• FedEx average return on tangible equity for 2023 was 20.4, a 7.57% decline from 2022.
• FedEx average return on tangible equity for 2022 was 22.07, a 25.49% decline from 2021.
• FedEx average return on tangible equity for 2021 was 29.62, a 183.44% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.