Return on Assets (ROA)
since 2005
Calculation
Old Dominion Freight Line Inc., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 28.46% | = | 100 | × | 1,377,159) | ÷ | 4,838,610) |
| Dec 31, 2021 | 21.45% | = | 100 | × | 1,034,375) | ÷ | 4,821,544) |
| Dec 31, 2020 | 15.40% | = | 100 | × | 672,682) | ÷ | 4,369,410) |
| Dec 31, 2019 | 15.41% | = | 100 | × | 615,518) | ÷ | 3,995,568) |
| Dec 31, 2018 | 17.08% | = | 100 | × | 605,668) | ÷ | 3,545,283) |
| Dec 31, 2017 | 15.11% | = | 100 | × | 463,774) | ÷ | 3,068,424) |
| Dec 31, 2016 | 10.97% | = | 100 | × | 295,765) | ÷ | 2,696,247) |
| Dec 31, 2015 | 12.35% | = | 100 | × | 304,690) | ÷ | 2,466,504) |
| Dec 31, 2014 | 11.96% | = | 100 | × | 267,514) | ÷ | 2,236,237) |
| Dec 31, 2013 | 10.67% | = | 100 | × | 206,113) | ÷ | 1,932,089) |
| Dec 31, 2012 | 9.89% | = | 100 | × | 169,452) | ÷ | 1,712,514) |
| Dec 31, 2011 | 9.22% | = | 100 | × | 139,470) | ÷ | 1,513,074) |
| Dec 31, 2010 | 6.10% | = | 100 | × | 75,651) | ÷ | 1,239,881) |
| Dec 31, 2009 | 3.01% | = | 100 | × | 34,871) | ÷ | 1,159,278) |
| Dec 31, 2008 | 6.39% | = | 100 | × | 68,677) | ÷ | 1,074,905) |
| Dec 31, 2007 | 7.32% | = | 100 | × | 71,832) | ÷ | 981,048) |
| Dec 31, 2006 | 8.13% | = | 100 | × | 72,569) | ÷ | 892,193) |
| Dec 31, 2005 | 8.33% | = | 100 | × | 53,475) | ÷ | 641,648) |
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 performance between 2005 and 2022 is characterized by sustained growth in both net income and total assets, culminating in a substantial increase in asset utilization efficiency. While the period began with moderate returns, the latter years exhibit a significant acceleration in profitability relative to the asset base.
- Growth of Net Income and Asset Base
- Net income experienced an overall upward trajectory, rising from 53.48 million US dollars in 2005 to 1.38 billion US dollars by 2022. This growth was supported by a corresponding expansion in total assets, which increased from 641.65 million US dollars to 4.84 billion US dollars over the same period. A notable surge in profitability occurred between 2020 and 2022, where net income more than doubled from 672.68 million US dollars to 1.38 billion US dollars, while the asset base remained relatively stable.
- Return on Assets (ROA) Trends and Volatility
- The ROA profile reveals three distinct phases. An initial period of decline was observed from 2005 to 2009, with the ratio falling from 8.33% to a period low of 3.01%. This was followed by a recovery phase from 2010 to 2016, during which the ROA generally trended upward, peaking at 12.35% in 2015 before a slight correction to 10.97% in 2016.
- Efficiency Acceleration
- A period of rapid efficiency gains is evident from 2017 onward. The ROA climbed steadily from 15.11% in 2017 to 28.46% in 2022. The most significant jump occurred between 2020 and 2022, where the ROA increased from 15.40% to 28.46%. This indicates that the company significantly increased its ability to generate profit from its existing assets, as the growth in net income far outpaced the growth in total assets during these final years.
