Old Dominion Freight LINE, Inc. (ODFL) intrinsic value & 10-year financials
Old Dominion Freight LINE, Inc. (ODFL) has a Graham intrinsic value of $133.71 per share. At $187.72 on Oct 17, 2026, the stock trades 40% above that value. Over the last 10 fiscal years revenue grew 7.0% a year to $5.5B, with an average return on invested capital of 27.0%.
- Graham intrinsic value
- $133.71
- Share price (Oct 17, 2026)
- $187.72
- Price vs Graham value
- 40% above
- Market cap
- $39.7B
- Revenue (FY2025)
- $5.5B
- Revenue growth (10-yr CAGR)
- 7.0%
- ROIC (10-yr avg)
- 27.0%
- Free cash flow (FY2025)
- $955.1M
ODFL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.5B | $1.0B | $4.84 | $955.1M | 24.8% | 24.4% |
| FY2024 | $5.8B | $1.2B | $5.48 | $888.0M | 26.6% | 29.2% |
| FY2023 | $5.9B | $1.2B | $5.63 | $811.8M | 28.0% | 33.2% |
| FY2022 | $6.3B | $1.4B | $6.09 | $916.4M | 29.4% | 40.1% |
| FY2021 | $5.3B | $1.0B | $4.45 | $662.5M | 26.5% | 32.7% |
| FY2020 | $4.0B | $672.7M | $2.84 | $707.9M | 22.6% | 23.6% |
| FY2019 | $4.1B | $615.5M | $3.83 | $504.6M | 19.9% | 23.3% |
| FY2018 | $4.0B | $605.7M | $3.69 | $311.8M | 20.2% | 25.7% |
| FY2017 | $3.4B | $463.8M | $2.81 | $154.2M | 17.1% | 22.4% |
| FY2016 | $3.0B | $295.8M | $1.78 | $147.6M | 16.2% | 15.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Old Dominion has demonstrated mature, steady growth, with revenue compounding at 7.0% annually over the past decade.
Old Dominion has earned high returns on invested capital, averaging 27.0% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Old Dominion has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Old Dominion is modeled at 11.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $133.71 per share.