Old Dominion Freight Line Inc (ODFL)

Debt-to-equity 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-equity ratio		0.02	0.02	0.02	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.05	0.05	0.02	0.00	0.02	0.02	0.02

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 been relatively stable in recent quarters, ranging from 0.02 to 0.03. This indicates that the company has been maintaining a conservative capital structure with a low level of debt relative to its equity. A low debt-to-equity ratio typically suggests less financial risk and indicates that the company is relying more on equity financing than debt financing to fuel its operations and growth. Overall, the consistent low ratio reflects a sound and prudent financial management strategy by Old Dominion Freight Line, Inc.