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.
- Share Price Trends
- Over the analyzed period, the share price exhibited a generally strong upward trajectory. Starting at $7.75 in early 2006, the price experienced some fluctuations initially, with a decline to $5.99 in early 2009 during a likely market downturn. From 2010 onwards, the share price consistently increased, reaching $342.01 by early 2023. Notably, the growth accelerated after 2018, with particularly sharp rises between 2020 and 2023, indicating heightened market confidence or improved financial performance during these years.
- Book Value Per Share (BVPS) Evolution
- The book value per share showed a steady and moderate increase throughout the period. Starting at $2.74 in 2006, BVPS rose consistently to $33.20 in 2023. This trend indicates continuous growth in net asset value per share, reflecting stable reinvestment of earnings or asset appreciation. The progression was fairly linear without significant declines, suggesting solid balance sheet strengthening.
- Price-to-Book Value Ratio (P/BV) Dynamics
- The P/BV ratio demonstrated considerable variation over time. Initially, it started at 2.83 in 2006 and declined sharply to 1.35 by 2009, paralleling the drop in share price during the global financial crisis period. Following this trough, the ratio progressively increased, indicating rising market valuation relative to the book value. By 2023, the P/BV reached 10.3, its highest level in the observed span, signaling strong investor confidence or expectations of higher future profitability. Peaks in P/BV ratios occur intermittently, with notable surges post-2015, reflecting that the share price growth outpaced the increase in book value per share.
- Overall Financial Insights
- The data reveals a company that has steadily improved its intrinsic value, as shown by the continuous rise in book value per share. However, the market has increasingly valued the company at a premium to its book value, particularly in recent years, which may reflect strong growth prospects, market positioning, or positive investor sentiment. The significant increase in P/BV ratios suggests that share price appreciation has outstripped the underlying book value growth, possibly indicating expectations of accelerated earnings growth or improved operational performance. Investors should monitor whether these valuations remain supported by fundamentals to assess sustainability.
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).