Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
Old Dominion Freight Line Inc., FCFE calculation
US$ in thousands
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 Cash Provided by Operating Activities
- The net cash provided by operating activities exhibited an overall upward trend over the five-year period. Starting from approximately $900 million in 2018, it increased modestly to nearly $984 million in 2019, then experienced a slight decline to about $933 million in 2020. Following this, there was a significant surge to approximately $1.21 billion in 2021, culminating in a strong increase to roughly $1.69 billion in 2022. This pattern suggests improving operational cash generation, particularly from 2020 onwards, which could indicate enhanced efficiency or growth in operations.
- Free Cash Flow to Equity (FCFE)
- Free cash flow to equity demonstrated substantial growth over the period analyzed. Beginning at approximately $269 million in 2018, FCFE nearly doubled to $510 million in 2019 and continued to increase significantly to around $767 million in 2020. Although there was a slight dip to $682 million in 2021, the FCFE rebounded strongly to $939 million in 2022. The trend indicates robust cash flows available to equity shareholders, highlighting potential for dividends, share repurchases, or reinvestment opportunities. The slight decline in 2021 may warrant further scrutiny, but the recovery in 2022 reflects strong cash flow management.
Price to FCFE Ratio, Current
Old Dominion Freight Line Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 109,268,081 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | 938,530) |
| FCFE per share | 8.59 |
| Current share price (P) | 407.11 |
| Valuation Ratio | |
| P/FCFE | 47.40 |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| FedEx Corp. | 21.21 |
| Uber Technologies Inc. | 30.00 |
| Union Pacific Corp. | 29.26 |
| United Airlines Holdings Inc. | — |
| United Parcel Service Inc. | 15.60 |
| P/FCFE, Sector | |
| Transportation | 28.23 |
| P/FCFE, Industry | |
| Industrials | 38.46 |
Based on: 10-K (reporting date: 2022-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Old Dominion Freight Line Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 110,026,430 | 114,863,803 | 116,937,111 | 119,545,928 | 121,720,484 | |
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in thousands)2 | 938,530) | 682,077) | 766,556) | 510,249) | 268,807) | |
| FCFE per share3 | 8.53 | 5.94 | 6.56 | 4.27 | 2.21 | |
| Share price1, 4 | 342.01 | 282.48 | 217.31 | 137.52 | 100.31 | |
| Valuation Ratio | ||||||
| P/FCFE5 | 40.09 | 47.57 | 33.15 | 32.22 | 45.42 | |
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| FedEx Corp. | 19.48 | 36.75 | 13.28 | — | — | |
| Uber Technologies Inc. | 333.68 | 139.66 | — | — | — | |
| Union Pacific Corp. | 13.19 | 17.16 | 18.08 | — | — | |
| United Airlines Holdings Inc. | — | 2.58 | 3.16 | — | — | |
| United Parcel Service Inc. | 21.80 | 22.62 | 33.39 | — | — | |
| P/FCFE, Sector | ||||||
| Transportation | 23.54 | 19.46 | 23.19 | — | — | |
| P/FCFE, Industry | ||||||
| Industrials | 25.07 | — | 40.69 | — | — | |
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 Data adjusted for splits and stock dividends.
3 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 938,530,000 ÷ 110,026,430 = 8.53
4 Closing price as at the filing date of Old Dominion Freight Line Inc. Annual Report.
5 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 342.01 ÷ 8.53 = 40.09
6 Click competitor name to see calculations.
- Share Price
- The share price demonstrated a consistent upward trend over the analyzed period. Starting at $100.31 in 2018, it rose steadily each year, reaching $342.01 by the end of 2022. This represents more than a threefold increase, indicating strong investor confidence and sustained market appreciation of the company's value.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share exhibited significant growth throughout the period. Beginning at $2.21 in 2018, it increased markedly to $8.53 by 2022. While the annual increments varied, the overall trajectory was positive, with a minor dip observed in 2021 to $5.94 after a peak of $6.56 in 2020. This suggests generally improving cash generation available to shareholders, despite some fluctuation in the intermediary year.
- Price to FCFE Ratio (P/FCFE)
- The P/FCFE ratio fluctuated over the five years, reflecting changing market valuations relative to the company's free cash flow. Starting at 45.42 in 2018, it decreased to a low of 32.22 in 2019, then slightly increased to 33.15 in 2020. A notable increase to 47.57 occurred in 2021, followed by a decline to 40.09 in 2022. These variations may indicate shifts in investor sentiment and expectations regarding future cash flows, possibly influenced by external market conditions or company-specific developments.