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Old Dominion Freight Line, Inc. (ODFL)

適正価値
IndustrialsTruckingUnited States

ファンダメンタル

70

株価

$173.84

時価総額

$36.27B

パート1 · 企業の価値

概要

Old Dominion Freight Line moves freight that is too small to fill a full truck — a few pallets or boxes rather than an entire trailer — picking up shipments from many customers, sorting them at regional service centers, and combining them onto trucks headed the same direction. It operates this less-than-truckload, or LTL, network itself across the United States with its own drivers, terminals and trucks rather than through franchisees or outside carriers, and adds services like expedited and guaranteed delivery.

収益の仕組み

Revenue is charged per shipment, based mainly on weight and distance, so it rises and falls with how much freight moves through the economy rather than with any subscription or long-term contract base. Because the network's fixed costs — terminals, trucks and staff — barely change with volume, profitability depends heavily on keeping trucks and terminals full: a small change in shipment density can swing operating margins by a large amount in either direction.

競争優位性(moat)

コスト優位性 · 狭い

Decades of investment in a dense, non-union terminal network let Old Dominion run at some of the lowest costs and highest on-time delivery rates in the LTL industry, a combination that is hard for a new or smaller carrier to match quickly. That efficiency shows up in an industry-leading operating ratio, but the LTL market remains competitive on price, so the edge is durable rather than unassailable.

需要を左右する要因

景気循環型

LTL shipment volumes track industrial production, retail restocking and manufacturing activity closely, so freight demand slows sharply when the broader economy weakens — 2025 revenue fell as shipment volumes declined during a soft freight market. Pricing tends to be more resilient than volume, since carriers are reluctant to cut rates even when demand softens.

主なリスク

  • Freight cycle and industrial activity — Shipment volumes fall when industrial production, retail restocking and manufacturing activity slow, as happened in 2025; revenue and profitability move directly with the broader freight cycle.
  • Fixed cost operating leverage — Terminals, trucks and drivers are largely fixed costs regardless of volume, so a drop in shipments cannot easily be matched by cost cuts, and operating margins compress quickly in a downturn.
  • Driver and labor availability — The business depends on recruiting and retaining enough qualified drivers and dock workers; a shortage or higher wage costs would raise expenses or limit how much freight the network can move.
  • Fuel price volatility — Diesel is a major operating cost; while fuel surcharges pass much of the cost through to customers, sharp price swings can still create timing mismatches that pressure margins.

顧客集中度

主要顧客が売上高の16%を占める

The customer base is highly diversified: the single largest customer represented about 4% of 2025 revenue, and the top 10 customers combined represented about 16%.

強気材料

Buyers argue that Old Dominion's dense, non-union network gives it a durable cost and service advantage over LTL rivals, reflected in an industry-leading operating ratio, and that a highly diversified customer base with no meaningful concentration limits the damage any single account can do.

弱気材料

Sellers fear that the business is fundamentally tied to the industrial and freight cycle, that 2025's volume decline shows how quickly a soft economy erodes results, and that heavy fixed costs in terminals and trucks turn even a modest downturn in shipments into a larger hit to margins.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users

P/E: 32.2Score: 67Market cap: $8.90B

A national LTL carrier expanding its terminal network across the United States, competing directly with Old Dominion for the same door-to-door freight on service quality and transit times.

P/E: 52.1Score: 73Market cap: $20.68B

Operates one of the largest North American LTL networks, chasing the same pallet-level freight and the same contract shippers as Old Dominion.

FedEx Freight Holding Company, Inc.FDXF

The largest less-than-truckload carrier in North America by revenue, it bids for the same national and inter-regional LTL shipments from industrial and retail shippers that Old Dominion serves.

Estes Express Lines, Inc.Not tracked

The largest privately held US LTL carrier, with a nationwide terminal footprint that overlaps almost entirely with Old Dominion's on the same lanes.

ArcBest CorporationARCB

Through ABF Freight it runs a national unionized LTL network selling the same regional and long-haul freight service to industrial customers.

TFI International Inc.TFII

Its TForce Freight unit is a top-ten US LTL carrier, competing for the same cross-border and domestic LTL volumes between the United States and Canada.

