Old Dominion Freight Line Inc., FCFF calculation

US$ in thousands

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).

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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.

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

US$ in thousands

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

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

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.	19.12
Uber Technologies Inc.	21.41
Union Pacific Corp.	25.29
United Airlines Holdings Inc.	7.55
United Parcel Service Inc.	15.54
EV/FCFF, Sector
Transportation	23.89
EV/FCFF, Industry
Industrials	28.93

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.

Old Dominion Freight Line Inc., historical EV/FCFF 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)
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	—	—
United Airlines Holdings Inc.	11.88	79.24	—	—	—
United Parcel Service Inc.	16.63	16.95	28.23	—	—
EV/FCFF, Sector
Transportation	21.76	24.81	184.17	—	—
EV/FCFF, Industry
Industrials	24.30	28.80	189.49	—	—

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).

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² See details »

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

⁴ Click competitor name to see calculations.

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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.

Old Dominion Freight Line Inc. (NASDAQ:ODFL)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical