Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
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).
Solvency ratio | Description | The company |
---|---|---|
Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Old Dominion Freight Line Inc. debt to equity ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Old Dominion Freight Line Inc. debt to equity ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Old Dominion Freight Line Inc. debt to capital ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Old Dominion Freight Line Inc. debt to capital ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Old Dominion Freight Line Inc. debt to assets ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Old Dominion Freight Line Inc. debt to assets ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Old Dominion Freight Line Inc. financial leverage ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level. |
Solvency ratio | Description | The company |
---|---|---|
Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Old Dominion Freight Line Inc. interest coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |
Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Old Dominion Freight Line Inc. fixed charge coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Equity
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Current maturities of long-term debt | 20,000) | —) | —) | —) | —) | |
Long-term debt, excluding current maturities | 79,963) | 99,947) | 99,931) | 45,000) | 45,000) | |
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 | |
Benchmarks | ||||||
Debt to Equity, Competitors2 | ||||||
FedEx Corp. | 0.81 | 0.86 | 1.20 | 0.99 | — | |
Uber Technologies Inc. | 1.32 | 0.66 | 0.64 | 0.43 | — | |
Union Pacific Corp. | 2.74 | 2.10 | 1.58 | 1.39 | — | |
United Parcel Service Inc. | 0.99 | 1.54 | 37.53 | 7.73 | — | |
Debt to Equity, Sector | ||||||
Transportation | 1.29 | 1.22 | 1.69 | 1.39 | — | |
Debt to Equity, Industry | ||||||
Industrials | 1.32 | 1.25 | 1.73 | 1.86 | — |
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 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Old Dominion Freight Line Inc. debt to equity ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
Debt to Equity (including Operating Lease Liability)
Old Dominion Freight Line Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Current maturities of long-term debt | 20,000) | —) | —) | —) | —) | |
Long-term debt, excluding current maturities | 79,963) | 99,947) | 99,931) | 45,000) | 45,000) | |
Total debt | 99,963) | 99,947) | 99,931) | 45,000) | 45,000) | |
Current operating lease liabilities (presented within Other accrued liabilities) | 17,300) | 14,000) | 13,000) | 10,400) | —) | |
Non-current operating lease liabilities (presented within Other non-current liabilities) | 80,800) | 88,800) | 93,300) | 56,100) | —) | |
Total debt (including operating lease liability) | 198,063) | 202,747) | 206,231) | 111,500) | 45,000) | |
Shareholders’ equity | 3,652,917) | 3,679,807) | 3,326,288) | 3,080,717) | 2,680,483) | |
Solvency Ratio | ||||||
Debt to equity (including operating lease liability)1 | 0.05 | 0.06 | 0.06 | 0.04 | 0.02 | |
Benchmarks | ||||||
Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
FedEx Corp. | 1.49 | 1.51 | 1.97 | 0.99 | — | |
Uber Technologies Inc. | 1.58 | 0.79 | 0.78 | 0.55 | — | |
Union Pacific Corp. | 2.87 | 2.22 | 1.67 | 1.49 | — | |
United Parcel Service Inc. | 1.19 | 1.79 | 42.24 | 8.62 | — | |
Debt to Equity (including Operating Lease Liability), Sector | ||||||
Transportation | 1.67 | 1.56 | 2.11 | 1.51 | — | |
Debt to Equity (including Operating Lease Liability), Industry | ||||||
Industrials | 1.47 | 1.39 | 1.89 | 1.96 | — |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 198,063 ÷ 3,652,917 = 0.05
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Old Dominion Freight Line Inc. debt to equity ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Capital
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Current maturities of long-term debt | 20,000) | —) | —) | —) | —) | |
Long-term debt, excluding current maturities | 79,963) | 99,947) | 99,931) | 45,000) | 45,000) | |
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) | |
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 | |
Benchmarks | ||||||
Debt to Capital, Competitors2 | ||||||
FedEx Corp. | 0.45 | 0.46 | 0.55 | 0.50 | — | |
Uber Technologies Inc. | 0.57 | 0.40 | 0.39 | 0.30 | — | |
Union Pacific Corp. | 0.73 | 0.68 | 0.61 | 0.58 | — | |
