Old Dominion Freight Line Inc (ODFL)

Debt-to-assets ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	75,400	92,600	104,500	105,400	—
Total assets	US$ in thousands	5,512,390	4,838,610	4,821,540	4,369,410	3,995,570
Debt-to-assets ratio		0.01	0.02	0.02	0.02	0.00

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $75,400K ÷ $5,512,390K
= 0.01

The debt-to-assets ratio for Old Dominion Freight Line, Inc. has been consistently low over the past five years, ranging from 0.01 to 0.02. This indicates that the company has a low level of financial leverage and relies more on equity financing to support its assets. The decreasing trend in the debt-to-assets ratio suggests that the company is gradually becoming less reliant on debt to fund its operations and investments. Overall, a low debt-to-assets ratio is a positive indicator of financial stability and lower financial risk for the company.