olivLaw · US equity research
Oil-Dri Corporation of America ODC
Miscellaneous Manufacturing Industries · SIC 3990 · Vertical: Miscellaneous Manufacturing Industries (SIC 3990)
Oil-Dri Corporation of America (ODC) develops, manufactures and markets sorbent products made mainly from clay minerals, chiefly cat litter, purification products and agricultural carriers. In fiscal 2026 the company reported record sales and net income, although gross margin declined on higher costs, which makes the trend in costs and its dependence on a few large customers worth watching. Net sales were 493.8 million USD and net income 57.0 million USD.
At the close of 05 Nov 2026, Oil-Dri Corporation of America (ODC) stock was 68.62 USD (−3.27% on the day), with P/E 30.9 on diluted EPS of 2.22 USD over the last 12 months, dividend yield 1.19%, beta 0.51, 52-week range 46.21–106.44 USD. Latest reported quarter (Q4 2026): revenue of 129.3 m USD (+3.3% YoY), net income of 14.4 m USD (+10.4% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 29.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 64.17 – 87.55
- in the lower half of the band · %B 0.19 · band width 30.8%
- SMA 50 / 200
- 83.64 / 80.16
- mixed trend
- MACD (12, 26, 9)
- -4.37 / -4.06
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −22.1% | −5.9% | −16.2 pp | — |
| 3 months | −28.9% | −4.6% | −24.3 pp | — |
| 6 months | −9.3% | +0.2% | −9.6 pp | — |
| Year to date | +40.2% | +7.4% | +32.8 pp | — |
| 1 year | +20.7% | +8.2% | +12.5 pp | −45.6% |
| 3 years | +136.8% | +68.4% | +68.4 pp | −3.3% |
| 5 years | +268.9% | +56.5% | +212.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 127.9 m | 116.9 m | 115.5 m | 125.2 m | 120.5 m | 117.7 m | 126.3 m | 129.3 m |
| Cost of revenue | 87.2 m | 82.5 m | 82.5 m | 90.4 m | 85.0 m | 85.4 m | 92.6 m | 93.3 m |
| Gross profit | 40.8 m | 34.4 m | 33.0 m | 34.8 m | 35.5 m | 32.3 m | 33.7 m | 36.0 m |
| SG&A | 19.6 m | 17.0 m | 19.1 m | 19.2 m | 18.5 m | 16.6 m | 16.6 m | 17.7 m |
| Operating income | 21.2 m | 17.5 m | 13.9 m | 15.6 m | 17.0 m | 15.7 m | 17.1 m | 18.2 m |
| Depreciation & amortisation | 5.4 m | 5.4 m ≈ | 5.6 m ≈ | 5.7 m | 5.8 m | 5.7 m ≈ | 5.7 m ≈ | 6.0 m |
| Interest expense | 734.0 k | 606.0 k | 548.0 k | 546.0 k | 556.0 k | 555.0 k | 537.0 k | 551.0 k |
| Pre-tax income | 20.2 m | 16.3 m | 14.2 m | 15.5 m | 17.7 m | 15.8 m | 17.9 m | 18.1 m |
| Income tax | 3.8 m | 3.3 m | 2.6 m | 2.4 m | 2.2 m | 3.2 m | 3.4 m | 3.7 m |
| Net income | 16.4 m | 12.9 m | 11.6 m | 13.1 m | 15.5 m | 12.6 m | 14.5 m | 14.4 m |
| Operating cash flow | 10.9 m | 21.4 m ≈ | 22.7 m ≈ | 25.2 m | 10.3 m | 18.1 m ≈ | 24.8 m ≈ | 26.9 m |
| Capex | 12.8 m | 5.0 m ≈ | 6.7 m ≈ | 8.1 m | 9.1 m | 5.8 m ≈ | 6.1 m ≈ | 13.3 m |
| Dividends paid | 2.1 m | 2.1 m ≈ | 2.1 m ≈ | 2.1 m | 2.4 m | 2.4 m ≈ | 2.7 m ≈ | 2.8 m |
| Share repurchases | 2.0 m | 180.0 k ≈ | 69.0 k ≈ | 116.0 k | 7.0 m | 5.4 m ≈ | 173.0 k ≈ | 37.0 k |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 15-quarter history (min 7.5, median 11.6, max 22.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 277.0 m | 283.2 m | 305.0 m | 348.6 m | 413.0 m | 437.6 m | 485.6 m | 493.8 m |
| Revenue YoY | +4.1% | +2.2% | +7.7% | +14.3% | +18.5% | +5.9% | +11.0% | +1.7% |
| Net income | 12.6 m | 18.9 m | 11.1 m | 5.7 m | 29.6 m | 39.4 m | 54.0 m | 57.0 m |
| Net income YoY | +53.0% | +49.9% | −41.2% | −48.9% | +420.8% | +33.4% | +37.0% | +5.5% |
