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 trajectory from 2005 to 2022 reflects a strategic shift toward a highly conservative capital structure characterized by substantial equity growth and a disciplined reduction in long-term liabilities.
- Long-term Debt Trends
- Total debt experienced initial volatility, rising from $128.9 million in 2005 to a peak of $305.5 million in 2009. Subsequently, a consistent deleveraging phase occurred over the following decade, with debt levels falling to $45 million by 2018. A modest increase to approximately $100 million was observed from 2020 through 2022, though these levels remain significantly lower than the 2009 peak.
- Shareholders' Equity Growth
- Equity demonstrated a consistent and aggressive upward trend throughout the period. Starting at $345.1 million in 2005, shareholders' equity grew monotonically to reach $3.65 billion by 2022. This represents a more than ten-fold increase, indicating strong internal capital generation and a robust accumulation of retained earnings.
- Debt to Equity Ratio Analysis
- The debt to equity ratio mirrored the inverse relationship between declining debt and surging equity. After reaching a peak of 0.66 in 2006, the ratio entered a sustained decline. By 2015, the ratio had dropped to 0.08, and it reached a minimum of 0.01 in 2019. From 2020 to 2022, the ratio stabilized at 0.03, signaling a capital structure almost entirely funded by equity with negligible reliance on long-term borrowed funds.
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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).