Old Dominion Freight Line Inc (ODFL)
Receivables turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 5,888,710 | 6,263,500 | 5,256,890 | 4,014,390 | 4,103,040 |
| Receivables | US$ in thousands | 615,323 | 605,129 | 599,102 | 454,222 | — |
| Receivables turnover | 9.57 | 10.35 | 8.77 | 8.84 | — |
December 31, 2023 calculation
Receivables turnover = Revenue ÷ Receivables
= $5,888,710K ÷ $615,323K
= 9.57
The receivables turnover ratio for Old Dominion Freight Line, Inc. has shown some variability over the past five years. The ratio decreased from 10.07 in 2019 to 8.84 in 2020, indicating a decrease in the company's ability to collect its accounts receivable efficiently. However, there was a slight improvement in 2021 with the ratio increasing to 8.77. The ratio then increased significantly to 10.35 in 2022, showing a positive trend in the company's receivables management.
In 2023, Old Dominion Freight Line, Inc. experienced a further improvement in its receivables turnover ratio, reaching 9.53. This suggests that the company has been able to collect its accounts receivable more frequently during the year, which is a positive sign of efficient credit management and collection practices.
Overall, while there were fluctuations in the receivables turnover ratio over the past five years, the recent trend indicates an improvement in Old Dominion Freight Line, Inc.'s ability to efficiently collect its receivables.
Peer comparison
Dec 31, 2023