FedEx vs United Airlines
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KIRA’s take AI analyst
I put FedEx and United Airlines side by side, using each one’s latest annual report. Here is what stands out:
- FedEx is the larger business, with $94.7B of revenue in fiscal 2026 against $59.1B for United Airlines, about 1.6 times as much.
- FedEx grew revenue faster (7.7%, against 3.5%).
- United Airlines kept more of each dollar of sales as operating profit (8.0% operating margin, against 5.8%).
- FedEx turned more of its sales into free cash flow (5.4% FCF margin, against 4.3%).
- United Airlines earned a higher return on the capital invested in it (15.3%, against 9.4%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
FedEx
FDX
4/10
Revenue growthFCF marginPiotroski F-scoreShare count change
United Airlines
UAL
6/10
5-year growthOperating marginNet marginReturn on capitalReturn on equityNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | FDX FY26 | UAL FY25 |
|---|---|---|
| Size | ||
| Market cap | $71.8B | $33.0B |
| Revenue | $94.7B | $59.1B |
| Free cash flow | $5.1B | $2.6B |
| Net income | $4.4B | $3.4B |
| Growth | ||
| Revenue growth | 7.7% | 3.5% |
| 5-year growth | 2.4% | 30.9% |
| Share count change | −1.7% | −1.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 5.8% | 8.0% |
| Net margin | 4.7% | 5.7% |
| FCF margin | 5.4% | 4.3% |
| Return on capital | 9.4% | 15.3% |
| Return on equity | 14.9% | 24.0% |
| Balance sheet | ||
| Net debt | $13.9B | $9.5B |
| Net debt / EBITDA | 1.4x | 1.2x |
| Dividends and buybacks | $2.2B | $637M |
| Valuation & quality | ||
| P/E | — | 9.2x |
| Piotroski F-score | 7 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.