Total Asset Turnover
since 2005
Calculation
Old Dominion Freight Line Inc., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Revenue from operations1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 1.29 | = | 6,260,077) | ÷ | 4,838,610) |
| Dec 31, 2021 | 1.09 | = | 5,256,328) | ÷ | 4,821,544) |
| Dec 31, 2020 | 0.92 | = | 4,015,129) | ÷ | 4,369,410) |
| Dec 31, 2019 | 1.03 | = | 4,109,111) | ÷ | 3,995,568) |
| Dec 31, 2018 | 1.14 | = | 4,043,695) | ÷ | 3,545,283) |
| Dec 31, 2017 | 1.09 | = | 3,358,112) | ÷ | 3,068,424) |
| Dec 31, 2016 | 1.11 | = | 2,991,517) | ÷ | 2,696,247) |
| Dec 31, 2015 | 1.21 | = | 2,972,442) | ÷ | 2,466,504) |
| Dec 31, 2014 | 1.25 | = | 2,787,897) | ÷ | 2,236,237) |
| Dec 31, 2013 | 1.21 | = | 2,337,648) | ÷ | 1,932,089) |
| Dec 31, 2012 | 1.23 | = | 2,110,483) | ÷ | 1,712,514) |
| Dec 31, 2011 | 1.24 | = | 1,882,541) | ÷ | 1,513,074) |
| Dec 31, 2010 | 1.19 | = | 1,480,998) | ÷ | 1,239,881) |
| Dec 31, 2009 | 1.07 | = | 1,245,005) | ÷ | 1,159,278) |
| Dec 31, 2008 | 1.43 | = | 1,537,724) | ÷ | 1,074,905) |
| Dec 31, 2007 | 1.43 | = | 1,401,542) | ÷ | 981,048) |
| Dec 31, 2006 | 1.43 | = | 1,279,431) | ÷ | 892,193) |
| Dec 31, 2005 | 1.65 | = | 1,061,403) | ÷ | 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
Revenue from operations grew substantially from 2005 to 2022, increasing from approximately $1.06 billion to $6.26 billion. During the same period, total assets expanded from $641.6 million to $4.84 billion. While both metrics trended upward, the total asset turnover ratio reveals fluctuations in the efficiency of asset utilization over time.
- Long-term Asset Turnover Trends
- The highest level of asset efficiency was recorded in 2005 with a ratio of 1.65. This was followed by a period of stability between 2006 and 2008, where the ratio remained constant at 1.43. A sharp decline occurred in 2009, with the ratio dropping to 1.07, coinciding with a notable decrease in annual revenue.
- Mid-period Stability and Decline
- Between 2010 and 2015, the turnover ratio stabilized, oscillating within a tight range between 1.21 and 1.25. A subsequent downward trend was observed from 2016 to 2020, during which the ratio reached a period low of 0.92. This indicates a phase where the growth in the asset base exceeded the growth in generated revenue.
- Recent Recovery Phase
- A positive reversal in asset utilization efficiency occurred starting in 2021. The ratio increased to 1.09 in 2021 and further climbed to 1.29 by December 31, 2022. This recent trend suggests an improvement in operational efficiency and a more aggressive utilization of the company's asset base to drive revenue growth.
