MeritValue

Oil-Dri Corp of America

ODCdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'

The thesis, from the filings

Oil-Dri Corp of America earns about 17% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$305M1$348.6M2$413M3$437.6M3$485.6M3
Net income$11.1M4$5.67M5$29.6M6$39.4M6$54M6
Operating cash flow$13.6M7$9.02M8$49.8M9$60.3M9$80.2M9
Capital expenditure$18.8M10$22M11$24.4M12$32M12$32.6M12
Free cash flow (derived)−$5.2M7−$13M8$25.4M9$28.3M9$47.6M9
Total debt—————
Cash & equivalents$24.6M13$16.3M13$31.8M14$23.5M14$50.5M14
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
17% avg · 5y
FY21 9%FY22 5%FY23 21%FY24 22%FY25 27%

It earned an average 17% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Not enough history to read capital allocation.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-07-31 · accession 0000074046-22-000072 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-07-31 · accession 0000074046-23-000058 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-07-31 · accession 0001628280-25-044686 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-07-31 · accession 0000074046-22-000072 (NetIncomeLoss)
  5. 10-K · period ending 2022-07-31 · accession 0000074046-23-000058 (NetIncomeLoss)
  6. 10-K · period ending 2023-07-31 · accession 0001628280-25-044686 (NetIncomeLoss)
  7. 10-K · period ending 2021-07-31 · accession 0000074046-22-000072 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-07-31 · accession 0000074046-23-000058 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-07-31 · accession 0001628280-25-044686 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-07-31 · accession 0000074046-22-000072 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-07-31 · accession 0000074046-23-000058 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-07-31 · accession 0001628280-25-044686 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-07-31 · accession 0000074046-23-000058 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-07-31 · accession 0001628280-25-044686 (CashAndCashEquivalentsAtCarryingValue)