Common Stock Valuation Ratios (Price Multiples)
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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Old Dominion Freight Line Inc. pages available for free this week:
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Current Valuation Ratios
Old Dominion Freight Line Inc., current price multiples
| Old Dominion Freight Line Inc. | FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Airlines Holdings Inc. | United Parcel Service Inc. | Transportation | Industrials | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||
| Current share price (P) | |||||||||||
| No. shares of common stock outstanding | |||||||||||
| Growth rate (g) | |||||||||||
| Earnings per share (EPS) | |||||||||||
| Next year expected EPS | |||||||||||
| Operating profit per share | |||||||||||
| Sales per share | |||||||||||
| Book value per share (BVPS) | |||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||
| Price to earnings (P/E) | |||||||||||
| Price to next year expected earnings | |||||||||||
| Price-earnings-growth (PEG) | |||||||||||
| Price to operating profit (P/OP) | |||||||||||
| Price to sales (P/S) | |||||||||||
| Price to book value (P/BV) | |||||||||||
Based on: 10-K (reporting date: 2022-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Old Dominion Freight Line Inc., historical price multiples
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
- Price to Earnings (P/E) Ratio
- The price to earnings ratio showed an overall increasing trend from 2018 to 2020, moving from 20.16 to a peak of 37.78. This indicates growing market expectations of future earnings during this period. However, after 2020, the ratio declined to 31.37 in 2021 and further to 27.32 in 2022, suggesting a moderation in earnings growth expectations or improved earnings performance relative to the stock price.
- Price to Operating Profit (P/OP) Ratio
- This ratio mirrored the pattern observed in the P/E ratio, increasing significantly from 14.94 in 2018 to 28.02 in 2020, reflecting heightened valuation relative to operating profit. Post-2020, there was a decline to 23.32 in 2021 and further down to 20.44 in 2022, indicating a correction or stabilization in market valuation related to operating income.
- Price to Sales (P/S) Ratio
- The price to sales ratio followed an upward trend between 2018 and 2020, rising from 3.02 to 6.33, which may suggest increasing investor confidence in revenue growth or pricing power. The ratio slightly declined afterwards to 6.17 in 2021 and 6.01 in 2022, indicating stabilization but maintaining a relatively high valuation in terms of sales.
- Price to Book Value (P/BV) Ratio
- The price to book value ratio consistently increased over the entire period, starting at 4.56 in 2018 and reaching 10.3 by 2022. This steady rise implies growing market valuation relative to the company's net asset value, potentially signaling increased intangible value, strong growth prospects, or market optimism regarding the company's intrinsic worth.
Price to Earnings (P/E)
Old Dominion Freight Line Inc., historical P/E 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 | ||||||
| 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. | ||||||
| P/E Ratio, Sector | ||||||
| Transportation | ||||||
| P/E Ratio, 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 Data adjusted for splits and stock dividends.
2 2022 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Old Dominion Freight Line Inc. Annual Report.
4 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price showed a consistent upward trajectory over the five-year period, increasing substantially from $100.31 at the end of 2018 to $342.01 by the end of 2022. This represents a more than threefold increase, indicating strong market confidence and growth in the company's valuation.
- Earnings Per Share (EPS)
- Earnings per share exhibited a steady increase each year, rising from $4.98 in 2018 to $12.52 in 2022. The most notable growth occurred between 2020 and 2021, where EPS jumped from $5.75 to $9.01, and continued to rise significantly in 2022. This pattern suggests improving profitability and enhanced earnings performance over the period analyzed.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio experienced some fluctuations during the five years. Starting at 20.16 in 2018, it increased to a peak of 37.78 in 2020 before declining subsequently to 31.37 in 2021 and further to 27.32 in 2022. This pattern may reflect changing market expectations about future growth and relative valuation, with the elevated ratio in 2020 potentially indicating high investor optimism or a premium valuation during that year. The decline after 2020 suggests a normalization or moderation of such expectations as earnings growth accelerated.
Price to Operating Profit (P/OP)
Old Dominion Freight Line Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/OP Ratio, Sector | ||||||
| Transportation | ||||||
| P/OP Ratio, 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 Data adjusted for splits and stock dividends.
2 2022 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Old Dominion Freight Line Inc. Annual Report.
