# FedEx Freight Holding Company (FDXF.US)

Canonical: https://gigainvestors.com/s/FDXF

Analysis as of: 2026-10-16T07:28:29.826Z. Financial observations: FY2020–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $110.50 per share; close as of 2026-10-15.

## Checklist

### understandable: unclear

- 3 revenue declines in the last 10 years (informational)

- Financial history: 7 years

- Years with declining revenue: 3

- Operating margin variation: 0.34×

Chart: Operating margin; fiscal year observations.

- FY2020: 0.08×

- FY2021: 0.13×

- FY2022: 0.17×

- FY2023: 0.19×

- FY2024: 0.19×

- FY2025: 0.15×

- FY2026: 0.06×

### moat: unclear

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.9%

- ROIC including acquisitions, ten-year median: 20.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2024: 46.3%

- FY2025: 22.4%

- FY2026: 8.0%

### economics: unclear

- Cash conversion uses consolidated totals: No

Chart: Annual owner cash / profit; fiscal year observations.

- FY2023: 0.75×

- FY2024: 0.96×

- FY2025: 0.98×

- FY2026: 1.11×

### management: unclear

- buybacks unrelated to price (informational)

- Management verdict uses per-share economic progress: Yes

- Buyback history: 0 years

- ROIC, last three-year median: 22.4%

Chart: Earnings per share; fiscal year observations.

- FY2023: $10.57

- FY2024: $10.53

- FY2025: $7.22

- FY2026: $4.38

### accounting: pass

- Sloan accruals: 7.1%

- Receivables to sales index (DSRI): 1.01×

- Stock compensation / operating cash flow: 7.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.25×

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2024: 0.7%

- FY2025: -7.3%

- FY2026: 7.1%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Gates](https://gigainvestors.com/GFT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 31% since May 2026 · "FedEx Freight forecasts growth after spin-off despite margin pressure in Q4" (finance.yahoo.com, Jun 2026) · sales -1%

Story as of 2026-10-16T09:58:45.080Z; price observation 2026-10-15.

- 2026-06-25: FedEx Freight forecasts growth after spin-off despite margin pressure in Q4 ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/fedex-freight-forecasts-growth-spin-204848727.html))

### Sales · FY2025–2026

sales -1%; source https://www.sec.gov/Archives/edgar/data/2082247/000162828026053359/fdxf-20260531.htm; observed 2026-08-05.

- FY2020: $7.1B 

- FY2021: $7.8B 

- FY2022: $9.5B 

- FY2023: $10B 

- FY2024: $9.4B 

- FY2025: $8.9B 

- FY2026: $8.8B 

### Gross margin · FY2025

gross margin 31.1%; source https://www.sec.gov/Archives/edgar/data/2082247/000162828026053359/fdxf-20260531.htm; observed 2026-08-05.

- FY2023: 36.1% 

- FY2024: 34.7% 

- FY2025: 31.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in integrated freight & logistics; annual sales are USD 8.8 billion.

- Source: https://eodhd.com/api/fundamentals/FDXF.US.json#2026-05-31 (filed 2026-08-05); FY2026: revenue 8795000000; grossProfit 8795000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FDXF.US: FedEx Freight Holding Company, Inc. provides less-than-truckload freight transportation services in the United States and internationally. The company offers FedEx Freight Priority services, including next-business-day service for shipments traveling up to 600 miles and second-business-day service for shipments traveling up to 1,600 miles and backed by a money-back service guarantee if published delivery commitments are not met; and FedEx Freight Economy. It also provides surface expedite and white glove services; and LTL Select, a cloud-based transportation management system. In addition, the company offers volume and custom critical services, FedEx Freight Direct, and Retail Flex. It provides its services under the FedEx and FedEx Freight names. The company was incorporated in 2025 and is headquartered in Memphis, Tennessee.

### Why customers stay

Margins ranged from 31.1% to 100% during 2024–26; it earns 22.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/FDXF.US.json#2024-05-31 (filed 2026-08-05); FY2024: grossProfit / revenue = 34.7%.

- Source: https://eodhd.com/api/fundamentals/FDXF.US.json#2025-05-31 (filed 2026-08-05); FY2025: grossProfit / revenue = 31.1%.

- Source: https://eodhd.com/api/fundamentals/FDXF.US.json#2026-05-31 (filed 2026-08-05); FY2026: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-05); 7-year return on capital observations [[2024,0.4629184196676348],[2025,0.22397184440945098],[2026,0.07978327461055747]]; median 0.22397184440945098. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 4 years.

- Source: https://eodhd.com/api/fundamentals/FDXF.US.json#2023-05-31 (filed 2026-08-05); FY2023: growth capex 0; upkeep 558000000; owner earnings 1181000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/FDXF.US.json#2024-05-31 (filed 2026-08-05); FY2024: growth capex 0; upkeep 461000000; owner earnings 1517000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/FDXF.US.json#2025-05-31 (filed 2026-08-05); FY2025: growth capex 0; upkeep 437000000; owner earnings 1058000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/FDXF.US.json#2026-05-31 (filed 2026-08-05); FY2026: growth capex 0; upkeep 379000000; owner earnings 725000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-05); Dividend observations: [[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 20.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FDXF.US SharesStats.PercentInsiders = 20.084 percentage points; cache date 2026-10-16.

### What could break it

"We could experience temporary business interruptions" (SEC filing, Aug 2026)

- Source: https://www.sec.gov/Archives/edgar/data/2082247/000162828026053359/fdxf-20260531.htm (filed 2026-08-05); We could experience temporary business interruptions

### What the price says

The price is 1.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-05); Closing price 110.5 USD; reporting-to-trading FX 1; FY2026 annual sales per share 58.82736638114536; price multiple 1.8783774762933485. FY2026 cash earnings/share 4.849328098502602. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2026-05: $160.37 per share

- 2026-06: $151.00 per share

- 2026-07: $140.53 per share

- 2026-08: $133.74 per share

- 2026-09: $109.38 per share

- 2026-10: $110.50 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/2082247/000162828026053359/fdxf-20260531.htm); period 2026-05-31, filed 2026-08-05.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.