| Diluted EPS | 1.67 | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | +50.5% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 4.6% | 6.7% | 3.6% | 1.6% | 7.2% | 9.0% | 11.1% | 11.5% |
| Free cash flow | 11.7 m | 27.7 m | -5.2 m | -13.0 m | 25.4 m | 28.3 m | 47.6 m | 45.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Jul 2026
- Cash
- 73.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 297.7 m USD
- Total assets
- 428.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.07x
- ROE
- 20.5%
- ROA
- 13.9%
- FCF margin
- 9.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 305.0 m | 348.6 m | 413.0 m | 437.6 m | 485.6 m | 493.8 m | SEC (XBRL)· 08 Oct 2026verified |
| Cost of revenue | 239.7 m | 286.1 m | 309.8 m | 312.5 m | 342.5 m | 356.3 m | SEC (XBRL)· 08 Oct 2026verified |
| Gross profit | 65.2 m | 62.5 m | 103.2 m | 125.1 m | 143.1 m | 137.5 m | SEC (XBRL)· 08 Oct 2026verified |
| Research & development | 2.5 m | 2.1 m | 1.2 m | 2.1 m | 2.4 m | 2.1 m | SEC (XBRL)· 08 Oct 2026verified |
| SG&A | 52.2 m | 52.1 m | 62.2 m | 73.4 m | 74.9 m | 69.5 m | SEC (XBRL)· 08 Oct 2026verified |
| Operating income | 13.0 m | 4.8 m | 41.0 m | 51.6 m | 68.2 m | 68.0 m | SEC (XBRL)· 08 Oct 2026verified |
| Depreciation & amortisation | 14.2 m | 13.5 m | 15.5 m | 19.3 m | 22.0 m | 23.2 m | SEC (XBRL)· 08 Oct 2026verified |
| EBITDA | 27.2 m ≈ | 18.3 m ≈ | 56.6 m ≈ | 70.9 m ≈ | 90.3 m ≈ | 91.2 m ≈ | SEC (XBRL)· 08 Oct 2026derived |
| Interest expense | 722.0 k | 1.2 m | 1.5 m | 1.8 m | 2.4 m | 2.2 m | SEC (XBRL)· 08 Oct 2026verified |
| Pre-tax income | 13.4 m | 5.7 m | 34.7 m | 49.7 m | 66.2 m | 69.5 m | SEC (XBRL)· 08 Oct 2026verified |
| Income tax | 2.4 m | 97.0 k | 5.2 m | 10.2 m | 12.2 m | 12.5 m | SEC (XBRL)· 08 Oct 2026verified |
| Net income | 11.1 m | 5.7 m | 29.6 m | 39.4 m | 54.0 m | 57.0 m | SEC (XBRL)· 08 Oct 2026verified |
| Dividend per share | — | — | 0.57 | 0.59 | 0.65 | 0.82 | SEC (XBRL)· 08 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 24.6 m | 16.3 m | 31.8 m | 23.5 m | 50.5 m | 73.7 m | SEC (XBRL)· 08 Oct 2026verified |
| Receivables | 40.9 m | 51.7 m | 59.3 m | 62.2 m | 69.4 m | 75.4 m | SEC (XBRL)· 08 Oct 2026verified |
| Inventories | 23.6 m | 40.5 m | 42.6 m | 54.2 m | 51.6 m | 53.5 m | SEC (XBRL)· 08 Oct 2026verified |
| Current assets | 101.9 m | 112.1 m | 136.5 m | 147.2 m | 177.4 m | 208.6 m | SEC (XBRL)· 08 Oct 2026verified |
| Property, plant & equipment, net | 95.9 m | 110.4 m | 120.9 m | 137.8 m | 149.7 m | 160.2 m | SEC (XBRL)· 08 Oct 2026verified |
| Goodwill | 9.3 m | 3.6 m | 3.6 m | 15.4 m | 16.0 m | 16.0 m | SEC (XBRL)· 08 Oct 2026verified |
| Intangibles (excl. goodwill) | — | — | 22.0 k | 20.0 m | 18.9 m | 17.8 m | SEC (XBRL)· 08 Oct 2026verified |
| Total assets | 227.6 m | 249.6 m | 286.2 m | 354.6 m | 392.2 m | 428.8 m | SEC (XBRL)· 08 Oct 2026verified |
| Accounts payable | 9.2 m | 13.4 m | 17.1 m | 15.0 m | 16.8 m | 16.1 m | SEC (XBRL)· 08 Oct 2026verified |
| Current liabilities | 39.0 m | 48.5 m | 58.8 m | 66.7 m | 69.2 m | 68.0 m | SEC (XBRL)· 08 Oct 2026verified |
| Total liabilities | 68.3 m | 99.3 m | 109.2 m | 144.0 m | 133.2 m | 131.1 m | SEC (XBRL)· 08 Oct 2026verified |
| Equity | 159.2 m | 150.3 m | 177.1 m | 210.6 m | 259.1 m | 297.7 m | SEC (XBRL)· 08 Oct 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 13.6 m | 9.0 m | 49.8 m | 60.3 m | 80.2 m | 80.1 m | SEC (XBRL)· 08 Oct 2026verified |
