Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin24.8%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin18.6%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
A
Years to Pay Off Debt0.0 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt$191M
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$211M
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
N/A
Cash Flow
B
Free Cash Flow$955M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income40.5%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$1.8B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Market Data
Key Margins
Gross Profit33.0%
Operating Margin24.8%
Net Margin18.6%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
Gross Profit %
33.0%▼
34.8%▼
35.3%▼
36.0%
Operating Margin %
24.8%▼
26.6%▼
28.0%▼
29.4%
Net Income %
18.6%▼
20.4%▼
21.1%▼
22.0%
Diluted EPS
4.84▼
5.48▼
5.63▼
6.09
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$5.5B
$5.5B
$5.5B
$4.8B
N/A
Total Debt
$40M▼
$60M▼
$80M▼
$100M•
N/A
Working Capital
$211M▲
$180M▼
$599M▲
$404M•
N/A
Years to Pay Debt
0.04
0.05
0.06
0.07
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$955M▲
$888M▲
$812M▼
$916M•
N/A
Owner Earnings
$1.8B
$2.3B
$2.3B
$2.4B
N/A
CapEx % of Net Income
40.5%
65.0%
61.1%
56.3%
N/A
Income Statement
2025
2024
2023
2022
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
1,726,295
1,902,387
1,972,689
2,118,978
Net Income From Continuing Operation Net Minority Interest
1,023,703
1,186,073
1,239,502
1,377,159
Reconciled Depreciation
364,691
344,578
324,449
276,066
Reconciled Cost Of Revenue
3,681,025
3,792,017
3,793,953
4,003,951
EBITDA
1,726,295
1,902,387
1,972,689
2,118,978
EBIT
1,361,604
1,557,809
1,648,240
1,842,912
Net Interest Income
3,849
16,799
12,335
3,321
Interest Expense
296
212
464
1,563
Interest Income
4,145
17,011
12,799
4,884
Normalized Income
1,023,703
1,186,073
1,239,502
1,377,159
Net Income From Continuing And Discontinued Operation
1,023,703
1,186,073
1,239,502
1,377,159
Total Expenses
4,135,344
4,270,812
4,225,479
4,419,445
Total Operating Income As Reported
1,361,045
1,543,998
1,640,673
1,840,632
Diluted Average Shares
211,598
216,485
220,180
226,156
Basic Average Shares
210,535
215,326
218,842
224,682
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
1,023,703
1,186,073
1,239,502
1,377,159
Net Income Common Stockholders
1,023,703
1,186,073
1,239,502
1,377,159
Net Income
1,023,703
1,186,073
1,239,502
1,377,159
Net Income Including Noncontrolling Interests
1,023,703
1,186,073
1,239,502
1,377,159
Net Income Continuous Operations
1,023,703
1,186,073
1,239,502
1,377,159
Tax Provision
337,605
371,524
408,274
464,190
Pretax Income
1,361,308
1,557,597
1,647,776
1,841,349
Other Income Expense
-3,586
-3,200
-5,232
-2,604
Other Non Operating Income Expenses
-3,586
-3,200
-5,232
-2,604
Net Non Operating Interest Income Expense
3,849
16,799
12,335
3,321
Interest Expense Non Operating
296
212
464
1,563
Interest Income Non Operating
4,145
17,011
12,799
4,884
Operating Income
1,361,045
1,543,998
1,640,673
1,840,632
Operating Expense
454,319
478,795
431,526
415,494
Other Operating Expenses
32,863
24,373
4,831
15,372
Other Taxes
138,940
144,690
145,642
141,239
Selling General And Administration
282,516
309,732
281,053
258,883
General And Administrative Expense
282,516
309,732
281,053
258,883
Other Gand A
208,100
217,373
205,685
200,582
Insurance And Claims
74,416
92,359
75,368
58,301
Gross Profit
1,815,364
2,022,793
2,072,199
2,256,126
Cost Of Revenue
3,681,025
3,792,017
3,793,953
4,003,951
Total Revenue
5,496,389
5,814,810
5,866,152
6,260,077
Operating Revenue
5,496,389
5,814,810
5,866,152
6,260,077
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
208,557
212,985
217,931
220,446
Share Issued
208,557
212,985
217,931
220,446
Total Debt
39,995
59,987
79,977
99,963
Tangible Book Value
4,311,057
4,244,588
4,257,811
3,652,917
Invested Capital
4,351,052
4,304,575
4,337,788
3,752,880
Working Capital
210,927
180,154
