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The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: View this post on the web at https://getdividends.net/p/business-analysis-clorox-company What Exactly Does Clorox Do? Let me start by clarifying what Clorox actually is, because most people think of one product when they hear the name. In reality, Clorox is a diversified manufacturer and [...] Content analysis details: (3.1 points, 4.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.8 BAYES_50 BODY: Bayes spam probability is 40 to 60% [score: 0.5000] 0.0 RCVD_IN_VALIDITY_CERTIFIED_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. 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[159.112.244.16 listed in bl.score.senderscore.com] -0.0 SPF_PASS SPF: sender matches SPF record 0.0 HTML_MESSAGE BODY: HTML included in message 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature 0.9 RAZOR2_CHECK Listed in Razor2 (http://razor.sf.net/) 1.9 RAZOR2_CF_RANGE_51_100 Razor2 gives confidence level above 50% [cf: 100] 0.0 T_KAM_HTML_FONT_INVALID Test for Invalidly Named or Formatted Colors in HTML 0.0 LOTS_OF_MONEY Huge... sums of money -1.0 MAILING_LIST_MULTI Multiple indicators imply a widely-seen list manager 0.0 T_MONEY_PERCENT X% of a lot of money for you X-Spam-Flag: NO --868b5e50e167378fe7386541a39003b92f246409eff421f1bb7395bd69c3 Content-Type: text/plain; charset="utf-8" Content-Transfer-Encoding: quoted-printable View this post on the web at https://getdividends.net/p/business-analysis-c= lorox-company What Exactly Does Clorox Do? Let me start by clarifying what Clorox actually is, because most people thi= nk of one product when they hear the name. In reality, Clorox is a diversif= ied manufacturer and marketer of consumer and professional products that ap= pear in virtually every household across America and many internationally. When I think about Clorox products I personally use, the list is surprising= ly long. I clean my kitchen with Clorox bleach and Pine-Sol. I line my tras= h cans with Glad bags. I store food with Glad wrap and containers. My cat u= ses Fresh Step litter. I freshen my water with Brita filters. I use Clorox = 2 stain remover on my laundry. My family uses Clorox disinfecting wipes. I = cook with Hidden Valley seasonings. These aren=E2=80=99t luxury items or di= scretionary purchases=E2=80=94they=E2=80=99re consumable household essentia= ls that families repurchase continuously. The company manufactures and distributes across multiple categories includi= ng disinfecting and cleaning products, trash bags and food storage products= , professional cleaning solutions, pet care products, water filtration syst= ems, food seasonings and dressings, and natural personal care brands. What = I find most attractive about Clorox is the non-negotiable nature of these p= roducts. People don=E2=80=99t stop buying cleaning supplies during recessio= ns. Families don=E2=80=99t defer purchasing trash bags. Pet owners continue= buying litter regardless of economic conditions. Clorox operates from its headquarters in Oakland, California, where the com= pany was founded in 1913. The company employs approximately 9,000 people gl= obally and distributes products in more than 100 countries. Over 111 years,= Clorox has built an extraordinary collection of brands, with many holding = number one or number two market positions in their respective categories. T= hat brand strength translates directly into consumer loyalty, pricing power= , and market resilience. How Clorox Actually Makes Its Money Clorox Company 2024 Revenue by Business Segment Distribution Clorox generated $7.09 billion in net sales during fiscal 2024 (the twelve = months ending June 30, 2024). I need to note that this represents a decline= from $7.39 billion in fiscal 2023, primarily due to the operational devast= ation caused by the August 2023 cyberattack I=E2=80=99ll discuss in detail = later. To understand Clorox=E2=80=99s revenue generation, I need to break down the= four distinct business segments, each serving different customer needs and= providing different growth prospects. Health and Wellness Segment: This is the company=E2=80=99s largest profit e= ngine, generating $2.48 billion in revenue, representing 35% of total sales= =2E This segment encompasses disinfecti= ng products, Clorox bleach, Pine-Sol c= leaners, Liquid-Plumr drain openers, and other cleaning and disinfecting so= lutions. What makes this segment particularly interesting is how it evolved= =2E The COVID-19 pandemic permanently e= levated consumer awareness about hygie= ne and sanitation. While the panic purchasing frenzy of 2020-2021 has norma= lized, baseline demand for these products remains elevated compared to pre-= pandemic levels. Consumers continue prioritizing cleanliness and disinfecti= on in ways that were less common five years ago. Household Segment: The second-largest segment generated $1.95 billion (27.5= % of revenue). This includes Glad trash bags, Glad wrap, Glad food storage = containers, and related products. Think about this category for a moment=E2= =80=94every household generates trash daily. Every household needs to wrap = leftover food. These products represent automatic repeat purchases that con= sumers never really think about. They run out, people buy more, repeat. Thi= s predictable, high-frequency purchasing pattern is exactly what income inv= estors should value. Lifestyle Segment: This division produced $1.27 billion (17.9% of revenue) = and showcases Clorox=E2=80=99s portfolio diversity through brands including= Burt=E2=80=99s Bees natural personal care products, Brita water filtration= systems, Hidden Valley salad dressings and seasoning mixes, and Fresh Step= cat litter. I particularly appreciate this segment=E2=80=99s approach=E2= =80=94rather than concentrating all eggs in one basket, Clorox captures mul= tiple consumer needs from personal care to pet care to food products. If co= nsumer preferences shift away from one category, other categories provide o= ffsetting support. International Segment: International operations contributed $1.16 billion (= 16.4% of revenue), covering all manufacturing, distribution, and sales outs= ide the United States. This includes operations in Canada, Latin America (i= ncluding Mexico, Brazil, and Argentina), select Asian markets, and Australi= a. The company recently divested its Argentina business to focus resources = on higher-return markets. International markets provide growth potential as= hygiene standards and consumer spending on personal care products increase= in developing economies. Below is a visual representation of how these segments break down: Clorox Company 2024 Revenue by Business Segment Distribution What strikes me about this revenue composition is the balance. Health and W= ellness clearly dominates at 35%, but no single segment overwhelms the port= folio. This diversification provides genuine stability. If disinfecting pro= duct demand softens, trash bag sales continue. If international markets fac= e headwinds, the strong domestic business compensates. This portfolio appro= ach is fundamentally sound for a company seeking to deliver stable dividend= growth through various economic environments. Who Are Clorox=E2=80=99s Customers? Understanding customer types helps me assess revenue stability and recurrin= g revenue visibility. Retail Consumers: The vast majority of Clorox revenue comes from everyday c= onsumers purchasing products through retail channels. This includes grocery= stores like Kroger and Albertsons, mass merchandisers like Walmart and Tar= get, club stores like Costco, drug stores like CVS and Walgreens, dollar st= ores, and increasingly through e-commerce platforms like Amazon. I apprecia= te that Clorox products have achieved something unusual=E2=80=94they=E2=80= =99re purchased across all economic demographics. Whether you shop at Whole= Foods (where Burt=E2=80=99s Bees commands premium prices) or Dollar Genera= l (where Clorox products offer value), you=E2=80=99ll find the company=E2= =80=99s brands on shelves. This cross-demographic appeal provides unusual s= tability compared to luxury brands that suffer during economic downturns. Professional and Institutional Customers: Clorox also serves businesses, he= althcare facilities, schools, hotels, restaurants, offices, and other comme= rcial operations through its professional products division. These customer= s require industrial-strength cleaning and disinfecting solutions, often pu= rchased through specialized B2B distributors. This channel provides valuabl= e stability because commercial facilities have ongoing, non-discretionary c= leaning and hygiene requirements. A hospital must maintain rigorous sanitat= ion standards regardless of economic conditions. A restaurant must sanitize= kitchen surfaces regularly by law. An office must maintain employee health= and safety standards. The customer loyalty I=E2=80=99ve observed with Clorox products is remarkab= le. When consumers find cleaning or household products that work effectivel= y, they rarely experiment with alternatives. If a consumer has used Clorox = bleach for years with good results, they stick with that brand. The switchi= ng costs=E2=80=94both financial and psychological=E2=80=94are minimal for a= ny individual product, but the cumulative effect across millions of househo= lds creates genuine brand loyalty that translates into pricing power and st= able market share. Where Does Clorox Operate? Clorox=E2=80=99s geographic footprint reveals both strengths and constraint= s worth understanding. United States: Approximately 84% of revenue comes from U.S. operations, mak= ing Clorox primarily a domestic American company with its market power conc= entrated in the world=E2=80=99s largest consumer market. The United States = provides stability, predictability, and Clorox=E2=80=99s strongest brand re= cognition. Every major retail channel stocks Clorox products across all seg= ments. The company maintains dominant market positions=E2=80=94number one i= n trash bags through Glad, number one in disinfecting wipes, top positions = in multiple other categories. The mature U.S. market provides reliable cash= flows but limited growth upside compared to international expansion opport= unities. International Markets: The remaining 16% of revenue comes from internationa= l operations. Canada is the strongest market for Clorox given geographic pr= oximity, similar consumer preferences, and established distribution network= s. Latin America represents significant long-term opportunity, with operati= ons in Mexico, Brazil, Colombia, and other countries. The company