Price to Book Value (P/BV)
since 2005
Calculation
Old Dominion Freight Line Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 22, 2023 | 10.30 | = | 342.01 | ÷ | 33.20 | 33.20 | = | 3,652,917 | ÷ | 110,026,430 | |
| Feb 23, 2022 | 8.82 | = | 282.48 | ÷ | 32.04 | 32.04 | = | 3,679,807 | ÷ | 114,863,803 | |
| Feb 24, 2021 | 7.64 | = | 217.31 | ÷ | 28.45 | 28.45 | = | 3,326,288 | ÷ | 116,937,111 | |
| Feb 26, 2020 | 5.34 | = | 137.52 | ÷ | 25.77 | 25.77 | = | 3,080,717 | ÷ | 119,545,928 | |
| Feb 27, 2019 | 4.56 | = | 100.31 | ÷ | 22.02 | 22.02 | = | 2,680,483 | ÷ | 121,720,484 | |
| Feb 27, 2018 | 5.02 | = | 92.56 | ÷ | 18.43 | 18.43 | = | 2,276,854 | ÷ | 123,561,677 | |
| Feb 27, 2017 | 4.12 | = | 61.63 | ÷ | 14.96 | 14.96 | = | 1,851,158 | ÷ | 123,699,354 | |
| Feb 29, 2016 | 3.21 | = | 43.04 | ÷ | 13.40 | 13.40 | = | 1,684,637 | ÷ | 125,727,914 | |
| Feb 26, 2015 | 4.51 | = | 52.24 | ÷ | 11.59 | 11.59 | = | 1,494,064 | ÷ | 128,888,381 | |
| Feb 28, 2014 | 3.72 | = | 35.49 | ÷ | 9.53 | 9.53 | = | 1,232,082 | ÷ | 129,247,376 | |
| Feb 28, 2013 | 3.02 | = | 23.99 | ÷ | 7.94 | 7.94 | = | 1,025,969 | ÷ | 129,247,376 | |
| Feb 29, 2012 | 2.92 | = | 19.34 | ÷ | 6.63 | 6.63 | = | 856,519 | ÷ | 129,247,479 | |
| Feb 28, 2011 | 2.57 | = | 13.67 | ÷ | 5.31 | 5.31 | = | 668,649 | ÷ | 125,835,627 | |
| Mar 1, 2010 | 1.91 | = | 9.02 | ÷ | 4.71 | 4.71 | = | 593,000 | ÷ | 125,835,780 | |
| Mar 2, 2009 | 1.35 | = | 5.99 | ÷ | 4.44 | 4.44 | = | 558,129 | ÷ | 125,835,780 | |
| Feb 29, 2008 | 2.07 | = | 8.07 | ÷ | 3.89 | 3.89 | = | 489,452 | ÷ | 125,835,780 | |
| Mar 1, 2007 | 2.75 | = | 9.13 | ÷ | 3.32 | 3.32 | = | 417,620 | ÷ | 125,835,780 | |
| Mar 16, 2006 | 2.83 | = | 7.75 | ÷ | 2.74 | 2.74 | = | 345,051 | ÷ | 125,835,780 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Old Dominion Freight Line Inc. Annual Report.
A comprehensive analysis of the financial metrics from 2006 to 2023 reveals a significant expansion in market valuation relative to the company's book value. While both the share price and the book value per share (BVPS) exhibited long-term growth, the rate of appreciation in market price substantially outpaced the growth of net assets, leading to a steep increase in the Price to Book Value (P/BV) ratio over the observed period.
- Book Value per Share (BVPS) Growth
- The BVPS demonstrated a consistent and nearly linear upward trajectory, rising from 2.74 USD in 2006 to 33.20 USD by February 2023. This steady accumulation indicates a disciplined growth in the company's retained earnings and net asset base without significant volatility or contractions.
- Price to Book Value (P/BV) Trend Analysis
- The P/BV ratio evolved through three distinct phases. From 2006 to 2009, the ratio was volatile, reaching a period low of 1.35 in 2009, suggesting a market valuation closely tied to the liquidation value of assets. Between 2010 and 2019, the ratio entered a growth phase, generally fluctuating between 2.57 and 5.34. The final phase, beginning in 2020, shows a rapid acceleration in valuation, with the ratio climbing from 5.34 to a peak of 10.30 in 2023.
- Share Price Performance
- The share price experienced exponential growth, particularly after 2015. Starting at 7.75 USD in 2006, the price rose to 342.01 USD by 2023. The acceleration in price growth relative to the steady increase in BVPS is the primary driver behind the expanding P/BV ratio.
