Old Dominion Freight Line Inc (ODFL)

Return on assets (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
Net income (ttm)	US$ in thousands	1,239,502	1,240,616	1,278,730	1,362,446	1,377,159	1,332,036	1,241,269	1,134,767	1,034,375	945,401	860,635	738,864	672,682	626,874	589,105	615,372	615,518	630,953	640,296	629,658
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
ROA		22.49%	23.41%	25.68%	27.48%	28.46%	27.69%	25.89%	24.03%	21.45%	20.49%	18.98%	16.98%	15.40%	14.67%	14.44%	15.64%	15.41%	16.21%	17.04%	17.00%

December 31, 2023 calculation

ROA = Net income (ttm) ÷ Total assets
= $1,239,502K ÷ $5,512,390K
= 22.49%

Old Dominion Freight Line, Inc.'s return on assets (ROA) has exhibited a declining trend over the past eight quarters. The ROA decreased from 28.46% in Q4 2022 to 22.49% in Q4 2023. The most recent ROA of 22.49% indicates that the company generated $0.2249 in profit for every dollar of total assets.

Despite the decline, the ROA remains relatively high compared to industry averages, indicating that Old Dominion Freight Line, Inc. is effectively utilizing its assets to generate profit. The downward trend in ROA signals a potential decrease in efficiency in asset utilization or a decrease in profitability. It would be advisable for investors and analysts to closely monitor the company's asset management strategies and profitability drivers in the coming quarters.