Old Dominion Freight Line, Inc.
- Open
- 186.77
- Day high
- 189.22
- Day low
- 183.50
- Prev close
- 187.01
- Volume
- 2.1M
- Mkt cap
- $38.9B
- P/E (TTM)
- 36.1
- EPS (TTM)
- $5.20
- P/B
- 8.6
- P/S
- 6.9
- Yield
- 0.76%
- Per share
- $1.43
- ▼Insiders net selling -$4.0M over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Old Dominion Freight Line, Inc. (ODFL) is a Industrials company listed on NASDAQ. The stock is up 27% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering ODFL.
Old Dominion Freight Line, Inc. (ODFL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 13 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ODFL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $1.53 | $1.68 | +9.7% | $1.6B | +1.6% |
| Apr 29, 2026 | $1.05 | $1.14 | +8.6% | $1.3B | +1.6% |
| Feb 4, 2026 | $1.06 | $1.09 | +2.8% | $1.3B | +0.6% |
| Oct 29, 2025 | $1.22 | $1.28 | +4.9% | $1.4B | +0.2% |
| Jul 30, 2025 | $1.28 | $1.27 | -0.8% | $1.4B | -0.6% |
| Apr 23, 2025 | $1.14 | $1.19 | +4.4% | $1.4B | +0.6% |
| Feb 5, 2025 | $1.16 | $1.23 | +6.0% | $1.4B | +0.8% |
| Oct 23, 2024 | $1.42 | $1.43 | +0.7% | $1.5B | -1.2% |
| Jul 24, 2024 | $1.45 | $1.48 | +2.1% | $1.5B | -0.0% |
| Jan 31, 2024 | $1.43 | $1.47 | +2.8% | $1.5B | -0.1% |
| Oct 25, 2023 | $1.45 | $1.55 | +6.9% | $1.5B | -0.4% |
| Jul 26, 2023 | $1.32 | $1.33 | +0.8% | $1.4B | -4.0% |
ODFL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 26, 2026 | Overbey Cecil E. Jr.officer: SVP - Strategic Development | Sell | 19,952 | $198.39 |
| May 21, 2026 | Davis Andrew Stephendirector | Grant | 859 | — |
| May 20, 2026 | Aaholm Sherry Adirector | Grant | 859 | — |
| May 20, 2026 | Kasarda John D.director | Grant | 859 | — |
| May 20, 2026 | Smith Albert Randolph IIdirector | Grant | 859 | — |
| May 20, 2026 | CONGDON JOHN R JRdirector | Grant | 859 | — |
| May 20, 2026 | Gantt Greg Cdirector | Grant | 859 | — |
| May 20, 2026 | Gabosch Bradley Rdirector | Grant | 859 | — |
| May 20, 2026 | Stith Thomas A. IIIdirector | Grant | 859 | — |
| May 20, 2026 | Stallings Wendy T.director | Grant | 859 | — |
| May 20, 2026 | MILLER CHERYLdirector | Grant | 859 | — |
| May 5, 2026 | Gantt Greg Cdirector | Sell | 11,654 | $191.47 |
| May 5, 2026 | Gantt Greg Cdirector | Sell | 5,073 | $190.39 |
| May 5, 2026 | Gantt Greg Cdirector | Sell | 4,289 | $192.53 |
| May 5, 2026 | Gantt Greg Cdirector | Sell | 1,091 | $193.24 |
Source: ODFL SEC Form 4 filings, latest Aug 26, 2026. For informational purposes only — not investment advice.
See the full ODFL insider & 13F page →Old Dominion Freight Line, Inc. company profile
Overview
Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is a leading less-than-truckload (LTL) freight transportation company founded in 1934 and headquartered in Thomasville, North Carolina. The company went public in 1991 and has grown from a regional carrier to become one of the largest LTL carriers in North America. Old Dominion operates a comprehensive network of 251 service centers across the United States, providing regional, inter-regional, and national LTL services with a fleet of over 10,400 tractors and 41,200 trailers as of 2021.
Business
Old Dominion operates in the less-than-truckload (LTL) freight transportation industry, which serves as a critical component of the North American supply chain. LTL carriers specialize in transporting freight shipments that are too large for parcel services but too small to require an entire truck trailer. Unlike full truckload (TL) shipping where one customer's freight fills an entire trailer, LTL carriers consolidate multiple customers' shipments into a single trailer, making freight transportation more cost-effective for smaller shipments. The LTL industry operates through a hub-and-spoke network model where freight is collected from customers at local service centers, consolidated at regional hubs, transported over long distances between hubs, then distributed to destination service centers for final delivery. This requires significant infrastructure investment in terminals, sorting facilities, and linehaul operations. Old Dominion's core business segments include: 1. LTL Services (Primary Revenue Driver - approximately 95%+ of revenue): The company provides comprehensive LTL freight transportation services including expedited delivery options. This includes regional services within specific geographic areas, inter-regional services connecting different regions, and national services covering the entire continental United States. 2. Value-Added Services (Small percentage of revenue): These include container drayage services (moving shipping containers from ports to inland destinations), truckload brokerage services where Old Dominion arranges transportation using third-party carriers, and supply chain consulting services to help customers optimize their logistics operations. The company differentiates itself through superior service quality, maintaining 99% on-time delivery performance and keeping cargo claims below 0.1% of revenue, significantly better than industry averages.