598,675
403,947
Net Tangible Assets
4,311,057
4,244,588
4,257,811
3,652,917
Common Stock Equity
4,311,057
4,244,588
4,257,811
3,652,917
Total Capitalization
4,331,052
4,284,575
4,317,788
3,732,880
Total Equity Gross Minority Interest
4,311,057
4,244,588
4,257,811
3,652,917
Stockholders Equity
4,311,057
4,244,588
4,257,811
3,652,917
Retained Earnings
4,055,604
3,995,209
4,004,569
3,397,305
Additional Paid In Capital
234,597
228,081
231,449
244,590
Capital Stock
20,856
21,298
21,793
11,022
Common Stock
20,856
21,298
21,793
11,022
Total Liabilities Net Minority Interest
1,159,103
1,246,807
1,254,582
1,185,693
Total Non Current Liabilities Net Minority Interest
675,197
706,278
709,924
655,900
Other Non Current Liabilities
284,519
284,361
286,815
265,422
Non Current Deferred Liabilities
370,683
381,930
363,132
310,515
Non Current Deferred Taxes Liabilities
370,683
381,930
363,132
310,515
Long Term Debt And Capital Lease Obligation
19,995
39,987
59,977
79,963
Long Term Debt
19,995
39,987
59,977
79,963
Current Liabilities
483,906
540,529
544,658
529,793
Current Debt And Capital Lease Obligation
20,000
20,000
20,000
20,000
Current Debt
20,000
20,000
20,000
20,000
Other Current Borrowings
20,000
20,000
20,000
20,000
Pensionand Other Post Retirement Benefit Plans Current
239,122
285,421
278,953
288,278
Payables And Accrued Expenses
224,784
235,108
245,705
221,515
Current Accrued Expenses
148,942
143,289
132,931
115,240
Payables
75,842
91,819
112,774
106,275
Total Tax Payable
13,146
0
0
Income Tax Payable
13,146
0
0
Accounts Payable
62,696
91,819
112,774
106,275
Total Assets
5,470,160
5,491,395
5,512,393
4,838,610
Total Non Current Assets
4,775,327
4,770,712
4,369,060
3,904,870
Other Non Current Assets
271,123
265,281
273,655
217,802
Net PPE
4,504,204
4,505,431
4,095,405
3,687,068
Accumulated Depreciation
-2,377,275
-2,325,971
-2,154,412
-2,128,985
Gross PPE
6,881,479
6,831,402
6,249,817
5,816,053
Leases
15,654
14,919
14,436
13,516
Other Properties
3,342,461
3,452,782
3,213,934
3,052,437
Land And Improvements
3,523,364
3,363,701
3,021,447
2,750,100
Current Assets
694,833
720,683
1,143,333
933,740
Other Current Assets
80,403
84,316
94,211
92,944
Prepaid Assets
67,688
Receivables
494,339
527,691
615,323
605,129
Other Receivables
22,392
21,135
17,884
13,743
Taxes Receivable
0
5,002
18,554
12,738
Accounts Receivable
471,947
501,554
578,885
578,648
Allowance For Doubtful Accounts Receivable
-7,924
-9,272
-10,405
-10,689
Gross Accounts Receivable
479,871
510,826
589,290
589,337
Cash Cash Equivalents And Short Term Investments
120,091
108,676
433,799
235,667
Other Short Term Investments
0
49,355
254,433
Cash And Cash Equivalents
120,091
108,676
433,799
186,312
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
955,099
887,965
811,826
916,434
Repurchase Of Capital Stock
-730,338
-967,294
-453,613
-1,277,219
Repayment Of Debt
-20,000
-20,000
-20,000
0
Capital Expenditure
-415,034
-771,318
-757,309
-775,148
Interest Paid Supplemental Data
8,553
5,672
6,848
3,953
Income Tax Paid Supplemental Data
331,722
337,615
361,448
396,510
End Cash Position
120,091
108,676
433,799
186,312
Beginning Cash Position
108,676
433,799
186,312
462,564
Changes In Cash
11,415
-325,123
247,487
-276,252
Financing Cash Flow
-992,307
-1,233,212
-661,828
-1,420,362
Cash Flow From Continuing Financing Activities
-992,307
-1,233,212
-661,828
-1,420,362
Net Other Financing Charges
-6,328
-22,300
-13,126
-8,659
Cash Dividends Paid
-235,641
-223,618
-175,089
-134,484
Common Stock Dividend Paid
-235,641
-223,618
-175,089
-134,484
Net Common Stock Issuance
-730,338
-967,294
-453,613
-1,277,219
Common Stock Payments
-730,338
-967,294
-453,613
-1,277,219
Net Issuance Payments Of Debt
-20,000
-20,000
-20,000
0
Net Long Term Debt Issuance
-20,000
-20,000
-20,000
0
Long Term Debt Payments
-20,000
-20,000
-20,000
0
Investing Cash Flow
-366,411
-751,194
-659,820
-547,472
Cash Flow From Continuing Investing Activities
-366,411
-751,194
-659,820
-547,472
Net Other Investing Changes
100
-500
Net Investment Purchase And Sale
0
0
48,852
205,580
Sale Of Investment
0
30,000
48,852
369,300
Purchase Of Investment
0
-30,000
0
-163,720
Net PPE Purchase And Sale
-366,511
-751,194
-708,672
-753,052
Sale Of PPE
48,523
20,124
48,637
22,096
Purchase Of PPE
-415,034
-771,318
-757,309
-775,148
Operating Cash Flow
1,370,133
1,659,283
1,569,135
1,691,582
Cash Flow From Continuing Operating Activities
1,370,133
1,659,283
1,569,135
1,691,582
Change In Working Capital
-40,458
84,158
-55,347
-52,777
Change In Other Working Capital
-27,844
23,378
-7,238
-4,722
Change In Other Current Liabilities
-7,053
-8,348
-10,295
-39,552
Change In Payables And Accrued Expense
-24,548
-10,514
4,250
29,220
Change In Accrued Expense
4,575
10,441
-2,249
5,464
Change In Payable
-29,123
-20,955
6,499
23,756
Change In Account Payable
-29,123
-20,955
6,499
23,756
Change In Prepaid Assets
-9,363
5,562
-38,189
-24,714
Change In Receivables
28,350
74,080
-3,875
-13,009
Other Non Cash Items
17,652
17,186
18,665
16,658
Stock Based Compensation
12,854
11,349
11,080
15,893
Deferred Tax
-11,247
19,340
53,341
62,008
Deferred Income Tax
-11,247
19,340
53,341
62,008
Depreciation Amortization Depletion
364,691
344,578
324,449
276,066
Depreciation And Amortization
364,691
344,578
324,449
276,066
Operating Gains Losses
2,938
-3,401
-22,555
-3,425
Gain Loss On Sale Of PPE
2,938
-3,401
-22,555
-3,425
Net Income From Continuing Operations
1,023,703
1,186,073
1,239,502
1,377,159
2/5
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
N/A
N/A — requires
positive EPS and positive book value per share. Check the Financials tab for earnings history.
Margin of Safety
—
Market Cap / Net Assets
N/A
Net Assets: $4.3B
Warren's Owner Earnings
$1.8B
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
2/5 — Speculative Investor
✅
Adequate Size
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
$5.5B
vs > $1.5B revenue
❌
Strong Financial Condition
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
1.44x
vs Current Ratio > 2.0x
✅
Earnings Stability
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
No loss years (4 yrs data)
vs No negative EPS years
❌
Dividend Record
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
No dividend
vs Uninterrupted dividends
❌
Earnings Growth
EPS grew from $6.09 to $4.84 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
-20.5% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $5.5Bvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
❌ Strong Financial Condition — 1.44xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
✅ Earnings Stability — No loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
❌ Dividend Record — No dividendvs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $6.09 to $4.84 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
These metrics estimate what ODFL is worth based on fundamentals — independent of what the market prices it at.
Graham's Fair Value and NCAV are conservative floors.
EPV assumes zero growth. These are reference points, not price targets.
Net Current Asset Value
N/A
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
N/A
Per share, no-growth floor. Compare to current price.
ROIC — Return on Invested Capital
21.6%
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Cash Flow Analysis
Metric
2025
2024
2023
2022
2021
Capital Expenditure % of Net Income
40.5%
65.0%
61.1%
56.3%
N/A
Repurchase of Capital Stock
-$730M
-$967M
-$454M
-$1.3B
N/A
Free Cash Flow
$955M▲
$888M▲
$812M▼
$916M•
N/A•
Warren's Owner Earnings
$1.8B
$2.3B
$2.3B
$2.4B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare ODFL against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
No management data available.
Risk Analysis
ODFL (ODFL) fundamental analysis — Overall grade A based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 33.0%. Operating margin: 24.8%. Net margin: 18.6%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.