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.

Enterprise Value to FCFF (EV/FCFF) 

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Free Cash Flow to The Firm (FCFF)

Old Dominion Freight Line Inc., FCFF calculation

US$ in thousands

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12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net income 1,377,159 1,034,375 672,682 615,518 605,668
Net noncash charges 367,200 319,430 244,292 300,687 293,437
Changes in assets and liabilities (52,777) (141,199) 16,050 67,683 1,011
Net cash provided by operating activities 1,691,582 1,212,606 933,024 983,888 900,116
Interest paid, net of tax1 2,956 3,153 4,243 2,881 3,361
Capitalized interest, net of tax2 2,438 1,978 1,846 2,337 2,404
Purchase of property and equipment (775,148) (550,077) (225,081) (479,325) (588,292)
Proceeds from sale of property and equipment 22,096 19,548 3,690 5,686 6,983
Free cash flow to the firm (FCFF) 943,925 687,208 717,722 515,467 324,572

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).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Old Dominion Freight Line Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Old Dominion Freight Line Inc. FCFF decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Interest Paid, Net of Tax

Old Dominion Freight Line Inc., interest paid, net of tax calculation

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Effective Income Tax Rate (EITR)
EITR1 25.21% 25.50% 25.37% 25.30% 25.73%
Interest Paid, Net of Tax
Interest paid, before tax 3,953 4,232 5,686 3,857 4,525
Less: Interest paid, tax2 997 1,079 1,443 976 1,164
Interest paid, net of tax 2,956 3,153 4,243 2,881 3,361
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax 3,260 2,655 2,473 3,128 3,237
Less: Capitalized interest, tax3 822 677 627 791 833
Capitalized interest, net of tax 2,438 1,978 1,846 2,337 2,404

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 See details »

2 2022 Calculation
Interest paid, tax = Interest paid × EITR
= 3,953 × 25.21% = 997

3 2022 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= 3,260 × 25.21% = 822


Enterprise Value to FCFF Ratio, Current

Old Dominion Freight Line Inc., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in thousands)
Enterprise value (EV) 44,348,423
Free cash flow to the firm (FCFF) 943,925
Valuation Ratio
EV/FCFF 46.98
Benchmarks
EV/FCFF, Competitors1
FedEx Corp. 21.91
Uber Technologies Inc. 43.34
Union Pacific Corp. 31.65
United Parcel Service Inc. 22.62
EV/FCFF, Sector
Transportation 27.16
EV/FCFF, Industry
Industrials 30.91

Based on: 10-K (reporting date: 2022-12-31).

1 Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

Old Dominion Freight Line Inc., historical EV/FCFF 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)
Enterprise value (EV)1 37,494,435 31,829,677 24,779,831 16,081,385 12,064,500
Free cash flow to the firm (FCFF)2 943,925 687,208 717,722 515,467 324,572
Valuation Ratio
EV/FCFF3 39.72 46.32 34.53 31.20 37.17
Benchmarks
EV/FCFF, Competitors4
FedEx Corp. 19.13 18.72 87.04
Uber Technologies Inc. 136.28
Union Pacific Corp. 23.83 26.42 25.20 25.44
United Parcel Service Inc. 16.63 16.95 28.23 39.28
EV/FCFF, Sector
Transportation 22.96 23.87 65.92 104.98
EV/FCFF, Industry
Industrials 24.88 28.41 72.49 31.28

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 See details »

2 See details »

3 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 37,494,435 ÷ 943,925 = 39.72

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Old Dominion Freight Line Inc. EV/FCFF ratio increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level.