Stock Analysis on Net
Stock Analysis on Net

Old Dominion Freight Line Inc. (NASDAQ:ODFL)

This company has been moved to the archive! The financial data has not been updated since August 4, 2023.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin 

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Old Dominion Freight Line Inc., decomposition of ROE

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2022 37.70% = 28.46% × 1.32
Dec 31, 2021 28.11% = 21.45% × 1.31
Dec 31, 2020 20.22% = 15.40% × 1.31
Dec 31, 2019 19.98% = 15.41% × 1.30
Dec 31, 2018 22.60% = 17.08% × 1.32

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).

Three-Component Disaggregation of ROE

Old Dominion Freight Line Inc., decomposition of ROE

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2022 37.70% = 22.00% × 1.29 × 1.32
Dec 31, 2021 28.11% = 19.68% × 1.09 × 1.31
Dec 31, 2020 20.22% = 16.75% × 0.92 × 1.31
Dec 31, 2019 19.98% = 14.98% × 1.03 × 1.30
Dec 31, 2018 22.60% = 14.98% × 1.14 × 1.32

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).

Five-Component Disaggregation of ROE

Old Dominion Freight Line Inc., decomposition of ROE

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2022 37.70% = 0.75 × 1.00 × 29.44% × 1.29 × 1.32
Dec 31, 2021 28.11% = 0.74 × 1.00 × 26.45% × 1.09 × 1.31
Dec 31, 2020 20.22% = 0.75 × 1.00 × 22.52% × 0.92 × 1.31
Dec 31, 2019 19.98% = 0.75 × 1.00 × 20.06% × 1.03 × 1.30
Dec 31, 2018 22.60% = 0.74 × 1.00 × 20.17% × 1.14 × 1.32

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).

Two-Component Disaggregation of ROA

Old Dominion Freight Line Inc., decomposition of ROA

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2022 28.46% = 22.00% × 1.29
Dec 31, 2021 21.45% = 19.68% × 1.09
Dec 31, 2020 15.40% = 16.75% × 0.92
Dec 31, 2019 15.41% = 14.98% × 1.03
Dec 31, 2018 17.08% = 14.98% × 1.14

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).

Four-Component Disaggregation of ROA

Old Dominion Freight Line Inc., decomposition of ROA

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2022 28.46% = 0.75 × 1.00 × 29.44% × 1.29
Dec 31, 2021 21.45% = 0.74 × 1.00 × 26.45% × 1.09
Dec 31, 2020 15.40% = 0.75 × 1.00 × 22.52% × 0.92
Dec 31, 2019 15.41% = 0.75 × 1.00 × 20.06% × 1.03
Dec 31, 2018 17.08% = 0.74 × 1.00 × 20.17% × 1.14

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).

Disaggregation of Net Profit Margin

Old Dominion Freight Line Inc., decomposition of net profit margin ratio

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2022 22.00% = 0.75 × 1.00 × 29.44%
Dec 31, 2021 19.68% = 0.74 × 1.00 × 26.45%
Dec 31, 2020 16.75% = 0.75 × 1.00 × 22.52%
Dec 31, 2019 14.98% = 0.75 × 1.00 × 20.06%
Dec 31, 2018 14.98% = 0.74 × 1.00 × 20.17%

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).