A Business at a Glance
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OLD DOMINION FREIGHT LINE, INC.
ODFL
$49.3B
Mkt Cap
$232.99
+0.99%
OLD DOMINION FREIGHT LINE, INC. (ODFL) has a current P/E ratio of 48.1, compared to its historical median P/E of 28.3. The stock is currently considered Expensive based on its historical valuation range.
OLD DOMINION FREIGHT LINE, INC. (ODFL) has a 5-year average return on invested capital (ROIC) of 32.3%. This indicates strong capital allocation and a potential competitive advantage.
OLD DOMINION FREIGHT LINE, INC. (ODFL) has a market capitalization of $48.5B. It is classified as a large-cap stock.
Yes, OLD DOMINION FREIGHT LINE, INC. (ODFL) pays a dividend with a trailing twelve-month yield of 0.49%. The company also returns capital through share buybacks, with a buyback yield of 1.27%.
Based on historical P/E analysis, OLD DOMINION FREIGHT LINE, INC. (ODFL) appears expensive. The current P/E of 48.1 is 70% above its historical median of 28.3. The estimated fair value CAGR (P/E method) is 15.2%.
OLD DOMINION FREIGHT LINE, INC. (ODFL) operates in the Trucking (No Local) industry, within the Industrials sector.
Old Dominion Freight Line is one of the largest North American less-than-truckload (LTL) motor carriers, providing regional, inter-regional and national LTL services through an integrated, union-free network of 260 service centers across the continental United States, with supplementary services including expedited transportation, container drayage, truckload brokerage and supply chain consulting. The company generates over 98% of revenue from LTL shipments, with demand tied to industrial production and U.S. domestic economic health; it has grown primarily through organic market share gains over the past decade by leveraging its efficient service center network, proprietary technology systems, and integrated operations that enable consistent high-quality service from origin to destination. Old Dominion's competitive advantages include faster and more reliable transit times than national competitors, greater geographic coverage than most regional carriers, flexible workforce scheduling that drives productivity, and a diversified service offering that provides customers a single source for shipping and logistics needs. The company operates 10,184 tractors and 45,137 trailers, maintains 48 fleet maintenance centers, and serves a highly diversified customer base where the largest customer represents approximately 4% of revenue; customers access services through tariff-based arrangements, negotiated contracts, and bid solicitations. The LTL industry is highly consolidated with the top 5 and 10 carriers accounting for approximately 56% and 81% of the domestic market, respectively, and competition is based primarily on service quality, price, available capacity and business relationships.
【Recovery-driven margin expansion】 Management expects sequential volume improvement as the macroeconomic environment stabilizes, with positive industrial production trends and customer feedback suggesting a potential inflection in demand after an extended downturn. The company anticipates leveraging its existing capacity and operational investments to capture market share gains as the cycle turns, consistent with its historical pattern of maintaining share through downturns and winning significant share during recovery periods. Management targets revenue per shipment increases of 4.5%–5% annually through general rate increases on tariff-based business and contract renewals, positioning to achieve 100–150 basis points of yield above cost inflation. As volumes recover and density improves in the network, the company expects to realize operational leverage on fixed costs and overhead, with management noting that incremental margins will materialize once revenue growth returns and the business model's flywheel effect activates.
