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.

Analysis of Solvency Ratios

Microsoft Excel

Solvency Ratios (Summary)

Old Dominion Freight Line Inc., solvency ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Debt Ratios
Debt to equity 0.03 0.03 0.03 0.01 0.02
Debt to equity (including operating lease liability) 0.05 0.06 0.06 0.04 0.02
Debt to capital 0.03 0.03 0.03 0.01 0.02
Debt to capital (including operating lease liability) 0.05 0.05 0.06 0.03 0.02
Debt to assets 0.02 0.02 0.02 0.01 0.01
Debt to assets (including operating lease liability) 0.04 0.04 0.05 0.03 0.01
Financial leverage 1.32 1.31 1.31 1.30 1.32
Coverage Ratios
Interest coverage 1,179.09 804.95 325.00 2,186.54 4,315.88
Fixed charge coverage 86.39 67.99 48.99 55.65 64.77

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

Old Dominion Freight Line Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel
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

Microsoft Excel
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

Old Dominion Freight Line Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel
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

Microsoft Excel
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

Old Dominion Freight Line Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel
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

Microsoft Excel
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

Old Dominion Freight Line Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel
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

Old Dominion Freight Line Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel
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

Old Dominion Freight Line Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
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.