Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Historical Valuation Ratios (Summary)
Old Dominion Freight Line Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
The analysis of the financial valuation ratios reveals several notable trends over the observed periods.
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits a generally increasing trend from early 2019 through 2021, peaking during late 2021. Initial values around 20 in 2019 rose to peaks above 40 by the end of 2021, indicating growing market optimism or higher valuation multiples relative to earnings. Following this peak, a decline is noticeable throughout 2022, with ratios dropping to the low twenties by the end of 2022. A partial recovery occurs in early 2023, with the ratio again increasing to mid-30s. This pattern suggests fluctuating investor sentiment, with a high valuation cycle followed by a correction and subsequent rebound.
- Price to Operating Profit (P/OP) Ratio
- This valuation measure follows a similar trend to the P/E ratio, starting from approximately 15 in 2019 and increasing to near 31 by late 2021. The elevated P/OP ratios reflect heightened expectations on operating earnings. After the peak, a downward trajectory emerges in 2022, with the ratio declining to about 16 at year-end, implying a more conservative market appraisal of operating profit contributions. Early 2023 shows a rebound to above 26, in line with P/E movement patterns.
- Price to Sales (P/S) Ratio
- The P/S ratio indicates a steady increase from around 3.0 in early 2019 to levels exceeding 8.0 by the latter part of 2021. This reflects a rising valuation relative to sales, potentially signaling improved growth prospects or pricing power. Similar to other ratios, a dip occurs in 2022, lowering the ratio to under 5.0 towards year's end. Early 2023 recordings show an upward trend back to approximately 7.5, suggesting renewed confidence in sales-based valuation metrics.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio starts slightly under 5 in early 2018, showing a consistent upward trajectory with minor fluctuations. It climbs steadily, reaching above 11 by late 2021, indicating growing market valuations relative to the company's book value. Although the ratio experiences some volatility in 2022, dropping to around 8.2 at certain points, it recovers towards the end of 2022 and further into 2023, peaking again above 11. This exhibits sustained investor willingness to pay a premium over book value.
Overall, the financial valuation indicators suggest a period of expanding market valuations from 2019 through 2021 across earnings, operating profit, sales, and book value bases. The declines across all ratios during 2022 reflect a market correction or moderation in expectations. Early 2023 data indicate a recovery phase, with valuation multiples increasing anew. These dynamics may be consistent with changing economic conditions, investor sentiment shifts, and evolving company performance expectations during the periods analyzed.
Price to Earnings (P/E)
Old Dominion Freight Line Inc., historical P/E calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (in thousands) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
EPS
= (Net incomeQ2 2023
+ Net incomeQ1 2023
+ Net incomeQ4 2022
+ Net incomeQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Old Dominion Freight Line Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The data indicates a general upward trend in the share price of the company over the analyzed period. Starting from approximately $92 in March 2018, the share price experienced several periods of growth with some fluctuations. Notably, the price reached peaks above $340 in early 2023 and mid-2023, indicating strong market performance and investor confidence toward the latest periods despite some volatility in late 2022 and early 2023.
Earnings per share (EPS) data, available from March 2019 onwards, show consistent and significant growth across each quarter. EPS rose steadily from 4.98 US dollars in early 2019 to a peak of 12.52 US dollars by March 2023. This steady increase in earnings suggests improving profitability and operational efficiency over the years.
The Price-to-Earnings (P/E) ratio displays some variability but generally reflects an increasing trend in market valuation relative to earnings, particularly from 2019 through 2021. The P/E ratio climbed from around 20 in early 2019, peaking above 42 at the end of 2021. After this peak, the P/E ratio declined somewhat, reaching lower twenties in 2022 before rebounding moderately to the mid-30s by mid-2023. This suggests that while the company's share price grew, investor sentiment on valuation levels adjusted, possibly reflecting changing market expectations or risk perceptions.
- Share Price
- Exhibited strong growth from $91.95 in March 2018 to $407.11 in June 2023, with intermediate periods of both gains and corrections suggesting cyclical market influences and investor reactions to earnings and broader economic conditions.
- Earnings per Share (EPS)
- Consistent upward trend from 4.98 US dollars in March 2019 to a peak of 12.52 US dollars by March 2023, indicating continued improvement in profitability and possibly successful cost management or revenue growth strategies.
- Price-to-Earnings (P/E) Ratio
- Generally increased from near 20 in 2019 to above 40 in 2021, suggesting rising investor optimism or expectations about future growth. Following this, the ratio dropped to the low 20s during 2022 before rising again moderately by mid-2023, pointing to a shift in valuation perspectives, possibly balancing between growth outlook and earnings performance.
Price to Operating Profit (P/OP)
Old Dominion Freight Line Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (in thousands) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Operating profit per share
= (Operating incomeQ2 2023
+ Operating incomeQ1 2023
+ Operating incomeQ4 2022
+ Operating incomeQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Old Dominion Freight Line Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price has exhibited a generally upward trajectory from March 2018 to June 2023, rising from $91.95 to $407.11. There are periods of accelerated growth, notably between December 2020 and September 2021 when the price increased from $217.31 to $348.33. Some volatility is evident, particularly in late 2021 and throughout 2022, where fluctuations occurred between $282 and $295 before surging again to over $340 in March 2023. Overall, the share price nearly quadrupled over the 5-year span, indicating strong market confidence or favorable company performance.
