Old Dominion Freight Line, Inc. (ODFL) 10-Year Financial Performance & Capital Metrics

ODFL • • Industrial / General

IndustrialsTruckingLess-Than-Truckload (LTL) CarriersNational LTL Networks

AboutOld Dominion Freight Line, Inc. operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting. As of December 31, 2021, it owned and operated 10,403 tractors, 27,917 linehaul trailers, and 13,303 pickup and delivery trailers; 3 fleet maintenance centers; and 251 service centers. Old Dominion Freight Line, Inc. was founded in 1934 and is headquartered in Thomasville, North Carolina.Show more

Revenue $5.81B -0.9%
EBITDA $1.89B -3.9%
Net Income $1.19B -4.3%
EPS (Diluted) 5.48 -2.7%
Gross Margin 34.79% -1.5%
EBITDA Margin 32.48% -3.0%
Operating Margin 26.55% -5.1%
Net Margin 20.4% -3.5%
ROE 27.9% -11.0%
ROIC 28.22% -14.3%
Debt/Equity 0.04 +111.1%
Interest Coverage 7283.01 +106.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 32.3%
✓FCF machine: 15.3% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 20.0%
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.63%

5Y7.19%

3Y3.42%

TTM-5.9%

Profit (Net Income) CAGR

10Y16.06%

5Y14.02%

3Y4.67%

TTM-15.12%

EPS CAGR

10Y18.19%

5Y16.53%

3Y7.19%

TTM-13.11%

ROCE

10Y Avg28.53%

5Y Avg33.22%

3Y Avg36.33%

Latest31.13%

Peer Comparison

National LTL Networks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ODFLOld Dominion Freight Line, Inc.	35.89B	171.65	31.32	-0.88%	18.97%	24.8%	2.47%	0.04
SAIASaia, Inc.	9.5B	356.58	26.37	11.37%	8.77%	11.23%		0.14
ARCBArcBest Corporation	1.97B	87.51	11.99	-5.61%	2.41%	7.35%	2.33%	0.31