貸借対照表と流動性

売上高

$5.60B

直近12か月(2026/6/30まで)

純利益

$1.09B

直近12か月(2026/6/30まで)

フリーキャッシュフロー

$955M

自己資本合計

$4.31B

負債合計

$1.16B

流動比率

1.89

利払い倍率

-

負債/EBITDA

0.01

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース適正価値

適正価値

$150.97

現在株価

$173.84

安全マージン

-15.1%

適正価値レンジ

$98.13 - $203.81

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$228.78
ディスカウンテッド・キャッシュフロー(DCF):$91.09
利益倍率(P/E):$143.54
グレアムの成長公式:$141.86
収益力価値(EPV):$50.74
正当化されたP/B:$63.45
配当割引モデル(ゴードン):$17.10
P/FFO(運用から生まれる資金):$107.13
中間サイクル利益:$99.50
売上高倍率:$76.34
アナリスト・コンセンサス:買い (14B / 15H / 2S)
直近の決算サプライズ:+9.03%

バリュエーション指標

P/E レシオ

33.43

ROE

23.7%

P/B レシオ

7.93

P/FCF

32.34

粗利益率

-

ROIC

22.0%

収益性レーダー

価値創造(経済的モート)

ROIC

22.0%

WACC

10.8%

ROIC − WACC

+11.2 pp

ROICが資本コストを上回っています。企業は株主のために価値を創出しています。

ファンダメンタル分析基準

合格(18)

  • EPS shows upward trend
  • EPS CAGR 8.39%
  • Price CAGR 20.05%
  • ROIC 22.0%
  • Debt/Equity ratio
  • Operating Margin 25.8%
  • Positive Free Cash Flow
  • Current Ratio
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • ROE 24.9%
  • Revenue Growth 5Y 6.5%
  • Earnings Surprise avg 4.9%
  • Earnings Quality (OCF/NI) 1.28
  • Share Dilution -2.3%
  • Net Margin Trend 19.4% vs 19.4%
  • Piotroski F-Score 6/9

不合格(7)

  • P/FCF 32.34
  • P/B Ratio 7.93
  • CapEx intensity
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Analyst Consensus 45% Buy
  • PEG Ratio 2.99

データなし(3)

  • Gross Margin NaN%
  • Dividend Payout NaN%
  • Interest Coverage

Piotroski F-スコア

6/9

まちまちのシグナル:一部の領域に注意が必要

score
criteria

利益の質

1.28

高品質:利益はキャッシュに裏付けられている

株式希薄化

-2.3%

株式を買い戻している。株主に友好的

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Mr. David S. CongdonExecutive Chairman of the Board68
Mr. Kevin M. FreemanPresident, CEO & Director66
Mr. Adam N. Satterfield CPAExecutive VP, Assistant Secretary & CFO50
Mr. Gregory B. PlemmonsExecutive VP & COO59
Mr. Ross H. ParrSenior VP of Legal Affairs, General Counsel & Secretary53
Mr. Cecil E. Overbey Jr.Senior Vice President of Strategic Development63
Mr. Earl E. CongdonChairman Emeritus & Senior Advisor94
Mr. Clayton G. BrinkerVP of Accounting & Finance and Principal Accounting Officer39
Mr. Jack Lawrence AtkinsDirector of Investor Relations-
Sam FaucetteVice President of Safety & Compliance-

監査リスク

5

取締役会リスク

9

報酬リスク

2

株主権利リスク

9

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-02-24

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-08-05

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-09-22

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for ODFL, sourced from Markets Gazette.

  • 2d agoNEUTRAL
    Nasdaq-100® Inside the Index: Old Dominion Freight Line (ODFL)

    Nasdaq-100® Inside the Index features Old Dominion Freight Line (ODFL), a prominent less-than-truckload carrier. The company has demonstrated consistent revenue growth per hundredweight annually since fiscal year 2020. Furthermore, ODFL has strategically expanded its network capacity, positioning itself to accommodate future increases in freight volume. This analysis highlights ODFL's operational strength and potential for continued expansion within the freight industry, making it a notable component of the Nasdaq-100® index.

  • 6/20/2026NEGATIVE
    Here's Why Old Dominion Freight Line Stock Slumped This Week

    Old Dominion Freight Line (ODFL) stock experienced a significant downturn this week, despite a general recovery observed in the broader freight market. The market's anticipation of this recovery appears to have already been factored into sector stock valuations, leaving little room for further upside. Investors are likely reassessing the stock's premium in light of this 'priced-in' recovery, leading to the price slump. This suggests that while the industry fundamentals are improving, ODFL may have been overvalued based on future expectations.

via Markets Gazette