Stock Analysis on Net
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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.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Old Dominion Freight Line Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Accounts payable 2.20 1.71 1.57 1.76 2.21
Compensation and benefits 5.96 5.35 4.38 4.82 5.60
Claims and insurance accruals 1.31 1.28 1.22 1.36 1.50
Other accrued liabilities 1.07 1.29 1.18 1.15 0.75
Current maturities of long-term debt 0.41 0.00 0.00 0.00 0.00
Income taxes payable 0.00 0.00 0.20 0.07 0.00
Current liabilities 10.95% 9.63% 8.54% 9.16% 10.06%
Long-term debt, excluding current maturities 1.65 2.07 2.29 1.13 1.27
Other non-current liabilities 5.49 6.82 8.01 6.05 6.08
Deferred income taxes 6.42 5.16 5.04 6.56 6.99
Long-term liabilities 13.56% 14.05% 15.33% 13.73% 14.33%
Total liabilities 24.50% 23.68% 23.87% 22.90% 24.39%
Common stock, $0.10 par value 0.23 0.24 0.27 0.20 0.23
Capital in excess of par value 5.05 3.62 5.18 5.57 4.01
Retained earnings 70.21 72.46 70.68 71.34 71.37
Accumulated other comprehensive income 0.00 0.00 0.00 0.00 0.00
Shareholders’ equity 75.50% 76.32% 76.13% 77.10% 75.61%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The capital structure of the organization remains remarkably stable over the five-year period from 2018 to 2022, characterized by a low reliance on external debt and a dominant equity position. Total liabilities have fluctuated minimally, ranging between 22.90% and 24.50% of total liabilities and shareholders’ equity, indicating a consistent approach to leverage and financing.

Liability Composition and Trends
Current liabilities have maintained a narrow range, starting at 10.06% in 2018 and ending at 10.95% in 2022. A significant portion of these obligations consists of compensation and benefits, which peaked at 5.96% in 2022. Accounts payable showed a slight dip between 2018 and 2020 before returning to 2.20% by 2022. Long-term liabilities remained stable, averaging approximately 14% of the total balance sheet, with deferred income taxes and other non-current liabilities serving as the primary components.
Debt Obligations
The organization exhibits an extremely conservative debt profile. Long-term debt, excluding current maturities, remained very low, peaking at 2.29% in 2020 and declining to 1.65% by 2022. The emergence of current maturities of long-term debt at 0.41% in 2022 suggests a recent shift in the repayment schedule of its minimal debt obligations.
Equity Structure and Retained Earnings
Shareholders’ equity consistently represents the vast majority of the total balance sheet, maintaining a range between 75.50% and 77.10%. This position is driven almost entirely by retained earnings, which consistently accounted for over 70% of total liabilities and shareholders’ equity throughout the period. The minimal contribution from common stock and capital in excess of par value indicates that growth has been funded primarily through internal profit retention rather than the issuance of new equity.

Overall, the financial position is characterized by high solvency and a strong internal funding mechanism. The stability of the common-size percentages suggests a disciplined financial strategy where the balance between liabilities and equity is strictly maintained despite operational fluctuations.

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