recently = optimized its Latin America operations through strategic partnerships and p= ortfolio rationalization. Asian markets and Australia provide additional ex= posure, though these regions remain underdeveloped compared to Clorox=E2=80= =99s position in North America. This geographic concentration differs notably from competitors like Procter= and Gamble, which derive 40-50% of revenue internationally. I view this as= both a strategic strength and limitation. Strength: Clorox operates in the= wealthiest consumer market with established distribution and brand dominan= ce, providing stability and profitability. Limitation: International market= s are growing faster than the United States, and Clorox underweights these = growth opportunities compared to more globally diversified competitors. The company has pursued strategic alternatives to organic international exp= ansion, including joint ventures that allow local partners to manage certai= n markets while Clorox retains economic participation. This asset-light app= roach optimizes returns rather than simply pursuing geographic growth for g= rowth=E2=80=99s sake. How Often Do Customers Actually Buy These Products? This is where Clorox=E2=80=99s business model reveals its true power for di= vidend investors. These are consumable products that customers purchase rep= eatedly on highly predictable cycles. Consider my own household purchasing patterns. I buy Clorox disinfecting wi= pes every two to three weeks when I run out. Glad trash bags get replaced a= pproximately weekly=E2=80=94we generate trash constantly. Fresh Step cat li= tter gets purchased every two weeks as the litter box requires frequent ref= reshing. Brita water filters get replaced every two months. Clorox bleach g= ets replenished every month or two. Hidden Valley seasoning mixes get used = regularly. These aren=E2=80=99t purchases I can defer or delay=E2=80=94they= =E2=80=99re automatic household maintenance items that get replaced as soon= as they run out. This purchasing pattern creates what economists call =E2=80=9Chigh purchase= frequency with low price sensitivity.=E2=80=9D Consumers buy these product= s so frequently that the individual purchase amount feels trivial=E2=80=94a= package of trash bags costs eight dollars, bleach costs three dollars, cat= litter costs six dollars. Price increases of 10-15% on individual purchase= s trigger minimal consumer resistance because the transaction feels small. = But multiply those small increases across billions of annual transactions a= cross millions of households, and Clorox generates substantial revenue and = earnings growth from pricing actions. The recurring revenue nature of Clorox=E2=80=99s business provides visibili= ty into future cash flows that I find extremely valuable as an income inves= tor. Unlike companies selling big-ticket discretionary items where purchase= timing varies dramatically based on economic conditions, Clorox can predic= t quarterly revenue within relatively tight ranges based on historical cons= umption patterns. This predictability translates directly into dividend saf= ety and sustainability. Can Clorox Raise Prices Successfully? This question is absolutely critical for understanding long-term dividend g= rowth potential, and I need to give you an honest, nuanced answer. Between fiscal 2021 and fiscal 2024, Clorox faced unprecedented cost inflat= ion. Input costs for resin (used in plastic bottles and bags), bleach, pulp= , and other raw materials surged 30-50%. Transportation costs skyrocketed d= ue to fuel prices and supply chain disruptions. Labor costs increased signi= ficantly. Packaging costs soared. In response, management executed multiple= rounds of aggressive price increases totaling mid-to-high teens percentage= increases across the portfolio over three years. What happened next? Remarkably, most price increases stuck. Volume declined= modestly=E2=80=94down approximately 5-7% in some categories as some consum= ers traded down to private label alternatives or reduced consumption slight= ly. But the revenue mathematics worked powerfully in Clorox=E2=80=99s favor= =2E A 15% price increase combined with=20= a 6% volume decline still generates ap= proximately 8% net revenue growth. In fiscal 2023, organic sales grew 14% d= riven almost entirely by favorable pricing, demonstrating the power of Clor= ox=E2=80=99s pricing leverage. Gross margins expanded substantially during this period as pricing benefits= exceeded cost inflation. The company generated record profit margins, demo= nstrating genuine pricing power=E2=80=94the ability to pass through cost in= creases without experiencing catastrophic volume losses that would exceed p= ricing gains. However, I need to inject critical realism here for potential investors. Th= e pricing environment in 2025-2026 looks fundamentally different from 2021-= 2023. Inflation has moderated significantly from the double-digit rates of = 2021-2022. Consumer price fatigue is evident across all product categories = after years of relentless price increases. Retailers are pushing back aggre= ssively against manufacturer price increase requests, recognizing that cons= umers are shopping more carefully and private label products have captured = meaningful share. Private label alternatives have improved substantially in= quality while maintaining significant price premiums, making the value pro= position more attractive. Looking forward, I expect Clorox will implement modest pricing increases of= 1-3% annually to offset normal input cost inflation and maintain current p= rofit margins. The extraordinary pricing actions of 2021-2023 that drove do= uble-digit earnings growth were extraordinary responses to extraordinary in= flation that are unlikely to recur in normal economic environments. Future = dividend growth will probably depend more on operational efficiency, market= share maintenance, and cost management rather than pricing leverage alone. What Happens to Clorox During Recessions? Clorox 2023 Cyberattack Impact and Recovery Timeline I=E2=80=99ve studied Clorox=E2=80=99s performance through multiple economic= cycles, and the historical evidence is compelling regarding the company=E2= =80=99s defensive characteristics during downturns. The 2008-2009 Financial Crisis Experience: During the Great Recession, Clorox demonstrated genuine defensive qualities= =2E The company=E2=80=99s revenue actually= grew from $5.3 billion in fiscal 2= 008 to $5.5 billion in fiscal 2009, a time when many companies saw double-d= igit revenue declines as consumers stopped buying. Consumers didn=E2=80=99t= stop buying cleaning supplies, trash bags, or household essentials even wh= en tightening discretionary spending elsewhere. The stock declined approximately 25% from peak to trough during the crisis= =E2=80=94a significant loss, but substantially less severe than the broader= market=E2=80=99s 51% decline during the same period. Even more importantly= , Clorox never cut its dividend and continued increasing it annually throug= hout the crisis. Shareholders who held through the downturn not only recove= red losses faster than the broader market but also received steadily increa= sing dividend income throughout the recovery. The 2020 COVID-19 Pandemic Response: The pandemic recession proved unique because it actually benefited Clorox i= nitially. When COVID-19 struck, consumer demand for disinfecting and cleani= ng products exploded as people became acutely focused on sanitation. Clorox= =E2=80=99s revenue surged from $6.2 billion in fiscal 2019 to $7.0 billion = in fiscal 2020, then to $7.3 billion in fiscal 2021. The company couldn=E2= =80=99t manufacture products fast enough to meet demand. Store shelves were= consistently empty as consumers stockpiled cleaning supplies and the compa= ny was demand-constrained rather than supply-constrained. During this pandemic-driven boom, Clorox=E2=80=99s stock soared to all-time= highs above $230 per share as investors bid up shares of companies benefit= ing from pandemic-related demand shifts. The company expanded manufacturing= capacity, increased employment, and generated extraordinary profits. However, the post-COVID normalization has proven challenging. As consumers = worked through pandemic stockpiles and cleaning routines gradually normaliz= ed back toward pre-pandemic patterns, Clorox faced difficult year-over-year= revenue comparisons. Revenue has essentially flatlined for three years, os= cillating between $7.0-7.4 billion annually. The exceptional pandemic surge= created a tough baseline for comparison, and organic growth has stalled. The 2023 Cyberattack Crisis=E2=80=94A Different Kind of Recession: While not a traditional recession, the August 2023 cyberattack tested Cloro= x more severely than any economic downturn in company history. Criminals su= ccessfully infiltrated Clorox=E2=80=99s information technology systems, enc= rypting critical data and forcing the company to take systems offline. The = company was forced to operate essential manufacturing and order processing = functions manually, without computerized systems. The immediate impact was devastating. Clorox=E2=80=99s manufacturing operat= ions ground to a halt. The company couldn=E2=80=99t process retail orders e= fficiently. Distribution was disrupted. Retailers couldn=E2=80=99t replenis= h inventory. Store shelves emptied of Clorox products nationwide. First-qua= rter fiscal 2024 revenue plunged 28% year-over-year as supply couldn=E2=80= =99t meet demand=E2=80=94the opposite of normal demand constraints. Clorox estimated total damages at $356 million, including $49-57 million in= direct costs for forensics, information technology recovery, and consultin= g services, plus hundreds of millions in lost sales, market share erosion, = and temporary profit margin compression during recovery. The cyberattack wa= s the single largest operational disaster in Clorox=E2=80=99s modern histor= y. Clorox 2023 Cyberattack Impact and Recovery Timeline What impresses me profoundly about Clorox=E2=80=99s response is how the com= pany navigated this crisis. Despite losing the ability to manufacture and s= hip products for extended periods and facing a temporary loss of market sha= re, Clorox never cut or suspended its dividend. Management prioritized shar= eholder income even during the company=E2=80=99s darkest period in decades.