Price to Sales (P/S)
since 2005
Calculation
Old Dominion Freight Line Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenue from operations1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 22, 2023 | 6.01 | = | 342.01 | ÷ | 56.90 | 56.90 | = | 6,260,077 | ÷ | 110,026,430 | |
| Feb 23, 2022 | 6.17 | = | 282.48 | ÷ | 45.76 | 45.76 | = | 5,256,328 | ÷ | 114,863,803 | |
| Feb 24, 2021 | 6.33 | = | 217.31 | ÷ | 34.34 | 34.34 | = | 4,015,129 | ÷ | 116,937,111 | |
| Feb 26, 2020 | 4.00 | = | 137.52 | ÷ | 34.37 | 34.37 | = | 4,109,111 | ÷ | 119,545,928 | |
| Feb 27, 2019 | 3.02 | = | 100.31 | ÷ | 33.22 | 33.22 | = | 4,043,695 | ÷ | 121,720,484 | |
| Feb 27, 2018 | 3.41 | = | 92.56 | ÷ | 27.18 | 27.18 | = | 3,358,112 | ÷ | 123,561,677 | |
| Feb 27, 2017 | 2.55 | = | 61.63 | ÷ | 24.18 | 24.18 | = | 2,991,517 | ÷ | 123,699,354 | |
| Feb 29, 2016 | 1.82 | = | 43.04 | ÷ | 23.64 | 23.64 | = | 2,972,442 | ÷ | 125,727,914 | |
| Feb 26, 2015 | 2.42 | = | 52.24 | ÷ | 21.63 | 21.63 | = | 2,787,897 | ÷ | 128,888,381 | |
| Feb 28, 2014 | 1.96 | = | 35.49 | ÷ | 18.09 | 18.09 | = | 2,337,648 | ÷ | 129,247,376 | |
| Feb 28, 2013 | 1.47 | = | 23.99 | ÷ | 16.33 | 16.33 | = | 2,110,483 | ÷ | 129,247,376 | |
| Feb 29, 2012 | 1.33 | = | 19.34 | ÷ | 14.57 | 14.57 | = | 1,882,541 | ÷ | 129,247,479 | |
| Feb 28, 2011 | 1.16 | = | 13.67 | ÷ | 11.77 | 11.77 | = | 1,480,998 | ÷ | 125,835,627 | |
| Mar 1, 2010 | 0.91 | = | 9.02 | ÷ | 9.89 | 9.89 | = | 1,245,005 | ÷ | 125,835,780 | |
| Mar 2, 2009 | 0.49 | = | 5.99 | ÷ | 12.22 | 12.22 | = | 1,537,724 | ÷ | 125,835,780 | |
| Feb 29, 2008 | 0.72 | = | 8.07 | ÷ | 11.14 | 11.14 | = | 1,401,542 | ÷ | 125,835,780 | |
| Mar 1, 2007 | 0.90 | = | 9.13 | ÷ | 10.17 | 10.17 | = | 1,279,431 | ÷ | 125,835,780 | |
| Mar 16, 2006 | 0.92 | = | 7.75 | ÷ | 8.43 | 8.43 | = | 1,061,403 | ÷ | 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.
The Price to Sales (P/S) ratio for Old Dominion Freight Line Inc. exhibits a long-term expansionary trend from 2006 through 2023, signaling a substantial increase in the market's valuation of the company's revenue streams over nearly two decades.
- Initial Valuation and Contraction (2006–2009)
- Between 2006 and 2009, the P/S ratio experienced a downward trend, starting at 0.92 and reaching a period low of 0.49 in 2009. During this timeframe, the share price declined from 7.75 to 5.99, while sales per share continued to rise from 8.43 to 12.22, indicating that the market valuation fell despite growth in top-line performance.
- Recovery and Moderate Growth (2010–2015)
- A recovery phase began in 2010, with the P/S ratio returning to 0.91 and climbing steadily to 2.42 by 2015. This growth was driven by a rapid increase in share price, which rose from 9.02 in 2010 to 52.24 in 2015, outpacing the growth in sales per share, which moved from 9.89 to 21.63.
- Rapid Valuation Expansion (2016–2021)
- Following a brief dip to 1.82 in 2016, the P/S ratio entered a phase of aggressive expansion. The ratio accelerated from 2.55 in 2017 to a peak of 6.33 in 2021. This represents the most significant valuation spike in the observed period, coinciding with a share price increase from 61.63 to 217.31.
- Stabilization Phase (2022–2023)
- In the final two years of the data set, the P/S ratio stabilized, shifting slightly from 6.17 in 2022 to 6.01 in 2023. While the share price and sales per share both reached their highest levels—342.01 and 56.90 respectively—the P/S ratio plateaued, suggesting that the market valuation has reached a new, higher equilibrium relative to sales growth.
