Stock Analysis on Net
Stock Analysis on Net

Old Dominion Freight Line Inc. (NASDAQ:ODFL)

This company has been moved to the archive! The financial data has not been updated since August 4, 2023.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Old Dominion Freight Line Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Jun 30, 2023 33.37% = 25.68% × 1.30
Mar 31, 2023 36.37% = 27.48% × 1.32
Dec 31, 2022 37.70% = 28.46% × 1.32
Sep 30, 2022 37.44% = 27.69% × 1.35
Jun 30, 2022 34.91% = 25.89% × 1.35
Mar 31, 2022 32.39% = 24.03% × 1.35
Dec 31, 2021 28.11% = 21.45% × 1.31
Sep 30, 2021 27.64% = 20.49% × 1.35
Jun 30, 2021 25.30% = 18.98% × 1.33
Mar 31, 2021 23.15% = 16.98% × 1.36
Dec 31, 2020 20.22% = 15.40% × 1.31
Sep 30, 2020 19.77% = 14.67% × 1.35
Jun 30, 2020 19.75% = 14.44% × 1.37
Mar 31, 2020 20.40% = 15.64% × 1.30
Dec 31, 2019 19.98% = 15.41% × 1.30
Sep 30, 2019 21.69% = 16.21% × 1.34
Jun 30, 2019 22.88% = 17.04% × 1.34
Mar 31, 2019 22.73% = 17.00% × 1.34
Dec 31, 2018 22.60% = 17.08% × 1.32
Sep 30, 2018 — = — × 1.33
Jun 30, 2018 — = — × 1.34
Mar 31, 2018 — = — × 1.33

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2023 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Old Dominion Freight Line Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jun 30, 2023 33.37% = 21.49% × 1.20 × 1.30
Mar 31, 2023 36.37% = 21.96% × 1.25 × 1.32
Dec 31, 2022 37.70% = 22.00% × 1.29 × 1.32
Sep 30, 2022 37.44% = 21.56% × 1.28 × 1.35
Jun 30, 2022 34.91% = 20.77% × 1.25 × 1.35
Mar 31, 2022 32.39% = 20.17% × 1.19 × 1.35
Dec 31, 2021 28.11% = 19.68% × 1.09 × 1.31
Sep 30, 2021 27.64% = 19.22% × 1.07 × 1.35
Jun 30, 2021 25.30% = 18.80% × 1.01 × 1.33
Mar 31, 2021 23.15% = 17.79% × 0.95 × 1.36
Dec 31, 2020 20.22% = 16.75% × 0.92 × 1.31
Sep 30, 2020 19.77% = 15.87% × 0.92 × 1.35
Jun 30, 2020 19.75% = 14.95% × 0.97 × 1.37
Mar 31, 2020 20.40% = 14.99% × 1.04 × 1.30
Dec 31, 2019 19.98% = 14.98% × 1.03 × 1.30
Sep 30, 2019 21.69% = 15.29% × 1.06 × 1.34
Jun 30, 2019 22.88% = 15.48% × 1.10 × 1.34
Mar 31, 2019 22.73% = 15.32% × 1.11 × 1.34
Dec 31, 2018 22.60% = 14.98% × 1.14 × 1.32
Sep 30, 2018 — = — × — × 1.33
Jun 30, 2018 — = — × — × 1.34
Mar 31, 2018 — = — × — × 1.33

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2023 is the decrease in efficiency measured by asset turnover ratio.

Five-Component Disaggregation of ROE

Old Dominion Freight Line Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Jun 30, 2023 33.37% = 0.75 × 1.00 × 28.66% × 1.20 × 1.30
Mar 31, 2023 36.37% = 0.75 × 1.00 × 29.37% × 1.25 × 1.32
Dec 31, 2022 37.70% = 0.75 × 1.00 × 29.44% × 1.29 × 1.32
Sep 30, 2022 37.44% = 0.75 × 1.00 × 28.85% × 1.28 × 1.35
Jun 30, 2022 34.91% = 0.74 × 1.00 × 27.93% × 1.25 × 1.35
Mar 31, 2022 32.39% = 0.74 × 1.00 × 27.11% × 1.19 × 1.35
Dec 31, 2021 28.11% = 0.74 × 1.00 × 26.45% × 1.09 × 1.31
Sep 30, 2021 27.64% = 0.74 × 1.00 × 25.86% × 1.07 × 1.35
Jun 30, 2021 25.30% = 0.74 × 1.00 × 25.30% × 1.01 × 1.33
Mar 31, 2021 23.15% = 0.75 × 1.00 × 23.91% × 0.95 × 1.36
Dec 31, 2020 20.22% = 0.75 × 1.00 × 22.52% × 0.92 × 1.31
Sep 30, 2020 19.77% = 0.75 × 1.00 × 21.25% × 0.92 × 1.35
Jun 30, 2020 19.75% = 0.75 × 1.00 × 20.01% × 0.97 × 1.37
Mar 31, 2020 20.40% = 0.75 × 1.00 × 20.08% × 1.04 × 1.30
Dec 31, 2019 19.98% = 0.75 × 1.00 × 20.06% × 1.03 × 1.30
Sep 30, 2019 21.69% = 0.74 × 1.00 × 20.65% × 1.06 × 1.34
Jun 30, 2019 22.88% = 0.74 × 1.00 × 20.86% × 1.10 × 1.34
Mar 31, 2019 22.73% = 0.74 × 1.00 × 20.65% × 1.11 × 1.34
Dec 31, 2018 22.60% = 0.74 × 1.00 × 20.17% × 1.14 × 1.32
Sep 30, 2018 — = — × — × — × — × 1.33
Jun 30, 2018 — = — × — × — × — × 1.34
Mar 31, 2018 — = — × — × — × — × 1.33

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2023 is the decrease in efficiency measured by asset turnover ratio.

