Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Paying user area
Try for free
Old Dominion Freight Line Inc. pages available for free this week:
- 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
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Old Dominion Freight Line Inc. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Long-term Activity Ratios (Summary)
Old Dominion Freight Line Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
The financial ratios demonstrate distinct trends over the analyzed periods, offering insights into asset efficiency and equity management.
- Net Fixed Asset Turnover
- This ratio, which indicates the efficiency in utilizing net fixed assets to generate sales, started at 1.47 in March 2018 and showed a slight decline through 2019, reaching a low of around 1.33 in September 2020. From that point onward, it exhibited a consistent upward trend, peaking at 1.77 in the third quarter of 2022. However, a decline followed in late 2022 and into mid-2023, with the ratio falling back to 1.49 by June 2023. This pattern suggests periods of improved utilization of fixed assets culminating in a peak, followed by a moderate reduction in efficiency.
- Total Asset Turnover
- The total asset turnover ratio, reflecting overall asset use to generate revenue, began at 1.14 in March 2018. It gradually decreased to under 1 by late 2020, reaching lows around 0.92 in December 2020. Starting in early 2021, a notable recovery commenced, with consistent growth through 2022, reaching a high of approximately 1.29 by the third quarter of 2022. By mid-2023, the ratio slightly declined to 1.20. This trajectory highlights an initial decline in efficiency that reversed in the following years, signaling improved asset management after the mid-2020 trough.
- Equity Turnover
- Equity turnover reflects how effectively shareholders' equity is used to generate sales. The ratio began at 1.51 in March 2018 and displayed a downward tendency through 2019 to about 1.21 by December 2020. A recovery phase then began, with steady increases through 2021 and 2022, achieving a peak of 1.74 in September 2022. After this high, the ratio showed a modest decline heading into 2023, registering 1.55 by June 2023. This behavior indicates enhanced utilization of equity in recent years following a period of softer performance.
Overall, the data reveals a common pattern across all three ratios: an initial period of decline or stagnation from 2018 through 2020, succeeded by a phase of recovery and improved efficiency from 2021 into late 2022. The slight downturns observed in early 2023 may reflect market or operational conditions influencing asset and equity utilization. The improvements indicate strengthened operational performance and asset management in the years following 2020.
Net Fixed Asset Turnover
Old Dominion Freight Line Inc., net fixed asset turnover calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 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. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Net fixed asset turnover
= (Revenue from operationsQ2 2023
+ Revenue from operationsQ1 2023
+ Revenue from operationsQ4 2022
+ Revenue from operationsQ3 2022)
÷ Net property and equipment
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue from operations
- The revenue from operations exhibits a generally increasing trend over the analyzed periods, with some intermittent fluctuations. Starting at approximately $925 million in the first quarter of 2018, revenue rose steadily through 2018, reaching around $1.03 billion by the second quarter of 2018 and marginally declining towards the end of the year. In 2019, revenue remained relatively stable, fluctuating around the $1 billion mark without significant growth. A noticeable dip occurred in the first half of 2020, likely reflecting external challenges, with revenue decreasing to approximately $896 million in the second quarter of 2020. From the third quarter of 2020 onward, there was a pronounced upward trajectory, with revenue peaking near $1.41 billion in the fourth quarter of 2021. This growth persisted into 2022 with revenues surpassing $1.66 billion in the second quarter but started experiencing a gradual decline through 2023, falling to about $1.41 billion by the second quarter of 2023.
- Net property and equipment
- The net property and equipment balance showed consistent growth throughout the period under review. From approximately $2.45 billion in the first quarter of 2018, the figure steadily increased each quarter, reaching about $2.97 billion by the fourth quarter of 2019. This upward trend continued through 2020 into 2021 and 2022, with a notable acceleration; by the first quarter of 2022, net property and equipment rose to approximately $3.23 billion and further climbed to around $4.00 billion by the second quarter of 2023. This suggests significant ongoing capital investments or asset acquisitions over the evaluated period.
- Net fixed asset turnover ratio
- The net fixed asset turnover ratio, which measures revenue generated per unit of fixed assets, presented a dynamic pattern. In early 2018 no data was available; starting in late 2018, the ratio hovered near 1.4 to 1.5, indicating moderate efficiency in asset utilization. However, from 2019 through 2020, the ratio declined slightly, reflecting less revenue generated per asset. Beginning in 2021, the turnover ratio demonstrated a clear upward trend, increasing from about 1.38 in the first quarter to a peak of 1.77 by late 2022. This improvement indicates enhanced efficiency in leveraging fixed assets to generate revenue, although the ratio dipped again in early 2023, declining back to around 1.49 by the second quarter.
- Overall insights
- The data reflect a company experiencing steady capital growth while managing intermittent revenue fluctuations. The steady increase in net property and equipment suggests a commitment to expanding or upgrading asset base, which, coupled with rising net fixed asset turnover ratios from 2021 onward, indicates improved operational efficiency. While revenue showed resilience and growth post-2020 downturn, the recent slight decline in revenue and asset turnover in early 2023 may warrant further monitoring to assess ongoing business dynamics and market conditions.