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Comparison to Competitors
Old Dominion Freight Line Inc., ROA, 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 | 28.46% | 4.45% | -28.47% | 10.69% | 1.09% | 16.24% |
| Dec 31, 2021 | 21.45% | 6.32% | -1.28% | 10.27% | -2.88% | 18.57% |
| Dec 31, 2020 | 15.40% | 1.75% | -20.35% | 8.57% | -11.87% | 2.15% |
| Dec 31, 2019 | 15.41% | 0.99% | -26.78% | 9.60% | 5.72% | 7.67% |
| Dec 31, 2018 | 17.08% | 8.74% | — | 10.09% | 4.75% | 9.58% |
| Dec 31, 2017 | 15.11% | 6.17% | — | 18.53% | 5.03% | 10.81% |
| Dec 31, 2016 | 10.97% | 3.95% | — | 7.60% | 5.64% | 8.50% |
| Dec 31, 2015 | 12.35% | 2.83% | — | 8.74% | 17.96% | 12.64% |
| Dec 31, 2014 | 11.96% | 6.34% | — | 9.83% | 3.03% | 8.55% |
| Dec 31, 2013 | 10.67% | 4.65% | — | 8.82% | 1.55% | 12.07% |
| Dec 31, 2012 | 9.89% | 6.80% | — | 8.36% | -1.92% | 2.08% |
| Dec 31, 2011 | 9.22% | 5.30% | — | 7.30% | 2.21% | 10.96% |
| Dec 31, 2010 | 6.10% | 4.75% | — | 6.45% | 0.64% | 10.38% |
| Dec 31, 2009 | 3.01% | 0.40% | — | 4.48% | -3.48% | 6.75% |
| Dec 31, 2008 | 6.39% | 4.39% | — | 5.89% | -27.48% | 9.42% |
| Dec 31, 2007 | 7.32% | 8.40% | — | 4.88% | 1.66% | 0.98% |
| Dec 31, 2006 | 8.13% | 7.96% | — | 4.40% | 90.17% | 12.65% |
| Dec 31, 2005 | 8.33% | 7.10% | — | 2.88% | -109.48% | 10.99% |
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., ROA, long-term trends, comparison to sector (transportation)
| Old Dominion Freight Line Inc. | Transportation | |
|---|---|---|
| Dec 31, 2022 | 28.46% | 4.34% |
| Dec 31, 2021 | 21.45% | 6.88% |
| Dec 31, 2020 | 15.40% | -2.01% |
| Dec 31, 2019 | 15.41% | 2.09% |
| Dec 31, 2018 | 17.08% | 8.46% |
| Dec 31, 2017 | 15.11% | 10.69% |
| Dec 31, 2016 | 10.97% | 6.44% |
| Dec 31, 2015 | 12.35% | 10.54% |
| Dec 31, 2014 | 11.96% | 7.21% |
| Dec 31, 2013 | 10.67% | 6.97% |
| Dec 31, 2012 | 9.89% | 3.95% |
| Dec 31, 2011 | 9.22% | 6.47% |
| Dec 31, 2010 | 6.10% | 5.46% |
| Dec 31, 2009 | 3.01% | 2.98% |
| Dec 31, 2008 | 6.39% | 0.96% |
| Dec 31, 2007 | 7.32% | 3.72% |
| Dec 31, 2006 | 8.13% | 25.89% |
| Dec 31, 2005 | 8.33% | -13.41% |
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., ROA, long-term trends, comparison to industry (industrials)
| Old Dominion Freight Line Inc. | Industrials | |
|---|---|---|
| Dec 31, 2022 | 28.46% | 3.31% |
| Dec 31, 2021 | 21.45% | 3.40% |
| Dec 31, 2020 | 15.40% | 0.04% |
| Dec 31, 2019 | 15.41% | 2.56% |
| Dec 31, 2018 | 17.08% | 3.16% |
| Dec 31, 2017 | 15.11% | 3.59% |
| Dec 31, 2016 | 10.97% | 4.55% |
| Dec 31, 2015 | 12.35% | 3.52% |
| Dec 31, 2014 | 11.96% | 4.31% |
| Dec 31, 2013 | 10.67% | 3.91% |
| Dec 31, 2012 | 9.89% | 3.38% |
| Dec 31, 2011 | 9.22% | 3.69% |
| Dec 31, 2010 | 6.10% | 3.03% |
| Dec 31, 2009 | 3.01% | 2.24% |
| Dec 31, 2008 | 6.39% | 3.10% |
| Dec 31, 2007 | 7.32% | 3.87% |
| Dec 31, 2006 | 8.13% | 6.41% |
| Dec 31, 2005 | 8.33% | 1.42% |
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).