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.97B	2.99B	3.36B	4.04B	4.11B	4.02B	5.26B	6.26B	5.87B	5.81B
Revenue Growth %	0.07%	0.01%	0.12%	0.2%	0.02%	-0.02%	0.31%	0.19%	-0.06%	-0.01%
Cost of Goods Sold+	2.21B	2.25B	2.48B	2.9B	2.94B	2.79B	3.48B	4B	3.79B	3.79B
COGS % of Revenue	0.75%	0.75%	0.74%	0.72%	0.72%	0.69%	0.66%	0.64%	0.65%	0.65%
Gross Profit+	757.5M	744.63M	875.38M	1.14B	1.17B	1.23B	1.78B	2.26B	2.07B	2.02B
Gross Margin %	0.25%	0.25%	0.26%	0.28%	0.28%	0.31%	0.34%	0.36%	0.35%	0.35%
Gross Profit Growth %	0.1%	-0.02%	0.18%	0.31%	0.02%	0.05%	0.44%	0.27%	-0.08%	-0.02%
Operating Expenses+	259.26M	260.79M	299.49M	327.19M	351.51M	321.72M	383.46M	415.49M	431.53M	478.8M
OpEx % of Revenue	0.09%	0.09%	0.09%	0.08%	0.09%	0.08%	0.07%	0.07%	0.07%	0.08%
Selling, General & Admin	153.59M	152.39M	177.21M	194.37M	206.13M	184.19M	223.76M	258.88M	281.05M	309.73M
SG&A % of Revenue	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.04%	0.04%	0.05%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	133.5M	108.4M	122.29M	132.82M	145.38M	137.53M	159.7M	156.61M	150.47M	169.06M
Operating Income+	498.24M	483.83M	575.89M	817.05M	818.71M	906.88M	1.39B	1.84B	1.64B	1.54B
Operating Margin %	0.17%	0.16%	0.17%	0.2%	0.2%	0.23%	0.26%	0.29%	0.28%	0.27%
Operating Income Growth %	0.13%	-0.03%	0.19%	0.42%	0%	0.11%	0.53%	0.32%	-0.11%	-0.06%
EBITDA+	663.58M	673.7M	781.65M	1.05B	1.07B	1.17B	1.65B	2.12B	1.97B	1.89B
EBITDA Margin %	0.22%	0.23%	0.23%	0.26%	0.26%	0.29%	0.31%	0.34%	0.33%	0.32%
EBITDA Growth %	0.13%	0.02%	0.16%	0.34%	0.02%	0.09%	0.41%	0.28%	-0.07%	-0.04%
D&A (Non-Cash Add-back)	165.34M	189.87M	205.76M	230.36M	253.68M	261.27M	259.9M	276.07M	324.45M	344.58M
EBIT	498.24M	483.83M	575.89M	817.05M	824.33M	904.15M	1.39B	1.84B	1.65B	1.56B
Net Interest Income+	-5M	-4.27M	-1.41M	2.92M	6.39M	-952K	-941K	3.32M	12.34M	16.8M
Interest Income	209K	58K	740K	3.11M	6.76M	1.83M	786K	4.88M	12.8M	17.01M
Interest Expense	5.21M	4.33M	2.15M	189K	377K	2.78M	1.73M	1.56M	464K	212K
Other Income/Expense	-8.22M	-6.25M	-54K	-1.54M	5.24M	-5.52M	-3.18M	717K	7.1M	13.6M
Pretax Income+	490.02M	477.59M	575.83M	815.51M	823.95M	901.36M	1.39B	1.84B	1.65B	1.56B
Pretax Margin %	0.16%	0.16%	0.17%	0.2%	0.2%	0.22%	0.26%	0.29%	0.28%	0.27%
Income Tax+	185.33M	181.82M	112.06M	209.84M	208.43M	228.68M	354.05M	464.19M	408.27M	371.52M
Effective Tax Rate %	0.62%	0.62%	0.81%	0.74%	0.75%	0.75%	0.74%	0.75%	0.75%	0.76%
Net Income+	304.69M	295.76M	463.77M	605.67M	615.52M	672.68M	1.03B	1.38B	1.24B	1.19B
Net Margin %	0.1%	0.1%	0.14%	0.15%	0.15%	0.17%	0.2%	0.22%	0.21%	0.2%
Net Income Growth %	0.14%	-0.03%	0.57%	0.31%	0.02%	0.09%	0.54%	0.33%	-0.1%	-0.04%
Net Income (Continuing)	304.69M	295.76M	463.77M	605.67M	615.52M	672.68M	1.03B	1.38B	1.24B	1.19B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.19	1.19	1.88	2.46	2.55	2.84	4.45	6.09	5.63	5.48
EPS Growth %	0.16%	0%	0.58%	0.31%	0.04%	0.11%	0.57%	0.37%	-0.08%	-0.03%
EPS (Basic)	1.19	1.19	1.88	2.46	2.56	2.86	4.47	6.13	5.66	5.51
Diluted Shares Outstanding	256.14M	249.46M	247.22M	246.06M	241.22M	236.99M	232.82M	226.16M	220.18M	216.49M
Basic Shares Outstanding	256.14M	249.34M	247.12M	246.06M	241.22M	236.86M	231.3M	226.13M	218.84M	215.33M
Dividend Payout Ratio	-	-	0.07%	0.07%	0.09%	0.11%	0.09%	0.1%	0.14%	0.19%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	381.73M	382.62M	584.65M	706.23M	866.83M	1.24B	1.38B	933.74M	1.14B	720.68M
Cash & Short-Term Investments	11.47M	10.17M	127.46M	190.28M	403.57M	731.7M	717M	235.67M	433.8M	108.68M
Cash Only	11.47M	10.17M	127.46M	190.28M	403.57M	401.43M	462.56M	186.31M	433.8M	108.68M
Short-Term Investments	0	0	0	0	0	330.27M	254.43M	49.35M	0	0
Accounts Receivable	345.05M	334.49M	415.78M	468.26M	408.17M	454.22M	599.1M	605.13M	615.32M	527.69M