The overall trajectory demonstrates a transition from a valuation where the company traded at less than one dollar of market value for every dollar of sales to a valuation exceeding six dollars per dollar of sales. This suggests a significant increase in investor confidence, improved perceived efficiency, or higher expected future growth rates over the 17-year period.
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Comparison to Competitors
Old Dominion Freight Line Inc., P/S, 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 | 6.01 | 0.61 | 2.16 | 5.05 | 0.36 | 1.53 |
| Feb 23, 2022 | 6.17 | 0.94 | 3.90 | 7.08 | 0.63 | 1.87 |
| Feb 24, 2021 | 6.33 | 0.62 | 9.07 | 7.00 | 1.11 | 1.66 |
| Feb 26, 2020 | 4.00 | 0.64 | 4.00 | 5.85 | 0.40 | 1.23 |
| Feb 27, 2019 | 3.02 | 0.94 | — | 5.12 | 0.57 | 1.34 |
| Feb 27, 2018 | 3.41 | 0.96 | — | 4.67 | 0.50 | 1.37 |
| Feb 27, 2017 | 2.55 | 0.85 | — | 4.43 | 0.64 | 1.54 |
| Feb 29, 2016 | 1.82 | 1.02 | — | 2.91 | 0.49 | 1.48 |
| Feb 26, 2015 | 2.42 | 0.95 | — | 4.48 | 0.67 | 1.58 |
| Feb 28, 2014 | 1.96 | 0.74 | — | 3.67 | 0.44 | 1.59 |
| Feb 28, 2013 | 1.47 | 0.68 | — | 2.99 | 0.24 | 1.46 |
| Feb 29, 2012 | 1.33 | 0.76 | — | 2.85 | 0.19 | 1.39 |
| Feb 28, 2011 | 1.16 | 0.70 | — | 2.73 | 0.35 | 1.47 |
| Mar 1, 2010 | 0.91 | 0.50 | — | 2.22 | 0.18 | 1.29 |
| Mar 2, 2009 | 0.49 | 0.63 | — | 1.38 | 0.03 | 0.80 |
| Feb 29, 2008 | 0.72 | 1.03 | — | 2.02 | 0.18 | 1.46 |
| Mar 1, 2007 | 0.90 | 1.03 | — | 1.81 | 0.22 | 1.57 |
| Mar 16, 2006 | 0.92 | 0.86 | — | 1.74 | 0.22 | 2.00 |
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/S, long-term trends, comparison to sector (transportation)
| Old Dominion Freight Line Inc. | Transportation | |
|---|---|---|
| Feb 22, 2023 | 6.01 | 1.42 |
| Feb 23, 2022 | 6.17 | 2.03 |
| Feb 24, 2021 | 6.33 | 2.19 |
| Feb 26, 2020 | 4.00 | 1.51 |
| Feb 27, 2019 | 3.02 | 1.48 |
| Feb 27, 2018 | 3.41 | 1.44 |
| Feb 27, 2017 | 2.55 | 1.48 |
| Feb 29, 2016 | 1.82 | 1.31 |
| Feb 26, 2015 | 2.42 | 1.61 |
| Feb 28, 2014 | 1.96 | 1.37 |
| Feb 28, 2013 | 1.47 | 1.16 |
| Feb 29, 2012 | 1.33 | 1.11 |
| Feb 28, 2011 | 1.16 | 1.22 |
| Mar 1, 2010 | 0.91 | 0.99 |
| Mar 2, 2009 | 0.49 | 0.71 |
| Feb 29, 2008 | 0.72 | 1.20 |
| Mar 1, 2007 | 0.90 | 1.23 |
| Mar 16, 2006 | 0.92 | 1.34 |
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/S, long-term trends, comparison to industry (industrials)
| Old Dominion Freight Line Inc. | Industrials | |
|---|---|---|
| Feb 22, 2023 | 6.01 | 1.80 |
| Feb 23, 2022 | 6.17 | 2.07 |
| Feb 24, 2021 | 6.33 | 2.14 |
| Feb 26, 2020 | 4.00 | 1.77 |
| Feb 27, 2019 | 3.02 | 1.58 |
| Feb 27, 2018 | 3.41 | 1.71 |
| Feb 27, 2017 | 2.55 | 1.68 |
| Feb 29, 2016 | 1.82 | 1.48 |
| Feb 26, 2015 | 2.42 | 1.65 |
| Feb 28, 2014 | 1.96 | 1.57 |
| Feb 28, 2013 | 1.47 | 1.31 |
| Feb 29, 2012 | 1.33 | 1.27 |
| Feb 28, 2011 | 1.16 | 1.39 |
| Mar 1, 2010 | 0.91 | 1.09 |
| Mar 2, 2009 | 0.49 | 0.71 |
| Feb 29, 2008 | 0.72 | 1.62 |
| Mar 1, 2007 | 0.90 | 1.73 |
| Mar 16, 2006 | 0.92 | 1.80 |
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).