Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Old Dominion Freight Line Inc., adjusted financial ratios

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Activity Ratio
Total Asset Turnover
Reported	1.29	1.09	0.92	1.03	1.14
Adjusted	1.29	1.09	0.92	1.03	1.11
Liquidity Ratio
Current Ratio
Reported	1.76	2.98	3.33	2.37	1.98
Adjusted	1.78	2.99	3.34	2.38	1.99
Solvency Ratios
Debt to Equity
Reported	0.03	0.03	0.03	0.01	0.02
Adjusted	0.05	0.05	0.06	0.03	0.04
Debt to Capital
Reported	0.03	0.03	0.03	0.01	0.02
Adjusted	0.05	0.05	0.05	0.03	0.04
Financial Leverage
Reported	1.32	1.31	1.31	1.30	1.32
Adjusted	1.22	1.23	1.23	1.20	1.24
Profitability Ratios
Net Profit Margin
Reported	22.00%	19.68%	16.75%	14.98%	14.98%
Adjusted	23.00%	20.29%	15.75%	15.30%	16.41%
Return on Equity (ROE)
Reported	37.70%	28.11%	20.22%	19.98%	22.60%
Adjusted	36.28%	27.12%	17.82%	18.81%	22.65%
Return on Assets (ROA)
Reported	28.46%	21.45%	15.40%	15.41%	17.08%
Adjusted	29.72%	22.10%	14.47%	15.73%	18.29%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Old Dominion Freight Line Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Old Dominion Freight Line Inc. adjusted current ratio deteriorated from 2020 to 2021 and from 2021 to 2022.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Old Dominion Freight Line Inc. adjusted debt-to-equity ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Old Dominion Freight Line Inc. adjusted debt-to-capital ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Old Dominion Freight Line Inc. adjusted financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Old Dominion Freight Line Inc. adjusted net profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Old Dominion Freight Line Inc. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Old Dominion Freight Line Inc. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.

Old Dominion Freight Line Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Revenue from operations	6,260,077)	5,256,328)	4,015,129)	4,109,111)	4,043,695)
Total assets	4,838,610)	4,821,544)	4,369,410)	3,995,568)	3,545,283)
Activity Ratio
Total asset turnover¹	1.29	1.09	0.92	1.03	1.14
Adjusted
Selected Financial Data (US$ in thousands)
Revenue from operations	6,260,077)	5,256,328)	4,015,129)	4,109,111)	4,043,695)
Adjusted total assets²	4,844,021)	4,826,106)	4,370,371)	3,995,188)	3,628,329)
Activity Ratio
Adjusted total asset turnover³	1.29	1.09	0.92	1.03	1.11

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ 2022 Calculation
Total asset turnover = Revenue from operations ÷ Total assets
= 6,260,077 ÷ 4,838,610 = 1.29

² Adjusted total assets. See details »

³ 2022 Calculation
Adjusted total asset turnover = Revenue from operations ÷ Adjusted total assets
= 6,260,077 ÷ 4,844,021 = 1.29

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Old Dominion Freight Line Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Current assets	933,740)	1,383,787)	1,243,339)	866,834)	706,229)
Current liabilities	529,793)	464,234)	373,130)	366,085)	356,732)
Liquidity Ratio
Current ratio¹	1.76	2.98	3.33	2.37	1.98
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets²	940,417)	1,389,826)	1,247,434)	870,331)	709,861)
Current liabilities	529,793)	464,234)	373,130)	366,085)	356,732)
Liquidity Ratio
Adjusted current ratio³	1.78	2.99	3.34	2.38	1.99

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= 933,740 ÷ 529,793 = 1.76

² Adjusted current assets. See details »

³ 2022 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 940,417 ÷ 529,793 = 1.78

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Old Dominion Freight Line Inc. adjusted current ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Total debt	99,963)	99,947)	99,931)	45,000)	45,000)
Shareholders’ equity	3,652,917)	3,679,807)	3,326,288)	3,080,717)	2,680,483)
Solvency Ratio
Debt to equity¹	0.03	0.03	0.03	0.01	0.02
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	198,063)	202,747)	206,231)	111,500)	127,153)
Adjusted shareholders’ equity³	3,968,843)	3,933,087)	3,547,459)	3,342,301)	2,929,045)
Solvency Ratio
Adjusted debt to equity⁴	0.05	0.05	0.06	0.03	0.04

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ 2022 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 99,963 ÷ 3,652,917 = 0.03

² Adjusted total debt. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2022 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity
= 198,063 ÷ 3,968,843 = 0.05

