Current Ratio
since 2005
Calculation
Old Dominion Freight Line Inc., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 1.76 | = | 933,740) | ÷ | 529,793) |
| Dec 31, 2021 | 2.98 | = | 1,383,787) | ÷ | 464,234) |
| Dec 31, 2020 | 3.33 | = | 1,243,339) | ÷ | 373,130) |
| Dec 31, 2019 | 2.37 | = | 866,834) | ÷ | 366,085) |
| Dec 31, 2018 | 1.98 | = | 706,229) | ÷ | 356,732) |
| Dec 31, 2017 | 1.67 | = | 584,653) | ÷ | 351,049) |
| Dec 31, 2016 | 1.33 | = | 382,622) | ÷ | 288,636) |
| Dec 31, 2015 | 1.34 | = | 381,730) | ÷ | 285,402) |
| Dec 31, 2014 | 1.69 | = | 433,143) | ÷ | 255,638) |
| Dec 31, 2013 | 1.43 | = | 332,979) | ÷ | 232,122) |
| Dec 31, 2012 | 1.22 | = | 275,028) | ÷ | 225,139) |
| Dec 31, 2011 | 1.62 | = | 331,852) | ÷ | 204,810) |
| Dec 31, 2010 | 1.31 | = | 222,582) | ÷ | 170,046) |
| Dec 31, 2009 | 1.18 | = | 174,175) | ÷ | 148,125) |
| Dec 31, 2008 | 1.47 | = | 209,230) | ÷ | 142,190) |
| Dec 31, 2007 | 1.69 | = | 216,277) | ÷ | 127,723) |
| Dec 31, 2006 | 2.11 | = | 256,367) | ÷ | 121,546) |
| Dec 31, 2005 | 1.35 | = | 150,213) | ÷ | 111,028) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
The liquidity position of the organization exhibits a long-term trajectory of growth punctuated by a period of significant expansion and a subsequent recent normalization. Between 2005 and 2022, current assets grew from 150.2 million USD to 933.7 million USD, while current liabilities increased from 111.0 million USD to 529.8 million USD. This overall expansion indicates a scaling of operations and an increase in the volume of short-term working capital.
- Liquidity Stability (2005–2016)
- During this period, the current ratio fluctuated within a relatively narrow band, primarily between 1.18 and 2.11. A notable trough occurred in 2009, where the ratio reached its lowest point of 1.18, coinciding with a contraction in current assets to 174.2 million USD. Following this, the ratio remained stable, generally oscillating between 1.22 and 1.69, suggesting a consistent approach to managing short-term obligations relative to available liquid assets.
- Liquidity Acceleration (2017–2020)
- A period of rapid liquidity accumulation is observed starting in 2017. The current ratio rose steadily from 1.67 to a peak of 3.33 in 2020. This surge was driven by a substantial increase in current assets, which grew from 584.7 million USD in 2017 to 1.24 billion USD in 2020, far outpacing the growth of current liabilities. This trend reflects a highly conservative liquidity posture and a significant buildup of short-term resources.
- Recent Normalization (2021–2022)
- A sharp correction in the liquidity ratio occurred between 2021 and 2022, with the ratio declining from 2.98 to 1.76. This decrease is attributed to a marked reduction in current assets, which fell from 1.38 billion USD to 933.7 million USD, while current liabilities continued to rise to 529.8 million USD. Despite this decline, the current ratio remains well above the historical levels seen prior to 2017, indicating a healthy, though more streamlined, short-term financial position.
