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Old Dominion Freight Line Inc Ordinary Shares ODFL

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LTL Demand Continues Strong Recovery in Old Dominion’s Q4; 2021 Outlook Solid, but Valuation Rich

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

In the fourth quarter, Old Dominion’s top line grew a healthy 6% (in line with are forecast) as demand across the LTL trucking backdrop is recovering nicely. Revenue rose 3.5% year over year in the second half, versus the 8% first-half decline, on robust retailer restocking, improving industrial end markets, spillover freight from the capacity constrained TL sector, and ongoing market share gains. Persistent market shares gains are linked to OD’s steadfast investment in network capacity and unmatched service--competitors haven’t invested consistently, making OD better positioned to capitalize on demand growth.

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Company Profile

Business Description

Old Dominion Freight Line is the third- largest less-than-truckload carrier in the United States, with more than 240 service centers and 9,200-plus tractors. OD is by far one of the most disciplined and efficient providers in the trucking industry, and its profitability and capital returns stand head and shoulders above its peers. Strategic initiatives revolve around increasing network density through market share gains and maintaining industry- leading service via consistent infrastructure investment.

500 Old Dominion Way
Thomasville, NC, 27360
T +1 336 889-5000
Sector Industrials
Industry Trucking
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 19,779