- Valuation Insights
- The transition of the P/BV ratio from approximately 2.83 in 2006 to 10.30 in 2023 indicates a fundamental shift in how the market values the company. The widening gap between market price and book value suggests that investors are attributing increasing value to intangible assets, superior operational efficiency, or higher expectations of future earnings growth that are not captured on the balance sheet.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Comparison to Competitors
Old Dominion Freight Line Inc., P/BV, 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. | |
|---|---|---|---|---|---|---|
| Feb 22, 2023 | 10.30 | 2.27 | 9.36 | 10.34 | 2.32 | 7.75 |
| Feb 23, 2022 | 8.82 | 3.26 | 4.71 | 10.90 | 3.06 | 12.76 |
| Feb 24, 2021 | 7.64 | 2.35 | 8.24 | 8.07 | 2.85 | 213.26 |
| Feb 26, 2020 | 5.34 | 2.49 | 3.99 | 7.00 | 1.52 | 27.98 |
| Feb 27, 2019 | 4.56 | 3.15 | — | 5.72 | 2.34 | 31.82 |
| Feb 27, 2018 | 5.02 | 3.60 | — | 3.99 | 2.16 | 90.21 |
| Feb 27, 2017 | 4.12 | 3.10 | — | 4.43 | 2.71 | 231.41 |
| Feb 29, 2016 | 3.21 | 3.23 | — | 3.07 | 2.08 | 34.99 |
| Feb 26, 2015 | 4.51 | 2.82 | — | 5.07 | 10.91 | 42.88 |
| Feb 28, 2014 | 3.72 | 1.89 | — | 3.79 | 5.69 | 13.65 |
| Feb 28, 2013 | 3.02 | 1.98 | — | 3.14 | 18.18 | 16.94 |
| Feb 29, 2012 | 2.92 | 1.96 | — | 3.00 | 3.85 | 10.46 |
| Feb 28, 2011 | 2.57 | 1.76 | — | 2.61 | 4.65 | 9.13 |
| Mar 1, 2010 | 1.91 | 1.31 | — | 1.85 | — | 7.64 |
| Mar 2, 2009 | 1.35 | 1.65 | — | 1.61 | — | 6.05 |
| Feb 29, 2008 | 2.07 | 2.86 | — | 2.11 | 1.49 | 5.96 |
| Mar 1, 2007 | 2.75 | 2.90 | — | 1.84 | 2.02 | 4.83 |
| Mar 16, 2006 | 2.83 | 2.63 | — | 1.73 | — | 5.05 |
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).
Comparison to Sector (Transportation)
Old Dominion Freight Line Inc., P/BV, long-term trends, comparison to sector (transportation)
| Old Dominion Freight Line Inc. | Transportation | |
|---|---|---|
| Feb 22, 2023 | 10.30 | 5.91 |
| Feb 23, 2022 | 8.82 | 6.92 |
| Feb 24, 2021 | 7.64 | 8.09 |
| Feb 26, 2020 | 5.34 | 5.19 |
| Feb 27, 2019 | 4.56 | 5.63 |
| Feb 27, 2018 | 5.02 | 5.25 |
| Feb 27, 2017 | 4.12 | 5.80 |
| Feb 29, 2016 | 3.21 | 4.60 |
| Feb 26, 2015 | 4.51 | 6.55 |
| Feb 28, 2014 | 3.72 | 4.55 |
| Feb 28, 2013 | 3.02 | 4.51 |
| Feb 29, 2012 | 2.92 | 3.90 |
| Feb 28, 2011 | 2.57 | 3.67 |
| Mar 1, 2010 | 1.91 | 3.12 |
| Mar 2, 2009 | 1.35 | 2.64 |
| Feb 29, 2008 | 2.07 | 3.39 |
| Mar 1, 2007 | 2.75 | 3.16 |
| Mar 16, 2006 | 2.83 | 9.45 |
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., P/BV, long-term trends, comparison to industry (industrials)
| Old Dominion Freight Line Inc. | Industrials | |
|---|---|---|
| Feb 22, 2023 | 10.30 | 5.50 |
| Feb 23, 2022 | 8.82 | 5.44 |
| Feb 24, 2021 | 7.64 | 5.89 |
| Feb 26, 2020 | 5.34 | 6.28 |
| Feb 27, 2019 | 4.56 | 5.96 |
| Feb 27, 2018 | 5.02 | 5.37 |
| Feb 27, 2017 | 4.12 | 4.89 |
| Feb 29, 2016 | 3.21 | 3.68 |
| Feb 26, 2015 | 4.51 | 3.70 |
| Feb 28, 2014 | 3.72 | 3.14 |
| Feb 28, 2013 | 3.02 | 3.06 |
| Feb 29, 2012 | 2.92 | 3.09 |
| Feb 28, 2011 | 2.57 | 3.05 |
| Mar 1, 2010 | 1.91 | 2.43 |
| Mar 2, 2009 | 1.35 | 2.01 |
| Feb 29, 2008 | 2.07 | 3.45 |
| Mar 1, 2007 | 2.75 | 3.75 |
| Mar 16, 2006 | 2.83 | 3.95 |
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).