| Capex | 18.8 m | 22.0 m | 24.4 m | 32.0 m | 32.6 m | 34.2 m | SEC (XBRL)· 08 Oct 2026verified |
| Free cash flow | -5.2 m ≈ | -13.0 m ≈ | 25.4 m ≈ | 28.3 m ≈ | 47.6 m ≈ | 45.9 m ≈ | SEC (XBRL)· 08 Oct 2026derived |
| Investing cash flow | -18.8 m | -22.0 m | -24.6 m | -76.1 m | -32.5 m | -32.9 m | SEC (XBRL)· 08 Oct 2026verified |
| Financing cash flow | -11.3 m | 4.7 m | -9.5 m | 8.3 m | -21.7 m | -24.0 m | SEC (XBRL)· 08 Oct 2026verified |
| Dividends paid | 7.2 m | 7.4 m | 7.4 m | 7.8 m | 8.4 m | 10.4 m | SEC (XBRL)· 08 Oct 2026verified |
| Share repurchases | 3.1 m | 11.8 m | 1.1 m | 2.8 m | 2.3 m | 12.6 m | SEC (XBRL)· 08 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.71 – 14.40 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)10.71 – 14.40 (Mid 12.28)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 11.5% | 75 (vs peers) | 18% |
| FCF conversion · Quality | 80.6% | 72 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | 6.1% | 51 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 30.9x | 100 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 22.6% | 100 (on a fixed band) | 12% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partial51/100 · 1/2 factors with a value
- Quality74/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Oil-Dri Corporation of America (ODC). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 493.8 m USD in 2026; YoY growth 1.7%; net margin 11.5%; ROE 20.5%.
The estimated value range is 10.71–14.40 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 12.28 USD, the price of 68.62 USD leaves a potential of -82.1% (value / price − 1) and a margin of safety of -458.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 11.5%
- FCF conversion: 80.6%
- Interest coverage: 30.9x
- Current ratio: 3.1x
- Payout ratio (FCF): 22.6%
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Miscellaneous Manufacturing Industries (SIC 3990) · same industry (4-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMCRAmcor PLC | 21.2 bn | 19.6 | 9.3% | 4.5% | +56.6% | +8% / −3% |
| DAKTDaktronics, Inc. | 925.3 m | 19.6 | 16.2% | 5.7% | +10.9% | +2% / +84% |
| HCAIHuachen AI Parking Management Technology Holding Co., Ltd | 85.8 m | — | -402.1% | -642.6% | −83.9% | −75% / unavailable |
| MWGMulti Ways Holdings Limited | 44.3 m | — | -2.0% | -1.0% | +44.1% | −51% / −53% |
| VTSIVirTra, Inc. | 30.6 m | — | -6.1% | — | unavailable | −46% / −63% |
| DOGZDogness (International) Corporation | 8.7 m | — | -32.0% | -173.9% | −23.3% | −95% / −81% |
| JCSEJe Cleantech Holdings Limited | 8.1 m | 3.2 | 18.3% | 15.9% | +11.8% | +36% / +66% |
| WFFWF Holding Ltd | 5.7 m | — | -127.3% | -64.4% | +61.9% | −63% / unavailable |
| ODCOil-Dri Corporation of America | — | — | 20.5% | 11.5% | +1.7% | +21% / +137% |
| BRCBrady Corp | — | — | 16.1% | 12.4% | +9.8% | +2% / +42% |
1- and 3-year price returns: for ODC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Oil-Dri Corporation of America (ODC) develops, manufactures and markets sorbent products made mainly from clay minerals, chiefly cat litter, purification products and agricultural carriers. In fiscal 2026 the company reported record sales and net income, although gross margin declined on higher costs, which makes the trend in costs and its dependence on a few large customers worth watching. Net sales were 493.8 million USD and net income 57.0 million USD.