= The dividend continued, and the company maintained its 48-year streak of c= onsecutive annual dividend increases despite operational catastrophe. The recovery has been gradual but steady. By the end of fiscal 2024, Clorox= had restored approximately 90% of lost market share and normalized service= levels to retailers. The company expects full market share recovery by the= end of fiscal 2025. This recovery trajectory demonstrates the underlying s= trength of Clorox=E2=80=99s business model and brand loyalty. Despite losin= g the ability to supply products for weeks, consumers didn=E2=80=99t perman= ently switch to private label alternatives. Retailers wanted to restock imm= ediately when supply returned. Market share came back relatively quickly be= cause consumers genuinely value Clorox brands. The cyberattack, while devastating short-term, actually validates that Clor= ox=E2=80=99s competitive moat is real. The company lost its primary competi= tive advantage=E2=80=94the ability to manufacture and distribute products= =E2=80=94yet market share erosion proved temporary and recoverable. This co= nfirms that brand loyalty and product preference genuinely exist and aren= =E2=80=99t merely the result of convenient distribution. The Dividend Story: 48 Years of Consecutive Increases Clorox Dividend Per Share Growth History 2016-2025 Now I get to the aspect of Clorox that excites me most as a dividend invest= or. Clorox is a Dividend Aristocrat, having increased its dividend every si= ngle year for 48 consecutive years. That=E2=80=99s nearly five decades of u= ninterrupted dividend growth through multiple recessions, competitive chall= enges, two major wars, oil crises, financial system disruptions, a pandemic= , and now a catastrophic cyberattack. Few things in the investment world ar= e as reliable as Clorox=E2=80=99s commitment to shareholder income. The dividend progression tells a story of unwavering management commitment = to shareholders across very different business environments: 2016: $3.52 per share annually 2017: $3.68 per share, representing 4.5% growth year-over-year 2018: $3.92 per share, representing 6.5% growth year-over-year 2019: $4.16 per share, representing 6.1% growth year-over-year 2020: $4.44 per share, representing 6.7% growth year-over-year 2021: $4.64 per share, representing 4.5% growth year-over-year 2022: $4.76 per share, representing 2.6% growth year-over-year 2023: $4.80 per share, representing 0.8% growth year-over-year 2024: $4.88 per share, representing 1.7% growth year-over-year 2025: $4.96 per share, representing 1.6% growth year-over-years3.amazonaws Clorox Dividend Per Share Growth History 2016-2025 I notice something important in this progression that tells the story of Cl= orox=E2=80=99s recent challenges. From 2016-2020, Clorox averaged 5-6% annu= al dividend growth, which is respectable for a mature consumer staples comp= any. Since 2021, however, dividend growth has slowed significantly to 1-2% = annually. This reflects the operational and financial challenges the compan= y has faced=E2=80=94margin pressure from commodity cost inflation, the diff= iculty of sustaining high-single-digit dividend growth, and the cyberattack= disruption. Yet despite these challenges, what stands out is that Clorox maintained its= Dividend Aristocrat streak even through the cyberattack crisis. When faced= with operational disaster and plunging profits in fiscal 2024, management = could have suspended dividend increases to preserve cash and weather the st= orm. Instead, they implemented a modest 1.6% increase in 2025, protecting t= he 48-year streak of uninterrupted increases. This dividend discipline speaks volumes about management priorities and con= fidence in underlying business resilience. Even at the company=E2=80=99s lo= west point, leadership believed the business would recover sufficiently to = support continued dividend growth. That=E2=80=99s the kind of conviction I = want to see from dividend-paying companies in my portfolio. The current annual dividend stands at $4.96 per share, paid quarterly at $1= =2E24 per share. The payment frequen= cy provides regular income=E2=80=94approx= imately $1.24 every quarter assuming stable dividend rates going forward. The Current Dividend Yield: An Exceptional Entry Point Clorox Dividend Yield Trend 2016-2025 with Current 5.00% Yield Here=E2=80=99s where Clorox becomes genuinely interesting for income-focuse= d investors right now. The current dividend yield sits at 5.00%, dramatical= ly elevated compared to the historical trading range of 2.5-3.5% that preva= iled from 2016-2022. This exceptional yield didn=E2=80=99t result from increased dividend paymen= ts=E2=80=94the company is only growing the dividend 1-2% annually. Rather, = the elevated yield resulted from the stock price collapsing approximately 4= 5% from peak levels near $180 per share in early 2023 to approximately $99 = per share today. The market=E2=80=99s pessimism about growth prospects and = operational challenges has created a pricing disconnect that benefits incom= e investors willing to buy quality assets at depressed valuations. I calculate the annual dividend of $4.96 on a stock price of approximately = $99 creates a 5.00% current yield. For income investors, this represents ex= ceptional value compared to recent history. The last time Clorox offered yi= elds above 4.5% was during the 2020 COVID-19 market crash when stocks broad= ly crashed, and before that, you=E2=80=99d have to go back to the 2008-2009= financial crisis to find comparable yields. The payout ratio stands at approximately 77.4% based on trailing twelve-mon= th earnings. This is elevated compared to Clorox=E2=80=99s historical range= of 55-65%, but it=E2=80=99s not alarming or unsustainable. The payout rati= o spiked because earnings temporarily declined during the cyberattack recov= ery period when revenues were disrupted but dividend payments continued unc= hanged. As operations normalize and earnings recover to historical normaliz= ed levels, I expect the payout ratio to decline back toward 60-65%, providi= ng more cushion for future dividend growth and reducing dividend cut risk. My Investment Assessment: Is This Opportunity Worth Seizing Today?... Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9nZXRkaXZpZGV= uZHMubmV0L2FjdGlvbi9kaXNhYmxlX2VtYWlsP3Rva2VuPWV5SjFjMlZ5WDJsa0lqb3pPVFkxTn= prMU9UQXNJbkJ2YzNSZmFXUWlPakU0TlRBME56UXdPU3dpYVdGMElqb3hOelk1TWpZeU1qQXlMQ= 0psZUhBaU9qRTRNREEzT1RneU1ESXNJbWx6Y3lJNkluQjFZaTAyTmpVNE1UVTFJaXdpYzNWaUlq= b2laR2x6WVdKc1pWOWxiV0ZwYkNKOS5KbkR4YVR3Uk5ualpTaUlpaTB5QXBDRU1PQzNheGhqS29= ZSWE5eThJWE80IiwicCI6MTg1MDQ3NDA5LCJzIjo2NjU4MTU1LCJmIjp0cnVlLCJ1IjozOTY1Nz= k1OTAsImlhdCI6MTc2OTI2MjIwMiwiZXhwIjoyMDg0ODM4MjAyLCJpc3MiOiJwdWItMCIsInN1Y= iI6ImxpbmstcmVkaXJlY3QifQ.5fMi7vfgvswbNoGcSdJSlVTXtGKFkTr4ug9gSOjfZvQ? --868b5e50e167378fe7386541a39003b92f246409eff421f1bb7395bd69c3 Content-Type: text/html; charset="utf-8" Content-Transfer-Encoding: quoted-printable <html style=3D"scrollbar-width: thin;scrollbar-color: rgb(219,219,219)rgb(2= 55,255,255);"><head><meta charset=3D"utf-8"><title>📊 Business Analy= sis: Clorox Company (CLX)</title><style> @media (max-width: 1024px) { .typography 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(max-width: 750px) { .poll-embed .poll-anchor-target .poll-anchor-copy-button { left: 8px; top: 45px; } }</style></head><body class=3D"email-body" style=3D"font-kerning: auto;--im= age-offset-margin: -120px;"><img src=3D"https://eotrx.substackcdn.com/open?= token=3DeyJtIjoiPDIwMjYwMTI0MTM0MzE0LjMuMjI3ZGVkMGU0YjM5OTMwY0BtZzIuc3Vic3R= hY2suY29tPiIsInUiOjM5NjU3OTU5MCwiciI6ImRzQGUyNC5jb20uYXUiLCJkIjoibWcyLnN1Yn= N0YWNrLmNvbSIsInAiOjE4NTA0NzQwOSwidCI6Im5ld3NsZXR0ZXIiLCJhIjoib25seV9wYWlkI= iwicyI6NjY1ODE1NSwiYyI6InBvc3QiLCJmIjp0cnVlLCJwb3NpdGlvbiI6InRvcCIsImlhdCI6= MTc2OTI2MjIwMywiZXhwIjoxNzcxODU0MjAzLCJpc3MiOiJwdWItMCIsInN1YiI6ImVvIn0.gkU= e-sybe3YSE3AxGralymt_9wjDd8JuRLTD4uHUvt8" alt=3D"" width=3D"1" height=3D"1"= border=3D"0" style=3D"height:1px !important;width:1px !important;border-wi= dth:0 !important;margin-top:0 !important;margin-bottom:0 !important;margin-= right:0 !important;margin-left:0 !important;padding-top:0 !important;paddin= g-bottom:0 !important;padding-right:0 !important;padding-left:0 !important;= "/><div class=3D"preview" style=3D"display:none;font-size:1px;color:#333333= ;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;">I= s It A Good Opportunity To Invest Today</div><div class=3D"preview" style= =3D"display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px= ;max-width:0px;opacity:0;overflow:hidden;">͏   ­T= 7;   ­͏   ­͏   &= #173;͏   ­͏   ­͏ =   ­͏   ­͏   ­͏= ;   ­͏   ­͏   &#= 173;͏   ­͏   ­͏ &= #8199; ­͏   ­͏   ­͏=   ­͏   ­͏   = 73;͏   ­͏   ­͏ &#= 8199; ­͏   ­͏   ­͏ =   ­͏   ­͏   = 3;͏   ­͏   ­͏ = 199; ­͏   ­͏   ­͏ &= nbsp;   ­͏   ­͏   ­= ;͏   ­͏   ­͏ Q= 99; ­͏   ­͏   ­͏ &n= bsp;   ­͏   ­͏   ­= ͏   ­͏   ­͏ ̳= 9; ­͏   ­͏   ­͏ &nb= sp;   ­͏   ­͏   ­&= #847;   ­͏   ­͏  = ; ­͏   ­͏   ­͏ &nbs= p;   ­͏   ­͏   ­&#= 847;   ­͏   ­͏  = ­͏   ­͏   ­͏  = ;   ­͏   ­͏   ­= 47;   ­͏   ­͏   = ­͏   ­͏   ­͏ =   ­͏   ­͏   ­T= 7;   ­͏   ­͏   &= #173;͏   ­͏   ­͏ =   ­͏   ­͏   ­͏= ;   ­͏   ­͏   &#= 173;͏   ­͏   ­͏ &= #8199; ­͏   ­͏   ­͏=   ­͏   ­͏   = 73;͏   ­͏   ­͏ &#= 8199; ­͏   ­͏   ­͏ =   ­͏   ­͏   = 3;͏   ­͏   ­͏ = 199; ­͏   ­͏   ­͏ &= nbsp;   ­͏   ­͏   ­= ;͏   ­͏   ­͏ Q= 99; ­͏   ­͏   ­͏ &n= bsp;   ­͏   ­͏   ­= ͏   ­͏   ­͏ ̳= 9; ­͏   ­͏   ­͏ &nb= sp;   ­͏   ­͏   ­&= #847;   ­͏   ­͏  = ; ­͏   ­͏   ­͏ &nbs= p;   ­͏   ­͏   ­&#= 847;   ­͏   ­͏  = ­͏   ­͏   ­͏  = ;   ­͏   ­͏   ­= 47;   ­͏   ­͏   = ­͏   ­͏   ­͏ =   ­͏   ­͏   ­T= 7;   ­͏   ­͏   &= #173;͏   ­͏   ­͏ =   ­͏   ­͏   ­͏= ;   ­͏   ­͏   &#= 173;͏   ­͏   ­͏ &= #8199; ­͏   ­͏   ­͏=   ­͏   ­͏   = 73;͏   ­͏   ­͏ &#= 8199; ­͏   ­͏   ­͏ =   ­͏   ­͏   = 3;͏   ­͏   ­͏ = 199; ­͏   ­͏   ­͏ &= nbsp;   ­͏   ­͏   ­= ;͏   ­͏   ­͏ Q= 99; ­͏   ­͏   ­͏ &n= bsp;   ­͏   ­͏   ­= ͏   ­͏   ­͏ ̳= 9; ­͏   ­͏   ­͏ &nb= sp;   ­</div><table class=3D"email-body-container" role=3D"prese= ntation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><t= body><tr><td></td><td class=3D"content" width=3D"550"></td><td></td></tr><t= r><td></td><td 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Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-fon= t-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appear= ance: optimizelegibility;appearance: optimizelegibility;margin: 0;line-heig= ht: 36px;font-size: 32px;"><a href=3D"https://substack.com/app-link/post?pu= blication_id=3D6658155&post_id=3D185047409&utm_source=3Dpost-email-title&ut= m_campaign=3Demail-post-title&isFreemail=3Dtrue&r=3D6k42rq&token=3DeyJ1c2Vy= X2lkIjozOTY1Nzk1OTAsInBvc3RfaWQiOjE4NTA0NzQwOSwiaWF0IjoxNzY5MjYyMjAyLCJleHA= iOjE3NzE4NTQyMDIsImlzcyI6InB1Yi02NjU4MTU1Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.A= hIZEIDO1QvRFsRnu0zlY9peg6oJFMQzDNWhhQlQ4dc" style=3D"color: rgb(54,55,55);t= ext-decoration: none;">📊 Business Analysis: Clorox Company (CLX)</a= ></h1><h3 class=3D"subtitle subtitle-HEEcLo" dir=3D"auto" style=3D"directio= n: auto;text-align: start;unicode-bidi: isolate;font-family: 'SF Pro Displa= y',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe= UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji'= ,'Segoe UI Symbol';font-weight: normal;-webkit-font-smoothing: antialiased;= -moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility= ;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin:= 4px 0 0;color: #777777;line-height: 24px;font-size: 18px;margin-top: 12px;= ">Is It A Good Opportunity To Invest Today</h3><table class=3D"post-meta" r= ole=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadd= ing=3D"0" style=3D"margin: 1em 0;height: 20px;align-items: center;"><tbody>= <tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacin= g=3D"0" cellpadding=3D"0"><tbody><tr><td><table role=3D"presentation" width= =3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td s= tyle=3D"vertical-align:middle;"><div class=3D"pencraft pc-reset color-prima= ry-zABazT line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medi= um-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA custom-css-em= ail-post-author" style=3D"list-style: none;font-size: 11px;line-height: 20p= x;text-decoration: unset;color: rgb(54,55,55);margin: 0;font-family: 'SF Co= mpact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',= Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Seg= oe UI Symbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2= px;"><a class=3D"pencraft pc-reset color-primary-zABazT line-height-20-t4M0= El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase= -yKDgcq reset-IxiVJZ meta-EgzBVA" style=3D"list-style: none;color: rgb(54,5= 5,55);margin: 0;font-size: 11px;line-height: 20px;font-family: 'SF Compact'= ,-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto= ,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI = Symbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2px;tex= t-decoration: none" href=3D"https://substack.com/@getdividends">Get Dividen= ds</a></div></td></tr></tbody></table></td></tr><tr><td><table role=3D"pres= entation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><= tbody><tr><td style=3D"vertical-align:middle;"><div class=3D"pencraft pc-re= set color-secondary-ls1g8s line-height-20-t4M0El font-meta-MWBumP size-11-N= uY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-Egz= BVA" style=3D"list-style: none;font-size: 11px;line-height: 20px;text-decor= ation: unset;color: rgb(119,119,119);margin: 0;font-family: 'SF Compact',-a= pple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,He= lvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Sym= bol';font-weight: 500;text-transform: uppercase;letter-spacing: .2px;"><tim= e datetime=3D"2026-01-24T13:43:17.731Z">Jan 24</time></div></td><td width= =3D"4" style=3D"min-width: 4px"></td><td style=3D"vertical-align:middle;"><= table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" c= ellpadding=3D"0"><tbody><tr><td style=3D"vertical-align:middle;"><div class= =3D"pencraft pc-reset color-secondary-ls1g8s line-height-20-t4M0El font-met= a-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq res= et-IxiVJZ meta-EgzBVA" style=3D"list-style: none;font-size: 11px;line-heigh= t: 20px;text-decoration: unset;color: rgb(119,119,119);margin: 0;font-famil= y: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'S= egoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Em= oji','Segoe UI Symbol';font-weight: 500;text-transform: uppercase;letter-sp= acing: .2px;">∙</div></td><td width=3D"4" style=3D"min-width: 4px"></= td><td style=3D"vertical-align:middle;"><div class=3D"pencraft pc-reset col= or-paid-LmY0EP line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight= -medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA" transla= 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oji','Segoe UI Symbol';display: inline-block;font-weight: 500;border: 1px s= olid rgb(0,0,0,.1);border-radius: 9999px;text-transform: uppercase;font-siz= e: 12px;line-height: 12px;padding: 9px 14px;text-decoration: none;color: rg= b(119,119,119);"><div class=3D"email-button-spacer" style=3D"font-size: 16p= x;line-height: 26px;display: inline-block;vertical-align: middle;max-width:= 0;min-height: 18px;"></div><span class=3D"email-button-text" style=3D"vert= ical-align: middle;margin-right: 4px">READ IN APP</span><img class=3D"icon = text-icon" src=3D"https://substackcdn.com/image/fetch/$s_!ET-_!,w_36,c_scal= e,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%= 2FLucideArrowUpRight%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%252380= 8080%26strokeWidth%3D2" width=3D"18" height=3D"18" style=3D"min-width: 18px= ;min-height: 18px;border: none;vertical-align: middle;margin-right: 0;margi= n-left: 0;max-width: 18px" alt=3D""></a></td></tr></tbody></table></td></tr= ></tbody></table></td></tr></tbody></table></td></tr><tr height=3D"16"><td = height=3D"16" style=3D"font-size:0px;line-height:0;"> </td></tr></tbod= y></table></div></div><div class=3D"post typography" dir=3D"auto" style=3D"= --image-offset-margin: -120px;padding: 32px 0 0 0;font-size: 16px;line-heig= ht: 26px;"><div class=3D"body markup" dir=3D"auto" style=3D"text-align: ini= tial;font-size: 16px;line-height: 26px;width: 100%;word-break: break-word;m= argin-bottom: 16px;"><h2 class=3D"header-anchor-post" style=3D"position: re= lative;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-appl= e-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'A= pple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-web= kit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webki= t-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appear= ance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-= height: 1.16em;font-size: 1.625em;margin-top: 0;">What Exactly Does Clorox = Do?</h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26= px;font-size: 16px;">Let me start by clarifying what Clorox actually is, be= cause most people think of one product when they hear the name. In reality,= Clorox is a diversified manufacturer and marketer of consumer and professi= onal products that appear in virtually every household across America and m= any internationally.</p><div class=3D"captioned-image-container-static" sty= le=3D"font-size: 16px;line-height: 26px;margin: 32px auto;"><figure style= =3D"width: 100%;margin: 0 auto;"><table class=3D"image-wrapper" width=3D"10= 0%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D= "Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td = style=3D"text-align: center;"></td><td class=3D"content" align=3D"left" wid= th=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" target=3D= "_blank" href=3D"https://substack.com/redirect/bae45a96-11a9-4380-9737-375e= 534ea937?j=3DeyJ1IjoiNms0MnJxIn0.eSEBM4t8vpgmQWaFc6_BiC7I0YPmZYRMlUbJu36w_f= I" rel=3D"" style=3D"position: relative;flex-direction: column;align-items:= center;padding: 0;width: auto;height: auto;border: none;text-decoration: n= one;display: block;margin: 0;"><img class=3D"wide-image" data-attrs=3D"{&qu= ot;src":"https://substack-post-media.s3.amazonaws.com/public/imag= es/59ff4e88-5b4d-48e3-bb4c-07c783a0b841_1536x1024.png","srcNoWate= rmark":null,"fullscreen":null,"imageSize":null,&qu= ot;height":971,"width":1456,"resizeWidth":null,&qu= ot;bytes":953747,"alt":null,"title":null,"typ= e":"image/png","href":null,"belowTheFold"= ;:false,"topImage":true,"internalRedirect":"https:= //getdividends.net/i/185047409?img=3Dhttps%3A%2F%2Fsubstack-post-media.s3.a= mazonaws.com%2Fpublic%2Fimages%2F59ff4e88-5b4d-48e3-bb4c-07c783a0b841_1536x= 1024.png","isProcessing":false,"align":null,"= offset":false}" alt=3D"" width=3D"550" height=3D"366.7925824175824" sr= c=3D"https://substackcdn.com/image/fetch/$s_!FhCe!,w_1100,c_limit,f_auto,q_= auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazona= ws.com%2Fpublic%2Fimages%2F59ff4e88-5b4d-48e3-bb4c-07c783a0b841_1536x1024.p= ng" style=3D"border: none !important;vertical-align: middle;display: block;= -ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto != important;max-width: 100% !important;margin: 0 auto;"></a></td><td style=3D= "text-align: center;"></td></tr></tbody></table></figure></div><p style=3D"= margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"= >When I think about Clorox products I personally use, the list is surprisin= gly long. I clean my kitchen with Clorox bleach and Pine-Sol. I line my tra= sh cans with Glad bags. I store food with Glad wrap and containers. My cat = uses Fresh Step litter. I freshen my water with Brita filters. I use Clorox= 2 stain remover on my laundry. My family uses Clorox disinfecting wipes. I= cook with Hidden Valley seasonings. These aren’t luxury items or dis= cretionary purchases—they’re consumable household essentials th= at families repurchase continuously.</p><p style=3D"margin: 0 0 20px 0;colo= r: rgb(54,55,55);line-height: 26px;font-size: 16px;">The company manufactur= es and distributes across multiple categories including disinfecting and cl= eaning products, trash bags and food storage products, professional cleanin= g solutions, pet care products, water filtration systems, food seasonings a= nd dressings, and natural personal care brands. What I find most attractive= about Clorox is the non-negotiable nature of these products. People don= 217;t stop buying cleaning supplies during recessions. Families don’t= defer purchasing trash bags. Pet owners continue buying litter regardless = of economic conditions.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,= 55);line-height: 26px;font-size: 16px;">Clorox operates from its headquarte= rs in Oakland, California, where the company was founded in 1913. The compa= ny employs approximately 9,000 people globally and distributes products in = more than 100 countries. Over 111 years, Clorox has built an extraordinary = collection of brands, with many holding number one or number two market pos= itions in their respective categories. That brand strength translates direc= tly into consumer loyalty, pricing power, and market resilience.</p><h2 cla= ss=3D"header-anchor-post" style=3D"position: relative;font-family: 'SF Pro = Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,= 'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI = Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialia= sed;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibi= lity;-moz-appearance: optimizelegibility;appearance: optimizelegibility;mar= gin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.