Old Dominion vs XPO
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The short version
- XPO is the larger business, with $8.2B of revenue in fiscal 2025 against $5.5B for Old Dominion.
- XPO grew revenue faster (1.1%, against −5.5%).
- Old Dominion kept more of each dollar of sales as operating profit (24.8% operating margin, against 8.0%).
- Old Dominion turned more of its sales into free cash flow (17.4% FCF margin, against 4.0%).
- Old Dominion earned a higher return on the capital invested in it (24.3%, against 9.5%).
- Investors pay more for each dollar of XPO’s earnings: a P/E of 54.2x against 35.1x for Old Dominion.
| Latest fiscal year | ODFL · FY25 | XPO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $38.1B | $21.6B |
| Revenue | $5.5B | $8.2B |
| Free cash flow | $955M | $329M |
| Net income | $1.0B | $316M |
| Growth | ||
| Revenue growth | −5.5% | 1.1% |
| 5-year growth | 6.5% | 5.8% |
| Share count change | −2.3% | −0.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 24.8% | 8.0% |
| Net margin | 18.6% | 3.9% |
| FCF margin | 17.4% | 4.0% |
| Return on capital | 24.3% | 9.5% |
| Return on equity | 23.9% | 18.3% |
| Balance sheet | ||
| Net debt | −$80.1M | $3.2B |
| Net debt / EBITDA | −0.1x | 2.8x |
| Dividends and buybacks | $966M | $125M |
| Valuation & quality | ||
| P/E | 35.1x | 54.2x |
| Piotroski F-score | 6 | 5 |
Revenue
FY16
ODFL $3.0B
XPO $14.6B
FY17
ODFL $3.4B
XPO $15.4B
FY18
ODFL $4.0B
XPO $17.3B
FY19
ODFL $4.1B
XPO $10.7B
FY20
ODFL $4.0B
XPO $6.2B
FY21
ODFL $5.3B
XPO $7.2B
FY22
ODFL $6.3B
XPO $7.7B
FY23
ODFL $5.9B
XPO $7.7B
FY24
ODFL $5.8B
XPO $8.1B
FY25
ODFL $5.5B
XPO $8.2B
ODFL
XPO
Operating margin
FY16
ODFL 16.2%
XPO 3.2%
FY17
ODFL 17.2%
XPO 3.8%
FY18
ODFL 20.2%
XPO 4.1%
FY19
ODFL 19.9%
XPO 5.3%
FY20
ODFL 22.6%
XPO 1.6%
FY21
ODFL 26.5%
XPO 4.3%
FY22
ODFL 29.4%
XPO 4.9%
FY23
ODFL 28.0%
XPO 5.7%
FY24
ODFL 26.6%
XPO 8.2%
FY25
ODFL 24.8%
XPO 8.0%
ODFL
XPO
Free cash flow
FY16
ODFL $148M
XPO $139M
FY17
ODFL $154M
XPO $281M
FY18
ODFL $312M
XPO $551M
FY19
ODFL $505M
XPO $250M
FY20
ODFL $708M
XPO $139M
FY21
ODFL $663M
XPO $387M
FY22
ODFL $916M
XPO $303M
FY23
ODFL $812M
XPO −$839M
FY24
ODFL $888M
XPO $19.0M
FY25
ODFL $955M
XPO $329M
ODFL
XPO
Return on capital
FY16
ODFL 16.0%
XPO 4.6%
FY17
ODFL 22.1%
XPO 7.3%
FY18
ODFL 25.4%
XPO 7.1%
FY19
ODFL 23.3%
XPO 5.8%
FY20
ODFL 25.0%
XPO 1.1%
FY21
ODFL 36.0%
XPO 5.0%
FY22
ODFL 41.8%
XPO 6.8%
FY23
ODFL 33.3%
XPO 8.4%
FY24
ODFL 29.0%
XPO 11.6%
FY25
ODFL 24.3%
XPO 9.5%
ODFL
XPO
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.