Old Dominion Freight Line Inc (ODFL)

Return on total capital

		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
Earnings before interest and tax (EBIT) (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
Long-term debt	US$ in thousands	75,400	72,300	74,000	94,200	92,600	89,600	94,700	98,100	104,500	104,800	104,000	104,700	105,400	151,100	150,400	45,500	—	46,200	46,200	46,000
Total stockholders’ equity	US$ in thousands	4,257,810	4,063,120	3,832,040	3,746,500	3,652,920	3,558,170	3,555,830	3,503,310	3,679,810	3,419,900	3,402,380	3,191,920	3,326,290	3,170,830	2,982,470	3,016,050	3,080,720	2,909,530	2,798,480	2,770,370
Return on total capital		37.86%	39.90%	43.55%	47.34%	49.14%	48.88%	45.75%	42.42%	36.77%	36.13%	33.09%	30.13%	26.43%	25.31%	25.16%	26.90%	26.58%	28.73%	30.24%	30.04%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $1,640,673K ÷ ($75,400K + $4,257,810K)
= 37.86%

Old Dominion Freight Line, Inc.'s return on total capital has shown a fluctuating trend over the past eight quarters. The company experienced a gradual decline from Q4 2022 to Q2 2023, with returns decreasing from 49.05% to 43.48%. However, in Q3 and Q4 2023, there was a notable rebound in return on total capital, reaching 39.82% and 37.82%, respectively.

Overall, the company's return on total capital has remained relatively high, consistently above 42% throughout the analyzed period. This indicates that Old Dominion Freight Line, Inc. has been effectively utilizing its capital to generate profits, reflecting its strong financial performance and efficient management of resources.