Value) Beta PE Ratio EPS Annual dividend of shares outstanding 1 2 3 current price 4 outstanding shares market value $314.81 $83.110 billion 1.30 15.91 $ 19.79 $ 2.70 264 million Quarterly Dividends 0.7500 0.6500 0.6500 0.6500 0.6500 0.6000 0.6000 0.6000 0.6000 0.5500 0.5500 0.5500 0.5500 0.5000 0.5000 0.5000 0.5000 0.4500 0.4500 0.4500 0.4500 0.4000 0.4000 0.4000 $ Date 06/25/21 03/05/21 12/11/20 09/03/20 06/26/20 03/06/20 12/06/19 09/06/19 06/21/19 03/08/19 12/07/18 09/07/18 06/22/18 03/09/18 12/08/17 09/08/17 06/20/17 03/09/17 12/08/16 09/08/16 06/14/16 03/10/16 12/10/15 09/08/25 314.81 264,000,000 83,109,840,000 or 83.110 billion $ $ 19 20 21 Note: FedEx paid out more individends in the most recent year end 22 than it actually earned. Companies can do this if they have sufficient 23 retained earnings 24 25 26 - o 1 Fed Ex Corp. outstanding bonds as of 05/31/21 2 Face amounts are in millions. 4 Name Maturity Year Current Price Coupon % Yield to Maturity % Market Value $ (Mil) Weight Welghted YTM % 2034 2020 2020 2029 2030 2031 2034 2033 2011 2043 1.8575% 4.7805 5.0153% #11223 3.6970% Face Amount $(MI) 930.00 810.00 555.00 395.00 1.740.00 85.00 505.00 580.00 740.00 1,215.00 7100 130.00 2,055.00 900.00 1.345.00 135.00 1 230.00 325.00 225.00 615.00 1.81000 725.00 800.00 700.00 5 6 Senior Secured Debt 7 Senior Unsecured Debt 8 Senior Unsecured Debt 9 Senior Unsecured Debt 10 Serior Unsecured Debt 11 Senior Unsecured Debt 12 Senior Unsecured Debt 13 Senior Unsecured Debt 14 Senior Unsecured Debt 15 Senior Unsecured bt 16 Senior Unsecured Debt 17 Senior Unsecured Debt 18 Senior Unsecured Debt 19 Senior secured Debt 20 telor Unsecured Debt 21 Senior Untecured Debt 22 Senior Unsecured Debt 23 Senior Unsecured 24 Senior Unsecured Debt 25 Senior Unsecured Debt For 26 Serior Unsecured Debt Foreign 27 Beri Unsecured Dot Foreign 28 Senior Unsecured Debit (Foreign 29 Berlor Und Detron 30 Other Debt and Cape 31 Totals 32 33 24 35 IN 2045 2016 2017 2010 2049 2050 2005 2000 100.215 92.100 19370 100.500 99.598 100.000 90218 15.172 99.885 81.070 93,333 78.171 83.283 79.140 73.300 100120 99.675 75 692 105.333 986 100397 100.000 100T 99.241 100 000 3.250% 2.400% 4200% 3050 2.400% SOON 3.300% 3.250 4.000 5.100 4. 100% 46SON 44009 40509 4950 5.250% 5001 7.800 0.450% 1.825% 0.4504 1 300% 0.950 2.2009 5.6789 534 3.250 545009 5.6070 5.7579 5.91519 5.00105 6.03 494194 5.2713 8.0852 721315 2027 2020 2032 2039 various 1.565 0.4500 12404% 101215 2.1 0.0000 0.0000% 22,680.00 or 22.680 billion 0.000 or 0.000 billion Pre-tex Cost of Debt 37 98 Adjustment for ARerte Cost of Debt