Old Dominion Freight Line Inc (ODFL)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	1,640,673	1,649,891	1,700,952	1,818,063	1,840,632	1,782,894	1,670,224	1,527,563	1,391,602	1,273,413	1,160,247	993,369	906,882	840,844	788,127	823,450	818,706	849,287	860,145	846,137
Total assets	US$ in thousands	5,512,390	5,298,870	4,978,930	4,957,090	4,838,610	4,811,390	4,793,870	4,722,650	4,821,540	4,613,120	4,534,450	4,351,860	4,369,410	4,273,690	4,080,030	3,934,990	3,995,570	3,892,420	3,758,700	3,704,040
Operating ROA		29.76%	31.14%	34.16%	36.68%	38.04%	37.06%	34.84%	32.35%	28.86%	27.60%	25.59%	22.83%	20.76%	19.67%	19.32%	20.93%	20.49%	21.82%	22.88%	22.84%

December 31, 2023 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $1,640,673K ÷ $5,512,390K
= 29.76%

Old Dominion Freight Line, Inc.'s operating return on assets (operating ROA) has shown a generally positive trend over the past eight quarters. The operating ROA has remained consistently high, ranging from 29.76% to 36.68%. This indicates that the company is efficiently generating operating profits relative to its total assets.

The quarterly operating ROA figures have displayed a gradual decline from Q4 2022 to Q1 2023, before rebounding slightly in Q2 and Q3 2023. This suggests that there may have been shifts in the company's operating efficiency or asset utilization during these periods. Overall, the operating ROA levels are robust, indicating that Old Dominion Freight Line, Inc. is effectively using its assets to generate operating income.

It is important for stakeholders to monitor this ratio over time to ensure that the company continues to maintain or improve its operational efficiency and profitability in relation to its asset base.