= 625em;">How Clorox Actually Makes Its Money</h2><div class=3D"captioned-ima= ge-container-static" style=3D"font-size: 16px;line-height: 26px;margin: 32p= x auto;"><figure style=3D"width: 100%;margin: 0 auto;"><table class=3D"imag= e-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" = data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1= =2E6em;"><tbody><tr><td style=3D"text-a= lign: center;"></td><td class=3D"conte= nt" align=3D"left" width=3D"1456" style=3D"text-align: center;"><a class=3D= "image-link" target=3D"_blank" href=3D"https://substack.com/redirect/093be3= 22-814b-44c0-beab-f1249ec3f03e?j=3DeyJ1IjoiNms0MnJxIn0.eSEBM4t8vpgmQWaFc6_B= iC7I0YPmZYRMlUbJu36w_fI" rel=3D"" style=3D"position: relative;flex-directio= n: column;align-items: center;padding: 0;width: auto;height: auto;border: n= one;text-decoration: none;display: block;margin: 0;"><img class=3D"wide-ima= ge" data-attrs=3D"{"src":"https://substack-post-media.s3.ama= zonaws.com/public/images/aa33d00a-fc3b-4287-b8c0-b4e8bcb04d62_2304x1728.png= ","srcNoWatermark":null,"fullscreen":null,"im= ageSize":null,"height":1092,"width":1456,"res= izeWidth":null,"bytes":null,"alt":"Clorox Com= pany 2024 Revenue by Business Segment Distribution","title":= null,"type":null,"href":null,"belowTheFold":f= alse,"topImage":false,"internalRedirect":null,"isP= rocessing":false,"align":null,"offset":false}" alt= =3D"Clorox Company 2024 Revenue by Business Segment Distribution" title=3D"= Clorox Company 2024 Revenue by Business Segment Distribution" width=3D"550"= height=3D"412.5" src=3D"https://substackcdn.com/image/fetch/$s_!TmCp!,w_11= 00,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-p= ost-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faa33d00a-fc3b-4287-b8c0-b4e8= bcb04d62_2304x1728.png" style=3D"border: none !important;vertical-align: mi= ddle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bot= tom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;"><= /a></td><td style=3D"text-align: center;"></td></tr></tbody></table></figur= e></div><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26= px;font-size: 16px;">Clorox Company 2024 Revenue by Business Segment Distri= bution</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: = 26px;font-size: 16px;">Clorox generated $7.09 billion in net sales during f= iscal 2024 (the twelve months ending June 30, 2024). I need to note that th= is represents a decline from $7.39 billion in fiscal 2023, primarily due to= the operational devastation caused by the August 2023 cyberattack I’= ll discuss in detail later.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54= ,55,55);line-height: 26px;font-size: 16px;">To understand Clorox’s re= venue generation, I need to break down the four distinct business segments,= each serving different customer needs and providing different growth prosp= ects.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 2= 6px;font-size: 16px;"><strong>Health and Wellness Segment</strong><span>: T= his is the company’s largest profit engine, generating $2.48 billion = in revenue, representing 35% of total sales. This segment encompasses disin= fecting products, Clorox bleach, Pine-Sol cleaners, Liquid-Plumr drain open= ers, and other cleaning and disinfecting solutions. What makes this segment= particularly interesting is how it evolved. The COVID-19 pandemic permanen= tly elevated consumer awareness about hygiene and sanitation. While the pan= ic purchasing frenzy of 2020-2021 has normalized, baseline demand for these= products remains elevated compared to pre-pandemic levels. Consumers conti= nue prioritizing cleanliness and disinfection in ways that were less common= five years ago.</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,= 55);line-height: 26px;font-size: 16px;"><strong>Household Segment</strong><= span>: The second-largest segment generated $1.95 billion (27.5% of revenue= ). This includes Glad trash bags, Glad wrap, Glad food storage containers, = and related products. Think about this category for a moment—every ho= usehold generates trash daily. Every household needs to wrap leftover food.= These products represent automatic repeat purchases that consumers never r= eally think about. They run out, people buy more, repeat. This predictable,= high-frequency purchasing pattern is exactly what income investors should = value.</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-h= eight: 26px;font-size: 16px;"><strong>Lifestyle Segment</strong><span>: Thi= s division produced $1.27 billion (17.9% of revenue) and showcases Clorox&#= 8217;s portfolio diversity through brands including Burt’s Bees natur= al personal care products, Brita water filtration systems, Hidden Valley sa= lad dressings and seasoning mixes, and Fresh Step cat litter. I particularl= y appreciate this segment’s approach—rather than concentrating = all eggs in one basket, Clorox captures multiple consumer needs from person= al care to pet care to food products. If consumer preferences shift away fr= om one category, other categories provide offsetting support.</span></p><p = style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-siz= e: 16px;"><strong>International Segment</strong><span>: International opera= tions contributed $1.16 billion (16.4% of revenue), covering all manufactur= ing, distribution, and sales outside the United States. This includes opera= tions in Canada, Latin America (including Mexico, Brazil, and Argentina), s= elect Asian markets, and Australia. The company recently divested its Argen= tina business to focus resources on higher-return markets. International ma= rkets provide growth potential as hygiene standards and consumer spending o= n personal care products increase in developing economies.</span></p><p sty= le=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: = 16px;">Below is a visual representation of how these segments break down:</= p><div class=3D"captioned-image-container-static" style=3D"font-size: 16px;= line-height: 26px;margin: 32px auto;"><figure style=3D"width: 100%;margin: = 0 auto;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspa= cing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" styl= e=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: cen= ter;"></td><td class=3D"content" align=3D"left" width=3D"1456" style=3D"tex= t-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https:/= /substack.com/redirect/093be322-814b-44c0-beab-f1249ec3f03e?j=3DeyJ1IjoiNms= 0MnJxIn0.eSEBM4t8vpgmQWaFc6_BiC7I0YPmZYRMlUbJu36w_fI" rel=3D"" style=3D"pos= ition: relative;flex-direction: column;align-items: center;padding: 0;width= : auto;height: auto;border: none;text-decoration: none;display: block;margi= n: 0;"><img class=3D"wide-image" data-attrs=3D"{"src":"https= ://substack-post-media.s3.amazonaws.com/public/images/aa33d00a-fc3b-4287-b8= c0-b4e8bcb04d62_2304x1728.png","srcNoWatermark":null,"f= ullscreen":null,"imageSize":null,"height":1092,&qu= ot;width":1456,"resizeWidth":null,"bytes":null,&qu= ot;alt":"Clorox Company 2024 Revenue by Business Segment Distribu= tion","title":null,"type":null,"href":nu= ll,"belowTheFold":true,"topImage":false,"internalR= edirect":null,"isProcessing":false,"align":null,&q= uot;offset":false}" alt=3D"Clorox Company 2024 Revenue by Business Seg= ment Distribution" title=3D"Clorox Company 2024 Revenue by Business Segment= Distribution" width=3D"550" height=3D"412.5" src=3D"https://substackcdn.co= m/image/fetch/$s_!TmCp!,w_1100,c_limit,f_auto,q_auto:good,fl_progressive:st= eep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F= aa33d00a-fc3b-4287-b8c0-b4e8bcb04d62_2304x1728.png" style=3D"border: none != important;vertical-align: middle;display: block;-ms-interpolation-mode: bic= ubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% != important;margin: 0 auto;"></a></td><td style=3D"text-align: center;"></td>= </tr></tbody></table></figure></div><p style=3D"margin: 0 0 20px 0;color: r= gb(54,55,55);line-height: 26px;font-size: 16px;">Clorox Company 2024 Revenu= e by Business Segment Distribution</p><p style=3D"margin: 0 0 20px 0;color:= rgb(54,55,55);line-height: 26px;font-size: 16px;">What strikes me about th= is revenue composition is the balance. Health and Wellness clearly dominate= s at 35%, but no single segment overwhelms the portfolio. This diversificat= ion provides genuine stability. If disinfecting product demand softens, tra= sh bag sales continue. If international markets face headwinds, the strong = domestic business compensates. This portfolio approach is fundamentally sou= nd for a company seeking to deliver stable dividend growth through various = economic environments.</p><h2 class=3D"header-anchor-post" style=3D"positio= n: relative;font-family: 'SF Pro Display',-apple-system-headline,system-ui,= -apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-ser= if,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold= ;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-= webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;a= ppearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);= line-height: 1.16em;font-size: 1.625em;">Who Are Clorox’s Customers?<= /h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;f= ont-size: 16px;">Understanding customer types helps me assess revenue stabi= lity and recurring revenue visibility.</p><p style=3D"margin: 0 0 20px 0;co= lor: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Retail Consu= mers</strong><span>: The vast majority of Clorox revenue comes from everyda= y consumers purchasing products through retail channels. This includes groc= ery stores like Kroger and Albertsons, mass merchandisers like Walmart and = Target, club stores like Costco, drug stores like CVS and Walgreens, dollar= stores, and increasingly through e-commerce platforms like Amazon. I appre= ciate that Clorox products have achieved something unusual—they’= ;re purchased across all economic demographics. Whether you shop at Whole F= oods (where Burt’s Bees commands premium prices) or Dollar General (w= here Clorox products offer value), you’ll find the company’s br= ands on shelves. This cross-demographic appeal provides unusual stability c= ompared to luxury brands that suffer during economic downturns.</span></p><= p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-s= ize: 16px;"><strong>Professional and Institutional Customers</strong><span>= : Clorox also serves businesses, healthcare facilities, schools, hotels, re= staurants, offices, and other commercial operations through its professiona= l products division. These customers require industrial-strength cleaning a= nd disinfecting solutions, often purchased through specialized B2B distribu= tors. This channel provides valuable stability because commercial facilitie= s have ongoing, non-discretionary cleaning and hygiene requirements. A hosp= ital must maintain rigorous sanitation standards regardless of economic con= ditions. A restaurant must sanitize kitchen surfaces regularly by law. An o= ffice must maintain employee health and safety standards.