Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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Historical Valuation Ratios (Summary)
Old Dominion Freight Line Inc., historical price multiples (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).
- Price to Earnings (P/E) Ratio
- The P/E ratio showed an overall upward trend from the first quarter of 2019 through late 2021, increasing from 18.99 to a peak of 42.38 in September 2021. This suggests growing investor expectations of future earnings during this period. However, starting in late 2021 and continuing through early 2023, the P/E ratio declined to 21.82 by September 2022, followed by a notable rebound to 34.79 by June 2023. The fluctuations indicate varied market sentiment and possibly changes in earnings projections or actual profitability in recent quarters.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrored the trajectory of the P/E ratio, rising steadily from 14.13 in early 2019 to a high of 31.46 in September 2021, reflecting increased valuation relative to operating profits. Subsequently, there was a decline to 16.30 by September 2022, indicating a contraction in valuation multiples relative to operating profits. By June 2023, the ratio had increased again to 26.15, which may suggest regained confidence in operational performance or improved profitability expectations.
- Price to Sales (P/S) Ratio
- The P/S ratio also experienced a significant rise from 2.91 in early 2019 to a peak of 8.14 by September 2021, indicating growing investor willingness to pay a premium over sales. After this peak, the ratio decreased to 4.70 in September 2022, suggesting a recalibration of valuation concerning revenue generation. The upward movement to 7.48 by June 2023 implies renewed optimism about sales growth or margin expansion.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio generally increased from 4.32 in March 2019 to a peak of 11.71 in September 2021, signifying higher valuations relative to the company's book value. A decline followed to 8.17 by September 2022, indicating downward pressure on the multiple. Subsequently, the ratio rose again to 11.61 by June 2023, suggesting a restoration of investor confidence in the company’s net asset value or expected future growth derived from book equity.
- General Observations
- Across all four valuation multiples, there is a consistent pattern of steady growth in market valuation ratios through 2021, followed by a pronounced dip through late 2022. This behavior reflects an initial phase of increased market optimism or strong operating metrics, followed by a period of valuation contraction which could be related to market adjustments or changes in company performance. The partial recovery observed in the first half of 2023 indicates that investors may be regaining confidence based on improving fundamentals or more favorable market conditions.
Price to Earnings (P/E)
Old Dominion Freight Line Inc., historical P/E 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (in thousands) | ||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
EPS
= (Net incomeQ2 2023
+ Net incomeQ1 2023
+ Net incomeQ4 2022
+ Net incomeQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Old Dominion Freight Line Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed periods.
- Share Price
- The share price demonstrated a consistent upward trajectory from the first quarter of 2019 to mid-2021, increasing from approximately $98.49 to a peak of $348.33 in September 2021. Following this peak, the share price experienced some volatility with a decline by the end of 2021, followed by fluctuations throughout 2022. In early 2023, the price showed a strong rebound, reaching $407.11 by June 2023, indicating renewed investor confidence or improved market conditions.
- Earnings Per Share (EPS)
- EPS experienced steady growth throughout the entire period. Starting at $5.19 in the first quarter of 2019, EPS increased almost consistently each quarter, reaching a high of $12.52 in the fourth quarter of 2022 before a slight decrease to $11.7 in the second quarter of 2023. This steady increase suggests improving profitability or operational efficiency over the five-year span, despite minor fluctuations in the latest quarters.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio exhibited variability throughout the timeline. Initially, it increased from 18.99 in early 2019 to a peak exceeding 42 in the third quarter of 2021, reflecting a rising share price relative to earnings. After this peak, the ratio declined markedly by the end of 2021 and continued to decrease through most of 2022, reaching a low near 21.82. In 2023, the P/E ratio rose again to 34.79 by mid-year, indicating that investor expectations for future earnings growth or risk perceptions had shifted upward despite the recent dip in EPS.
Overall, the data illustrate a company with steadily increasing profitability reflected in rising EPS, accompanied by a share price showing substantial growth with periods of volatility. The P/E ratio’s fluctuations suggest changing market sentiment and valuation dynamics, with elevated ratios during times of rapid share price appreciation and corrections following market adjustments. The recent rebound in share price combined with a rising P/E ratio might indicate positive investor outlook or anticipated growth prospects moving forward.
Price to Operating Profit (P/OP)
Old Dominion Freight Line Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (in thousands) | ||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Operating profit per share
= (Operating incomeQ2 2023
+ Operating incomeQ1 2023
+ Operating incomeQ4 2022
+ Operating incomeQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Old Dominion Freight Line Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trend from March 2019 through June 2023. Starting at $98.49 in March 2019, it steadily increased with some fluctuations, reaching a peak of $348.33 in September 2021. After a decline towards the end of 2021 and into 2022, the share price recovered strongly, reaching $407.11 by June 2023. This pattern indicates growth with periods of volatility likely influenced by market factors.
