Oil-Dri Corporation of America (NYSE: ODC) is a mineral-based sorbent products company that develops, mines, manufactures, and markets absorbent products principally derived from calcium bentonite, attapulgite, and diatomaceous shale. Revenue comes from transactional product sales across two segments: the Retail and Wholesale Products Group, which sells cat litter and related consumer products, and the Business to Business Products Group, which sells fluids purification, agricultural and horticultural, and animal health products to industrial and commercial customers. Oil-Dri surface mines its own clay from owned and leased land in Mississippi, Georgia, Illinois, and California, giving it vertical integration from raw material extraction through finished goods. Consolidated net sales in fiscal year 2025 were $485.6 million, with Walmart and its affiliates representing approximately 19% of total net sales. The company controls proven and probable mineral reserves of approximately 207.6 million tons as of July 31, 2025, estimated adequate for over forty years of production at current consumption rates.

Revenue model

Transactional product sales across two reportable segments. The Retail and Wholesale Products Group sells branded and private-label cat litter (Cat's Pride, Jonny Cat, KatKit, Litter Pearls) through mass-merchandisers, grocery, and e-commerce. The Business to Business Products Group sells fluids purification bleaching clays, agricultural and horticultural chemical carriers, and animal health and nutrition products to industrial processors and ingredient buyers. No subscription or licensing revenue is disclosed.

Products and services

Cat litter (scoopable, coarse non-clumping, lightweight, and silica-gel crystal formats) under Cat's Pride, Jonny Cat, and KatKit brands. Fluids purification and bleaching clays for edible oil processors and renewable diesel and petroleum refiners under Pure-Flo and Ultra-Clear trade names. Agricultural and horticultural chemical carriers under Agsorb and Flo-Fre. Animal health and nutrition products under Amlan, Calibrin, Varium, and related brands. Industrial and automotive floor absorbents. Sports field products including Pro's Choice soil conditioners, Pro Mound packing clay, and Rapid Dry drying agent.

Customers and end markets

Two primary customer types: resellers who sell Oil-Dri products in original form to end consumers (primarily retail cat litter), and industrial or commercial customers who use products as inputs in their own production processes. Walmart and affiliates accounted for approximately 19% of total net sales in fiscal year 2025. Business to Business end markets include edible oil processing, renewable diesel and petroleum refining, crop protection chemical formulation, and animal feed and health. Sports field products serve professional, college, high school, and municipal athletic facilities.

Value-chain role

Vertically integrated producer: Oil-Dri holds mineral rights, conducts surface mining at owned and leased sites, operates manufacturing facilities, and distributes finished goods through independent food brokers, industrial distributors, mass-merchandisers, and direct sales. The company owns the extraction, processing, and branding steps for its clay-based products.

Geographic exposure

Products sold domestically and internationally. Mining and manufacturing operations located in Mississippi, Georgia, Illinois, and California, with additional mineral reserves in Nevada and Tennessee (as of July 31, 2025). International sales channels include mass-merchandisers, environmental service companies, and industrial distributors, though specific international revenue percentages are not disclosed in the excerpts.

Competitors

The Clorox Pet Products Company (Fresh Step brand)

Source: SEC 10-K, filed 2025-10-09

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