Net Profit Margin
since 2005
Calculation
Old Dominion Freight Line Inc., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net income1 | ÷ | Revenue from operations1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 22.00% | = | 100 | × | 1,377,159) | ÷ | 6,260,077) |
| Dec 31, 2021 | 19.68% | = | 100 | × | 1,034,375) | ÷ | 5,256,328) |
| Dec 31, 2020 | 16.75% | = | 100 | × | 672,682) | ÷ | 4,015,129) |
| Dec 31, 2019 | 14.98% | = | 100 | × | 615,518) | ÷ | 4,109,111) |
| Dec 31, 2018 | 14.98% | = | 100 | × | 605,668) | ÷ | 4,043,695) |
| Dec 31, 2017 | 13.81% | = | 100 | × | 463,774) | ÷ | 3,358,112) |
| Dec 31, 2016 | 9.89% | = | 100 | × | 295,765) | ÷ | 2,991,517) |
| Dec 31, 2015 | 10.25% | = | 100 | × | 304,690) | ÷ | 2,972,442) |
| Dec 31, 2014 | 9.60% | = | 100 | × | 267,514) | ÷ | 2,787,897) |
| Dec 31, 2013 | 8.82% | = | 100 | × | 206,113) | ÷ | 2,337,648) |
| Dec 31, 2012 | 8.03% | = | 100 | × | 169,452) | ÷ | 2,110,483) |
| Dec 31, 2011 | 7.41% | = | 100 | × | 139,470) | ÷ | 1,882,541) |
| Dec 31, 2010 | 5.11% | = | 100 | × | 75,651) | ÷ | 1,480,998) |
| Dec 31, 2009 | 2.80% | = | 100 | × | 34,871) | ÷ | 1,245,005) |
| Dec 31, 2008 | 4.47% | = | 100 | × | 68,677) | ÷ | 1,537,724) |
| Dec 31, 2007 | 5.13% | = | 100 | × | 71,832) | ÷ | 1,401,542) |
| Dec 31, 2006 | 5.67% | = | 100 | × | 72,569) | ÷ | 1,279,431) |
| Dec 31, 2005 | 5.04% | = | 100 | × | 53,475) | ÷ | 1,061,403) |
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 is characterized by substantial growth in both top-line revenue and bottom-line profitability. While revenue increased approximately six-fold over the period, net income grew more than twenty-five-fold, indicating a dramatic improvement in operational efficiency and a strengthening of profit margins.
- Initial Volatility and Contraction (2005–2009)
- During the early part of the analyzed period, net profit margins remained relatively stable, fluctuating between 4.47% and 5.67%. A significant contraction occurred in 2009, where the margin dropped to a period low of 2.80%, coinciding with a decrease in revenue from operations.
- Steady Recovery and Scaling (2010–2016)
- A sustained recovery began in 2010, marked by a consistent upward trend in profitability. Net profit margins climbed from 5.11% in 2010 to 9.89% by 2016. This phase demonstrates an ability to scale operations while simultaneously improving the percentage of revenue retained as profit.
- Accelerated Margin Expansion (2017–2022)
- A sharp inflection point is observed starting in 2017, with the net profit margin jumping to 13.81%. This acceleration continued through 2022, ending at a peak of 22.00%. The rapid increase in the margin during this final six-year window suggests significant gains in pricing power, cost management, or a shift toward higher-margin service offerings.
Overall, the long-term trend reflects a transition from a low-margin operational model to a high-margin business structure. The divergence between revenue growth and net income growth confirms that the increase in profitability was driven not only by higher sales volume but by a fundamental increase in the efficiency of converting revenue into net profit.
