Old Dominion Freight Line, Inc.

NasdaqGS-ODFL

Trailing Valuation

Trailing Valuation	LTM	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
Stock Price	157.4	157.4	176.4	202.7	141.9	179.2	97.6	63.3	41.2	43.9	28.6
Total Shares Outstanding	209.1	209.1	213	217.9	220.4	230	234.1	239.1	243.7	247.1	247.2
Market Cap	32,910	32,910	37,570.5	44,168.1	31,279	41,217.7	22,847.3	15,123.3	10,030.4	10,836.6	7,071.3
Total Enterprise Value (TEV)	32,910	32,910	37,521.8	43,814.2	31,143.3	40,600.7	22,215.5	14,764.7	9,885.1	10,804.1	7,166.2
Dividend Yield	—	—	0.6%	0.4%	0.4%	0.2%	0.3%	0.4%	0.4%	0.3%	—
Buyback Yield	—	—	2.6%	1%	4.1%	1.5%	1.6%	1.6%	1.6%	0.1%	1.8%
Debt Paydown Yield	—	—	0.1%	0%	—	—	-0.2%	—	0.5%	0.1%	0.4%
Shareholder Yield	—	—	2.6%	1.1%	4.1%	1.5%	1.4%	1.6%	2.1%	0.2%	2.3%
P/S	11.8	11.8	6.5	7.5	5	7.8	5.7	3.7	2.5	3.2	2.4
P/Gross Profit	11.8	11.8	6.5	7.5	5	7.8	5.7	3.7	2.5	3.2	2.4
P/E	—	—	32.2	36	23.3	40.3	34.4	24.8	16.7	23.4	24.1
Earnings Yield	—	—	3.1%	2.8%	4.3%	2.5%	2.9%	4%	6%	4.3%	4.1%
P/OCF	—	—	22.6	28.1	18.5	34	24.5	15.4	11.1	20.2	12.5
P/FCF	—	—	42.3	54.4	34.1	62.2	32.3	30	32.2	70.3	47.9
FCF Yield	—	—	2.4%	1.8%	2.9%	1.6%	3.1%	3.3%	3.1%	1.4%	2.1%
P/B	—	—	8.9	10.4	8.6	11.2	6.9	4.9	3.7	4.8	3.8
EV/Sales	11.8	11.8	6.5	7.5	5	7.7	5.5	3.6	2.4	3.2	2.4
EV/Gross Profit	11.8	11.8	6.5	7.5	5	7.7	5.5	3.6	2.4	3.2	2.4
EV/EBITDA	47.3	47.3	19.9	22.3	14.7	24.6	19	13.8	9.4	13.8	10.6
EV/EBIT	47.3	47.3	24.3	26.7	16.9	29.2	24.5	18	12.1	18.8	14.8
EV/OCF	—	—	22.6	27.9	18.4	33.5	23.8	15	11	20.1	12.7
EV/FCF	—	—	42.3	54	34	61.3	31.4	29.3	31.7	70.1	48.5

Dividends

Dividends	LTM	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17
Dividend Yield	—	—	0.6%	0.4%	0.4%	0.2%	0.3%	0.4%	0.4%	0.3%
DPS	—	—	1	0.8	0.6	0.4	0.3	0.2	0.2	0.1
Payout Ratio	—	—	18.9%	14.1%	9.8%	8.9%	10.6%	8.9%	7%	7.1%

Margins

Margins	LTM	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
Gross Profit Margin	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%
Operating Margin	25%	25%	26.6%	28%	29.4%	26.5%	22.6%	19.9%	20.2%	17.1%	16.2%
EBITDA Margin	25%	25%	32.5%	33.5%	33.8%	31.4%	29.1%	26.1%	25.9%	23.3%	22.5%
Net Profit Margin	18.8%	18.8%	20.4%	21.1%	22%	19.7%	16.8%	15%	15%	13.8%	9.9%
Effective Tax Rate	24.8%	24.8%	23.9%	24.8%	25.2%	25.5%	25.4%	25.3%	25.7%	19.5%	38.1%
Pre-Tax Profit Margin	25%	25%	26.8%	28.1%	29.4%	26.4%	22.4%	20.1%	20.2%	17.1%	16%
Free Cash Flow Margin	—	—	15.3%	13.8%	14.6%	12.6%	17.6%	12.3%	7.7%	4.6%	4.9%
OCF / Sales	—	—	28.5%	26.7%	27%	23.1%	23.2%	23.9%	22.3%	16%	18.9%
OCF / Net Income	—	—	139.9%	126.6%	122.8%	117.2%	138.7%	159.8%	148.6%	115.6%	191.2%
FCF / OCF	—	—	53.5%	51.7%	54.2%	54.6%	75.9%	51.3%	34.6%	28.7%	26.1%
FCF / Net Income	—	—	74.9%	65.5%	66.5%	64.1%	105.2%	82%	51.5%	33.2%	49.9%
FCF / EBITDA	—	—	47%	41.3%	43.3%	40.1%	60.6%	47.1%	29.8%	19.7%	21.9%