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Comparison to Competitors
Old Dominion Freight Line Inc., total asset turnover, 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 | 1.29 | 1.09 | 0.99 | 0.38 | 0.67 | 1.41 |
| Dec 31, 2021 | 1.09 | 1.01 | 0.45 | 0.34 | 0.36 | 1.40 |
| Dec 31, 2020 | 0.92 | 0.94 | 0.33 | 0.31 | 0.26 | 1.36 |
| Dec 31, 2019 | 1.03 | 1.28 | 0.45 | 0.35 | 0.82 | 1.28 |
| Dec 31, 2018 | 1.14 | 1.25 | — | 0.39 | 0.92 | 1.44 |
| Dec 31, 2017 | 1.09 | 1.24 | — | 0.37 | 0.89 | 1.45 |
| Dec 31, 2016 | 1.11 | 1.09 | — | 0.36 | 0.91 | 1.51 |
| Dec 31, 2015 | 1.21 | 1.28 | — | 0.40 | 0.93 | 1.52 |
| Dec 31, 2014 | 1.25 | 1.38 | — | 0.46 | 1.04 | 1.64 |
| Dec 31, 2013 | 1.21 | 1.32 | — | 0.44 | 1.04 | 1.53 |
| Dec 31, 2012 | 1.23 | 1.43 | — | 0.44 | 0.99 | 1.39 |
| Dec 31, 2011 | 1.24 | 1.44 | — | 0.43 | 0.98 | 1.53 |
| Dec 31, 2010 | 1.19 | 1.39 | — | 0.39 | 0.59 | 1.47 |
| Dec 31, 2009 | 1.07 | 1.46 | — | 0.33 | 0.87 | 1.42 |
| Dec 31, 2008 | 1.43 | 1.48 | — | 0.45 | 1.04 | 1.62 |
| Dec 31, 2007 | 1.43 | 1.47 | — | 0.43 | 0.83 | 1.27 |
| Dec 31, 2006 | 1.43 | 1.42 | — | 0.43 | 0.76 | 1.43 |
| Dec 31, 2005 | 1.65 | 1.44 | — | 0.38 | 0.90 | 1.21 |
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., total asset turnover, long-term trends, comparison to sector (transportation)
| Old Dominion Freight Line Inc. | Transportation | |
|---|---|---|
| Dec 31, 2022 | 1.29 | 0.92 |
| Dec 31, 2021 | 1.09 | 0.76 |
| Dec 31, 2020 | 0.92 | 0.69 |
| Dec 31, 2019 | 1.03 | 0.86 |
| Dec 31, 2018 | 1.14 | 0.98 |
| Dec 31, 2017 | 1.09 | 0.95 |
| Dec 31, 2016 | 1.11 | 0.92 |
| Dec 31, 2015 | 1.21 | 0.97 |
| Dec 31, 2014 | 1.25 | 1.05 |
| Dec 31, 2013 | 1.21 | 1.02 |
| Dec 31, 2012 | 1.23 | 1.01 |
| Dec 31, 2011 | 1.24 | 1.03 |
| Dec 31, 2010 | 1.19 | 0.88 |
| Dec 31, 2009 | 1.07 | 0.95 |
| Dec 31, 2008 | 1.43 | 1.09 |
| Dec 31, 2007 | 1.43 | 0.97 |
| Dec 31, 2006 | 1.43 | 0.97 |
| Dec 31, 2005 | 1.65 | 0.93 |
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., total asset turnover, long-term trends, comparison to industry (industrials)
| Old Dominion Freight Line Inc. | Industrials | |
|---|---|---|
| Dec 31, 2022 | 1.29 | 0.66 |
| Dec 31, 2021 | 1.09 | 0.58 |
| Dec 31, 2020 | 0.92 | 0.50 |
| Dec 31, 2019 | 1.03 | 0.62 |
| Dec 31, 2018 | 1.14 | 0.67 |
| Dec 31, 2017 | 1.09 | 0.62 |
| Dec 31, 2016 | 1.11 | 0.61 |
| Dec 31, 2015 | 1.21 | 0.54 |
| Dec 31, 2014 | 1.25 | 0.49 |
| Dec 31, 2013 | 1.21 | 0.47 |
| Dec 31, 2012 | 1.23 | 0.46 |
| Dec 31, 2011 | 1.24 | 0.45 |
| Dec 31, 2010 | 1.19 | 0.41 |
| Dec 31, 2009 | 1.07 | 0.39 |
| Dec 31, 2008 | 1.43 | 0.43 |
| Dec 31, 2007 | 1.43 | 0.41 |
| Dec 31, 2006 | 1.43 | 0.43 |
| Dec 31, 2005 | 1.65 | 0.40 |
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).