Old Dominion

Old Dominion Freight Line is one of the premier less-than-truckload carriers in the United States, moving smaller freight shipments across a tightly run national network. Renowned for service quality and operating efficiency, it has steadily taken market share and consistently posts some of the best margins in trucking. Old Dominion began paying a dividend around a decade ago and has raised it rapidly since, funded by strong free cash flow, though it still returns far more capital through buybacks. The yield is very low, reflecting both a premium valuation and the early stage of its dividend. The payout is growing quickly from a small base, making it a dividend-growth story rather than a source of meaningful current income.