- Operating Profit Per Share
- Operating profit per share showed a consistent upward trajectory across the periods observed. Beginning at $6.97 in March 2019, it increased gradually to $16.58 by March 2023, though it slightly dipped to $15.57 in June 2023. This steady growth suggests improving operational efficiency or profitability over time.
- Price to Operating Profit Ratio (P/OP)
- The price to operating profit ratio displayed variability over the analyzed quarters. Initially, it rose from 14.13 in March 2019 to a peak of 31.46 in September 2021, indicating that share prices were increasing at a faster pace than operating profits during this period. Following this peak, the ratio declined to 16.3 in September 2022, suggesting a temporary valuation correction or a catch-up in operating profit growth. However, it climbed again to 26.15 by June 2023, reflecting renewed investor optimism or market valuation expansion relative to operating profits.
- Overall Assessment
- The data reflects a company experiencing sustained growth in profitability as evidenced by rising operating profit per share. Share prices generally trended upwards, albeit with notable volatility, likely responding to broader market conditions and company-specific developments. The fluctuations in the P/OP ratio highlight changing investor perceptions regarding value relative to profitability, with periods of premium valuation followed by realignment. The recent increase in this ratio may warrant close monitoring to assess if market pricing remains justified by underlying operating results.
Price to Sales (P/S)
Old Dominion Freight Line Inc., historical P/S calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenue from operations (in thousands) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Sales per share
= (Revenue from operationsQ2 2023
+ Revenue from operationsQ1 2023
+ Revenue from operationsQ4 2022
+ Revenue from operationsQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Old Dominion Freight Line Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated a general upward trend across the observed periods, rising from $98.49 in March 2019 to $407.11 in June 2023. This increase was characterized by consistent growth through 2019 and 2020, followed by a significant acceleration in 2021 with a peak of $348.33 in September 2021. Despite some volatility in the last quarter of 2021 and 2022, the share price rebounded sharply to its highest point in mid-2023.
- Sales per Share Trend
- Sales per share exhibited a gradual increase over the analyzed timeframe, moving from $33.84 in March 2019 to a peak of $56.90 in December 2022 before experiencing a slight decline to $54.46 by June 2023. Early periods showed relatively stable values around the mid-30s, but starting in 2021, the sales per share rose more markedly, reflecting growing revenue on a per-share basis.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio increased notably from 2.91 in March 2019 to a high of 8.14 by September 2021. This surge reflects a faster pace of share price appreciation relative to sales growth. Following this peak, the P/S ratio declined through 2022, dropping to 4.70 in September 2022, before increasing again to 7.48 in June 2023. The fluctuations in the P/S ratio suggest varying market valuation sentiment, with periods of premium valuation followed by corrections.
- Overall Financial Insights
- The data indicates sustained growth in the company's market valuation alongside improving sales efficiency per share. The share price growth outpaced sales growth, leading to elevated valuation multiples evident in the P/S ratio spikes around mid-2021 and mid-2023. The fluctuations in valuation metrics suggest that while the company’s operational performance improved steadily, market expectations and investor sentiment experienced periods of adjustment and reassessment.
Price to Book Value (P/BV)
Old Dominion Freight Line Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Shareholders’ equity (in thousands) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Old Dominion Freight Line Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited a strong upward trajectory over the analyzed periods, increasing from $98.49 at the end of the first quarter of 2019 to $407.11 by the second quarter of 2023. This represents a more than fourfold increase in the stock price, highlighting significant market appreciation. There were some fluctuations observed, most notably a decline in the fourth quarter of 2021 followed by a partial recovery, and another dip in the third quarter of 2022 before rising again to reach new highs in 2023.
Book value per share (BVPS) showed a steady and consistent growth throughout the period. Starting at $22.82 in the first quarter of 2019, it gradually increased to $35.07 by the second quarter of 2023. This gradual rise indicates ongoing accumulation of net assets or retained earnings, reflecting a solid and improving equity base over time.
The price-to-book value ratio (P/BV) demonstrated significant variability, beginning at 4.32 and reaching peaks above 11 in certain quarters, particularly in late 2021 and mid-2023. This ratio moved generally upward aligned with the increase in share price but showed temporary contractions that correspond to periods where the share price either declined or did not increase as strongly relative to book value per share. The fluctuations in P/BV suggest changing market perceptions of the company’s growth prospects and risk profile.
- Summary of trends:
- The steady expansion in book value per share supports a view of consistent internal growth and financial stability.
- The pronounced appreciation in share price points to strong investor confidence and potentially favorable market conditions or company performance drivers.
- P/BV ratio volatility reflects shifts in market sentiment, valuation multiples, and perhaps external economic factors affecting investor pricing of the stock relative to underlying book value.
Overall, the financial data indicates a robust upward trend in company valuation with solid fundamentals underpinning the growth, albeit with periods of market correction or sentiment shift influencing valuation ratios.