Capital Efficiency

Capital Efficiency	LTM	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
Return on Invested Capital	21.5%	21.5%	25%	28.5%	35.6%	30%	20.9%	19.7%	21.5%	18.4%	13%
Return on Assets	19.1%	19.1%	21.4%	23.8%	28.5%	22.6%	16.2%	16.2%	18.4%	16.1%	11.6%
Return on Equity	24.7%	24.7%	27.9%	31.3%	37.6%	29.5%	21%	21.4%	24.4%	22.5%	16.7%
Return on Total Capital	1,287.7%	1,287.7%	1,284.6%	1,160.2%	1,237.8%	929.5%	802.9%	1,111.2%	776.2%	428.6%	234.6%
Return on Capital Employed	28.1%	28.1%	31.1%	35.4%	42.5%	33.3%	23.8%	24%	27.7%	22.5%	21.1%
Return on Tangible Assets	19.1%	19.1%	21.6%	23.9%	28.5%	22.5%	16.1%	16.4%	18.4%	16.2%	11.5%
Receivables Turnover	10.5	10.5	10.2	9.6	10.4	10	9.3	9.4	9.1	9	8.8
Days Sales Outstanding	34.6	34.6	35.9	38	35.1	36.6	39.2	38.9	39.9	40.8	41.5
Asset Turnover	1	1	1.1	1.1	1.3	1.1	1	1.1	1.2	1.2	1.2
Fixed Asset Turnover	1.2	1.2	1.4	1.5	1.8	1.7	1.4	1.4	1.6	1.4	1.4
CapEx to OCF	—	—	0.5	0.5	0.5	0.5	0.2	0.5	0.7	0.7	0.7
CapEx to Revenue	—	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
CapEx to Depreciation	—	—	2.2	2.3	2.8	2.1	0.9	1.9	2.6	1.9	2.2

Financial Health

Financial Health	LTM	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
Total Debt	—	—	60	80	100	99.9	99.9	45	45	95	105
Net Debt	—	—	-48.7	-353.8	-135.7	-617.1	-631.8	-358.6	-145.3	-32.5	94.8
Current Ratio	—	—	1.3	2.1	1.8	3	3.3	2.4	2	1.7	1.3
Quick Ratio	—	—	1.2	1.9	1.6	2.8	3.2	2.2	1.8	1.5	1.2
Cash Ratio	—	—	0.2	0.8	0.4	1.5	2	1.1	0.5	0.4	0
Debt Ratio	—	—	0	0	0	0	0	0	0	0	0
Assets to Equity	—	—	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.5
Cash Flow to Debt Ratio	—	—	27.7	19.6	16.9	12.1	9.3	21.9	20	5.6	5.4
Long-term Debt to Assets	—	—	0	0	0	0	0	0	0	0	0
Intangibles to Total Assets	—	—	—	—	—	—	—	—	0	0	0
Net Current Asset Value	—	—	-526.1	-111.2	-252	242.1	200.2	-48	-158.6	-206.9	-462.5
Goodwill / Assets	—	—	—	—	—	—	—	—	0	0	0
Debt / Equity	—	—	0	0	0	0	0	0	0	0	0.1
Total Debt / Capitalization	—	—	0.7	0.8	0.9	0.9	0.9	0.8	0.8	0.9	0.9
Long Term Debt / Capitalization	—	—	0.5	0.6	0.7	0.9	0.9	0.8	0.8	0.4	0.9
Long-Term Debt / Equity	—	—	0	0	0	0	0	0	0	0	0.1
Net Debt / EBITDA	—	—	-0	-0.2	-0.1	-0.4	-0.5	-0.3	-0.1	-0	0.1
EBIT / Interest Expense	86,993.8	86,993.8	7,283	3,535.9	1,177.6	805.8	326	2,171.6	4,323	267.4	111.7
EBITDA / Interest Expense	86,993.8	86,993.8	8,908.4	4,235.2	1,354.3	956.3	419.9	2,844.5	5,541.8	362.9	155.5
(EBITDA - Capex) / Interest Expense	86,993.8	86,993.8	5,270.1	2,603	858.3	637.8	339	1,573.1	2,429.2	185.5	59

Per Share	LTM	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
Revenue per Share	13.1	13.1	26.9	26.6	27.7	22.6	16.9	17	16.4	13.6	12
Basic EPS	0	0	5.5	5.7	6.1	4.5	2.9	2.6	2.5	1.9	1.2
Diluted EPS	—	—	5.5	5.6	6.1	4.4	2.8	2.6	2.5	1.9	1.2
Book Value per Share	—	—	19.6	19.3	16.2	15.8	14	12.8	10.9	9.2	7.4
Tangible Book Value per Share	—	—	19.6	19.3	16.2	15.8	14	12.8	10.8	9.1	7.3
Cash per Share	—	—	0.5	2	1	3.1	3.1	1.7	0.8	0.5	0
Operating Cash Flow per Share	—	—	7.7	7.1	7.5	5.2	3.9	4.1	3.7	2.2	2.3
Free Cash Flow per Share	—	—	4.1	3.7	4.1	2.8	3	2.1	1.3	0.6	0.6
CapEx per Share	—	—	3.6	3.4	3.4	2.4	0.9	2	2.4	1.5	1.7
Weighted Avg. Shares Outstanding	211.1	211.1	215.3	218.8	224.7	231.3	235.5	240.8	245.8	246.9	249.3
Weighted Avg. Shares Outstanding Diluted	212.2	212.2	216.5	220.2	226.2	232.8	237	241.2	246.1	247.2	249.5

Common Size

Common Size	LTM	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15	Dec '14	Dec '13
SG&A to Revenue	50.7%	50.7%	49.3%	47.6%	46%	49.5%	53.9%	54.7%	54.3%	56.9%	58.1%
Stock-based Comp to Revenue	—	—	0.2%	0.2%	0.3%	0.3%	0.3%	0.4%	0.1%	0.1%	0%