Analysis of Short-term (Operating) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
Old Dominion Freight Line Inc., short-term (operating) activity ratios
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).
| Short-term activity ratio | Description | The company |
|---|---|---|
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Old Dominion Freight Line Inc. receivables turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Old Dominion Freight Line Inc. payables turnover ratio increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level. |
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Old Dominion Freight Line Inc. working capital turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | Old Dominion Freight Line Inc. number of days of receivables outstanding improved from 2020 to 2021 and from 2021 to 2022. |
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. |
Receivables Turnover
Old Dominion Freight Line Inc., receivables turnover 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) | ||||||
| Revenue from operations | 6,260,077) | 5,256,328) | 4,015,129) | 4,109,111) | 4,043,695) | |
| Customer receivables, less allowances | 578,648) | 567,474) | 444,653) | 397,579) | 427,569) | |
| Short-term Activity Ratio | ||||||
| Receivables turnover1 | 10.82 | 9.26 | 9.03 | 10.34 | 9.46 | |
| Benchmarks | ||||||
| Receivables Turnover, Competitors2 | ||||||
| FedEx Corp. | 7.88 | 6.96 | 6.85 | 7.65 | — | |
| Uber Technologies Inc. | 11.47 | 7.16 | 10.38 | 11.65 | — | |
| Union Pacific Corp. | 13.15 | 12.66 | 12.98 | 13.61 | — | |
| United Airlines Holdings Inc. | 24.96 | 14.81 | 11.86 | 31.71 | — | |
| United Parcel Service Inc. | 7.97 | 7.76 | 7.87 | 7.76 | — | |
| Receivables Turnover, Sector | ||||||
| Transportation | 9.56 | 8.05 | 8.08 | — | — | |
| Receivables Turnover, Industry | ||||||
| Industrials | 8.17 | 7.76 | 7.58 | — | — | |
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
Receivables turnover = Revenue from operations ÷ Customer receivables, less allowances
= 6,260,077 ÷ 578,648 = 10.82
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Old Dominion Freight Line Inc. receivables turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
Payables Turnover
Old Dominion Freight Line Inc., payables turnover 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) | ||||||
| Revenue from operations | 6,260,077) | 5,256,328) | 4,015,129) | 4,109,111) | 4,043,695) | |
| Accounts payable | 106,275) | 82,519) | 68,511) | 70,254) | 78,518) | |
| Short-term Activity Ratio | ||||||
| Payables turnover1 | 58.90 | 63.70 | 58.61 | 58.49 | 51.50 | |
| Benchmarks | ||||||
| Payables Turnover, Competitors2 | ||||||
| FedEx Corp. | 23.20 | 21.86 | 21.17 | 23.00 | — | |
| Uber Technologies Inc. | 27.00 | 10.87 | 21.93 | 26.50 | — | |
| Union Pacific Corp. | 31.73 | 28.99 | 31.92 | 28.98 | — | |
| United Airlines Holdings Inc. | 13.24 | 9.62 | 9.63 | 16.00 | — | |
| United Parcel Service Inc. | 13.36 | 12.93 | 13.11 | 13.34 | — | |
| Payables Turnover, Sector | ||||||
| Transportation | 17.23 | 15.26 | 15.94 | — | — | |
| Payables Turnover, Industry | ||||||
| Industrials | 7.86 | 7.84 | 7.52 | — | — | |
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
Payables turnover = Revenue from operations ÷ Accounts payable
= 6,260,077 ÷ 106,275 = 58.90
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Old Dominion Freight Line Inc. payables turnover ratio increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level. |
Working Capital Turnover
Old Dominion Freight Line Inc., working capital turnover 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 assets | 933,740) | 1,383,787) | 1,243,339) | 866,834) | 706,229) | |
| Less: Current liabilities | 529,793) | 464,234) | 373,130) | 366,085) | 356,732) | |
| Working capital | 403,947) | 919,553) | 870,209) | 500,749) | 349,497) | |
| Revenue from operations | 6,260,077) | 5,256,328) | 4,015,129) | 4,109,111) | 4,043,695) | |
| Short-term Activity Ratio | ||||||
| Working capital turnover1 | 15.50 | 5.72 | 4.61 | 8.21 | 11.57 | |
| Benchmarks | ||||||
| Working Capital Turnover, Competitors2 | ||||||
| FedEx Corp. | 15.35 | 12.13 | 11.46 | 17.11 | — | |
| Uber Technologies Inc. | 80.50 | — | 3.69 | 1.71 | — | |
| Union Pacific Corp. | — | — | 476.41 | — | — | |
| United Airlines Holdings Inc. | 681.14 | 6.98 | 7.40 | — | — | |
| United Parcel Service Inc. | 24.61 | 13.21 | 26.45 | 43.84 | — | |
| Working Capital Turnover, Sector | ||||||
| Transportation | 32.61 | 15.90 | 13.91 | — | — | |
| Working Capital Turnover, Industry | ||||||
| Industrials | 10.27 | 6.91 | 4.52 | — | — | |
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
Working capital turnover = Revenue from operations ÷ Working capital
= 6,260,077 ÷ 403,947 = 15.50
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Old Dominion Freight Line Inc. working capital turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
Average Receivable Collection Period
Old Dominion Freight Line Inc., average receivable collection period calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Receivables turnover | 10.82 | 9.26 | 9.03 | 10.34 | 9.46 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average receivable collection period1 | 34 | 39 | 40 | 35 | 39 | |
| Benchmarks (no. days) | ||||||
| Average Receivable Collection Period, Competitors2 | ||||||
| FedEx Corp. | 46 | 52 | 53 | 48 | — | |
| Uber Technologies Inc. | 32 | 51 | 35 | 31 | — | |
| Union Pacific Corp. | 28 | 29 | 28 | 27 | — | |
| United Airlines Holdings Inc. | 15 | 25 | 31 | 12 | — | |
| United Parcel Service Inc. | 46 | 47 | 46 | 47 | — | |
| Average Receivable Collection Period, Sector | ||||||
| Transportation | 38 | 45 | 45 | — | — | |
| Average Receivable Collection Period, Industry | ||||||
| Industrials | 45 | 47 | 48 | — | — | |
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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 10.82 = 34
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | Old Dominion Freight Line Inc. number of days of receivables outstanding improved from 2020 to 2021 and from 2021 to 2022. |
Average Payables Payment Period
Old Dominion Freight Line Inc., average payables payment period calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Payables turnover | 58.90 | 63.70 | 58.61 | 58.49 | 51.50 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average payables payment period1 | 6 | 6 | 6 | 6 | 7 | |
| Benchmarks (no. days) | ||||||
| Average Payables Payment Period, Competitors2 | ||||||
| FedEx Corp. | 16 | 17 | 17 | 16 | — | |
| Uber Technologies Inc. | 14 | 34 | 17 | 14 | — | |
| Union Pacific Corp. | 12 | 13 | 11 | 13 | — | |
| United Airlines Holdings Inc. | 28 | 38 | 38 | 23 | — | |
| United Parcel Service Inc. | 27 | 28 | 28 | 27 | — | |
| Average Payables Payment Period, Sector | ||||||
| Transportation | 21 | 24 | 23 | — | — | |
| Average Payables Payment Period, Industry | ||||||
| Industrials | 46 | 47 | 49 | — | — | |
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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 58.90 = 6
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. |