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Oil-Dri Corp of America

ODCdata completeness 75%17 fiscal years on file
The thesis, from the filings

Oil-Dri Corp of America earns about 20% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$348.6M1$413M2$437.6M3$485.6M3$493.8M3
Net income$5.67M4$29.6M5$39.4M6$54M6$57M6
Operating cash flow$9.02M7$49.8M8$60.3M9$80.2M9$80.1M9
Capital expenditure$22M10$24.4M11$32M12$32.6M12$34.2M12
Free cash flow (derived)−$13M7,10$25.4M8,11$28.3M9,12$47.6M9,12$45.9M9,12
Total debt—————
Cash & equivalents$16.3M13$31.8M14$23.5M15$50.5M15$73.7M15
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

iii. Is this a good business?
Moat signal · return on invested capital
20% avg · 5y
FY22 5%FY23 21%FY24 22%FY25 27%FY26 26%

It earned an average 20% 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 v0.6.0
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 →

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Sources — the receipts
  1. 10-K filed 2023-10-12 · period ending 2022-07-31 · accession 0000074046-23-000058 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K filed 2025-10-09 · period ending 2023-07-31 · accession 0001628280-25-044686 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K filed 2026-10-08 · periods ending 2024-07-31, 2025-07-31, 2026-07-31 · accession 0001628280-26-065453 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K filed 2023-10-12 · period ending 2022-07-31 · accession 0000074046-23-000058 (NetIncomeLoss)
  5. 10-K filed 2025-10-09 · period ending 2023-07-31 · accession 0001628280-25-044686 (NetIncomeLoss)
  6. 10-K filed 2026-10-08 · periods ending 2024-07-31, 2025-07-31, 2026-07-31 · accession 0001628280-26-065453 (NetIncomeLoss)
  7. 10-K filed 2023-10-12 · period ending 2022-07-31 · accession 0000074046-23-000058 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-10-09 · period ending 2023-07-31 · accession 0001628280-25-044686 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-10-08 · periods ending 2024-07-31, 2025-07-31, 2026-07-31 · accession 0001628280-26-065453 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2023-10-12 · period ending 2022-07-31 · accession 0000074046-23-000058 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K filed 2025-10-09 · period ending 2023-07-31 · accession 0001628280-25-044686 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K filed 2026-10-08 · periods ending 2024-07-31, 2025-07-31, 2026-07-31 · accession 0001628280-26-065453 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K filed 2023-10-12 · period ending 2022-07-31 · accession 0000074046-23-000058 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K filed 2025-10-09 · period ending 2023-07-31 · accession 0001628280-25-044686 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K filed 2026-10-08 · periods ending 2024-07-31, 2025-07-31, 2026-07-31 · accession 0001628280-26-065453 (CashAndCashEquivalentsAtCarryingValue)