Two-Component Disaggregation of ROA

Old Dominion Freight Line Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Jun 30, 2023 25.68% = 21.49% × 1.20
Mar 31, 2023 27.48% = 21.96% × 1.25
Dec 31, 2022 28.46% = 22.00% × 1.29
Sep 30, 2022 27.69% = 21.56% × 1.28
Jun 30, 2022 25.89% = 20.77% × 1.25
Mar 31, 2022 24.03% = 20.17% × 1.19
Dec 31, 2021 21.45% = 19.68% × 1.09
Sep 30, 2021 20.49% = 19.22% × 1.07
Jun 30, 2021 18.98% = 18.80% × 1.01
Mar 31, 2021 16.98% = 17.79% × 0.95
Dec 31, 2020 15.40% = 16.75% × 0.92
Sep 30, 2020 14.67% = 15.87% × 0.92
Jun 30, 2020 14.44% = 14.95% × 0.97
Mar 31, 2020 15.64% = 14.99% × 1.04
Dec 31, 2019 15.41% = 14.98% × 1.03
Sep 30, 2019 16.21% = 15.29% × 1.06
Jun 30, 2019 17.04% = 15.48% × 1.10
Mar 31, 2019 17.00% = 15.32% × 1.11
Dec 31, 2018 17.08% = 14.98% × 1.14
Sep 30, 2018 — = — × —
Jun 30, 2018 — = — × —
Mar 31, 2018 — = — × —

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q2 2023 is the decrease in asset turnover ratio.

Four-Component Disaggregation of ROA

Old Dominion Freight Line Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Jun 30, 2023 25.68% = 0.75 × 1.00 × 28.66% × 1.20
Mar 31, 2023 27.48% = 0.75 × 1.00 × 29.37% × 1.25
Dec 31, 2022 28.46% = 0.75 × 1.00 × 29.44% × 1.29
Sep 30, 2022 27.69% = 0.75 × 1.00 × 28.85% × 1.28
Jun 30, 2022 25.89% = 0.74 × 1.00 × 27.93% × 1.25
Mar 31, 2022 24.03% = 0.74 × 1.00 × 27.11% × 1.19
Dec 31, 2021 21.45% = 0.74 × 1.00 × 26.45% × 1.09
Sep 30, 2021 20.49% = 0.74 × 1.00 × 25.86% × 1.07
Jun 30, 2021 18.98% = 0.74 × 1.00 × 25.30% × 1.01
Mar 31, 2021 16.98% = 0.75 × 1.00 × 23.91% × 0.95
Dec 31, 2020 15.40% = 0.75 × 1.00 × 22.52% × 0.92
Sep 30, 2020 14.67% = 0.75 × 1.00 × 21.25% × 0.92
Jun 30, 2020 14.44% = 0.75 × 1.00 × 20.01% × 0.97
Mar 31, 2020 15.64% = 0.75 × 1.00 × 20.08% × 1.04
Dec 31, 2019 15.41% = 0.75 × 1.00 × 20.06% × 1.03
Sep 30, 2019 16.21% = 0.74 × 1.00 × 20.65% × 1.06
Jun 30, 2019 17.04% = 0.74 × 1.00 × 20.86% × 1.10
Mar 31, 2019 17.00% = 0.74 × 1.00 × 20.65% × 1.11
Dec 31, 2018 17.08% = 0.74 × 1.00 × 20.17% × 1.14
Sep 30, 2018 — = — × — × — × —
Jun 30, 2018 — = — × — × — × —
Mar 31, 2018 — = — × — × — × —

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q2 2023 is the decrease in efficiency measured by asset turnover ratio.

Disaggregation of Net Profit Margin

Old Dominion Freight Line Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Jun 30, 2023 21.49% = 0.75 × 1.00 × 28.66%
Mar 31, 2023 21.96% = 0.75 × 1.00 × 29.37%
Dec 31, 2022 22.00% = 0.75 × 1.00 × 29.44%
Sep 30, 2022 21.56% = 0.75 × 1.00 × 28.85%
Jun 30, 2022 20.77% = 0.74 × 1.00 × 27.93%
Mar 31, 2022 20.17% = 0.74 × 1.00 × 27.11%
Dec 31, 2021 19.68% = 0.74 × 1.00 × 26.45%
Sep 30, 2021 19.22% = 0.74 × 1.00 × 25.86%
Jun 30, 2021 18.80% = 0.74 × 1.00 × 25.30%
Mar 31, 2021 17.79% = 0.75 × 1.00 × 23.91%
Dec 31, 2020 16.75% = 0.75 × 1.00 × 22.52%
Sep 30, 2020 15.87% = 0.75 × 1.00 × 21.25%
Jun 30, 2020 14.95% = 0.75 × 1.00 × 20.01%
Mar 31, 2020 14.99% = 0.75 × 1.00 × 20.08%
Dec 31, 2019 14.98% = 0.75 × 1.00 × 20.06%
Sep 30, 2019 15.29% = 0.74 × 1.00 × 20.65%
Jun 30, 2019 15.48% = 0.74 × 1.00 × 20.86%
Mar 31, 2019 15.32% = 0.74 × 1.00 × 20.65%
Dec 31, 2018 14.98% = 0.74 × 1.00 × 20.17%
Sep 30, 2018 — = — × — × —
Jun 30, 2018 — = — × — × —
Mar 31, 2018 — = — × — × —

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in net profit margin ratio over Q2 2023 is the decrease in operating profitability measured by EBIT margin ratio.