FedEx Freight vs Old Dominion
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The short version
- FedEx Freight is the larger business, with $8.8B of revenue in fiscal 2026 against $5.5B for Old Dominion, about 1.6 times as much.
- FedEx Freight 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 6.1%).
- Old Dominion turned more of its sales into free cash flow (17.4% FCF margin, against −2.4%).
- Old Dominion earned a higher return on the capital invested in it (24.3%, against 13.0%).
| Latest fiscal year | FDXF · FY26 | ODFL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.5B | $38.1B |
| Revenue | $8.8B | $5.5B |
| Free cash flow | −$212M | $955M |
| Net income | $655M | $1.0B |
| Growth | ||
| Revenue growth | −1.1% | −5.5% |
| 5-year growth | — | 6.5% |
| Share count change | 0.0% | −2.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 6.1% | 24.8% |
| Net margin | 7.5% | 18.6% |
| FCF margin | −2.4% | 17.4% |
| Return on capital | 13.0% | 24.3% |
| Return on equity | 69.1% | 23.9% |
| Balance sheet | ||
| Net debt | $4.3B | −$80.1M |
| Net debt / EBITDA | 4.1x | −0.1x |
| Dividends and buybacks | $48.0M | $966M |
| Valuation & quality | ||
| P/E | — | 35.1x |
| Piotroski F-score | — | 6 |
Revenue
FY17
FDXF —
ODFL $3.4B
FY18
FDXF —
ODFL $4.0B
FY19
FDXF —
ODFL $4.1B
FY20
FDXF —
ODFL $4.0B
FY21
FDXF —
ODFL $5.3B
FY22
FDXF —
ODFL $6.3B
FY23
FDXF —
ODFL $5.9B
FY24
FDXF $9.4B
ODFL $5.8B
FY25
FDXF $8.9B
ODFL $5.5B
FY26
FDXF $8.8B
ODFL —
FDXF
ODFL
Operating margin
FY17
FDXF —
ODFL 17.2%
FY18
FDXF —
ODFL 20.2%
FY19
FDXF —
ODFL 19.9%
FY20
FDXF —
ODFL 22.6%
FY21
FDXF —
ODFL 26.5%
FY22
FDXF —
ODFL 29.4%
FY23
FDXF —
ODFL 28.0%
FY24
FDXF 18.6%
ODFL 26.6%
FY25
FDXF 15.8%
ODFL 24.8%
FY26
FDXF 6.1%
ODFL —
FDXF
ODFL
Free cash flow
FY17
FDXF —
ODFL $154M
FY18
FDXF —
ODFL $312M
FY19
FDXF —
ODFL $505M
FY20
FDXF —
ODFL $708M
FY21
FDXF —
ODFL $663M
FY22
FDXF —
ODFL $916M
FY23
FDXF —
ODFL $812M
FY24
FDXF $1.1B
ODFL $888M
FY25
FDXF $1.1B
ODFL $955M
FY26
FDXF −$212M
ODFL —
FDXF
ODFL
Return on capital
FY17
FDXF —
ODFL 22.1%
FY18
FDXF —
ODFL 25.4%
FY19
FDXF —
ODFL 23.3%
FY20
FDXF —
ODFL 25.0%
FY21
FDXF —
ODFL 36.0%
FY22
FDXF —
ODFL 41.8%
FY23
FDXF —
ODFL 33.3%
FY24
FDXF —
ODFL 29.0%
FY25
FDXF —
ODFL 24.3%
FY26
FDXF 13.0%
ODFL —
FDXF
ODFL
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.