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Old Dominion Freight Line (Old Dominion Freight Line) Beneish M-Score

: -2.67 (As of Today)
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The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Old Dominion Freight Line's Beneish M-Score or its related term are showing as below:

ODFL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.98   Med: -2.7   Max: -2.39
Current: -2.67

During the past 13 years, the highest Beneish M-Score of Old Dominion Freight Line was -2.39. The lowest was -2.98. And the median was -2.70.


Old Dominion Freight Line Beneish M-Score Historical Data

The historical data trend for Old Dominion Freight Line's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Old Dominion Freight Line Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.73 -2.60 -2.44 -2.81 -2.67

Old Dominion Freight Line Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.81 -2.94 -2.82 -2.56 -2.67

Competitive Comparison

For the Trucking subindustry, Old Dominion Freight Line's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Old Dominion Freight Line Beneish M-Score Distribution

For the Transportation industry and Industrials sector, Old Dominion Freight Line's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Old Dominion Freight Line's Beneish M-Score falls into.



Old Dominion Freight Line Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Old Dominion Freight Line for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.0851+0.528 * 1.0202+0.404 * 1.1029+0.892 * 0.9371+0.115 * 0.9489
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1585+4.679 * -0.058849-0.327 * 0.8704
=-2.67

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $615 Mil.
Revenue was 1495.55 + 1515.277 + 1413.189 + 1442.136 = $5,866 Mil.
Gross Profit was 528.565 + 555.924 + 496.595 + 491.115 = $2,072 Mil.
Total Current Assets was $1,143 Mil.
Total Assets was $5,512 Mil.
Property, Plant and Equipment(Net PPE) was $4,095 Mil.
Depreciation, Depletion and Amortization(DDA) was $324 Mil.
Selling, General, & Admin. Expense(SGA) was $281 Mil.
Total Current Liabilities was $545 Mil.
Long-Term Debt & Capital Lease Obligation was $60 Mil.
Net Income was 322.815 + 339.287 + 292.362 + 285.038 = $1,240 Mil.
Non Operating Income was -0.913 + -0.861 + -1.947 + -1.511 = $-5 Mil.
Cash Flow from Operations was 436.693 + 429.235 + 287.84 + 415.367 = $1,569 Mil.
Total Receivables was $605 Mil.
Revenue was 1491.659 + 1603.69 + 1667.448 + 1497.28 = $6,260 Mil.
Gross Profit was 527.651 + 608.546 + 614.035 + 505.894 = $2,256 Mil.
Total Current Assets was $934 Mil.
Total Assets was $4,839 Mil.
Property, Plant and Equipment(Net PPE) was $3,687 Mil.
Depreciation, Depletion and Amortization(DDA) was $276 Mil.
Selling, General, & Admin. Expense(SGA) was $259 Mil.
Total Current Liabilities was $530 Mil.
Long-Term Debt & Capital Lease Obligation was $80 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(615.323 / 5866.152) / (605.129 / 6260.077)
=0.104894 / 0.096665
=1.0851

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(2256.126 / 6260.077) / (2072.199 / 5866.152)
=0.360399 / 0.353247
=1.0202

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (1143.333 + 4095.405) / 5512.393) / (1 - (933.74 + 3687.068) / 4838.61)
=0.049644 / 0.045013
=1.1029

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=5866.152 / 6260.077
=0.9371

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(276.066 / (276.066 + 3687.068)) / (324.449 / (324.449 + 4095.405))
=0.069659 / 0.073407
=0.9489

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(281.053 / 5866.152) / (258.883 / 6260.077)
=0.047911 / 0.041355
=1.1585

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((59.977 + 544.658) / 5512.393) / ((79.963 + 529.793) / 4838.61)
=0.109686 / 0.126019
=0.8704

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(1239.502 - -5.232 - 1569.135) / 5512.393
=-0.058849

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Old Dominion Freight Line has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.


Old Dominion Freight Line Beneish M-Score Related Terms

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Old Dominion Freight Line (Old Dominion Freight Line) Business Description

Traded in Other Exchanges
Address
500 Old Dominion Way, Thomasville, NC, USA, 27360
Old Dominion Freight Line is the second-largest less than truckload carrier in the United States, with more than 250 service centers and 11,000-plus tractors. It is 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 steadfast infrastructure investment.
Executives
David S Congdon director, 10 percent owner, officer: President and COO C/O OLD DOMINION FREIGHT LINE, INC., 500 OLD DOMINION WAY, THOMASVILLE NC 27360
Stith Thomas A. Iii director 500 OLD DOMINION WAY, THOMASVILLE NC 27360
Steven W. Hartsell officer: SVP - Sales 500 OLD DOMINION WAY, THOMASVILLE NC 27360
Andrew Stephen Davis director 500 OLD DOMINION WAY, THOMASVILLE NC 27360
Christopher James Kelley officer: SVP - Operations 500 OLD DOMINION WAY, THOMASVILLE NC 27360
Bradley R Gabosch director 500 OLD DOMINION WAY, THOMASVILLE NC 27360
David J. Bates officer: SVP - Operations C/O XPO, INC., FIVE AMERICAN LANE, GREENWICH CT 06831
Leo H Suggs director UNION PACIFIC CORP, 1416 DODGE ST, OMAHA NE 68179
D. Michael Wray director 7205 PINETREE ROAD, RICHMOND VA 23229
Gregory B Plemmons officer: SVP - Sales 500 OLD DOMINION WAY, THOMASVILLE NC 27360
Wendy T. Stallings director 500 OLD DOMINION WAY, THOMASVILLE NC 27360
Earl E Congdon director, officer: Chairman of the Board and CEO C/O OLD DOMINION FREIGHT LINE, INC., 500 OLD DOMINION WAY, THOMASVILLE NC 27360
Sherry A Aaholm director 500 JACKSON STREET, COLUMBUS IN 47201
Christopher T Brooks officer: SVP - Human Resources & Safety 500 OLD DOMINION WAY, THOMASVILLE NC 27360
Kimberly S Maready officer: VP - Accounting & Fin. (PAO) 500 OLD DOMINION WAY, THOMASVILLE NC 27360

Old Dominion Freight Line (Old Dominion Freight Line) Headlines