Total Asset Turnover
Old Dominion Freight Line Inc., total asset turnover calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 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. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Total asset turnover
= (Revenue from operationsQ2 2023
+ Revenue from operationsQ1 2023
+ Revenue from operationsQ4 2022
+ Revenue from operationsQ3 2022)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several important trends in the operational and asset performance metrics over the observed periods.
- Revenue from operations
- The revenue demonstrated a generally upward trend over the timeframe, with fluctuations evident in some quarters. Starting from approximately 925 million USD in the first quarter of 2018, revenue increased steadily to a peak exceeding 1.4 billion USD in the final quarter of 2021. There was a notable strong growth from early 2021 into 2022, with revenues peaking at about 1.67 billion USD in mid-2022. Subsequent quarters through mid-2023 showed a slight decline but remained above the 1.4 billion USD mark. This pattern suggests a robust expansion phase followed by a mild contraction or stabilization of revenues.
- Total assets
- Total assets consistently rose throughout the period, starting around 3.14 billion USD at the beginning of 2018 and growing to nearly 5 billion USD by mid-2023. The growth was relatively steady with some quarters showing more pronounced increases, such as between late 2020 and late 2021. The gradual asset base expansion indicates ongoing investments and asset accumulation, supporting the company’s operational scale and capacity expansion.
- Total asset turnover
- The total asset turnover ratio, which measures the efficiency of using assets to generate revenue, showed variability but an overall improving trend after an initial decline. It started at 1.14 in late 2018 and declined to around 0.92 by the end of 2020 and early 2021, reflecting a decrease in asset utilization efficiency during that period. However, from early 2021 onwards, the ratio improved progressively, reaching a high near 1.29 by late 2022. This improvement in asset turnover suggests enhanced efficiency in asset use to generate revenue in recent quarters, despite the increasing asset base.
In summary, the data indicates that the company experienced significant growth in revenues and assets over the observed period, with strong expansion particularly evident in 2021 and 2022. Although asset turnover efficiency decreased initially, it recovered and improved markedly in recent quarters, suggesting better operational efficiency and asset management going forward.
Equity Turnover
Old Dominion Freight Line Inc., equity turnover calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 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. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Equity turnover
= (Revenue from operationsQ2 2023
+ Revenue from operationsQ1 2023
+ Revenue from operationsQ4 2022
+ Revenue from operationsQ3 2022)
÷ Shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue from operations
-
Revenue exhibits a generally increasing trend over the entire period from March 2018 to June 2023, despite some short-term fluctuations. The initial revenue in March 2018 was approximately 925 million US dollars, rising significantly by the end of 2021 to nearly 1.41 billion US dollars.
From the first quarter of 2018 to the end of 2019, revenue showed modest growth with some volatility, peaking around 1.06 billion US dollars mid-2019 before a slight decrease towards the end of that year. In 2020, a noticeable dip occurred in the first half amid external challenges, with revenue dropping below 900 million US dollars in mid-2020. However, recovery was swift as revenue increased to over 1 billion US dollars in the later quarters of 2020.
The period from 2021 to early 2023 reflects robust growth, reaching the peak quarterly revenue of approximately 1.67 billion US dollars in mid-2022. A slight decline follows into early 2023, with revenue dropping below 1.45 billion US dollars by mid-2023.
- Shareholders’ equity
-
Shareholders’ equity shows a consistent upward trajectory over the analyzed quarters. Starting from around 2.36 billion US dollars in March 2018, it increases steadily, reaching over 3.83 billion US dollars by mid-2023.
There is no indication of any significant equity reductions; rather, equity growth appears sustained and progressive across the entire period. Occasional marginal fluctuations occur but do not interrupt the overall upward trend, suggesting stable accumulation of net assets.
The steady increase in equity alongside fluctuations in revenue indicates reinvestment or other value-building measures that improve the company’s financial foundation over time.
- Equity turnover ratio
-
The equity turnover ratio data begins from December 2018, starting near 1.51 and reflecting a generally declining trend until the end of 2020 when the ratio reduces to approximately 1.25.
Following 2020, the ratio increases consistently, reaching a peak of 1.74 in the third quarter of 2022. This rising trend suggests improving efficiency in generating revenue relative to shareholders’ equity during this period.
In the subsequent quarters of 2022 and into 2023, the ratio shows a slight decrease yet remains above 1.5, indicating maintained operational efficiency despite some recent moderation.
- Summary of key insights
-
The revenue growth despite intermittent declines demonstrates resilience and a capacity to recover from market disruptions. The steady increase in shareholders’ equity reflects growing net worth and financial stability.
The equity turnover ratio’s decline through 2020 followed by a solid increase suggests that operational efficiency diminished during challenging periods but recovered and improved significantly afterward.
The combination of increasing equity and improving or stable equity turnover ratios supports a conclusion that the company has been efficient at utilizing its equity to generate revenue over time, particularly strong in the post-2020 recovery and growth phase.