</span></p><p styl= e=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 1= 6px;">The customer loyalty I’ve observed with Clorox products is rema= rkable. When consumers find cleaning or household products that work effect= ively, they rarely experiment with alternatives. If a consumer has used Clo= rox bleach for years with good results, they stick with that brand. The swi= tching costs—both financial and psychological—are minimal for a= ny individual product, but the cumulative effect across millions of househo= lds creates genuine brand loyalty that translates into pricing power and st= able market share.</p><h2 class=3D"header-anchor-post" style=3D"position: r= elative;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-app= le-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'= Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-we= bkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webk= it-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appea= rance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line= -height: 1.16em;font-size: 1.625em;">Where Does Clorox Operate?</h2><p styl= e=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 1= 6px;">Clorox’s geographic footprint reveals both strengths and constr= aints worth understanding.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,= 55,55);line-height: 26px;font-size: 16px;"><strong>United States</strong><s= pan>: Approximately 84% of revenue comes from U.S. operations, making Cloro= x primarily a domestic American company with its market power concentrated = in the world’s largest consumer market. The United States provides st= ability, predictability, and Clorox’s strongest brand recognition. Ev= ery major retail channel stocks Clorox products across all segments. The co= mpany maintains dominant market positions—number one in trash bags th= rough Glad, number one in disinfecting wipes, top positions in multiple oth= er categories. The mature U.S. market provides reliable cash flows but limi= ted growth upside compared to international expansion opportunities.</span>= </p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;f= ont-size: 16px;"><strong>International Markets</strong><span>: The remainin= g 16% of revenue comes from international operations. Canada is the stronge= st market for Clorox given geographic proximity, similar consumer preferenc= es, and established distribution networks. Latin America represents signifi= cant long-term opportunity, with operations in Mexico, Brazil, Colombia, an= d other countries. The company recently optimized its Latin America operati= ons through strategic partnerships and portfolio rationalization. Asian mar= kets and Australia provide additional exposure, though these regions remain= underdeveloped compared to Clorox’s position in North America.</span= ></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;= font-size: 16px;">This geographic concentration differs notably from compet= itors like Procter and Gamble, which derive 40-50% of revenue international= ly. I view this as both a strategic strength and limitation. Strength: Clor= ox operates in the wealthiest consumer market with established distribution= and brand dominance, providing stability and profitability. Limitation: In= ternational markets are growing faster than the United States, and Clorox u= nderweights these growth opportunities compared to more globally diversifie= d competitors.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-= height: 26px;font-size: 16px;">The company has pursued strategic alternativ= es to organic international expansion, including joint ventures that allow = local partners to manage certain markets while Clorox retains economic part= icipation. This asset-light approach optimizes returns rather than simply p= ursuing geographic growth for growth’s sake.</p><h2 class=3D"header-a= nchor-post" style=3D"position: relative;font-family: 'SF Pro Display',-appl= e-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Rob= oto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe = UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-f= ont-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appe= arance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.6= 25em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;">How Of= ten Do Customers Actually Buy These Products?</h2><p style=3D"margin: 0 0 2= 0px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">This is wher= e Clorox’s business model reveals its true power for dividend investo= rs. These are consumable products that customers purchase repeatedly on hig= hly predictable cycles.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,= 55);line-height: 26px;font-size: 16px;">Consider my own household purchasin= g patterns. I buy Clorox disinfecting wipes every two to three weeks when I= run out. Glad trash bags get replaced approximately weekly—we genera= te trash constantly. Fresh Step cat litter gets purchased every two weeks a= s the litter box requires frequent refreshing. Brita water filters get repl= aced every two months. Clorox bleach gets replenished every month or two. H= idden Valley seasoning mixes get used regularly. These aren’t purchas= es I can defer or delay—they’re automatic household maintenance= items that get replaced as soon as they run out.</p><p style=3D"margin: 0 = 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">This purc= hasing pattern creates what economists call “high purchase frequency = with low price sensitivity.” Consumers buy these products so frequent= ly that the individual purchase amount feels trivial—a package of tra= sh bags costs eight dollars, bleach costs three dollars, cat litter costs s= ix dollars. Price increases of 10-15% on individual purchases trigger minim= al consumer resistance because the transaction feels small. But multiply th= ose small increases across billions of annual transactions across millions = of households, and Clorox generates substantial revenue and earnings growth= from pricing actions.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,5= 5);line-height: 26px;font-size: 16px;">The recurring revenue nature of Clor= ox’s business provides visibility into future cash flows that I find = extremely valuable as an income investor. Unlike companies selling big-tick= et discretionary items where purchase timing varies dramatically based on e= conomic conditions, Clorox can predict quarterly revenue within relatively = tight ranges based on historical consumption patterns. This predictability = translates directly into dividend safety and sustainability.</p><h2 class= =3D"header-anchor-post" style=3D"position: relative;font-family: 'SF Pro Di= splay',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'S= egoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Em= oji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiase= d;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibili= ty;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margi= n: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.62= 5em;">Can Clorox Raise Prices Successfully?</h2><p style=3D"margin: 0 0 20p= x 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">This question = is absolutely critical for understanding long-term dividend growth potentia= l, and I need to give you an honest, nuanced answer.</p><p style=3D"margin:= 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Betwee= n fiscal 2021 and fiscal 2024, Clorox faced unprecedented cost inflation. I= nput costs for resin (used in plastic bottles and bags), bleach, pulp, and = other raw materials surged 30-50%. Transportation costs skyrocketed due to = fuel prices and supply chain disruptions. Labor costs increased significant= ly. Packaging costs soared. In response, management executed multiple round= s of aggressive price increases totaling mid-to-high teens percentage incre= ases across the portfolio over three years.</p><p style=3D"margin: 0 0 20px= 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">What happened n= ext? Remarkably, most price increases stuck. Volume declined modestly—= ;down approximately 5-7% in some categories as some consumers traded down t= o private label alternatives or reduced consumption slightly. But the reven= ue mathematics worked powerfully in Clorox’s favor. A 15% price incre= ase combined with a 6% volume decline still generates approximately 8% net = revenue growth. In fiscal 2023, organic sales grew 14% driven almost entire= ly by favorable pricing, demonstrating the power of Clorox’s pricing = leverage.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-heigh= t: 26px;font-size: 16px;">Gross margins expanded substantially during this = period as pricing benefits exceeded cost inflation. The company generated r= ecord profit margins, demonstrating genuine pricing power—the ability= to pass through cost increases without experiencing catastrophic volume lo= sses that would exceed pricing gains.</p><p style=3D"margin: 0 0 20px 0;col= or: rgb(54,55,55);line-height: 26px;font-size: 16px;">However, I need to in= ject critical realism here for potential investors. The pricing environment= in 2025-2026 looks fundamentally different from 2021-2023. Inflation has m= oderated significantly from the double-digit rates of 2021-2022. Consumer p= rice fatigue is evident across all product categories after years of relent= less price increases. Retailers are pushing back aggressively against manuf= acturer price increase requests, recognizing that consumers are shopping mo= re carefully and private label products have captured meaningful share. Pri= vate label alternatives have improved substantially in quality while mainta= ining significant price premiums, making the value proposition more attract= ive.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26= px;font-size: 16px;">Looking forward, I expect Clorox will implement modest= pricing increases of 1-3% annually to offset normal input cost inflation a= nd maintain current profit margins. The extraordinary pricing actions of 20= 21-2023 that drove double-digit earnings growth were extraordinary response= s to extraordinary inflation that are unlikely to recur in normal economic = environments. Future dividend growth will probably depend more on operation= al efficiency, market share maintenance, and cost management rather than pr= icing leverage alone.