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CLX, Clorox Co.

Household Products consumer brand Cyclical

Revenue is led by Health and Wellness (40%) and Household (27%), with 2 more segments behind.

Has operations in approximately 25 countries or territories and sells its products in approximately 100 markets, primarily through mass retailers; grocery outlets; warehouse clubs; dollar stores; home hardware centers; drug, pet and military stores; third-party and owned e-commerce channels; and distributors.

Over 80% of the Company's sales are generated from brands that hold the No. 1 or No. 2 market share positions in their categories.

Latest annual: FY2026 10-K

CLX · Clorox Co.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2026

$6.7B

−5.4% YoY · −2% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $6.7B 5-yr avg $7.1B

Gross margin 42% 5-yr avg 41%

Operating margin 13.5% 5-yr avg 10.1%

ROIC 17% 5-yr avg 18%

Owner-earnings margin 6% 5-yr avg 9%

Free cash flow margin 6% 5-yr avg 9%

Next report Est. 10/27–11/5 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~34 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: A consumer-brand business, where the durable asset is the brand and the pricing power it commands.
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 44% and operating margin about 15% through the cycle, a solid spread between what it charges and what the product costs to make. The operating margin has swung widely — from 4.3% to 19% — on a steadier 44% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run high across the record (median 29%, above 15% in 8 of 10 years). Owner earnings agree: roughly 12% of revenue reaches owners as cash, consistently. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 4 segments, the largest Health and Wellness at 40%.

Revenue by reportable segment, FY2026

Health and Wellness40%$2.7B
Household27%$1.8B
Lifestyle17%$1.1B
International17%$1.1B

By geographyUnited States84%International16%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2026