United Parcel Service Inc. | 0.50 | 0.61 | 0.97 | 0.89 | — | |
Debt to Capital, Sector | ||||||
Transportation | 0.56 | 0.55 | 0.63 | 0.58 | — | |
Debt to Capital, Industry | ||||||
Industrials | 0.57 | 0.56 | 0.63 | 0.65 | — |
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
Debt to capital = Total debt ÷ Total capital
= 99,963 ÷ 3,752,880 = 0.03
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Old Dominion Freight Line Inc. debt to capital ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
Debt to Capital (including Operating Lease Liability)
Old Dominion Freight Line Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Current maturities of long-term debt | 20,000) | —) | —) | —) | —) | |
Long-term debt, excluding current maturities | 79,963) | 99,947) | 99,931) | 45,000) | 45,000) | |
Total debt | 99,963) | 99,947) | 99,931) | 45,000) | 45,000) | |
Current operating lease liabilities (presented within Other accrued liabilities) | 17,300) | 14,000) | 13,000) | 10,400) | —) | |
Non-current operating lease liabilities (presented within Other non-current liabilities) | 80,800) | 88,800) | 93,300) | 56,100) | —) | |
Total debt (including operating lease liability) | 198,063) | 202,747) | 206,231) | 111,500) | 45,000) | |
Shareholders’ equity | 3,652,917) | 3,679,807) | 3,326,288) | 3,080,717) | 2,680,483) | |
Total capital (including operating lease liability) | 3,850,980) | 3,882,554) | 3,532,519) | 3,192,217) | 2,725,483) | |
Solvency Ratio | ||||||
Debt to capital (including operating lease liability)1 | 0.05 | 0.05 | 0.06 | 0.03 | 0.02 | |
Benchmarks | ||||||
Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
FedEx Corp. | 0.60 | 0.60 | 0.66 | 0.50 | — | |
Uber Technologies Inc. | 0.61 | 0.44 | 0.44 | 0.35 | — | |
Union Pacific Corp. | 0.74 | 0.69 | 0.63 | 0.60 | — | |
United Parcel Service Inc. | 0.54 | 0.64 | 0.98 | 0.90 | — | |
Debt to Capital (including Operating Lease Liability), Sector | ||||||
Transportation | 0.63 | 0.61 | 0.68 | 0.60 | — | |
Debt to Capital (including Operating Lease Liability), Industry | ||||||
Industrials | 0.60 | 0.58 | 0.65 | 0.66 | — |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 198,063 ÷ 3,850,980 = 0.05
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Old Dominion Freight Line Inc. debt to capital ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Assets
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Current maturities of long-term debt | 20,000) | —) | —) | —) | —) | |
Long-term debt, excluding current maturities | 79,963) | 99,947) | 99,931) | 45,000) | 45,000) | |
Total debt | 99,963) | 99,947) | 99,931) | 45,000) | 45,000) | |
Total assets | 4,838,610) | 4,821,544) | 4,369,410) | 3,995,568) | 3,545,283) | |
Solvency Ratio | ||||||
Debt to assets1 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | |
Benchmarks | ||||||
Debt to Assets, Competitors2 | ||||||
FedEx Corp. | 0.24 | 0.25 | 0.30 | 0.32 | — | |
Uber Technologies Inc. | 0.30 | 0.25 | 0.24 | 0.19 | — | |
Union Pacific Corp. | 0.51 | 0.47 | 0.43 | 0.41 | — | |
United Parcel Service Inc. | 0.28 | 0.32 | 0.40 | 0.44 | — | |
Debt to Assets, Sector | ||||||
Transportation | 0.33 | 0.32 | 0.35 | 0.36 | — | |
Debt to Assets, Industry | ||||||
Industrials | 0.29 | 0.29 | 0.32 | 0.32 | — |
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 assets = Total debt ÷ Total assets
= 99,963 ÷ 4,838,610 = 0.02
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Old Dominion Freight Line Inc. debt to assets ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Assets (including Operating Lease Liability)
Old Dominion Freight Line Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Current maturities of long-term debt | 20,000) | —) | —) | —) | —) | |
Long-term debt, excluding current maturities | 79,963) | 99,947) | 99,931) | 45,000) | 45,000) | |
Total debt | 99,963) | 99,947) | 99,931) | 45,000) | 45,000) | |
Current operating lease liabilities (presented within Other accrued liabilities) | 17,300) | 14,000) | 13,000) | 10,400) | —) | |
Non-current operating lease liabilities (presented within Other non-current liabilities) | 80,800) | 88,800) | 93,300) | 56,100) | —) | |
Total debt (including operating lease liability) | 198,063) | 202,747) | 206,231) | 111,500) | 45,000) | |
Total assets | 4,838,610) | 4,821,544) | 4,369,410) | 3,995,568) | 3,545,283) | |
Solvency Ratio | ||||||
Debt to assets (including operating lease liability)1 | 0.04 | 0.04 | 0.05 | 0.03 | 0.01 | |
Benchmarks | ||||||
Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
FedEx Corp. | 0.43 | 0.44 | 0.49 | 0.32 | — | |
Uber Technologies Inc. | 0.36 | 0.29 | 0.29 | 0.24 | — | |
Union Pacific Corp. | 0.53 | 0.50 | 0.45 | 0.44 | — | |
United Parcel Service Inc. | 0.33 | 0.37 | 0.44 | 0.49 | — | |
Debt to Assets (including Operating Lease Liability), Sector | ||||||
Transportation | 0.42 | 0.41 | 0.44 | 0.39 | — | |
Debt to Assets (including Operating Lease Liability), Industry | ||||||
Industrials | 0.33 | 0.32 | 0.35 | 0.34 | — |
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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 198,063 ÷ 4,838,610 = 0.04
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Old Dominion Freight Line Inc. debt to assets ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Financial Leverage
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
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 | |
Benchmarks | ||||||
Financial Leverage, Competitors2 | ||||||
FedEx Corp. | 3.45 | 3.43 | 4.02 | 3.06 | — | |
Uber Technologies Inc. | 4.37 | 2.68 | 2.71 | 2.24 | — | |
Union Pacific Corp. | 5.38 | 4.49 | 3.68 | 3.40 | — | |
United Parcel Service Inc. | 3.59 | 4.87 | 94.99 | 17.71 | — | |
Financial Leverage, Sector | ||||||
Transportation | 3.97 | 3.80 | 4.81 | 3.86 | — | |
Financial Leverage, Industry | ||||||
Industrials | 4.49 | 4.33 | 5.35 | 5.76 | — |
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 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Old Dominion Freight Line Inc. financial leverage ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level. |
Interest Coverage
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Net income | 1,377,159) | 1,034,375) | 672,682) | 615,518) | 605,668) | |
Add: Income tax expense | 464,190) | 354,048) | 228,682) | 208,431) | 209,845) | |
Add: Interest expense | 1,563) | 1,727) | 2,782) | 377) | 189) | |
Earnings before interest and tax (EBIT) | 1,842,912) | 1,390,150) | 904,146) | 824,326) | 815,702) | |
Solvency Ratio | ||||||
Interest coverage1 | 1,179.09 | 804.95 | 325.00 | 2,186.54 | 4,315.88 | |
Benchmarks | ||||||
Interest Coverage, Competitors2 | ||||||
FedEx Corp. | 8.11 | 9.42 | 3.48 | 2.11 | — | |
Uber Technologies Inc. | -15.49 | -1.20 | -14.24 | -14.15 | — | |
Union Pacific Corp. | 8.14 | 8.33 | 7.12 | 8.38 | — | |
United Parcel Service Inc. | 22.06 | 24.91 | 3.63 | 9.66 | — | |
Interest Coverage, Sector | ||||||
Transportation | 7.03 | 10.81 | 2.18 | 2.96 | — | |
Interest Coverage, Industry | ||||||
Industrials | 5.53 | 6.00 | 2.04 | 4.37 | — |
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
Interest coverage = EBIT ÷ Interest expense
= 1,842,912 ÷ 1,563 = 1,179.09
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Old Dominion Freight Line Inc. interest coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |
Fixed Charge Coverage
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Net income | 1,377,159) | 1,034,375) | 672,682) | 615,518) | 605,668) | |
Add: Income tax expense | 464,190) | 354,048) | 228,682) | 208,431) | 209,845) | |
Add: Interest expense | 1,563) | 1,727) | 2,782) | 377) | 189) | |
Earnings before interest and tax (EBIT) | 1,842,912) | 1,390,150) | 904,146) | 824,326) | 815,702) | |
Add: Aggregate expense under operating leases | 20,000) | 19,000) | 16,000) | 14,700) | 12,600) | |
Earnings before fixed charges and tax | 1,862,912) | 1,409,150) | 920,146) | 839,026) | 828,302) | |
Interest expense | 1,563) | 1,727) | 2,782) | 377) | 189) | |
Aggregate expense under operating leases | 20,000) | 19,000) | 16,000) | 14,700) | 12,600) | |
Fixed charges | 21,563) | 20,727) | 18,782) | 15,077) | 12,789) | |
Solvency Ratio | ||||||
Fixed charge coverage1 | 86.39 | 67.99 | 48.99 | 55.65 | 64.77 | |
Benchmarks | ||||||
Fixed Charge Coverage, Competitors2 | ||||||
FedEx Corp. | 2.29 | 2.83 | 1.50 | 1.19 | — | |
Uber Technologies Inc. | -9.72 | -0.36 | -6.43 | -8.62 | — | |
Union Pacific Corp. | 6.64 | 6.81 | 5.79 | 6.62 | — | |
United Parcel Service Inc. | 11.30 | 12.66 | 2.31 | 5.36 | — | |
Fixed Charge Coverage, Sector | ||||||
Transportation | 3.53 | 5.20 | 1.49 | 1.80 | — | |
Fixed Charge Coverage, Industry | ||||||
Industrials | 3.58 | 3.93 | 1.59 | 2.96 | — |
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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 1,862,912 ÷ 21,563 = 86.39
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Old Dominion Freight Line Inc. fixed charge coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |