Old Dominion Freight Line, Inc.
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+ FollowMarket Cap$35.89B
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Earnings Call Q3 2026
October 28, 2026 - AI Summary
Strong Q3 financial beat + margin improvement (good): Revenue rose 13.1% YoY to $1.59B and EPS increased 28.9% to $1.65. The operating ratio improved 280 bps to 71.5%, helped by improved direct operating costs and overhead as a % of revenue (including lower depreciation due to smaller fleet). Service quality remained elite: 99% on-time and cargo claims ratio of 0.1%.
Demand improving, but not uniformly strong by month (surprising/mixed): LTL tons per day were -0.1% for Q3, yet demand strength continued—September LTL tons per day were +1.6% YoY, and October MTD revenue per day is ~+22% YoY. Company sees continued stable demand and weight per shipment up ~3% YoY in October. However, October tonnage is currently ~-5% to -5.5% vs 10-year seasonality, and tonnage recovery has been uneven month-to-month.
Q4 outlook and operating ratio bridge (key forecasts): Management currently anticipates Q4 revenue of $1.54B–$1.58B, described as above normal seasonality. For operating ratio, they expect normal sequential OR deterioration of ~200–250 bps (excluding the annual actuarial reconciling item). Based on October’s trend and expected cost headwinds, they target the low end of the normal OR range (~73.5%), with +/- 20 bps flexibility—implying Q4 margins won’t fully track the strong revenue outperformance.
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$53.52
70.2% downside
Current Fair Value
70.2% downsideOvervalued by 70.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $35.89 Billion |
|---|---|
| Enterprise Value | $35.62 Billion |
| Annual dividend | $1.15 |
| Dividend yield | 0.67% |
| Earnings per Share | $4.85 |
| Beta | 1.2 |
| Outstanding Shares | 207,085,000 |
Return
| Return on Equity | 25.56% |
|---|---|
| Return on Assets | 20.26% |
| Return on Invested Capital | 28.01% |
Valuation & Multiples
| P/E Ratio | 30.98 |
|---|---|
| PEG | 115.3 |
| Price to Sales | 6.64 |
| Price to Book Ratio | 8.54 |
| Enterprise Value to Revenue | 6.16 |
| Enterprise Value to EBIT | 24.43 |
| Enterprise Value to Net Income | 30 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$1.55
Consensus analyst estimateRevenue Estimate
$1.54 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 3, 2027
EPS Estimate
$1.50
Consensus analyst estimateRevenue Estimate
$1.55 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 45.68% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.80%▼ 76.17% |
|---|---|
| Total Invested | $1.36B▼ 96.23% |
| Investors Holding | 332▼ 717.00% |
About Old Dominion Freight Line, Inc.
CEO: Greg Gantt
