Old Dominion vs Saia
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The short version
- Old Dominion is the larger business, with $5.5B of revenue in fiscal 2025 against $3.2B for Saia, about 1.7 times as much.
- Saia grew revenue faster (0.8%, against −5.5%).
- Old Dominion kept more of each dollar of sales as operating profit (24.8% operating margin, against 10.9%).
- Old Dominion turned more of its sales into free cash flow (17.4% FCF margin, against 0.9%).
- Old Dominion earned a higher return on the capital invested in it (24.3%, against 10.2%).
- Investors pay more for each dollar of Old Dominion’s earnings: a P/E of 35.1x against 32.1x for Saia.
| Latest fiscal year | ODFL · FY25 | SAIA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $38.1B | $8.9B |
| Revenue | $5.5B | $3.2B |
| Free cash flow | $955M | $27.3M |
| Net income | $1.0B | $255M |
| Growth | ||
| Revenue growth | −5.5% | 0.8% |
| 5-year growth | 6.5% | 12.2% |
| Share count change | −2.3% | −0.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 24.8% | 10.9% |
| Net margin | 18.6% | 7.9% |
| FCF margin | 17.4% | 0.9% |
| Return on capital | 24.3% | 10.2% |
| Return on equity | 23.9% | 10.4% |
| Balance sheet | ||
| Net debt | −$80.1M | $144M |
| Net debt / EBITDA | −0.1x | 0.2x |
| Dividends and buybacks | $966M | $0.0M |
| Valuation & quality | ||
| P/E | 35.1x | 32.1x |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
ODFL $3.0B
SAIA $1.3B
FY17
ODFL $3.4B
SAIA $1.4B
FY18
ODFL $4.0B
SAIA $1.7B
FY19
ODFL $4.1B
SAIA $1.8B
FY20
ODFL $4.0B
SAIA $1.8B
FY21
ODFL $5.3B
SAIA $2.3B
FY22
ODFL $6.3B
SAIA $2.8B
FY23
ODFL $5.9B
SAIA $2.9B
FY24
ODFL $5.8B
SAIA $3.2B
FY25
ODFL $5.5B
SAIA $3.2B
ODFL
SAIA
Operating margin
FY16
ODFL 16.2%
SAIA 6.3%
FY17
ODFL 17.2%
SAIA 6.7%
FY18
ODFL 20.2%
SAIA 8.5%
FY19
ODFL 19.9%
SAIA 8.5%
FY20
ODFL 22.6%
SAIA 9.9%
FY21
ODFL 26.5%
SAIA 14.6%
FY22
ODFL 29.4%
SAIA 16.9%
FY23
ODFL 28.0%
SAIA 16.0%
FY24
ODFL 26.6%
SAIA 15.0%
FY25
ODFL 24.8%
SAIA 10.9%
ODFL
SAIA
Free cash flow
FY16
ODFL $148M
SAIA $27.1M
FY17
ODFL $154M
SAIA −$28.9M
FY18
ODFL $312M
SAIA $32.8M
FY19
ODFL $505M
SAIA −$14.8M
FY20
ODFL $708M
SAIA $78.0M
FY21
ODFL $663M
SAIA $96.9M
FY22
ODFL $916M
SAIA $106M
FY23
ODFL $812M
SAIA $138M
FY24
ODFL $888M
SAIA −$460M
FY25
ODFL $955M
SAIA $27.3M
ODFL
SAIA
Return on capital
FY16
ODFL 16.0%
SAIA 9.6%
FY17
ODFL 22.1%
SAIA 15.0%
FY18
ODFL 25.4%
SAIA 14.3%
FY19
ODFL 23.3%
SAIA 13.4%
FY20
ODFL 25.0%
SAIA 14.5%
FY21
ODFL 36.0%
SAIA 23.5%
FY22
ODFL 41.8%
SAIA 27.8%
FY23
ODFL 33.3%
SAIA 22.7%
FY24
ODFL 29.0%
SAIA 17.7%
FY25
ODFL 24.3%
SAIA 10.2%
ODFL
SAIA
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.