Debt to Equity
since 2005
Calculation
Old Dominion Freight Line Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt, including current maturities1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 0.03 | = | 99,963) | ÷ | 3,652,917) |
| Dec 31, 2021 | 0.03 | = | 99,947) | ÷ | 3,679,807) |
| Dec 31, 2020 | 0.03 | = | 99,931) | ÷ | 3,326,288) |
| Dec 31, 2019 | 0.01 | = | 45,000) | ÷ | 3,080,717) |
| Dec 31, 2018 | 0.02 | = | 45,000) | ÷ | 2,680,483) |
| Dec 31, 2017 | 0.04 | = | 95,000) | ÷ | 2,276,854) |
| Dec 31, 2016 | 0.06 | = | 104,975) | ÷ | 1,851,158) |
| Dec 31, 2015 | 0.08 | = | 133,805) | ÷ | 1,684,637) |
| Dec 31, 2014 | 0.10 | = | 155,714) | ÷ | 1,494,064) |
| Dec 31, 2013 | 0.16 | = | 191,429) | ÷ | 1,232,082) |
| Dec 31, 2012 | 0.23 | = | 240,407) | ÷ | 1,025,969) |
| Dec 31, 2011 | 0.31 | = | 269,185) | ÷ | 856,519) |
| Dec 31, 2010 | 0.41 | = | 271,217) | ÷ | 668,649) |
| Dec 31, 2009 | 0.52 | = | 305,532) | ÷ | 593,000) |
| Dec 31, 2008 | 0.45 | = | 251,989) | ÷ | 558,129) |
| Dec 31, 2007 | 0.54 | = | 263,754) | ÷ | 489,452) |
| Dec 31, 2006 | 0.66 | = | 274,582) | ÷ | 417,620) |
| Dec 31, 2005 | 0.37 | = | 128,956) | ÷ | 345,051) |
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 financial data reveals several notable trends related to long-term debt, shareholders’ equity, and the debt-to-equity ratio over the examined period.
- Long-term debt, including current maturities
- The long-term debt figures demonstrate an initial increase from 128,956 thousand US dollars in 2005 to a peak of 305,532 thousand US dollars in 2009. Post-2009, there is a general downward trend, with debt levels contracting significantly to 45,000 thousand US dollars by 2014 and 2019. An exception to this decline appears during 2020 and 2021, when debt rose sharply to approximately 99,931 and 99,947 thousand US dollars respectively, before stabilizing near those levels in 2022.
- Shareholders’ equity
- Shareholders’ equity consistently increased throughout the entire period. Starting at 345,051 thousand US dollars at the end of 2005, equity rose steadily each year, surpassing the milestone of 3 million thousand US dollars by 2019, and reaching about 3,652,917 thousand US dollars by the end of 2022. The trend indicates robust growth in company equity and retained earnings over the years.
- Debt to equity ratio
- The debt-to-equity ratio exhibited a decreasing trend over the period under review. Initial ratios were higher, with 0.37 in 2005 and peaking at 0.66 in 2006. From 2007 onward, the ratio demonstrates a steady decline, falling to as low as 0.01 by 2019, indicating the company's reduced reliance on debt relative to equity. Minor fluctuations occurred in 2020 through 2022, but the overall ratio remained low, around 0.03, reflecting a conservative capital structure in recent years.
Overall, the company has maintained a strategy of reducing its long-term debt after the 2009 peak while steadily increasing its shareholders’ equity. The declining debt-to-equity ratio throughout the timeframe confirms a strengthening equity base and reduced financial leverage. The slight uptick in debt around 2020-2021 could suggest a temporary funding need, but this did not alter the long-term trend toward lower leverage.
