Old Dominion Freight Line Inc (ODFL)

Total asset turnover

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	US$ in thousands	5,818,210	5,888,710	6,263,500	5,256,890	4,014,390
Total assets	US$ in thousands	5,491,400	5,512,390	4,838,610	4,821,540	4,369,410
Total asset turnover		1.06	1.07	1.29	1.09	0.92

December 31, 2024 calculation

Total asset turnover = Revenue ÷ Total assets
= $5,818,210K ÷ $5,491,400K
= 1.06

Old Dominion Freight Line Inc's total asset turnover has shown a notable improvement over the years. The ratio increased from 0.92 in December 31, 2020, to 1.09 in December 31, 2021, indicating that the company generated $1.09 in sales for every $1 of total assets. This indicates better efficiency in utilizing its assets to generate revenue.

Subsequently, there was a significant increase to 1.29 in December 31, 2022, suggesting the company improved its asset utilization even further. However, there was a slight dip to 1.07 in December 31, 2023, and a further decrease to 1.06 in December 31, 2024, indicating a potential decrease in sales generated per dollar of total assets.

Overall, despite the fluctuations in the later years, Old Dominion Freight Line Inc has shown a generally positive trend in asset turnover, signifying efficient use of assets to drive sales. This may indicate effective management of the company's resources to generate revenue.