Old Dominion Freight Line Inc (ODFL)

Debt-to-assets ratio

		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
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 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
Debt-to-assets ratio		0.01	0.01	0.01	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.04	0.04	0.01	0.00	0.01	0.01	0.01

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 of Old Dominion Freight Line, Inc. has remained relatively stable at around 0.02 throughout the past eight quarters, indicating that the company relies minimally on debt to finance its assets. A low debt-to-assets ratio such as this suggests that the company has a strong financial position, with a significant portion of its assets funded by equity rather than debt. This can be seen as a positive sign by investors and creditors, as it indicates lower financial risk and greater financial stability for the company. Overall, the consistently low debt-to-assets ratio reflects Old Dominion Freight Line, Inc.'s prudent financial management and strong balance sheet.