ODC | Market Cap: $1.5B (07/13/26)
Industry:
Chemicals

DESCRIPTION

Oil-Dri is a vertically integrated minerals company that mines and processes clay — primarily calcium bentonite, attapulgite, and diatomaceous shale — from its own reserves across Mississippi, Georgia, Illinois, and California, converting that clay into specialty sorbent products. The company's two core businesses are cat litter and fluids purification. In cat litter, Oil-Dri sells both branded products (Cat's Pride, Jonny Cat) and private label litter to mass merchandisers, grocery, pet specialty, and e-commerce retailers; it also manufactures Fresh Step coarse litter for Clorox under a supply agreement. Walmart alone represents roughly 19% of total company sales. Oil-Dri's May 2024 acquisition of Ultra Pet added silica gel crystal litter to its historically clay-based portfolio. In fluids purification, Oil-Dri sells adsorbent bleaching clays to edible oil processors and specialized adsorbents to renewable diesel and sustainable aviation fuel producers — a B2B business sold through a technical sales force globally. Oil-Dri also sells animal health and nutrition products under the Amlan brand to livestock producers. The company's core economic strategy, which management calls "Mini Ball," focuses on generating more value per ton of clay mined by shifting mix toward higher-margin products like lightweight scoopable litter and fluids purification adsorbents, rather than growing total volume. Key growth priorities include expanding lightweight litter distribution, building out crystal litter, and winning new renewable diesel customers as that industry grows.

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