The operating profit per share (OPPS) data, available from March 2019 onwards, displays a consistent upward trend. Starting at $6.71 in the first quarter of 2019, it rose steadily each quarter to reach a peak of $16.73 in June 2023. The progression suggests improved operational efficiency or profitability over time, with no significant regressions observed within the available periods.
The price-to-operating profit (P/OP) ratio shows more variability and reflects changing market valuations relative to the operational profitability. Initially around 14.94 in early 2019, the ratio climbed to a peak of 31.46 by December 2021, indicative of the share price growing faster than operating profits during that period. This suggests heightened investor optimism or possibly expectations of future earnings growth. Following this peak, the ratio declined to a low of 16.3 in early 2022, then fluctuated moderately through mid-2023, ending at 26.15. The fluctuations in P/OP imply periods of market revaluation and adjustment to the underlying profitability trends.
- Share Price Trend
- Strong upward growth over 5 years with notable volatility during late 2021 and 2022.
- Operating Profit Per Share
- Consistent, steady increase from $6.71 to over $16.5 indicating improving profitability.
- Price-to-Operating Profit Ratio
- Initial increase to over 31 in late 2021, followed by decline and moderate fluctuations reflecting market reassessments relative to profitability.
Price to Sales (P/S)
Old Dominion Freight Line Inc., historical P/S calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Revenue from operations (in thousands) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Sales per share
= (Revenue from operationsQ2 2023
+ Revenue from operationsQ1 2023
+ Revenue from operationsQ4 2022
+ Revenue from operationsQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Old Dominion Freight Line Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price of the company exhibits a general upward trend over the analyzed period, starting from $91.95 at the end of the first quarter of 2018 and reaching $407.11 by the second quarter of 2023. This represents a significant increase in market valuation, though notable fluctuations are evident. The price rose steadily through 2019 and 2020, peaking above $270 by the end of 2021. After a slight dip in late 2021 and early 2022, the price experienced volatility but resumed its upward trajectory in 2023, culminating in the highest observed value in the final quarter reported.
Sales per share data, available from the first quarter of 2019 onward, demonstrates consistent growth over the periods presented. Beginning at $33.22, sales per share increased steadily, with minor fluctuations, peaking at $56.90 in the first quarter of 2023 before slightly declining to $54.46 in the subsequent quarter. This consistent rise suggests improvement in the company's revenue generation on a per-share basis.
The Price to Sales (P/S) ratio, indicative of market valuation relative to revenue, also reflects notable changes. Initially, ratios hovered around 3.0 in early 2019, climbing gradually to a peak of 8.14 in the last quarter of 2021. Following this peak, the ratio displayed a declining trend through 2022, reaching lows near 4.7, before climbing again in 2023 to 7.48 by mid-year. This variation indicates heightened market expectations and valuation multiples during late 2021 and into 2023, with some correction in between.
- Share Price Trend
- Substantial increase over time with fluctuations; notable peaks in late 2021 and mid-2023.
- Sales Per Share
- Consistent growth from $33.22 to around $56.90, slight decline in latest quarter.
- Price to Sales Ratio
- Initial rise to a high of 8.14 followed by a decline and subsequent rebound, reflecting changing market valuation relative to sales.
Overall, the data implies a strengthening financial position with growing revenue per share and a rising market valuation. The fluctuations in P/S ratio suggest varying investor sentiment and valuation assessments over time, with indications of both premium valuations during periods of strong growth and partial corrections. The slight recent decrease in sales per share alongside elevated share prices may warrant further investigation into future revenue sustainability and market expectations.
Price to Book Value (P/BV)
Old Dominion Freight Line Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Shareholders’ equity (in thousands) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Old Dominion Freight Line Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several noteworthy trends over the observed periods. The share price demonstrates a general upward trajectory, starting from $91.95 at the end of the first quarter of 2018 and reaching a peak of $407.11 in the second quarter of 2023. Despite some fluctuations, including a notable dip in the fourth quarter of 2021 and early 2022, the overall growth in share price is significant, indicating increased market valuation and investor confidence in the company over time.
Book value per share (BVPS) also shows consistent growth across the reporting periods. Beginning at $19.13 in March 2018, it rises steadily to $35.07 by June 2023. This increase in BVPS suggests that the company's net asset value per share has improved, reflecting either accumulation of retained earnings, asset growth, or capital management improvements.
The price-to-book value ratio (P/BV) exhibits more volatility relative to the other indicators. Starting at 4.81, the ratio flexes over time, reaching a high of 11.71 in the third quarter of 2021. This pattern shows periods when the market price grew disproportionately higher than the book value, potentially driven by investor expectations or market sentiment. After the peak, the P/BV ratio decreases somewhat but remains elevated, fluctuating between 8.17 and 11.61 in the latest quarters. Such elevated ratios suggest that the market is valuing the company well above its book value, possibly reflecting anticipated future growth or intangible assets not captured on the balance sheet.
In summary, the data reflects a firm with steadily improving book value and increasingly valued shares, alongside a price-to-book ratio that signals strong market optimism. This combination implies confidence in both the fundamental financial health and the growth prospects of the company, though the elevated P/BV also suggests attention to potential overvaluation risks in some periods.