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Comparison to Competitors
Old Dominion Freight Line Inc., net profit margin, 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 | 22.00% | 4.09% | -28.68% | 28.13% | 1.64% | 11.51% |
| Dec 31, 2021 | 19.68% | 6.23% | -2.84% | 29.92% | -7.97% | 13.25% |
| Dec 31, 2020 | 16.75% | 1.86% | -60.76% | 27.38% | -46.04% | 1.59% |
| Dec 31, 2019 | 14.98% | 0.77% | -60.13% | 27.27% | 6.96% | 5.99% |
| Dec 31, 2018 | 14.98% | 6.99% | — | 26.13% | 5.15% | 6.67% |
| Dec 31, 2017 | 13.81% | 4.97% | — | 50.43% | 5.65% | 7.45% |
| Dec 31, 2016 | 9.89% | 3.61% | — | 21.23% | 6.19% | 5.63% |
| Dec 31, 2015 | 10.25% | 2.21% | — | 21.88% | 19.39% | 8.30% |
| Dec 31, 2014 | 9.60% | 4.60% | — | 21.59% | 2.91% | 5.21% |
| Dec 31, 2013 | 8.82% | 3.52% | — | 19.98% | 1.49% | 7.89% |
| Dec 31, 2012 | 8.03% | 4.76% | — | 18.84% | -1.95% | 1.49% |
| Dec 31, 2011 | 7.41% | 3.69% | — | 16.83% | 2.26% | 7.16% |
| Dec 31, 2010 | 5.11% | 3.41% | — | 16.39% | 1.09% | 7.04% |
| Dec 31, 2009 | 2.80% | 0.28% | — | 13.42% | -3.99% | 4.75% |
| Dec 31, 2008 | 4.47% | 2.96% | — | 13.01% | -26.48% | 5.83% |
| Dec 31, 2007 | 5.13% | 5.72% | — | 11.39% | 2.00% | 0.77% |
| Dec 31, 2006 | 5.67% | 5.59% | — | 10.31% | 118.28% | 8.84% |
| Dec 31, 2005 | 5.04% | 4.93% | — | 7.56% | -121.85% | 9.09% |
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., net profit margin, long-term trends, comparison to sector (transportation)
| Old Dominion Freight Line Inc. | Transportation | |
|---|---|---|
| Dec 31, 2022 | 22.00% | 4.73% |
| Dec 31, 2021 | 19.68% | 9.05% |
| Dec 31, 2020 | 16.75% | -2.93% |
| Dec 31, 2019 | 14.98% | 2.42% |
| Dec 31, 2018 | 14.98% | 8.67% |
| Dec 31, 2017 | 13.81% | 11.21% |
| Dec 31, 2016 | 9.89% | 7.00% |
| Dec 31, 2015 | 10.25% | 10.88% |
| Dec 31, 2014 | 9.60% | 6.86% |
| Dec 31, 2013 | 8.82% | 6.81% |
| Dec 31, 2012 | 8.03% | 3.91% |
| Dec 31, 2011 | 7.41% | 6.30% |
| Dec 31, 2010 | 5.11% | 6.19% |
| Dec 31, 2009 | 2.80% | 3.14% |
| Dec 31, 2008 | 4.47% | 0.88% |
| Dec 31, 2007 | 5.13% | 3.84% |
| Dec 31, 2006 | 5.67% | 26.57% |
| Dec 31, 2005 | 5.04% | -14.41% |
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., net profit margin, long-term trends, comparison to industry (industrials)
| Old Dominion Freight Line Inc. | Industrials | |
|---|---|---|
| Dec 31, 2022 | 22.00% | 5.04% |
| Dec 31, 2021 | 19.68% | 5.85% |
| Dec 31, 2020 | 16.75% | 0.09% |
| Dec 31, 2019 | 14.98% | 4.11% |
| Dec 31, 2018 | 14.98% | 4.75% |
| Dec 31, 2017 | 13.81% | 5.79% |
| Dec 31, 2016 | 9.89% | 7.43% |
| Dec 31, 2015 | 10.25% | 6.48% |
| Dec 31, 2014 | 9.60% | 8.76% |
| Dec 31, 2013 | 8.82% | 8.23% |
| Dec 31, 2012 | 8.03% | 7.39% |
| Dec 31, 2011 | 7.41% | 8.26% |
| Dec 31, 2010 | 5.11% | 7.48% |
| Dec 31, 2009 | 2.80% | 5.76% |
| Dec 31, 2008 | 4.47% | 7.27% |
| Dec 31, 2007 | 5.13% | 9.56% |
| Dec 31, 2006 | 5.67% | 14.87% |
| Dec 31, 2005 | 5.04% | 3.55% |
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).