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Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Old Dominion Freight Line Inc. adjusted debt-to-equity ratio improved from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Total debt	99,963)	99,947)	99,931)	45,000)	45,000)
Total capital	3,752,880)	3,779,754)	3,426,219)	3,125,717)	2,725,483)
Solvency Ratio
Debt to capital¹	0.03	0.03	0.03	0.01	0.02
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	198,063)	202,747)	206,231)	111,500)	127,153)
Adjusted total capital³	4,166,906)	4,135,834)	3,753,690)	3,453,801)	3,056,198)
Solvency Ratio
Adjusted debt to capital⁴	0.05	0.05	0.05	0.03	0.04

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 99,963 ÷ 3,752,880 = 0.03

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2022 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 198,063 ÷ 4,166,906 = 0.05

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Old Dominion Freight Line Inc. adjusted debt-to-capital ratio improved from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Total assets	4,838,610)	4,821,544)	4,369,410)	3,995,568)	3,545,283)
Shareholders’ equity	3,652,917)	3,679,807)	3,326,288)	3,080,717)	2,680,483)
Solvency Ratio
Financial leverage¹	1.32	1.31	1.31	1.30	1.32
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets²	4,844,021)	4,826,106)	4,370,371)	3,995,188)	3,628,329)
Adjusted shareholders’ equity³	3,968,843)	3,933,087)	3,547,459)	3,342,301)	2,929,045)
Solvency Ratio
Adjusted financial leverage⁴	1.22	1.23	1.23	1.20	1.24

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ 2022 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 4,838,610 ÷ 3,652,917 = 1.32

² Adjusted total assets. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2022 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 4,844,021 ÷ 3,968,843 = 1.22

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Old Dominion Freight Line Inc. adjusted financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income	1,377,159)	1,034,375)	672,682)	615,518)	605,668)
Revenue from operations	6,260,077)	5,256,328)	4,015,129)	4,109,111)	4,043,695)
Profitability Ratio
Net profit margin¹	22.00%	19.68%	16.75%	14.98%	14.98%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	1,439,805)	1,066,484)	632,269)	628,540)	663,519)
Revenue from operations	6,260,077)	5,256,328)	4,015,129)	4,109,111)	4,043,695)
Profitability Ratio
Adjusted net profit margin³	23.00%	20.29%	15.75%	15.30%	16.41%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ 2022 Calculation
Net profit margin = 100 × Net income ÷ Revenue from operations
= 100 × 1,377,159 ÷ 6,260,077 = 22.00%

² Adjusted net income. See details »

³ 2022 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue from operations
= 100 × 1,439,805 ÷ 6,260,077 = 23.00%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Old Dominion Freight Line Inc. adjusted net profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income	1,377,159)	1,034,375)	672,682)	615,518)	605,668)
Shareholders’ equity	3,652,917)	3,679,807)	3,326,288)	3,080,717)	2,680,483)
Profitability Ratio
ROE¹	37.70%	28.11%	20.22%	19.98%	22.60%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	1,439,805)	1,066,484)	632,269)	628,540)	663,519)
Adjusted shareholders’ equity³	3,968,843)	3,933,087)	3,547,459)	3,342,301)	2,929,045)
Profitability Ratio
Adjusted ROE⁴	36.28%	27.12%	17.82%	18.81%	22.65%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ 2022 Calculation
ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 1,377,159 ÷ 3,652,917 = 37.70%

² Adjusted net income. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2022 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 1,439,805 ÷ 3,968,843 = 36.28%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Old Dominion Freight Line Inc. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income	1,377,159)	1,034,375)	672,682)	615,518)	605,668)
Total assets	4,838,610)	4,821,544)	4,369,410)	3,995,568)	3,545,283)
Profitability Ratio
ROA¹	28.46%	21.45%	15.40%	15.41%	17.08%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	1,439,805)	1,066,484)	632,269)	628,540)	663,519)
Adjusted total assets³	4,844,021)	4,826,106)	4,370,371)	3,995,188)	3,628,329)
Profitability Ratio
Adjusted ROA⁴	29.72%	22.10%	14.47%	15.73%	18.29%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ 2022 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 1,377,159 ÷ 4,838,610 = 28.46%

² Adjusted net income. See details »

³ Adjusted total assets. See details »

⁴ 2022 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 1,439,805 ÷ 4,844,021 = 29.72%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Old Dominion Freight Line Inc. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.

Old Dominion Freight Line Inc. (NASDAQ:ODFL)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Old Dominion Freight Line Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)