Days Sales Outstanding	42.37	40.81	45.19	42.27	36.26	41.29	41.6	35.28	38.29	33.12
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	0	0	92.94M	94.21M	84.32M
Total Non-Current Assets+	2.08B	2.31B	2.48B	2.84B	3.13B	3.13B	3.44B	3.9B	4.37B	4.77B
Property, Plant & Equipment	2.02B	2.24B	2.4B	2.75B	2.97B	2.91B	3.22B	3.69B	4.1B	4.51B
Fixed Asset Turnover	1.47x	1.33x	1.40x	1.47x	1.38x	1.38x	1.63x	1.70x	1.43x	1.29x
Goodwill	19.46M	19.46M	19.46M	19.46M	19.46M	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	41.86M	52.76M	59.85M	64.65M	140.44M	212.04M	222.07M	217.8M	273.65M	265.28M
Total Assets+	2.47B	2.7B	3.07B	3.55B	4B	4.37B	4.82B	4.84B	5.51B	5.49B
Asset Turnover	1.21x	1.11x	1.09x	1.14x	1.03x	0.92x	1.09x	1.29x	1.06x	1.06x
Asset Growth %	0.1%	0.09%	0.14%	0.16%	0.13%	0.09%	0.1%	0%	0.14%	-0%
Total Current Liabilities+	285.4M	288.64M	351.05M	356.73M	366.08M	373.13M	464.23M	529.79M	544.66M	540.53M
Accounts Payable	66.77M	89.22M	73.73M	78.52M	70.25M	68.51M	82.52M	106.28M	112.77M	91.82M
Days Payables Outstanding	11	14.49	10.84	9.88	8.73	8.97	8.65	9.69	10.85	8.84
Short-Term Debt	26.49M	0	50M	0	0	0	0	20M	20M	35.7M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	124.59M	129.17M	152.57M	198.46M	192.52M	191.3M	257.9M	288.28M	278.95M	127.59M
Current Ratio	1.34x	1.33x	1.67x	1.98x	2.37x	3.33x	2.98x	1.76x	2.10x	1.33x
Quick Ratio	1.34x	1.33x	1.67x	1.98x	2.37x	3.33x	2.98x	1.76x	2.10x	1.33x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	496.46M	556.45M	440.52M	508.07M	548.77M	669.99M	677.5M	655.9M	709.92M	706.28M
Long-Term Debt	107.32M	104.97M	45M	45M	45M	99.93M	99.95M	79.96M	59.98M	39.99M
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	92.6M
Deferred Tax Liabilities	235.05M	272.6M	189.96M	247.67M	261.96M	220.21M	248.72M	310.51M	363.13M	381.93M
Other Non-Current Liabilities	154.09M	178.88M	205.56M	215.4M	241.8M	349.85M	328.84M	265.42M	286.81M	191.76M
Total Liabilities	781.87M	845.09M	791.57M	864.8M	914.85M	1.04B	1.14B	1.19B	1.25B	1.25B
Total Debt+	133.81M	104.97M	95M	45M	45M	99.93M	99.95M	99.96M	79.98M	168.29M
Net Debt	122.33M	94.8M	-32.46M	-145.28M	-358.57M	-301.5M	-362.62M	-86.35M	-353.82M	59.61M
Debt / Equity	0.08x	0.06x	0.04x	0.02x	0.01x	0.03x	0.03x	0.03x	0.02x	0.04x
Debt / EBITDA	0.20x	0.16x	0.12x	0.04x	0.04x	0.09x	0.06x	0.05x	0.04x	0.09x
Net Debt / EBITDA	0.18x	0.14x	-0.04x	-0.14x	-0.33x	-0.26x	-0.22x	-0.04x	-0.18x	0.03x
Interest Coverage	95.63x	111.69x	267.36x	4323.02x	2171.63x	325.98x	805.79x	1177.63x	3535.93x	7283.01x
Total Equity+	1.68B	1.85B	2.28B	2.68B	3.08B	3.33B	3.68B	3.65B	4.26B	4.24B
Equity Growth %	0.13%	0.1%	0.23%	0.18%	0.15%	0.08%	0.11%	-0.01%	0.17%	-0%
Book Value per Share	6.58	7.42	9.21	10.89	12.77	14.04	15.81	16.15	19.34	19.61
Total Shareholders' Equity	1.68B	1.85B	2.28B	2.68B	3.08B	3.33B	3.68B	3.65B	4.26B	4.24B
Common Stock	8.44M	8.24M	8.24M	8.12M	11.95M	11.71M	11.5M	11.02M	21.79M	21.3M
Retained Earnings	1.54B	1.71B	2.13B	2.53B	2.85B	3.09B	3.49B	3.4B	4B	4B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	553.88M	565.58M	536.29M	900.12M	983.89M	933.02M	1.21B	1.69B	1.57B	1.66B
Operating CF Margin %	0.19%	0.19%	0.16%	0.22%	0.24%	0.23%	0.23%	0.27%	0.27%	0.29%
Operating CF Growth %	0.41%	0.02%	-0.05%	0.68%	0.09%	-0.05%	0.3%	0.39%	-0.07%	0.06%
Net Income	304.69M	295.76M	463.77M	605.67M	615.52M	672.68M	1.03B	1.38B	1.24B	1.19B
Depreciation & Amortization	165.34M	189.87M	205.76M	230.36M	253.68M	261.27M	259.9M	276.07M	324.45M	344.58M
Stock-Based Compensation	-2.53M	16.2M	22.7M	10.7M	42.9M	14.3M	15.04M	15.89M	11.08M	11.35M
Deferred Taxes	0	0	0	0	0	0	0	0	53.34M	19.34M
Other Non-Cash Items	75.55M	63.81M	-121.25M	39.36M	28.45M	-24.27M	30.57M	105.48M	-3.89M	13.79M
