Stock Analysis on Net
Stock Analysis on Net

Old Dominion Freight Line Inc. (NASDAQ:ODFL)

$22.49

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

Analysis of Long-term (Investment) Activity Ratios
Quarterly Data

Microsoft Excel

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:

The data is hidden behind: . Unhide it.

Get access

This is a one-time payment. There is no automatic renewal.

We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

Long-term Activity Ratios (Summary)

Old Dominion Freight Line Inc., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
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
Net fixed asset turnover
Total asset turnover
Equity turnover

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).

Net Fixed Asset Turnover
The net fixed asset turnover ratio exhibits a gradual decline from 1.49 in early 2019 to around 1.38 by the end of 2019, indicating a slight decrease in efficiency in using fixed assets to generate sales during this period. Following this, the ratio experiences fluctuations but shows a generally rising trend through 2021 and into early 2022, peaking near 1.77 in the first three quarters of 2022. However, a noticeable decrease occurs toward mid-2022 and continuing into 2023, with the ratio falling back to 1.49 by mid-2023. Overall, this suggests periods of improved asset utilization efficiency followed by a recent downturn.
Total Asset Turnover
Total asset turnover follows a declining trend from 1.11 at the start of 2019 to a low of 0.92 in late 2020. This indicates reduced efficiency in utilizing total assets to generate revenue during the initial phase of the timeline. From 2021 onwards, the ratio recovers steadily, reaching a peak of 1.29 in late 2021 and maintaining levels above 1.2 through most of 2022 and early 2023. Nevertheless, a modest decline is observed again by mid-2023, bringing the ratio down to 1.20. This reflects a cycle of declining to improving asset efficiency with a recent slight weakening.
Equity Turnover
The equity turnover ratio displays a gradual decline from 1.48 in early 2019 to approximately 1.21 by the end of 2020, signaling a reduction in the ability to generate sales from shareholders’ equity during this period. Beginning in 2021, the ratio improves significantly, increasing to 1.74 by late 2022, which indicates stronger sales generation relative to equity. However, this is followed by a decline throughout early 2023, dropping to 1.55 by mid-2023. This pattern suggests a phase of improving equity efficiency post-2020, with a recent reversal downward.
Summary of Trends
Across all three turnover ratios—net fixed asset, total asset, and equity turnover—there is a common pattern of initial decline through 2019 into 2020, likely reflecting reduced operational efficiency or external challenges during that timeframe. Beginning in 2021, the company shows a recovery and strengthening in its ability to generate sales from assets and equity, reaching peaks mostly in 2022. However, the data for early 2023 indicates signs of a weakening trend, with all three ratios declining, which may warrant further investigation into the causes of reduced asset and equity utilization efficiency.

Net Fixed Asset Turnover

Old Dominion Freight Line Inc., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
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
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).

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 demonstrated a generally increasing trend from early 2019 through mid-2022, starting at approximately 991 million US dollars in the first quarter of 2019 and peaking at around 1.67 billion US dollars by mid-2022. There was a notable dip in mid-2020, likely impacted by external challenges during that period, but the revenue recovered robustly afterward, reaching new highs in 2021 and early 2022. However, from late 2022 into 2023, revenue showed a declining trajectory, decreasing to roughly 1.41 billion US dollars by mid-2023.
Net property and equipment
Net property and equipment values consistently increased over the entire period, reflecting ongoing investment in tangible assets. Starting at about 2.76 billion US dollars in the first quarter of 2019, the asset base gradually expanded to over 4 billion US dollars by mid-2023. This steady growth suggests a strategy focused on capacity expansion or modernization of infrastructure, contributing to long-term operational capability.
Net fixed asset turnover ratio
The net fixed asset turnover ratio displayed a declining trend from early 2019 through 2020, moving from 1.49 down to approximately 1.33, suggesting that the efficiency with which assets were generating revenue weakened during this period. Following this decline, the ratio improved progressively from 2021, peaking near 1.77 in mid to late 2022, indicating enhanced asset efficiency and possibly better utilization of recently acquired property and equipment. However, in 2023, the ratio tapered off again, reducing to 1.49 by mid-year, which may reflect the earlier observed downturn in revenue or adjustments in asset management strategies.