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Comparison to Competitors
Old Dominion Freight Line Inc., current ratio, long-term trends, comparison to competitors
| Old Dominion Freight Line Inc. | FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Airlines Holdings Inc. | United Parcel Service Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2022 | 1.76 | 1.43 | 1.04 | 0.72 | 1.00 | 1.22 |
| Dec 31, 2021 | 2.98 | 1.51 | 0.98 | 0.62 | 1.19 | 1.42 |
| Dec 31, 2020 | 3.33 | 1.58 | 1.44 | 1.01 | 1.16 | 1.19 |
| Dec 31, 2019 | 2.37 | 1.45 | 2.47 | 0.79 | 0.55 | 1.11 |
| Dec 31, 2018 | 1.98 | 1.39 | — | 0.90 | 0.54 | 1.15 |
| Dec 31, 2017 | 1.67 | 1.59 | — | 1.02 | 0.56 | 1.22 |
| Dec 31, 2016 | 1.33 | 1.50 | — | 0.99 | 0.59 | 1.18 |
| Dec 31, 2015 | 1.34 | 1.84 | — | 1.29 | 0.63 | 1.23 |
| Dec 31, 2014 | 1.69 | 1.82 | — | 1.24 | 0.65 | 1.37 |
| Dec 31, 2013 | 1.43 | 1.96 | — | 1.05 | 0.72 | 1.88 |
| Dec 31, 2012 | 1.22 | 1.69 | — | 1.16 | 0.78 | 1.86 |
| Dec 31, 2011 | 1.62 | 1.70 | — | 1.12 | 0.97 | 1.89 |
| Dec 31, 2010 | 1.31 | 1.57 | — | 1.16 | 0.95 | 1.96 |
| Dec 31, 2009 | 1.18 | 1.57 | — | 1.37 | 0.79 | 1.49 |
| Dec 31, 2008 | 1.47 | 1.35 | — | 0.98 | 0.67 | 1.13 |
| Dec 31, 2007 | 1.69 | 1.22 | — | 0.85 | 0.76 | 1.20 |
| Dec 31, 2006 | 2.11 | 1.18 | — | 0.68 | 0.79 | 1.40 |
| Dec 31, 2005 | 1.35 | 1.11 | — | 0.69 | 0.81 | 1.62 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Transportation)
Old Dominion Freight Line Inc., current ratio, long-term trends, comparison to sector (transportation)
| Old Dominion Freight Line Inc. | Transportation | |
|---|---|---|
| Dec 31, 2022 | 1.76 | 1.14 |
| Dec 31, 2021 | 2.98 | 1.24 |
| Dec 31, 2020 | 3.33 | 1.28 |
| Dec 31, 2019 | 2.37 | 1.13 |
| Dec 31, 2018 | 1.98 | 0.98 |
| Dec 31, 2017 | 1.67 | 1.06 |
| Dec 31, 2016 | 1.33 | 1.03 |
| Dec 31, 2015 | 1.34 | 1.12 |
| Dec 31, 2014 | 1.69 | 1.14 |
| Dec 31, 2013 | 1.43 | 1.30 |
| Dec 31, 2012 | 1.22 | 1.29 |
| Dec 31, 2011 | 1.62 | 1.35 |
| Dec 31, 2010 | 1.31 | 1.31 |
| Dec 31, 2009 | 1.18 | 1.26 |
| Dec 31, 2008 | 1.47 | 1.02 |
| Dec 31, 2007 | 1.69 | 1.03 |
| Dec 31, 2006 | 2.11 | 1.04 |
| Dec 31, 2005 | 1.35 | 1.13 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
Old Dominion Freight Line Inc., current ratio, long-term trends, comparison to industry (industrials)
| Old Dominion Freight Line Inc. | Industrials | |
|---|---|---|
| Dec 31, 2022 | 1.76 | 1.20 |
| Dec 31, 2021 | 2.98 | 1.29 |
| Dec 31, 2020 | 3.33 | 1.41 |
| Dec 31, 2019 | 2.37 | 1.16 |
| Dec 31, 2018 | 1.98 | 1.13 |
| Dec 31, 2017 | 1.67 | 1.24 |
| Dec 31, 2016 | 1.33 | 1.22 |
| Dec 31, 2015 | 1.34 | 1.24 |
| Dec 31, 2014 | 1.69 | 1.26 |
| Dec 31, 2013 | 1.43 | 1.33 |
| Dec 31, 2012 | 1.22 | 1.30 |
| Dec 31, 2011 | 1.62 | 1.30 |
| Dec 31, 2010 | 1.31 | 1.28 |
| Dec 31, 2009 | 1.18 | 1.23 |
| Dec 31, 2008 | 1.47 | 1.06 |
| Dec 31, 2007 | 1.69 | 1.07 |
| Dec 31, 2006 | 2.11 | 1.05 |
| Dec 31, 2005 | 1.35 | 1.05 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).