Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Cash Flow Statement
- Analysis of Solvency Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
Old Dominion Freight Line Inc., long-term (investment) activity ratios
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio shows a generally positive trend over the five-year period. Starting at 1.47 in 2018, it decreased slightly to 1.38 in both 2019 and 2020 but then increased significantly to 1.63 in 2021 and further to 1.7 in 2022. This indicates an improving efficiency in utilizing net fixed assets to generate sales or revenue, particularly from 2020 onwards.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- When including operating lease and right-of-use assets, the turnover ratio follows a similar pattern to the net fixed asset turnover. It declines from 1.47 in 2018 to 1.35 in 2019 and 1.33 in 2020, indicating diminishing efficiency during this period. Subsequently, the ratio rises to 1.59 in 2021 and 1.66 in 2022, reflecting enhanced asset utilization when considering additional leased assets.
- Total Asset Turnover
- The total asset turnover ratio displays a declining trend from 1.14 in 2018 to 0.92 in 2020, suggesting a decrease in efficiency in using total assets to generate revenue. However, in 2021, the ratio increases to 1.09 and further improves to 1.29 in 2022, indicating a recovery and enhanced operational efficiency over the last two years.
- Equity Turnover
- The equity turnover ratio exhibits a decreasing trend from 1.51 in 2018 to 1.21 in 2020, showing reduced efficiency in generating revenue from shareholders' equity during this timeframe. From 2020 onwards, a clear upward trend is observed with the ratio increasing to 1.43 in 2021 and significantly rising to 1.71 in 2022. This change indicates a marked improvement in equity utilization efficiency in recent years.
Net Fixed Asset Turnover
Old Dominion Freight Line Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue from operations | ||||||
| Net property and equipment | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Transportation | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Industrials | ||||||
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).
1 2022 Calculation
Net fixed asset turnover = Revenue from operations ÷ Net property and equipment
= ÷ =
2 Click competitor name to see calculations.
- Revenue from Operations
- The revenue from operations demonstrated a generally increasing trend over the five-year period. Starting at approximately 4.04 billion US dollars in 2018, revenue experienced slight fluctuations between 2018 and 2020, with a minor dip observed in 2020. However, from 2020 onwards, there was a substantial increase, reaching over 6.26 billion US dollars by the end of 2022. This indicates strong growth in the company's operational income, particularly notable after 2020.
- Net Property and Equipment
- The net property and equipment values showed consistent growth throughout the period. Beginning at around 2.75 billion US dollars in 2018, the value increased steadily each year, culminating in roughly 3.69 billion US dollars by 2022. This reflects ongoing investments or capital expenditures in fixed assets, supporting operational expansion or modernization efforts.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures how efficiently the company utilizes its fixed assets to generate revenue, exhibited some variation. It declined slightly from 1.47 in 2018 to 1.38 in 2019 and remained stable in 2020. Nevertheless, starting in 2021, the ratio increased significantly to 1.63 and further to 1.7 in 2022. This improvement suggests enhanced efficiency in asset utilization, implying that the company was able to generate more revenue per unit of fixed asset value during the latter years.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Old Dominion Freight Line Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue from operations | ||||||
| Net property and equipment | ||||||
| Operating lease right-of-use assets (presented within Other assets) | ||||||
| Net property and equipment (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Transportation | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Industrials | ||||||
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).
1 2022 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenue from operations ÷ Net property and equipment (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
- Revenue from operations
- The revenue from operations displayed a fluctuating trend between 2018 and 2020, with a slight decrease noted in 2020 compared to 2019. However, starting in 2021, the revenue experienced a significant increase, rising from approximately $4.02 billion in 2020 to $5.26 billion in 2021, followed by further growth to about $6.26 billion in 2022. This indicates a robust upward momentum in the company’s operational income during the latter part of the observed period.
- Net property and equipment (including operating lease, right-of-use asset)
- The net property and equipment showed a consistent upward trend over the five-year period. The value increased steadily each year, rising from roughly $2.75 billion in 2018 to approximately $3.78 billion by the end of 2022. This continuous investment or asset accumulation suggests the company expanded its asset base, which could support the growth in operations observed in recent years.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- The net fixed asset turnover ratio experienced a general decline from 1.47 in 2018 to 1.33 in 2020, indicating a reduction in efficiency in generating revenue from fixed assets during this period. Nonetheless, the ratio improved noticeably in 2021 and 2022, reaching 1.59 and then 1.66 respectively. This recovery suggests enhanced asset utilization or operational efficiency in these years, which aligns with the notable increase in revenue observed.
Total Asset Turnover
Old Dominion Freight Line Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue from operations | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| Total Asset Turnover, Sector | ||||||
| Transportation | ||||||
| Total Asset Turnover, Industry | ||||||
| Industrials | ||||||
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).
1 2022 Calculation
Total asset turnover = Revenue from operations ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Revenue from operations
- The revenue exhibited a fluctuating yet overall increasing trend over the five-year period. Starting at approximately 4.04 billion USD in 2018, it saw a slight increase in 2019 followed by a marginal decline in 2020. However, from 2020 onwards, the revenue rose significantly, reaching about 6.26 billion USD by the end of 2022, indicating robust growth in the latter years.
- Total assets
- Total assets demonstrated a steady upward trajectory from 2018 to 2022. Beginning at roughly 3.55 billion USD, the asset base expanded each year, peaking at around 4.84 billion USD in 2022. This growth in assets implies consistent investment or accumulation of resources over the period.
- Total asset turnover
- The total asset turnover ratio displayed variability throughout the years. It started at 1.14 in 2018, decreased to its lowest point of 0.92 in 2020, indicating less efficient utilization of assets during that year. Subsequently, the ratio improved markedly, reaching a peak of 1.29 in 2022, surpassing the initial 2018 level. This suggests an enhancement in the company’s efficiency in generating revenue from its asset base, particularly in the most recent year.
Equity Turnover
Old Dominion Freight Line Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue from operations | ||||||
| Shareholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| Equity Turnover, Sector | ||||||
| Transportation | ||||||
| Equity Turnover, Industry | ||||||
| Industrials | ||||||
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).
1 2022 Calculation
Equity turnover = Revenue from operations ÷ Shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
- Revenue from operations
-
The revenue showed a fluctuating trend over the five-year period. It initially experienced a slight decline from approximately 4.04 billion USD in 2018 to about 4.02 billion USD in 2020. However, from 2020 onwards, there was a notable uptrend, with revenue increasing significantly to 5.26 billion USD in 2021 and further to 6.26 billion USD in 2022. Overall, the revenue demonstrated strong growth in the last two years of the period under review, indicating enhanced business activity or market expansion.
- Shareholders’ equity
-
Shareholders’ equity exhibited a consistent upward trend from 2.68 billion USD in 2018 to 3.68 billion USD in 2021. This represents steady growth in the company's net assets, potentially reflecting retained earnings accumulation or capital infusion. However, in 2022, a slight decrease is observed, with equity falling marginally to approximately 3.65 billion USD. Despite this small decline, the overall trajectory over the period remains positive.
- Equity turnover
-
The equity turnover ratio, which measures the efficiency in using shareholders’ equity to generate revenue, declined steadily from 1.51 in 2018 to 1.21 in 2020. This decline suggests decreasing efficiency during this period. From 2020 onwards, the equity turnover improved, rising to 1.43 in 2021 and further increasing to 1.71 in 2022, the highest ratio within the period considered. The improvement aligns with the surge in revenue, pointing to enhanced operational effectiveness in utilizing equity to drive sales.