</p><h2 class=3D"header-anchor-post" style=3D"position= : relative;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-= apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-seri= f,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;= -webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-w= ebkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;ap= pearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);l= ine-height: 1.16em;font-size: 1.625em;">What Happens to Clorox During Reces= sions?</h2><div class=3D"captioned-image-container-static" style=3D"font-si= ze: 16px;line-height: 26px;margin: 32px auto;"><figure style=3D"width: 100%= ;margin: 0 auto;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0= " cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMSta= tic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-a= lign: center;"></td><td class=3D"content" align=3D"left" width=3D"1456" sty= le=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href= =3D"https://substack.com/redirect/65c0d0bf-3a24-48a2-ab07-4a74e73540d7?j=3D= eyJ1IjoiNms0MnJxIn0.eSEBM4t8vpgmQWaFc6_BiC7I0YPmZYRMlUbJu36w_fI" rel=3D"" s= tyle=3D"position: relative;flex-direction: column;align-items: center;paddi= ng: 0;width: auto;height: auto;border: none;text-decoration: none;display: = block;margin: 0;"><img class=3D"wide-image" data-attrs=3D"{"src":= "https://substack-post-media.s3.amazonaws.com/public/images/073c6b52-e= 7fe-41ad-ae39-f2e7b0bf36cf_2848x1600.png","srcNoWatermark":n= ull,"fullscreen":null,"imageSize":null,"height&quo= t;:818,"width":1456,"resizeWidth":null,"bytes"= ;:null,"alt":"Clorox 2023 Cyberattack Impact and Recovery Ti= meline","title":null,"type":null,"href":= null,"belowTheFold":true,"topImage":false,"interna= lRedirect":null,"isProcessing":false,"align":null,= "offset":false}" alt=3D"Clorox 2023 Cyberattack Impact and Recove= ry Timeline" title=3D"Clorox 2023 Cyberattack Impact and Recovery Timeline"= width=3D"550" height=3D"308.99725274725273" src=3D"https://substackcdn.com= /image/fetch/$s_!04gg!,w_1100,c_limit,f_auto,q_auto:good,fl_progressive:ste= ep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0= 73c6b52-e7fe-41ad-ae39-f2e7b0bf36cf_2848x1600.png" style=3D"border: none !i= mportant;vertical-align: middle;display: block;-ms-interpolation-mode: bicu= bic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !i= mportant;margin: 0 auto;"></a></td><td style=3D"text-align: center;"></td><= /tr></tbody></table></figure></div><p style=3D"margin: 0 0 20px 0;color: rg= b(54,55,55);line-height: 26px;font-size: 16px;">Clorox 2023 Cyberattack Imp= act and Recovery Timeline</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,5= 5,55);line-height: 26px;font-size: 16px;">I’ve studied Clorox’s= performance through multiple economic cycles, and the historical evidence = is compelling regarding the company’s defensive characteristics durin= g downturns.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-he= ight: 26px;font-size: 16px;"><strong>The 2008-2009 Financial Crisis Experie= nce</strong><span>:</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,= 55,55);line-height: 26px;font-size: 16px;">During the Great Recession, Clor= ox demonstrated genuine defensive qualities. The company’s revenue ac= tually grew from $5.3 billion in fiscal 2008 to $5.5 billion in fiscal 2009= , a time when many companies saw double-digit revenue declines as consumers= stopped buying. Consumers didn’t stop buying cleaning supplies, tras= h bags, or household essentials even when tightening discretionary spending= elsewhere.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-hei= ght: 26px;font-size: 16px;">The stock declined approximately 25% from peak = to trough during the crisis—a significant loss, but substantially les= s severe than the broader market’s 51% decline during the same period= =2E Even more importantly, Clorox never= cut its dividend and continued increa= sing it annually throughout the crisis. Shareholders who held through the d= ownturn not only recovered losses faster than the broader market but also r= eceived steadily increasing dividend income throughout the recovery.</p><p = style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-siz= e: 16px;"><strong>The 2020 COVID-19 Pandemic Response</strong><span>:</span= ></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;= font-size: 16px;">The pandemic recession proved unique because it actually = benefited Clorox initially. When COVID-19 struck, consumer demand for disin= fecting and cleaning products exploded as people became acutely focused on = sanitation. Clorox’s revenue surged from $6.2 billion in fiscal 2019 = to $7.0 billion in fiscal 2020, then to $7.3 billion in fiscal 2021. The co= mpany couldn’t manufacture products fast enough to meet demand. Store= shelves were consistently empty as consumers stockpiled cleaning supplies = and the company was demand-constrained rather than supply-constrained.</p><= p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-s= ize: 16px;">During this pandemic-driven boom, Clorox’s stock soared t= o all-time highs above $230 per share as investors bid up shares of compani= es benefiting from pandemic-related demand shifts. The company expanded man= ufacturing capacity, increased employment, and generated extraordinary prof= its.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26= px;font-size: 16px;">However, the post-COVID normalization has proven chall= enging. As consumers worked through pandemic stockpiles and cleaning routin= es gradually normalized back toward pre-pandemic patterns, Clorox faced dif= ficult year-over-year revenue comparisons. Revenue has essentially flatline= d for three years, oscillating between $7.0-7.4 billion annually. The excep= tional pandemic surge created a tough baseline for comparison, and organic = growth has stalled.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);= line-height: 26px;font-size: 16px;"><strong>The 2023 Cyberattack CrisisR= 12;A Different Kind of Recession</strong><span>:</span></p><p style=3D"marg= in: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Whi= le not a traditional recession, the August 2023 cyberattack tested Clorox m= ore severely than any economic downturn in company history. Criminals succe= ssfully infiltrated Clorox’s information technology systems, encrypti= ng critical data and forcing the company to take systems offline. The compa= ny was forced to operate essential manufacturing and order processing funct= ions manually, without computerized systems.</p><p style=3D"margin: 0 0 20p= x 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">The immediate = impact was devastating. Clorox’s manufacturing operations ground to a= halt. The company couldn’t process retail orders efficiently. Distri= bution was disrupted. Retailers couldn’t replenish inventory. Store s= helves emptied of Clorox products nationwide. First-quarter fiscal 2024 rev= enue plunged 28% year-over-year as supply couldn’t meet demand—= the opposite of normal demand constraints.</p><p style=3D"margin: 0 0 20px = 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Clorox estimated= total damages at $356 million, including $49-57 million in direct costs fo= r forensics, information technology recovery, and consulting services, plus= hundreds of millions in lost sales, market share erosion, and temporary pr= ofit margin compression during recovery. The cyberattack was the single lar= gest operational disaster in Clorox’s modern history.</p><div class= =3D"captioned-image-container-static" style=3D"font-size: 16px;line-height:= 26px;margin: 32px auto;"><figure style=3D"width: 100%;margin: 0 auto;"><ta= ble class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" c= ellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-pad= ding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><= td class=3D"content" align=3D"left" width=3D"1456" style=3D"text-align: cen= ter;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.co= m/redirect/65c0d0bf-3a24-48a2-ab07-4a74e73540d7?j=3DeyJ1IjoiNms0MnJxIn0.eSE= BM4t8vpgmQWaFc6_BiC7I0YPmZYRMlUbJu36w_fI" rel=3D"" style=3D"position: relat= ive;flex-direction: column;align-items: center;padding: 0;width: auto;heigh= t: auto;border: none;text-decoration: none;display: block;margin: 0;"><img = class=3D"wide-image" data-attrs=3D"{"src":"https://substack-= post-media.s3.amazonaws.com/public/images/073c6b52-e7fe-41ad-ae39-f2e7b0bf3= 6cf_2848x1600.png","srcNoWatermark":null,"fullscreen&qu= ot;:null,"imageSize":null,"height":818,"width"= ;:1456,"resizeWidth":null,"bytes":null,"alt":= "Clorox 2023 Cyberattack Impact and Recovery Timeline","titl= e":null,"type":null,"href":null,"belowTheFold= ":true,"topImage":false,"internalRedirect":null,&q= uot;isProcessing":false,"align":null,"offset":fals= e}" alt=3D"Clorox 2023 Cyberattack Impact and Recovery Timeline" title=3D"C= lorox 2023 Cyberattack Impact and Recovery Timeline" width=3D"550" height= =3D"308.99725274725273" src=3D"https://substackcdn.com/image/fetch/$s_!04gg= !,w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubs= tack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F073c6b52-e7fe-41ad-ae3= 9-f2e7b0bf36cf_2848x1600.png" style=3D"border: none !important;vertical-ali= gn: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;marg= in-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 au= to;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></table><= /figure></div><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-heig= ht: 26px;font-size: 16px;">Clorox 2023 Cyberattack Impact and Recovery Time= line</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26= px;font-size: 16px;">What impresses me profoundly about Clorox’s resp= onse is how the company navigated this crisis. Despite losing the ability t= o manufacture and ship products for extended periods and facing a temporary= loss of market share, Clorox never cut or suspended its dividend. Manageme= nt prioritized shareholder income even during the company’s darkest p= eriod in decades. The dividend continued, and the company maintained its 48= -year streak of consecutive annual dividend increases despite operational c= atastrophe.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-hei= ght: 26px;font-size: 16px;">The recovery has been gradual but steady. By th= e end of fiscal 2024, Clorox had restored approximately 90% of lost market = share and normalized service levels to retailers. The company expects full = market share recovery by the end of fiscal 2025. This recovery trajectory d= emonstrates the underlying strength of Clorox’s business model and br= and loyalty. Despite losing the ability to supply products for weeks, consu= mers didn’t permanently switch to private label alternatives. Retaile= rs wanted to restock immediately when supply returned. Market share came ba= ck relatively quickly because consumers genuinely value Clorox brands.