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	2026’26	TTMTTMJun 2026
											Income statement
$6.0B	$6.1B	$6.2B	$6.7B	$7.3B	$7.1B	$7.4B	$7.1B	$7.1B	$6.7B	$6.7B	RevenueRevenue
$2.7B	$2.7B	$2.7B	$3.1B	$3.2B	$2.5B	$2.9B	$3.0B	$3.2B	$2.8B	$2.8B	Gross profitGross prof.
45%	44%	44%	46%	44%	36%	39%	43%	45%	42%	42%	Gross marginGross mgn
14%	14%	14%	14%	14%	13%	16%	16%	16%	16%	16%	SG&A / revenueSG&A/rev
2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	R&D / revenueR&D/rev
$1.1B	$1.1B	$1.1B	$1.3B	$990M	$704M	$316M	$476M	$1.2B	$907M	$907M	Operating incomeOp. inc.
18.7%	18.6%	18.0%	19.1%	13.5%	9.9%	4.3%	6.7%	16.2%	13.5%	13.5%	Operating marginOp. mgn
$1.0B	$1.1B	$1.0B	$1.2B	$900M	$607M	$238M	$398M	$1.1B	$791M	—	Pretax incomePretax
$701M	$823M	$820M	$939M	$710M	$462M	$149M	$280M	$810M	$587M	$587M	Net incomeNet inc.
32%	22%	20%	21%	20%	22%	32%	27%	24%	24%	24%	Effective tax rateTax rate
											Cash flow & returns
$865M	$976M	$992M	$1.5B	$1.3B	$786M	$1.2B	$695M	$981M	$612M	$612M	Operating cash flowOp. cash
$163M	$166M	$180M	$180M	$211M	$224M	$236M	$235M	$219M	$247M	$247M	Depreciation & amortizationD&A
($50M)	($66M)	($51M)	$377M	$305M	$48M	$700M	$106M	($129M)	($270M)	($270M)	Working capital & otherWC & other
$231M	$194M	$206M	$254M	$331M	$251M	$228M	$212M	$220M	$207M	$207M	CapexCapex
3.9%	3.2%	3.3%	3.8%	4.5%	3.5%	3.1%	3.0%	3.1%	3.1%	3.1%	Capex / revenueCapex/rev
$702M	$782M	$786M	$1.4B	$1.1B	$535M	$930M	$483M	$761M	$405M	$405M	Owner earningsOwner earn.
11.8%	12.8%	12.6%	20.3%	14.5%	7.5%	12.6%	6.8%	10.7%	6.0%	6.0%	Owner earnings marginOE mgn
$634M	$782M	$786M	$1.3B	$945M	$535M	$930M	$483M	$761M	$405M	$405M	Free cash flowFCF
10.6%	12.8%	12.6%	19.2%	12.9%	7.5%	12.6%	6.8%	10.7%	6.0%	6.0%	Free cash flow marginFCF mgn
$0	$681M	$0	$0	$85M	$0	$0	$0	$0	$2.1B	$2.1B	AcquisitionsAcquis.
$412M	$450M	$490M	$533M	$558M	$571M	$583M	$595M	$602M	$602M	$602M	Dividends paidDiv. paid
$183M	$271M	$661M	$248M	$905M	$25M	$0	$0	$332M	$256M	—	BuybacksBuybacks
($205M)	($859M)	($196M)	($252M)	($452M)	($229M)	($223M)	($175M)	($94M)	($2.3B)	—	Investing cash flowInv. cash
($645M)	($399M)	($815M)	($523M)	($1.4B)	($689M)	($753M)	($655M)	($924M)	$1.7B	—	Financing cash flowFin. cash
($1M)	($3M)	($2M)	($5M)	$12M	($6M)	$0	($26M)	$0	($2M)	—	Exchange-rate effectFX
$14M	($285M)	($21M)	$766M	($555M)	($138M)	$182M	($161M)	($37M)	($23M)	—	Change in cashΔ cash
40%	31%	33%	36%	27%	19%	9%	13%	33%	17%	17%	ROICROIC
129%	113%	147%	103%	173%	83%	68%	85%	252%	652%	652%	Return on equityROE
53%	51%	59%	45%	37%	−20%	−197%	−96%	65%	−17%	−17%	Retained to equityRetained/eq
											Balance sheet
$418M	$131M	$111M	$871M	$319M	$183M	$367M	$202M	$167M	$143M	$143M	Cash & investmentsCash+inv
$565M	$600M	$631M	$648M	$604M	$681M	$688M	$695M	$821M	$791M	$791M	ReceivablesReceiv.
$459M	$506M	$512M	$454M	$752M	$755M	$696M	$637M	$523M	$777M	$777M	InventoryInvent.
$501M	$507M	$507M	$575M	$930M	$960M	$1.0B	$950M	$838M	$996M	$996M	Accounts payablePayables
$523M	$599M	$636M	$527M	$426M	$476M	$363M	$382M	$506M	$572M	$572M	Operating working capitalOper. WC
$1.5B	$1.3B	$1.3B	$2.0B	$1.8B	$1.7B	$1.8B	$1.6B	$1.6B	$1.8B	$1.8B	Current assetsCur. assets
$1.8B	$1.2B	$1.4B	$1.4B	$2.1B	$1.8B	$1.9B	$1.6B	$1.9B	$2.8B	$2.8B	Current liabilitiesCur. liab.
0.8×	1.1×	0.9×	1.4×	0.9×	1.0×	1.0×	1.0×	0.8×	0.7×	0.7×	Current ratioCurr. ratio
$931M	$996M	$1.0B	$1.1B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B	$1.5B	—	Net PP&ENet PP&E
$1.2B	$1.6B	$1.6B	$1.6B	$1.6B	$1.6B	$1.3B	$1.2B	$1.2B	$1.9B	$1.9B	GoodwillGoodwill
$4.6B	$5.1B	$5.1B	$6.2B	$6.3B	$6.2B	$5.9B	$5.8B	$5.6B	$7.8B	$7.8B	Total assetsAssets
$1.8B	$2.3B	$2.3B	$2.8B	$2.8B	$2.5B	$2.5B	$2.5B	$2.5B	$4.0B	$4.0B	Total debtDebt
$1.4B	$2.2B	$2.2B	$1.9B	$2.5B	$2.3B	$2.1B	$2.3B	$2.3B	$3.8B	$3.8B	Net debt / (cash)Net debt
12.7×	13.4×	11.6×	13.0×	10.0×	6.6×	3.5×	5.3×	13.1×	7.0×	7.0×	Interest coverageInt. cov.
$4.0B	$4.3B	$4.6B	$5.3B	$5.7B	$5.4B	$5.6B	$5.3B	$5.1B	$7.5B	—	Total liabilitiesTotal liab.
—	—	—	$0	$181M	$173M	$168M	$164M	$161M	$162M	—	Noncontrolling interestsNCI
$542M	$726M	$559M	$908M	$411M	$556M	$220M	$328M	$321M	$90M	$90M	Shareholders’ equityEquity
0.9%	0.9%	0.7%	0.7%	0.7%	0.7%	1.0%	1.0%	1.1%	0.7%	0.7%	Stock comp / revenueSBC/rev
—	—	—	—	$228M	—	$306M	—	—	—	$306M	Goodwill written downGW imp.
											Per share
132M	132M	130M	128M	127M	124M	124M	125M	124M	122M	122M	Shares out (diluted)Shares
$45.40	$46.54	$47.88	$52.64	$57.67	$57.36	$59.50	$56.83	$57.16	$55.02	$55.02	Revenue / shareRev/sh
$5.33	$6.25	$6.32	$7.35	$5.58	$3.73	$1.20	$2.24	$6.52	$4.81	$4.81	EPS (diluted)EPS
$5.34	$5.94	$6.06	$10.70	$8.37	$4.32	$7.49	$3.87	$6.12	$3.32	$3.32	Owner earnings / shareOE/sh
$4.82	$5.94	$6.06	$10.12	$7.42	$4.32	$7.49	$3.87	$6.12	$3.32	$3.32	Free cash flow / shareFCF/sh
$3.13	$3.42	$3.78	$4.17	$4.38	$4.61	$4.69	$4.77	$4.84	$4.93	$4.93	Dividends / shareDiv/sh
$1.76	$1.47	$1.59	$1.99	$2.60	$2.03	$1.84	$1.70	$1.77	$1.69	$1.69	Cap. spending / shareCapex/sh
$4.12	$5.52	$4.31	$7.11	$3.23	$4.49	$1.77	$2.63	$2.58	$0.74	$0.74	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+2.2%/yr	−0.9%/yr
Owner earnings / share	−5.1%/yr	−16.9%/yr
EPS	−1.1%/yr	−2.9%/yr
Dividends / share	+5.2%/yr	+2.4%/yr
Capital spending / share	−0.4%/yr	−8.2%/yr
Book value / share	−17.4%/yr	−25.6%/yr