Comparison to Competitors
Old Dominion Freight Line Inc., debt to equity, 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 | 0.03 | 0.81 | 1.26 | 2.74 | 4.68 | 0.99 |
| Dec 31, 2021 | 0.03 | 0.86 | 0.64 | 2.10 | 7.03 | 1.54 |
| Dec 31, 2020 | 0.03 | 1.20 | 0.62 | 1.58 | 4.75 | 37.53 |
| Dec 31, 2019 | 0.01 | 0.99 | 0.40 | 1.39 | 1.29 | 7.73 |
| Dec 31, 2018 | 0.02 | 0.85 | — | 1.10 | 1.47 | 7.53 |
| Dec 31, 2017 | 0.04 | 0.93 | — | 0.68 | 1.63 | 24.29 |
| Dec 31, 2016 | 0.06 | 1.01 | — | 0.75 | 1.35 | 39.69 |
| Dec 31, 2015 | 0.08 | 0.48 | — | 0.69 | 1.31 | 5.80 |
| Dec 31, 2014 | 0.10 | 0.31 | — | 0.54 | 5.06 | 5.04 |
| Dec 31, 2013 | 0.16 | 0.17 | — | 0.45 | 4.16 | 1.68 |
| Dec 31, 2012 | 0.23 | 0.11 | — | 0.45 | 27.37 | 2.77 |
| Dec 31, 2011 | 0.31 | 0.11 | — | 0.48 | 7.05 | 1.58 |
| Dec 31, 2010 | 0.41 | 0.14 | — | 0.52 | 8.76 | 1.36 |
| Dec 31, 2009 | 0.52 | 0.19 | — | 0.58 | — | 1.25 |
| Dec 31, 2008 | 0.45 | 0.14 | — | 0.58 | — | 1.46 |
| Dec 31, 2007 | 0.54 | 0.21 | — | 0.49 | 3.49 | 0.90 |
| Dec 31, 2006 | 0.66 | 0.21 | — | 0.44 | 4.93 | 0.27 |
| Dec 31, 2005 | 0.37 | 0.29 | — | 0.54 | — | 0.24 |
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., debt to equity, long-term trends, comparison to sector (transportation)
| Old Dominion Freight Line Inc. | Transportation | |
|---|---|---|
| Dec 31, 2022 | 0.03 | 1.61 |
| Dec 31, 2021 | 0.03 | 1.63 |
| Dec 31, 2020 | 0.03 | 2.02 |
| Dec 31, 2019 | 0.01 | 1.36 |
| Dec 31, 2018 | 0.02 | 1.45 |
| Dec 31, 2017 | 0.04 | 1.39 |
| Dec 31, 2016 | 0.06 | 1.32 |
| Dec 31, 2015 | 0.08 | 1.01 |
| Dec 31, 2014 | 0.10 | 0.95 |
| Dec 31, 2013 | 0.16 | 0.75 |
| Dec 31, 2012 | 0.23 | 0.92 |
| Dec 31, 2011 | 0.31 | 0.81 |
| Dec 31, 2010 | 0.41 | 0.90 |
| Dec 31, 2009 | 0.52 | 0.86 |
| Dec 31, 2008 | 0.45 | 0.84 |
| Dec 31, 2007 | 0.54 | 0.70 |
| Dec 31, 2006 | 0.66 | 0.54 |
| Dec 31, 2005 | 0.37 | 1.07 |
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., debt to equity, long-term trends, comparison to industry (industrials)
| Old Dominion Freight Line Inc. | Industrials | |
|---|---|---|
| Dec 31, 2022 | 0.03 | 1.42 |
| Dec 31, 2021 | 0.03 | 1.37 |
| Dec 31, 2020 | 0.03 | 1.82 |
| Dec 31, 2019 | 0.01 | 1.82 |
| Dec 31, 2018 | 0.02 | 1.85 |
| Dec 31, 2017 | 0.04 | 1.65 |
| Dec 31, 2016 | 0.06 | 1.54 |
| Dec 31, 2015 | 0.08 | 1.51 |
| Dec 31, 2014 | 0.10 | 1.89 |
| Dec 31, 2013 | 0.16 | 1.79 |
| Dec 31, 2012 | 0.23 | 2.29 |
| Dec 31, 2011 | 0.31 | 2.60 |
| Dec 31, 2010 | 0.41 | 2.68 |
| Dec 31, 2009 | 0.52 | 3.01 |
| Dec 31, 2008 | 0.45 | 3.54 |
| Dec 31, 2007 | 0.54 | 2.73 |
| Dec 31, 2006 | 0.66 | 2.49 |
| Dec 31, 2005 | 0.37 | 2.42 |
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).