Old Dominion Freight Line Inc (ODFL)
Debt-to-equity 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 stockholders’ equity | US$ in thousands | 4,257,810 | 3,652,920 | 3,679,810 | 3,326,290 | 3,326,290 |
| Debt-to-equity ratio | 0.02 | 0.03 | 0.03 | 0.03 | 0.00 |
December 31, 2023 calculation
Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $75,400K ÷ $4,257,810K
= 0.02
The debt-to-equity ratio of Old Dominion Freight Line, Inc. has remained relatively stable over the past five years, indicating a conservative capital structure. The company has consistently maintained a low level of debt compared to its equity. In the most recent year, as of December 31, 2023, the debt-to-equity ratio was 0.02, suggesting that the company relies more on equity financing rather than debt to fund its operations and growth. This low ratio signifies a lower financial risk for the company as it has a smaller proportion of debt in its capital structure, which can provide increased stability during economic downturns. Overall, the trend of consistently low debt-to-equity ratios reflects the company's prudent financial management and solid balance sheet position.
Peer comparison
Dec 31, 2023