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2017FY2026

Owner-earnings bridge

FY2022–FY2026cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2026 the business reported $587M of profit but $405M of owner earnings: $182M less than the profit line, taken out by capital spending and the timing of cash.

Reported net income$587M

Owner earnings$405M · 6% of revenue

	FY2026	FY2025	FY2024	FY2023	FY2022
Reported net income	$587M	$810M	$280M	$149M	$462M
Depreciation & amortizationnon-cash charge added back	+$247M	+$219M	+$235M	+$236M	+$224M
Stock-based compensationreal costnon-cash, but a real cost	+$48M	+$81M	+$74M	+$73M	+$52M
Working capital & othertiming of cash in and out, other non-cash items	−$270M	−$129M	+$106M	+$700M	+$48M
Cash from operations	$612M	$981M	$695M	$1.2B	$786M
Capital expenditurecash put back in to keep running and to grow	−$207M	−$220M	−$212M	−$228M	−$251M
Owner earnings	$405M	$761M	$483M	$930M	$535M
Owner-earnings marginowner earnings ÷ revenue	6%	11%	7%	13%	8%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $48M), owner earnings is nearer $357M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2026 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 7.0×

Comfortable

Operating income $907M ÷ interest expense $130M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $3.8B · 4.2× operating profit

Heavy net debt

Cash $143M − debt $4.0B

What this means
Netting $143M of cash and short-term investments against $4.0B of debt leaves $3.8B owed, about 4.2× a year's operating profit (4.4× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 22d

Tight

DSO 43 + DIO 73 − DPO 94 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 29%

Very high (≥25%) through the cycle

10-yr median, range 9%–40%; 17% latest = NOPAT $685M ÷ invested capital $3.9B

Industry peers: median 11%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 17% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 12%

Solid through the cycle

10-yr median margin, range 6%–20%; latest $405M = operating cash $612M − maintenance capex $207M