| Metric | Target | Period |
|---|---|---|
| Capital expenditures | $265 million | FY2026 |
Capital expenditures (FY2026): “why we plan to invest an additional $265 million in 2026”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.5B | 5.5B | 5.8B | 5.9B | 6.3B | 5.3B |
| Net Income | 1.0B | 1.0B | 1.2B | 1.2B | 1.4B | 1.0B |
| EPS | $4.81 | $4.84 | $5.48 | $2.82 | $6.09 | $4.45 |
| Free Cash Flow | 1.0B | 955M | 888M | 812M | 916M | 663M |
| ROIC | 24.3% | 24.8% | 28.6% | 35.4% | 38.9% | 33.9% |
| Gross Margin | - | 52.1% | 53.8% | 55.2% | 56.6% | 53.0% |
| Debt/Equity | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 | 0.03 |
| Dividends/Share | $1.14 | $1.12 | $1.04 | $0.40 | $0.60 | $0.40 |
| Operating Income | 1.3B | 1.4B | 1.5B | 1.6B | 1.8B | 1.4B |
| Operating Margin | 24.6% | 24.8% | 26.6% | 28.0% | 29.4% | 26.5% |
| ROE | 22.9% | 23.9% | 27.9% | 29.1% | 37.7% | 28.1% |
| Shares Outstanding | 208M | 212M | 216M | 440M | 226M | 233M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.8B | 3.0B | 3.0B | 3.4B | 4.0B | 4.1B | 4.0B | 5.3B | 6.3B | 5.9B | 5.8B | 5.5B | 5.5B |
| Gross Margin | 70.9% | 47.2% | 77.9% | 77.0% | 48.7% | 48.3% | 48.8% | 53.0% | 56.6% | 55.2% | 53.8% | 52.1% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.4B | 1.6B | 1.7B | 1.8B | 2.1B | 2.1B | 2.1B | 2.5B | 2.7B | 2.6B | 2.7B | 2.6B | 2.6B |
| EBIT | 441M | 498M | 484M | 576M | 817M | 819M | 907M | 1.4B | 1.8B | 1.6B | 1.5B | 1.4B | 1.3B |
| Op. Margin | 15.8% | 16.8% | 16.2% | 17.1% | 20.2% | 19.9% | 22.6% | 26.5% | 29.4% | 28.0% | 26.6% | 24.8% | 24.6% |
| Net Income | 268M | 305M | 296M | 464M | 606M | 616M | 673M | 1.0B | 1.4B | 1.2B | 1.2B | 1.0B | 1.0B |
| Net Margin | 9.6% | 10.3% | 9.9% | 13.8% | 15.0% | 15.0% | 16.8% | 19.7% | 22.0% | 21.1% | 20.4% | 18.6% | 18.5% |
| Non-Recurring | -716K | 0 | -168K | -1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 18.1% | 17.0% | 15.9% | 22.1% | 25.9% | 26.4% | 25.1% | 33.9% | 38.9% | 35.4% | 28.6% | 24.8% | 24.3% |
| ROE | 19.6% | 18.1% | 16.7% | 22.5% | 22.6% | 20.0% | 20.2% | 28.1% | 37.7% | 29.1% | 27.9% | 23.9% | 22.9% |
| ROA | 12.9% | 12.4% | 11.5% | 16.1% | 17.1% | 15.4% | 15.4% | 21.5% | 28.5% | 22.5% | 21.6% | 18.7% | 17.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 392M | 554M | 566M | 536M | 900M | 984M | 933M | 1.2B | 1.7B | 1.6B | 1.7B | 1.4B | 1.4B |
| Free Cash Flow | 24M | 92M | 148M | 154M | 312M | 505M | 708M | 663M | 916M | 812M | 888M | 955M | 1.0B |
| Owner Earnings | 245M | 389M | 374M | 327M | 665M | 713M | 660M | 938M | 1.4B | 1.2B | 1.3B | 993M | -1.1B |
| CapEx | 368M | 462M | 418M | 382M | 588M | 479M | 225M | 550M | 775M | 757M | 771M | 415M | 389M |
| Maint. CapEx | 146M | 165M | 190M | 206M | 230M | 254M | 261M | 260M | 276M | 324M | 345M | 365M | 2.5B |
| Growth CapEx | 221M | 297M | 228M | 176M | 358M | 226M | 0 | 290M | 499M | 433M | 427M | 50M | 0 |
| D&A | 146M | 165M | 190M | 206M | 230M | 254M | 261M | 260M | 276M | 324M | 345M | 365M | 2.5B |
| CapEx/OCF | 93.9% | 83.4% | 73.9% | 71.3% | 65.4% | 48.7% | 24.1% | 45.4% | 45.8% | 48.3% | 46.5% | 30.3% | 27.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 33M | 43M | 55M | 71M | 92M | 134M | 175M | 224M | 236M | 237M |