Working Capital Changes	10.83M	-61K	-34.69M	14.04M	43.34M	9.04M	-127.28M	-83.01M	-55.35M	84.16M
Change in Receivables	-8.67M	-11.18M	-76.35M	-34.67M	30.33M	-49.05M	-125.56M	-13.01M	0	74.08M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	6.5M	-20.95M
Cash from Investing+	-437.62M	-407.4M	-367.75M	-580.39M	-473.64M	-551.66M	-455.29M	-547.47M	-659.82M	-751.19M
Capital Expenditures	-462.06M	-417.94M	-382.13M	-588.29M	-479.32M	-225.08M	-550.08M	-775.15M	-757.31M	-771.32M
CapEx % of Revenue	0.16%	0.14%	0.11%	0.15%	0.12%	0.06%	0.1%	0.12%	0.13%	0.13%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	24.44M	10.54M	14.38M	7.9M	5.69M	-326.58M	94.79M	227.68M	48.64M	20.12M
Cash from Financing+	-139.58M	-159.48M	-51.26M	-256.9M	-296.96M	-383.5M	-696.18M	-1.42B	-661.83M	-1.23B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-32.92M	-42.57M	-54.55M	-71.02M	-92.37M	-134.48M	-175.09M	-223.62M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-338K	-344K	-1.07M	-1.45M	-3.35M	-67.35M	-8.66M	-13.13M	-22.3M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	91.82M	147.64M	154.17M	311.82M	504.56M	707.94M	662.53M	916.43M	811.83M	887.97M
FCF Margin %	0.03%	0.05%	0.05%	0.08%	0.12%	0.18%	0.13%	0.15%	0.14%	0.15%
FCF Growth %	2.83%	0.61%	0.04%	1.02%	0.62%	0.4%	-0.06%	0.38%	-0.11%	0.09%
FCF per Share	0.36	0.59	0.62	1.27	2.09	2.99	2.85	4.05	3.69	4.10
FCF Conversion (FCF/Net Income)	1.82x	1.91x	1.16x	1.49x	1.60x	1.39x	1.17x	1.23x	1.27x	1.40x
Interest Paid	8.41M	6.42M	5.44M	4.53M	3.86M	5.69M	4.23M	3.95M	3.48M	2.91M
Taxes Paid	130.06M	123.39M	199.4M	170.03M	157.29M	266.51M	352.83M	396.51M	361.45M	337.62M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	19.17%	16.73%	22.47%	24.44%	21.37%	21%	29.53%	37.56%	31.34%	27.9%
Return on Invested Capital (ROIC)	21.84%	19.34%	20.61%	25.64%	23.36%	23.67%	32.91%	40.11%	32.94%	28.22%
Gross Margin	25.48%	24.89%	26.07%	28.3%	28.48%	30.6%	33.77%	36.04%	35.32%	34.79%
Net Margin	10.25%	9.89%	13.81%	14.98%	14.98%	16.75%	19.68%	22%	21.13%	20.4%
Debt / Equity	0.08x	0.06x	0.04x	0.02x	0.01x	0.03x	0.03x	0.03x	0.02x	0.04x
Interest Coverage	95.63x	111.69x	267.36x	4323.02x	2171.63x	325.98x	805.79x	1177.63x	3535.93x	7283.01x
FCF Conversion	1.82x	1.91x	1.16x	1.49x	1.60x	1.39x	1.17x	1.23x	1.27x	1.40x
Revenue Growth	6.62%	0.64%	12.25%	20.42%	1.62%	-2.29%	30.91%	19.1%	-6.29%	-0.88%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
L T L Service Revenue	3.98B	4.06B	3.96B	5.18B	6.18B	5.8B	5.76B
L T L Service Revenue Growth	-	1.83%	-2.33%	30.71%	19.31%	-6.02%	-0.76%
Other Service Revenue	61.04M	53.64M	54.08M	78.83M	83.02M	61.21M	53.7M
Other Service Revenue Growth	-	-12.11%	0.80%	45.78%	5.32%	-26.27%	-12.27%

Frequently Asked Questions

Valuation & Price

Old Dominion Freight Line, Inc. (ODFL) has a price-to-earnings (P/E) ratio of 31.3x. This suggests investors expect higher future growth.

Growth & Financials

Old Dominion Freight Line, Inc. (ODFL) reported $5.57B in revenue for fiscal year 2024. This represents a 193% increase from $1.90B in 2011.

Old Dominion Freight Line, Inc. (ODFL) saw revenue decline by 0.9% over the past year.

Yes, Old Dominion Freight Line, Inc. (ODFL) is profitable, generating $1.06B in net income for fiscal year 2024 (20.4% net margin).

Dividend & Returns

Yes, Old Dominion Freight Line, Inc. (ODFL) pays a dividend with a yield of 0.60%. This makes it attractive for income-focused investors.

Old Dominion Freight Line, Inc. (ODFL) has a return on equity (ROE) of 27.9%. This is excellent, indicating efficient use of shareholder capital.

Old Dominion Freight Line, Inc. (ODFL) generated $920.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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