Industry peers: median 10%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 6% of revenue this year, a 12% median across 10 years. Treating stock comp as the real expense it is (less $48M of SBC) leaves $357M.
Are earnings backed by cash? 1.04×

Cash-backed

Cash from ops $612M ÷ net income $587M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 212%

Returned more than it generated

Dividends + buybacks $858M ÷ Owner Earnings $405M — this fiscal year

What this means
The company returned more than it generated: against $405M of Owner Earnings, $858M (212%) went back to shareholders, $602M dividends, $256M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $48M stock comp, the real buyback was about $208M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands. This year's proportion is 212%; across the record (2017–2026) it is 106%, the capital-allocation section below.
Investing or harvesting? 0.84×

Maintaining

Capex $207M ÷ depreciation & amortization as filed $247M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

The promise and the pay packet

Is the buyback buying ownership, or mopping up? 0.7%

The count is edging down

Stock compensation $48M (fiscal 2026), 0.7% of revenue · repurchases $256M · diluted shares -1.7% since 2023

What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.

Graham’s defensive tests · 3 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $6.7B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 0.66×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $4.0B vs ($949M) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −28%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $4.62/share (latest year $4.85), the averaged base the calculator's gate runs on, and book value is $0.74/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2026

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 8 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 18% → 12% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about 18% early to 12% lately, median 13% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth −3%/yr

What this means
Owner earnings shrank about 3% a year over the record.
Worst year 2023 · 4.3% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −0.8%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.
How management talks about it Promotional

What this means
The returns have faded, yet the filing reaches for a promoter’s vocabulary — world-class, best-in-class, disruptive — more than an owner’s. When the words sell harder than the results deliver, the gap is the thing to weigh.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Jun 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.8B

Cash & short-term investments$143M
Receivables$791M
Inventory$777M
Other current assets$113M

Current liabilities$2.8B

Debt due within a year$1M
Accounts payable$996M
Other current liabilities$1.8B

Current ratio0.66×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.38×stricter: inventory excluded

Cash ratio0.05×strictest: cash alone against what's due

Working capital($949M)the cushion left after near-term bills

Debt due this year vs. cash$1M due · $143M cash covered by cash on hand, no refinancing forced · both figures from the Jun 30, 2026 balance sheet

Revenue, latest quarter vs. a year ago+0.1%the freshest read on whether the business is still growing

Current ratio, recent quarters1.0× → 0.7×

Deeper floors

Tangible book value($1.9B)equity stripped of goodwill & intangibles

Net current asset value($5.7B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$4.4B$452M of it operating leases; with finance leases, “total fixed claims” below reaches $4.5B (annual-report basis)

From the company's latest filing.

Lease obligations

the lease note, SEC EDGAR →

Debt by another name. What the business owes on the property, aircraft, stores and equipment it rents rather than owns is a fixed claim due on a schedule; added back to the debt, it is the true leverage. That ladder, operating and finance leases together, and what it adds to the debt on the page above.

Operating leasesFinance leases

'27$125M

'28$106M

'29$91M

'30$74M

'31$47M

later$205M

Lease payments by year, scaled to the largest; “later” is everything beyond year five, shown apart. These are the contractual cash payments, before the interest the filing imputes back out to the balance-sheet liability.

Due in the next 12 months$125Ma fixed cash payment, owed whether or not the business has a good year

Total lease payments$648Mevery year plus the tail, undiscounted: the full cash the leases will take

On the balance sheet$530Mthe present value of those payments, the recognised lease liability

True leverage: debt plus leases

On-balance-sheet debt$4.0B

Lease obligations (present value)$530M

Total fixed claims on the business$4.5B

Counting the leases the way Buffett does, the fixed claims on this business come to $4.5B, of which the leases are 12%. The lease wall above and the debt schedule together are the calendar of what must be paid, and when.

Lease ladder read from the ASC 842 tags in the company’s Jun 30, 2026 annual report and reconciled: the yearly buckets sum to the undiscounted total, which less the imputed interest equals the balance-sheet liability; a ladder that doesn’t tie out is withheld.