| Dividend Yield | N/A | N/A | N/A | 0.6% | 0.4% | 0.3% | 0.4% | 0.3% | 0.4% | 0.2% | 0.5% | 0.7% | 0.5% |
| Share Buybacks | 5.5M | 114M | 130M | 8.0M | 163M | 241M | 364M | 536M | 1.3B | 454M | 967M | 730M | 617M |
| Buyback Yield | 0.1% | 2.4% | 1.9% | 0.1% | 1.7% | 1.6% | 1.6% | 1.3% | 4.1% | 1.0% | 2.5% | 2.2% | 1.3% |
| Stock-Based Comp | 0 | 0 | 1.4M | 3.2M | 4.9M | 17M | 11M | 15M | 16M | 11M | 11M | 13M | 14M |
| Debt Repayment | 36M | 38M | 26M | 0 | 50M | 50M | 45M | 45M | 45M | 20M | 20M | 20M | 20M |
| Balance Sheet | |||||||||||||
| Net Debt | 121M | 137M | 105M | -32M | -336M | -762M | -632M | -617M | -116M | -768M | -137M | -180M | -248M |
| Cash & Equiv. | 35M | 11M | 10M | 127M | 190M | 404M | 401M | 463M | 186M | 434M | 109M | 120M | 288M |
| Long-Term Debt | 120M | 107M | 105M | 45M | 45M | 45M | 100M | 100M | 80M | 60M | 40M | 20M | 20M |
| Debt/Equity | 0.10 | 0.10 | 0.06 | 0.04 | 0.02 | 0.01 | 0.03 | 0.03 | 0.03 | 0.02 | 0.02 | 0.01 | 0.01 |
| Interest Coverage | 66.8 | 95.6 | 111.7 | 267.4 | 4323.0 | 2171.6 | 326.0 | 805.8 | 1177.6 | 3535.9 | 7283.0 | 4598.1 | 2260.3 |
| Equity | 1.5B | 1.7B | 1.9B | 2.3B | 2.7B | 3.1B | 3.3B | 3.7B | 3.7B | 4.3B | 4.2B | 4.3B | 4.4B |
| Total Assets | 2.2B | 2.5B | 2.7B | 3.1B | 3.5B | 4.0B | 4.4B | 4.8B | 4.8B | 5.5B | 5.5B | 5.5B | 5.7B |
| Total Liabilities | 713M | 782M | 845M | 792M | 865M | 915M | 1.0B | 1.1B | 1.2B | 1.3B | 1.2B | 1.2B | 1.3B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 1.4B | 1.5B | 1.7B | 2.1B | 2.5B | 2.9B | 3.1B | 3.5B | 3.4B | 4.0B | 4.0B | 4.1B | 4.1B |
| Working Capital | 148M | 96M | 94M | 234M | 349M | 501M | 870M | 920M | 404M | 599M | 180M | 211M | 335M |
| Current Assets | 404M | 382M | 383M | 585M | 706M | 867M | 1.2B | 1.4B | 934M | 1.1B | 721M | 695M | 926M |
| Current Liabilities | 256M | 285M | 289M | 351M | 357M | 366M | 373M | 464M | 530M | 545M | 541M | 484M | 592M |
| Per Share Data | |||||||||||||
| EPS | 1.55 | 1.19 | 1.78 | 2.82 | 2.46 | 1.70 | 2.84 | 4.45 | 6.09 | 2.82 | 5.48 | 4.84 | 4.81 |
| Owner EPS | 1.42 | 1.52 | 2.25 | 1.99 | 2.70 | 1.97 | 2.79 | 4.03 | 6.19 | 2.80 | 6.02 | 4.69 | -5.22 |
| Book Value | 8.66 | 6.58 | 11.14 | 13.82 | 10.89 | 8.51 | 14.04 | 15.81 | 16.15 | 9.67 | 19.61 | 20.38 | 21.14 |
| Cash Flow/Share | 2.27 | 2.16 | 3.40 | 3.26 | 3.66 | 2.72 | 3.94 | 5.21 | 7.48 | 3.56 | 7.67 | 6.48 | 16.75 |
| Dividends/Share | N/A | N/A | 0.00 | 0.20 | 0.17 | 0.15 | 0.30 | 0.40 | 0.60 | 0.40 | 1.04 | 1.12 | 1.14 |
| Shares Out. | 172.6M | 256.0M | 166.2M | 164.8M | 246.2M | 362.1M | 236.9M | 232.7M | 226.1M | 440.3M | 216.4M | 211.5M | 208.1M |
| Valuation | |||||||||||||
| P/E Ratio | 24.4 | 15.8 | 23.1 | 22.8 | 16.1 | 24.0 | 33.5 | 39.3 | 22.8 | 36.1 | 32.7 | 33.0 | 48.4 |
| P/FCF | 181.7 | 52.5 | 30.9 | 45.7 | 31.3 | 44.0 | 31.8 | 61.3 | 34.2 | 110.1 | 43.6 | 35.3 | 47.6 |
| EV/EBIT | 15.1 | 9.9 | 14.3 | 18.1 | 11.5 | 17.1 | 24.2 | 28.8 | 17.0 | 26.8 | 25.0 | 24.7 | 36.0 |
| Price/Book | 4.4 | 2.9 | 3.7 | 4.6 | 3.6 | 4.8 | 6.8 | 11.0 | 8.6 | 10.5 | 9.1 | 7.8 | 11.0 |
| Price/Sales | 1.9 | 1.9 | 1.8 | 2.3 | 2.8 | 3.0 | 4.8 | 5.8 | 5.0 | 6.7 | 7.3 | 6.1 | 8.9 |
