Old Dominion (ODFL)
Industrials · $36.3B market cap · SEC CIK 0000878927
$177.31
▲+1.11% on the day
close of Sep 22, 2026
50
Mixed
fundamentals score out of 100
fundamentals score out of 100
Next reports on Oct 27, 2026, with analysts expecting $1.63 in earnings per share.
The case for ODFL
- Generated $955M of free cash flow in FY2025, 17% of revenue.
- Holds more cash ($120M) than long-term debt ($20.0M).
- Return on equity of 25%.
- Carries essentially no debt.
- Gross margin of 89% absorbs cost shocks.
- Net margin of 19% is wider than 85% of Industrials companies.
The case against
- Pricey at 33.4× earnings, against a long-run market average nearer 20×.
- Revenue was flat on the year (-0.6%).
- Priced at 6.5× sales with revenue falling 0.6%.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 30 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 35 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 86 |
| Momentumhow the price has behaved lately | 44 |
| Stabilityhow violently it moves, what it owes and what it pays you | 49 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
Key numbers
| Price / earnings | 33.4× |
|---|---|
| Price / book | 9.91× |
| Price / sales | 6.5× |
| Revenue growth (YoY) | -0.6% |
| EPS growth (YoY) | +1.5% |
| Gross margin | 89% |
| Operating margin | 26% |
| Net margin | 19% |
| Return on equity | 25% |
| Debt / equity | 0.00× |
| Current ratio | 1.89 |
| Dividend yield | 0.40% |
| Beta | 1.14 |
| 52-week range | $126.01 – $252.03 |
| Position in that range | 41% of the way up |
| 3-month return | -20.7% |
| 1-year return | +24.5% |
Five years of financials, as filed
Pulled from Old Dominion's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $5.5B | $5.8B | $5.9B | $6.3B | $5.3B |
| Operating income | $1.4B | $1.5B | $1.6B | $1.8B | $1.4B |
| Net income | $1.0B | $1.2B | $1.2B | $1.4B | $1.0B |
| Operating cash flow | $1.4B | $1.7B | $1.6B | $1.7B | $1.2B |
| Capital expenditure | $415M | $771M | $757M | $775M | $550M |
| Total assets | $5.5B | $5.5B | $5.5B | $4.8B | $4.8B |
| Total liabilities | $1.2B | $1.2B | $1.3B | $1.2B | $1.1B |
| Shareholder equity | $4.3B | $4.2B | $4.3B | $3.7B | $3.7B |
| Cash | $120M | $109M | $434M | $186M | $463M |
| Long-term debt | $20.0M | — | — | — | — |
| Free cash flow | $955M | $888M | $812M | $916M | $663M |
| Operating margin | 24.8% | 26.6% | 28.0% | 29.4% | 26.5% |
| Net margin | 18.6% | 20.4% | 21.1% | 22.0% | 19.7% |
| Diluted shares | 212M | 216M | 220M | 226M | 233M |
Share count is down 9.1% over 4 years. Buybacks have been shrinking the pie. Counts are restated for stock splits so the years compare.
Risk factors ODFL lists in its 10-K
- Risks Related to our Business and Operations
- If we are unable to successfully execute our growth strategy, and develop, market and consistently deliver high-quality services that meet customer expectations, our business and future results of operations may suffer
- Various economic factors such as inflationary pressures or downturns in the domestic economy could adversely impact our profitability and cash flows
- Changes in our relationships with significant customers, including the loss or reduction in business from one or more of them, could have an adverse impact on our business
- Insurance and claims expenses could significantly reduce our profitability
- Reductions in the available supply or increases in the cost of equipment and parts may adversely impact our profitability and cash flows
- Higher costs for or limited availability of suitable real estate may adversely affect our business operations
- Our growth may be limited by the availability and cost of third-party transportation used to supplement our workforce and equipment needs
- We may be adversely impacted by fluctuations in the availability and price of diesel fuel
- Our results of operations may be affected by seasonal factors, harsh weather conditions and disasters
- We have significant ongoing cash requirements that could limit our growth and affect our profitability if we are unable to obtain sufficient capital
- A decrease in the demand and value of used equipment may impact our results of operations
- We may be unable to successfully consummate and integrate acquisitions
- We are subject to various risks arising from our international business operations and relationships, which could adversely affect our business