Total Asset Turnover

Old Dominion Freight Line Inc., total asset turnover calculation (quarterly data)

Microsoft Excel
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
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).

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.

Revenue from Operations
The revenue exhibited a generally increasing trend with some volatility over the observed period. Starting at approximately $990.8 million in the first quarter of 2019, it grew moderately through 2019 before dipping below $900 million mid-2020, likely reflecting external pressures. Subsequently, revenue rebounded strongly, reaching a peak nearing $1.67 billion in the second quarter of 2022. After this peak, a downward adjustment occurred into 2023, with revenue declining to roughly $1.41 billion by the second quarter of 2023.
Total Assets
Total assets steadily increased throughout the timeframe. Beginning around $3.7 billion at the start of 2019, assets grew consistently, with minor fluctuations, to approximately $5 billion by mid-2023. This growth indicates ongoing asset accumulation or revaluation over the period, supporting expanded operational capacity or investment.
Total Asset Turnover
The total asset turnover ratio, indicative of efficiency in utilizing assets to generate revenue, showed a declining trend from 1.11 in early 2019 to a low near 0.92 in late 2020. This decline corresponds with the period when revenue fell and assets increased. However, from 2021 onward, the asset turnover ratio improved noticeably, climbing to a peak of 1.29 around the end of 2022, suggesting enhanced asset utilization efficiency. A slight decline to about 1.20 was observed by mid-2023, though the ratio remained above earlier lows.
Overall Insight
The company experienced moderate revenue growth with interruptions likely linked to external economic factors, particularly around mid-2020. The steady increase in total assets combined with variations in asset turnover ratio suggests periods of investment in asset base with corresponding adjustments in operational efficiency. The recent improvement in asset turnover paired with recovering revenue after mid-2020 indicates a positive shift in leveraging assets effectively for revenue generation. The slight revenue decrease and turnover ratio decline in early 2023 may warrant further monitoring for emerging trends or operational challenges.

Equity Turnover

Old Dominion Freight Line Inc., equity turnover calculation (quarterly data)

Microsoft Excel
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
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).

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

The revenue from operations exhibited fluctuations over the analyzed period. Initially, from the first quarter of 2019 through the first quarter of 2020, revenue displayed moderate variability with a slight downward tendency, peaking around mid-2019 and then dipping notably by mid-2020. Beginning in the second quarter of 2020, a recovery and subsequent growth phase is observed, with a marked increase in revenue reaching its highest point around the second quarter of 2022.

Following this peak, revenue showed a declining trend through the end of 2022 into early 2023, although still maintaining levels higher than the pre-pandemic quarters. This pattern suggests a period of growth possibly driven by market recovery or operational expansion, followed by a contraction or normalization phase in the most recent quarters.

Shareholders’ Equity

Shareholders' equity demonstrated a generally upward trend across the entire timeline. Starting from approximately 2.77 billion US dollars in early 2019, it steadily increased over the years, with occasional modest plateaus or minor fluctuations. Notably, equity reached beyond 3.8 billion US dollars by the middle of 2023.

The overall growth in equity suggests continuous retention of earnings, capital injections, or favorable revaluations, reflecting strengthening of the company's net asset base and potentially indicating financial stability and investor confidence.

Equity Turnover Ratio

The equity turnover ratio, which measures revenue generated per unit of shareholders' equity, generally mirrored the movement in operational revenue but displayed more pronounced variation. It started at around 1.48 in early 2019, gradually decreasing to a low near 1.21 by the end of 2020, indicating reduced efficiency in using equity to generate revenue during that interval.

From 2021 onward, the ratio improved significantly, peaking at approximately 1.74 in late 2022, marking enhanced utilization of equity to drive sales. However, in the first half of 2023, a moderate decline to about 1.55 was observed, aligning with the recent decline in revenue while equity continued expanding. This suggests a slightly reduced efficiency in generating revenue relative to equity at the most recent stage.