Revenue model
Old Dominion generates revenue primarily through freight transportation fees charged to customers for moving their goods. The company employs a cost-plus pricing model, setting rates based on the actual cost of service plus a reasonable profit margin. Revenue is calculated based on the weight of shipments (measured in hundredweight, or cwt) and distance traveled, with additional charges for special services like expedited delivery or handling of specialized freight. The company's customers span diverse industries including manufacturing, retail, automotive, construction, and third-party logistics providers (3PLs). Industrial customers represent approximately 55-60% of revenue, while retail-related shipments comprise the remainder. Old Dominion serves both large enterprise customers and smaller businesses, with their top 50 customers showing consistent growth patterns. Several factors influence Old Dominion's profit margins: Margin-enhancing factors include the company's disciplined yield management approach that focuses on profitable business rather than volume at any price, operational efficiency gains from network density and capacity utilization, and the company's premium service quality that commands higher rates. The recent closure of competitor Yellow Corporation has also reduced industry capacity, creating pricing opportunities. Margin-pressuring factors include fuel price volatility (though partially offset by fuel surcharges), labor cost inflation particularly for drivers, general economic downturns that reduce freight volumes, and the significant fixed costs associated with maintaining service center networks and equipment fleets. Economic weakness in the industrial sector, which represents the majority of Old Dominion's business, particularly impacts volumes and pricing power. The company maintains approximately 30% excess capacity in its service center network, providing flexibility to handle volume increases but also representing fixed costs during slow periods.
Competitive moat
Old Dominion possesses a strong competitive moat built on several interconnected advantages. The company's primary moat stems from its network effects and operational excellence. The LTL industry requires massive capital investment in service centers, sorting facilities, and equipment, creating high barriers to entry. Old Dominion has built a comprehensive network of 251 service centers over decades, providing geographic coverage that would be extremely expensive and time-consuming for competitors to replicate. The company's service quality differentiation represents another significant moat component. Maintaining 99% on-time delivery and 0.1% cargo claims ratio requires operational expertise, technology systems, and cultural commitment that competitors struggle to match. This service excellence allows Old Dominion to command premium pricing and maintain customer loyalty even during economic downturns. Scale advantages provide cost efficiencies through network density, purchasing power, and operational leverage. The company's size allows it to invest heavily in technology, training programs (including its own truck driving school), and facility improvements that smaller competitors cannot afford. However, the moat faces some challenges. The LTL industry has experienced consolidation, with major competitors like FedEx Freight and XPO Logistics also possessing substantial networks and resources. Potential disruption could come from technological advances in logistics optimization, autonomous trucking (though likely years away), or new entrants with significant capital backing. Additionally, economic cycles can pressure even strong operators, as demonstrated by Yellow Corporation's recent bankruptcy despite being a major industry player. The recent reduction in industry capacity following Yellow's closure has actually strengthened Old Dominion's competitive position, as the remaining players benefit from reduced competition and improved pricing dynamics.
Risks & safety
Old Dominion demonstrates a strong margin of safety with conservative financial management and solid fundamentals. • Debt and Solvency: Extremely low debt-to-equity ratio of 1.4%, minimal solvency risk with strong cash generation of $888 million in free cash flow for 2024, and current ratio of 1.33 indicating adequate short-term liquidity. • Valuation Metrics: Trading at P/E ratio of 32x based on 2024 earnings, EV/EBITDA of 20x, and price-to-book ratio of 8.9x. While not cheap on traditional metrics, the premium reflects quality and market position. • Cash Generation: Strong operating cash flow of $1.66 billion in 2024 with consistent free cash flow generation, providing financial flexibility for growth investments and shareholder returns. • Other Considerations: Minimal cash burn risk given profitable operations, defensive characteristics during economic downturns due to essential service nature, and excess network capacity providing operational flexibility.
Recent development
Over the past few years, Old Dominion has focused on several key strategic initiatives despite challenging economic conditions. The company has continued its disciplined capacity expansion strategy, adding almost 40 service centers over the past decade while industry capacity overall declined by 23%. In 2024 alone, the company opened 4 new service centers and maintains approximately 30% excess capacity across its network to handle future volume growth. Technology and operational investments have remained a priority, with the company investing $771 million in capital expenditures in 2024, including significant spending on real estate, equipment, and technology systems. The company operates its own truck driving school and has trained over 1,300 new drivers, addressing the industry-wide driver shortage challenge. The company has maintained its disciplined yield management approach throughout economic cycles, focusing on profitable business rather than volume at any price. This strategy has helped preserve margins during the recent economic slowdown while positioning the company to benefit from eventual recovery. Market share consolidation opportunities have emerged following Yellow Corporation's bankruptcy in 2023, with Old Dominion well-positioned to capture displaced freight given its excess capacity and superior service quality. The company has maintained its market share at 12.5-13% of the LTL market while preparing for potential growth. Recent quarters have shown cautious optimism about economic recovery, with management noting potential signs of improvement in manufacturing indicators and customer demand patterns, though the company continues to manage costs carefully during the uncertain economic environment.
ODFL company profile · for informational purposes only — not investment advice.
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