SWOT
Strengths
- The company holds a leading position in sorbents, with mineral reserves it considers sufficient for more than four decades and with vertical integration.
- The Cat's Pride brand is well recognized and includes an antibacterial product approved by the environmental agency, which offers a differentiation advantage.
- The company's balance sheet reached a record level of cash at the end of fiscal 2026, which provides flexibility for investment and dividends.
Weaknesses
- Gross margin declined in fiscal 2026, showing sensitivity to rising production and transport costs.
- Clay-based litter sales fell, partly due to changes in private label distribution and promotional activity in the prior year.
- The company depends on a small number of large customers, and losing or reducing orders from one of them could significantly affect results.
Opportunities
- Crystal and co-packaged litter have grown and could support a new phase of growth if demand continues.
- Demand for agricultural carrier products has grown, and expanding this offering could generate additional revenue.
- Strategic acquisitions, such as Ultra Pet, could expand the portfolio and geographic markets if integrated effectively.
Threats
- Price pressure from large retailers and competitors with bigger promotional budgets could reduce margins.
- Rising energy, transport and labor costs could be difficult to pass on to customers.
- A recession that reduces discretionary spending on pets could lower demand for the company's products.
Risks
- Dependence on large customershigh
A small number of customers account for a large share of sales, and orders are mainly placed individually rather than under long-term contracts. If a major customer reduces purchases, the impact on results could be significant.
- Cost pressurehigh
Rising energy, raw material and transport costs can reduce profitability if they cannot be passed on in prices. The company already reported a lower gross margin in fiscal 2026.
- New product launchesmedium
Growth depends on successfully introducing new products, and investments in research and marketing may not be recovered if products fail to gain market acceptance.
- Acquisition risksmedium
Integrating acquisitions such as Ultra Pet can bring unexpected costs, loss of key customers or benefits below expectations, and financing them can increase debt.
- Volatility of quarterly resultslow
Quarterly results vary significantly and many expenses are fixed in the short term. An unexpected sales shortfall could affect the results of a quarter.
Investment thesis
What would need to be true (bull case)
- The company reported record sales and net income in fiscal 2026, and the Cat's Pride brand and mineral reserves provide a solid long-term base.
- Growth in crystal litter, co-packaged products and agricultural carriers shows that a diversified portfolio can offset weakness in certain categories.
- Strong operating cash flow and record cash levels suggest capacity to fund investment and dividends if these trends hold.
What would break the thesis
- Gross margin declined in fiscal 2026, and production and transport costs rose faster than sales, which could pressure profitability.
- Dependence on one large customer and price pressure from retailers could limit the company's ability to maintain margins.
- B2B sales eased in fiscal 2026, and demand for renewable diesel filtration fell from a peak, showing the volatility of this segment.
What to watch
- Trend in gross margin and cost per tonQ1 2027
- Sales to Walmart and its share of total salesnext 10-K
- Recovery of demand for fluids purification and animal health products2027
- Effect of the expanded credit line and note facility on financing flexibility2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Oil-Dri develops, manufactures and markets sorbent products derived mainly from clay minerals such as calcium bentonite, attapulgite and diatomaceous shale, which it surface mines from owned or leased land in Mississippi, Georgia, Illinois and California. From these materials it produces absorbents, which draw liquids into their pores, and adsorbents, which attract impurities. Known brands include Cat's Pride, Jonny Cat and Amlan, and the company also sells synthetic silica-based products. According to the report, the company was incorporated in Delaware in 1969 and has two reportable segments: Retail and Wholesale Products and Business to Business Products. Net sales of the Retail and Wholesale group were 313.6 million USD and of the Business to Business group 180.2 million USD in fiscal 2026.