| FCF Yield | 0.4% | 1.9% | 2.2% | 1.5% | 3.2% | 3.4% | 3.1% | 1.6% | 2.9% | 1.8% | 2.3% | 2.8% | 2.1% |
| Market Cap | 6.5B | 4.8B | 6.8B | 10.6B | 9.7B | 14.8B | 22.5B | 40.6B | 31.4B | 44.7B | 38.7B | 33.7B | 48.5B |
| Avg. Price | 20.42 | 22.29 | 21.87 | 31.77 | 46.40 | 51.14 | 81.67 | 131.98 | 139.64 | 179.45 | 196.98 | 158.56 | 232.99 |
| Year-End Price | 25.26 | 18.81 | 27.46 | 42.72 | 39.59 | 61.28 | 95.16 | 174.62 | 138.78 | 203.00 | 178.94 | 159.49 | 232.99 |
OLD DOMINION FREIGHT LINE, INC. passes 7 of 9 quality checks, indicating strong fundamentals.
OLD DOMINION FREIGHT LINE, INC. trades at 48.1x trailing earnings, compared to its 15-year median P/E of 28.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 50.8x vs a median of 35.3x. The company's 5-year average ROIC is 32.3% with a gross margin of 54.1%. Total shareholder yield (dividends + buybacks) is 1.8%. At current prices, the estimated annualized return to fair value is +14.1%.
OLD DOMINION FREIGHT LINE, INC. (ODFL) reported annual revenue of $5.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
OLD DOMINION FREIGHT LINE, INC. (ODFL) has a net profit margin of 18.6%. This is a healthy margin.
OLD DOMINION FREIGHT LINE, INC. (ODFL) generated $955 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
OLD DOMINION FREIGHT LINE, INC. (ODFL) has a debt-to-equity ratio of 0.01. This indicates a conservatively financed balance sheet.
OLD DOMINION FREIGHT LINE, INC. (ODFL) reported earnings per share (EPS) of $4.84 in its most recent fiscal year.
OLD DOMINION FREIGHT LINE, INC. (ODFL) has a return on equity (ROE) of 23.9%. This indicates the company generates strong returns for shareholders.
OLD DOMINION FREIGHT LINE, INC. (ODFL) has a 5-year average gross margin of 54.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for OLD DOMINION FREIGHT LINE, INC. (ODFL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
OLD DOMINION FREIGHT LINE, INC. (ODFL) has a book value per share of $20.38, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects sequential volume improvement as the macroeconomic environment stabilizes, with positive industrial production trends and customer feedback suggesting a potential inflection in demand after an extended downturn. The company anticipates leveraging its existing capacity and operational investments to capture market share gains as the cycle turns, consistent with its historical pattern of maintaining share through downturns and winning significant share during recovery periods. Management targets revenue per shipment increases of 4.5%–5% annually through general rate increases on tariff-based business and contract renewals, positioning to achieve 100–150 basis points of yield above cost inflation. As volumes recover and density improves in the network, the company expects to realize operational leverage on fixed costs and overhead, with management noting that incremental margins will materialize once revenue growth returns and the business model's flywheel effect activates.
Based on recent SEC filings and earnings calls, OLD DOMINION FREIGHT LINE, INC. (ODFL) has provided the following forward guidance: Capital expenditures: $265 million (FY2026).