How the cash was used, 2017–2026

Over the record, the business generated $9.9B of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$2.3B · 24%
Dividends$5.4B · 55%
Buybacks$2.9B · 29%

Returned to owners$8.3B
106% of the owner earnings the business produced over the span, $5.4B as dividends and $2.9B as buybacks.
Source of funding−$724M
Reinvestment and shareholder returns ran $724M beyond the operating cash the business generated, so the gap was financed off the balance sheet: debt rose from $1.8B to $4.0B, and cash and short-term investments drew down $275M.
Average price paid for buybacks$157.07
Across the years where the filing reports a share count, 14M shares were bought for $2.3B, about $157.07 each. Year to year the price paid ranged from $121.59 (2017) to $190.21 (2021), and 2021, near the top of that range, was also its heaviest buyback year ($905M).
Net change in share count−7.2%
The diluted count fell from 132M to 122M, so the buybacks outran the stock issued to staff.
Dividend record$4.93/sh
Paid in 10 of the years on record, the per-share dividend growing about 5% a year. It was never cut over the span.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill$1.9B25% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equityexceeds itgoodwill alone is larger than the company’s entire book equity; stripped of the acquisition premium, there is no net book worth

Cash spent acquiring$4.2Bover 18 years since fiscal 2008 buying other businesses, against $2.3B of capital spent building over the 10-year record

$534M written down across 2 years (2021, 2023): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 19% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Beside that spending sits $733M of cumulative amortization of acquired intangibles charged against earnings since fiscal 2009 — the purchase price of past deals, expensed over time.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and amortization summed across the company's full tagged history, write-downs across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Ms. Rendle	$7.9M	$4.6M	$1.1B
2021	Ms. Rendle	$3.4M	−$1.5M	$1.1B
2022	Ms. Rendle	$8.5M	$7.1M	$535M
2023	Ms. Rendle	$11.6M	$19.4M	$930M
2024	Ms. Rendle	$12.7M	$6.2M	$483M
2025	Ms. Rendle	$13.3M	$10.4M	$761M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2025 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio167:1
What the chief earns for every dollar the median employee makes, per the 2025 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$48M
The slice of the business handed to employees in shares in fiscal 2026, 0.7% of revenue, equal to 5.3% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →

How much of the revenue rides on one buyer?
≈$1.8B · 27% of revenue on the largest customer (TTM)
“Customers Net sales to the Company's largest customer, Walmart Stores, Inc. and its affiliates, were 27%, 25% and 26% of consolidated net sales for each of the fiscal years ended June 30, 2025, 2024 and 2023, respectively, and occurred across all of the Company's reportable segments.”verify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Household Products

The same industry, side by side on owner economics. Each column names the period it is read over; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	Gross marginmedian over the record	Op. marginmedian over the record	ROICmedian over the record	Owner earn. marginmedian over the record
ULUnilever PLC	$58.8B	43%	16.8%	—	13%
KMBKimberly-Clark Corp.	$16.4B	36%	14.3%	27%	11%
CLXClorox Co.	$6.7B	44%	14.9%	29%	12%
CHDChurch & Dwight Company Inc.	$6.2B	45%	19.2%	15%	17%
REYNReynolds Consumer Products Inc.	$3.7B	26%	14.2%	10%	9%
CENTCentral Garden & Pet	$3.1B	30%	7.4%	10%	7%
ENREnergizer Holdings	$3.0B	39%	11.4%	9%	10%
SCLStepan	$2.3B	17%	7.3%	12%	4%
Group median	—	38%	14.3%	12%	11%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Clorox Co. has delivered.

Today’s price $

Through the cycle, Clorox Co. earns about $818M on its 12.2% median owner-earnings margin. This year’s 6.0% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($818M) Net of stock comp (−$48M TTM)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.71% 10-year Treasury (Aug 18, 2026) + 4.29 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’22→’26−6%/yr

Owner-earnings growth · ’17→’26−2%/yr

Owner-earnings yield—

P/E (3-yr earnings ’24–’26)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.71%, as of Aug 18, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $405M on 121M shares outstanding, per the 10-K cover, as of 2026-07-22; net debt $3.8B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CLX against another business →

Cite: Owner Scorecard, "Clorox Co. (CLX), the owner's record," https://ownerscorecard.com/c/CLX, data as of 2026-08-17.

Manual order: ← CLVT its page in the Manual CMC →

Industry order: ← CHD the Household Products chapter ENR →