Segments
Retail and Wholesale Products
This segment, with net sales of 313.6 million USD in fiscal 2026, includes clay-based and crystal cat litter, co-packaged products, and industrial and sports field products. Sales growth was supported by co-packaged and crystal litter, while clay-based litter declined. Walmart is an important customer of this segment.
Business to Business Products
The B2B segment covers bleaching and purification products for edible oils and fuels, agricultural carriers, and animal health and nutrition products. Sales eased slightly in fiscal 2026 due to weaker demand for fluids purification, while agricultural products grew. Demand for filtering renewable diesel was an important factor for this segment.
Foreign operations
Subsidiaries in Canada, the Netherlands, the United Kingdom, China, Mexico and Indonesia make up a small part of consolidated sales. Foreign subsidiaries generated net sales of 19.8 million USD in fiscal 2026, about 4% of the total, a small share that could still contribute to diversification.
Market context
The market for sorbent products is dominated by mineral cat litter, where clay-based products hold most of the share, followed by coarse non-clumping litter, while silica-gel litter is described as a growing category. In the B2B segment, demand for bleaching clays grew in recent years because of renewable diesel filtration, and the market for animal and agricultural products is competitive globally. The company describes its market as highly competitive.
Oil-Dri operates in markets where competition is based on performance, price, brand recognition and distribution, and marketing and packaging strongly influence consumer purchases. The company says competition has historically been very vigorous, and its larger competitors in retail have established brands and greater financial resources.
Trends
- Demand for renewable diesel filtrationmixed
Demand for products used in renewable diesel filtration grew in recent years and supported the B2B segment. In fiscal 2026 this demand fell from the prior year, when new customers began operations in new plants. If investment in renewable fuels continues, demand could recover.
- Rising production and transport costsheadwind
Per-ton manufacturing and transport costs increased, driven by labor, materials, diesel and trucking capacity shortages. If these costs remain high, gross margin could continue to be pressured.
- Growth in crystal and co-packaged littertailwind
Sales of crystal litter and co-packaged products rose sharply in fiscal 2026, and the company extended its offering with lightweight litter. This direction could support growth in the Retail and Wholesale segment if consumer demand holds.
- Middle East uncertaintyheadwind
The company noted that geopolitical tensions in the Middle East contributed to market volatility in the second half of fiscal 2026 without a direct material impact. If the uncertainty persists, input and transport costs could rise in future periods.
Competitive position
The company has six principal competitors in the Retail and Wholesale segment, one of which is also a customer, and ten principal competitors in the B2B segment. Competitors in retail often have established brands and greater financial resources or market presence than Oil-Dri, which may allow them to spend more aggressively on advertising and promotion.
The company cites product innovation, a nationwide distribution network, customer service and vertical integration as advantages over smaller and regional manufacturers. In bleaching clays and fluids purification, competition is highly cost-competitive on a global basis.
- Principal cat litter competitors (Retail and Wholesale)
The company names four principal cat litter competitors with established brands and greater resources; their identities are not specified in the source.
- Principal industrial and sports field competitors
Two principal competitors are mentioned for industrial and sports products, without names in the official source.
- Global B2B and animal health competitors
The B2B segment has ten principal competitors, including multinational and local companies competing on price and performance.
- Paper and agricultural waste litter makers
These alternatives hold niche positions in cat litter according to the company, with no competitors named.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Proxy statement27 Oct 2026
- Current report08 Oct 2026Results of operations · Other events · Financial statements and exhibits
- Annual report08 Oct 2026
- Current report08 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report08 Jun 2026Results of operations · Other events · Financial statements and exhibits
- Quarterly report08 Jun 2026
- Current report03 Apr 2026Departure or appointment of officers · Financial statements and exhibits
- Current report12 Mar 2026Other events · Financial statements and exhibits
- Current report11 Mar 2026Results of operations · Other events
- Quarterly report11 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-07-31 · SEC / Oil-Dri Corporation of America · 08 Oct 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Oil-Dri Corporation of America · 08 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.