4 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends over the period from 2018 to 2022. The share price experienced a consistent upward trajectory, increasing substantially from $100.31 in 2018 to $342.01 in 2022. This reflects a strong appreciation in market value over the five-year span.
Operating profit per share also showed a positive trend, rising from $6.71 in 2018 to $16.73 in 2022. The increase was relatively steady each year, with a marked acceleration between 2020 and 2022, suggesting improved operational performance or profitability.
Analyzing the price-to-operating-profit (P/OP) ratio, there was an initial increase from 14.94 in 2018 to a peak of 28.02 in 2020. Following this peak, the ratio declined to 23.32 in 2021 and further to 20.44 in 2022. This pattern indicates that while the share price rose significantly, operating profits increased at a faster rate after 2020, leading to a reduction in the valuation multiple.
- Share Price
- Consistent growth over the period with an overall increase of over threefold from 2018 to 2022.
- Operating Profit Per Share
- Steady rise reflecting improving profitability; accelerated growth observed from 2020 onward.
- Price-to-Operating-Profit Ratio
- Peaked in 2020, followed by a downtrend, suggesting improved operating profit growth relative to share price appreciation in the latter years.
Overall, the data suggests a strong financial performance with rising profitability and increasing market valuation, though the market's valuation multiple has moderated after 2020 reflecting a better alignment of share price with underlying earnings power.
Price to Sales (P/S)
Old Dominion Freight Line Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/S Ratio, Sector | ||||||
| Transportation | ||||||
| P/S Ratio, 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 Data adjusted for splits and stock dividends.
2 2022 Calculation
Sales per share = Revenue from operations ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Old Dominion Freight Line Inc. Annual Report.
4 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price showed a consistent upward trend throughout the period analyzed. Starting at $100.31 in 2018, it increased substantially each year, reaching $342.01 by the end of 2022. The most significant annual increase occurred between 2019 and 2020, with a rise from $137.52 to $217.31. The growth rate remained strong in subsequent years, reflecting strong market confidence or improving company performance.
- Sales Per Share
- Sales per share demonstrated moderate growth from 2018 to 2020, with values increasing from $33.22 to $34.34, a relatively small change. However, starting in 2021, sales per share experienced a marked increase to $45.76, followed by a further rise to $56.90 in 2022. This significant uplift in recent years indicates a notable improvement in revenue generation per share, suggesting enhanced operational performance or market demand.
- Price to Sales (P/S) Ratio
- The P/S ratio followed a general upward trend from 2018 to 2020, moving from 3.02 to a peak of 6.33. This indicates that the market was valuing the company's shares at a higher multiple of sales over these years. However, following 2020, the P/S ratio slightly declined to 6.17 in 2021 and 6.01 in 2022, suggesting a modest adjustment in market valuation relative to sales despite the continuing increase in sales per share. This could reflect market reassessment regarding growth expectations or valuation norms.
Price to Book Value (P/BV)
Old Dominion Freight Line Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/BV Ratio, Sector | ||||||
| Transportation | ||||||
| P/BV Ratio, 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 Data adjusted for splits and stock dividends.
2 2022 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Old Dominion Freight Line Inc. Annual Report.
4 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a consistent upward trend over the entire period from 2018 to 2022. Starting at $100.31 at the end of 2018, it increased steadily each year, reaching $137.52 in 2019, $217.31 in 2020, $282.48 in 2021, and peaking at $342.01 by the end of 2022. This trend indicates strong market confidence and growth in shareholder value.
- Book Value per Share (BVPS)
- Book value per share also showed a positive trend throughout the period. It rose from $22.02 in 2018 to $25.77 in 2019, followed by incremental increases to $28.45 in 2020, $32.04 in 2021, and $33.20 in 2022. Although the growth in BVPS is steady, it is at a more moderate pace compared to the rise in share price.
- Price-to-Book Value Ratio (P/BV)
- The price-to-book value ratio escalated significantly from 4.56 in 2018 to 10.3 in 2022. This indicates that the market price of the shares grew at a considerably faster rate than the company’s net asset value per share. The increasing P/BV ratio suggests market optimism regarding future earnings potential or perceived intangible assets beyond the book value, but it may also reflect growing market valuation multiples over the period.