Old Dominion Freight Line Inc (ODFL)

Debt-to-capital 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 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
Debt-to-capital ratio		0.02	0.02	0.02	0.02	0.02	0.02	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.05	0.05	0.01	0.00	0.02	0.02	0.02

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $75,400K ÷ ($75,400K + $4,257,810K)
= 0.02

The debt-to-capital ratio of Old Dominion Freight Line, Inc. has remained relatively stable over the past eight quarters, ranging between 0.02 and 0.03. This ratio indicates that the company's level of debt relative to its total capital has been low and consistent. A lower debt-to-capital ratio suggests a lower financial risk as the company has a lower reliance on debt for its financing. Overall, Old Dominion Freight Line, Inc. appears to maintain a conservative capital structure with a focus on operational efficiency and financial stability.