</p><= p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-s= ize: 16px;">The cyberattack, while devastating short-term, actually validat= es that Clorox’s competitive moat is real. The company lost its prima= ry competitive advantage—the ability to manufacture and distribute pr= oducts—yet market share erosion proved temporary and recoverable. Thi= s confirms that brand loyalty and product preference genuinely exist and ar= en’t merely the result of convenient distribution.</p><h2 class=3D"he= ader-anchor-post" style=3D"position: relative;font-family: 'SF Pro Display'= ,-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe U= I',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','= Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz= -osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-mo= z-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em= 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;">= The Dividend Story: 48 Years of Consecutive Increases</h2><div class=3D"cap= tioned-image-container-static" style=3D"font-size: 16px;line-height: 26px;m= argin: 32px auto;"><figure style=3D"width: 100%;margin: 0 auto;"><table cla= ss=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadd= ing=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-al= t: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td clas= s=3D"content" align=3D"left" width=3D"1456" style=3D"text-align: center;"><= a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redir= ect/8d9a187b-9fed-41a6-a7b1-564eeb0b0e71?j=3DeyJ1IjoiNms0MnJxIn0.eSEBM4t8vp= gmQWaFc6_BiC7I0YPmZYRMlUbJu36w_fI" rel=3D"" style=3D"position: relative;fle= x-direction: column;align-items: center;padding: 0;width: auto;height: auto= ;border: none;text-decoration: none;display: block;margin: 0;"><img class= =3D"wide-image" data-attrs=3D"{"src":"https://substack-post-= media.s3.amazonaws.com/public/images/88db96e0-b265-4e8f-9f87-fd685fa456b8_2= 304x1728.png","srcNoWatermark":null,"fullscreen":n= ull,"imageSize":null,"height":1092,"width":14= 56,"resizeWidth":null,"bytes":null,"alt":&quo= t;Clorox Dividend Per Share Growth History 2016-2025","title"= ;:null,"type":null,"href":null,"belowTheFold"= :true,"topImage":false,"internalRedirect":null,"is= Processing":false,"align":null,"offset":false}" al= t=3D"Clorox Dividend Per Share Growth History 2016-2025" title=3D"Clorox Di= vidend Per Share Growth History 2016-2025" width=3D"550" height=3D"412.5" s= rc=3D"https://substackcdn.com/image/fetch/$s_!XLeZ!,w_1100,c_limit,f_auto,q= _auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazon= aws.com%2Fpublic%2Fimages%2F88db96e0-b265-4e8f-9f87-fd685fa456b8_2304x1728.= png" style=3D"border: none !important;vertical-align: middle;display: block= ;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto = !important;max-width: 100% !important;margin: 0 auto;"></a></td><td style= =3D"text-align: center;"></td></tr></tbody></table></figure></div><p style= =3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16= px;">Clorox Dividend Per Share Growth History 2016-2025</p><p style=3D"marg= in: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Now= I get to the aspect of Clorox that excites me most as a dividend investor.= Clorox is a Dividend Aristocrat, having increased its dividend every singl= e year for 48 consecutive years. That’s nearly five decades of uninte= rrupted dividend growth through multiple recessions, competitive challenges= , two major wars, oil crises, financial system disruptions, a pandemic, and= now a catastrophic cyberattack. Few things in the investment world are as = reliable as Clorox’s commitment to shareholder income.</p><p style=3D= "margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;= ">The dividend progression tells a story of unwavering management commitmen= t to shareholders across very different business environments:</p><ul style= =3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-specia= l-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margi= n-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin= : 0;">2016: $3.52 per share annually</p></li><li style=3D"margin: 8px 0 0 3= 2px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-heig= ht: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-siz= e: 16px;margin: 0;">2017: $3.68 per share, representing 4.5% growth year-ov= er-year</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bulle= t;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box= -sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">2018: $3.= 92 per share, representing 6.5% growth year-over-year</p></li><li style=3D"= margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54= ,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-l= eft: 4px;font-size: 16px;margin: 0;">2019: $4.16 per share, representing 6.= 1% growth year-over-year</p></li><li style=3D"margin: 8px 0 0 32px;mso-spec= ial-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;mar= gin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;marg= in: 0;">2020: $4.44 per share, representing 6.7% growth year-over-year</p><= /li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style= =3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: bor= der-box;padding-left: 4px;font-size: 16px;margin: 0;">2021: $4.64 per share= , representing 4.5% growth year-over-year</p></li><li style=3D"margin: 8px = 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line= -height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;fon= t-size: 16px;margin: 0;">2022: $4.76 per share, representing 2.6% growth ye= ar-over-year</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: = bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: = 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">2023= : $4.80 per share, representing 0.8% growth year-over-year</p></li><li styl= e=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: r= gb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padd= ing-left: 4px;font-size: 16px;margin: 0;">2024: $4.88 per share, representi= ng 1.7% growth year-over-year</p></li><li style=3D"margin: 8px 0 0 32px;mso= -special-format: bullet;"><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,5= 5);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: = 4px;font-size: 16px;">2025: $4.96 per share, representing 1.6% growth year-= over-years3.amazonaws</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55= );line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4= px;font-size: 16px;"></p></li></ul><div class=3D"captioned-image-container-= static" style=3D"font-size: 16px;line-height: 26px;margin: 32px auto;"><fig= ure style=3D"width: 100%;margin: 0 auto;"><table class=3D"image-wrapper" wi= dth=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-componen= t-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody= ><tr><td style=3D"text-align: center;"></td><td class=3D"content" align=3D"= left" width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" = target=3D"_blank" href=3D"https://substack.com/redirect/8d9a187b-9fed-41a6-= a7b1-564eeb0b0e71?j=3DeyJ1IjoiNms0MnJxIn0.eSEBM4t8vpgmQWaFc6_BiC7I0YPmZYRMl= UbJu36w_fI" rel=3D"" style=3D"position: relative;flex-direction: column;ali= gn-items: center;padding: 0;width: auto;height: auto;border: none;text-deco= ration: none;display: block;margin: 0;"><img class=3D"wide-image" data-attr= s=3D"{"src":"https://substack-post-media.s3.amazonaws.com/pu= blic/images/88db96e0-b265-4e8f-9f87-fd685fa456b8_2304x1728.png","= srcNoWatermark":null,"fullscreen":null,"imageSize"= :null,"height":1092,"width":1456,"resizeWidth"= ;:null,"bytes":null,"alt":"Clorox Dividend Per Sha= re Growth History 2016-2025","title":null,"type":n= ull,"href":null,"belowTheFold":true,"topImage"= ;:false,"internalRedirect":null,"isProcessing":false,&q= uot;align":null,"offset":false}" alt=3D"Clorox Dividend Per = Share Growth History 2016-2025" title=3D"Clorox Dividend Per Share Growth H= istory 2016-2025" width=3D"550" height=3D"412.5" src=3D"https://substackcdn= =2Ecom/image/fetch/$s_!XLeZ!,w_1100,c_l= imit,f_auto,q_auto:good,fl_progressive= :steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages= %2F88db96e0-b265-4e8f-9f87-fd685fa456b8_2304x1728.png" style=3D"border: non= e !important;vertical-align: middle;display: block;-ms-interpolation-mode: = bicubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100= % !important;margin: 0 auto;"></a></td><td style=3D"text-align: center;"></= td></tr></tbody></table></figure></div><p style=3D"margin: 0 0 20px 0;color= : rgb(54,55,55);line-height: 26px;font-size: 16px;">Clorox Dividend Per Sha= re Growth History 2016-2025</p><p style=3D"margin: 0 0 20px 0;color: rgb(54= ,55,55);line-height: 26px;font-size: 16px;">I notice something important in= this progression that tells the story of Clorox’s recent challenges.= From 2016-2020, Clorox averaged 5-6% annual dividend growth, which is resp= ectable for a mature consumer staples company. Since 2021, however, dividen= d growth has slowed significantly to 1-2% annually. This reflects the opera= tional and financial challenges the company has faced—margin pressure= from commodity cost inflation, the difficulty of sustaining high-single-di= git dividend growth, and the cyberattack disruption.</p><p style=3D"margin:= 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Yet de= spite these challenges, what stands out is that Clorox maintained its Divid= end Aristocrat streak even through the cyberattack crisis. When faced with = operational disaster and plunging profits in fiscal 2024, management could = have suspended dividend increases to preserve cash and weather the storm. I= nstead, they implemented a modest 1.6% increase in 2025, protecting the 48-= year streak of uninterrupted increases.</p><p style=3D"margin: 0 0 20px 0;c= olor: rgb(54,55,55);line-height: 26px;font-size: 16px;">This dividend disci= pline speaks volumes about management priorities and confidence in underlyi= ng business resilience. Even at the company’s lowest point, leadershi= p believed the business would recover sufficiently to support continued div= idend growth. That’s the kind of conviction I want to see from divide= nd-paying companies in my portfolio.</p><p style=3D"margin: 0 0 20px 0;colo= r: rgb(54,55,55);line-height: 26px;font-size: 16px;">The current annual div= idend stands at $4.96 per share, paid quarterly at $1.24 per share. The pay= ment frequency provides regular income—approximately $1.24 every quar= ter assuming stable dividend rates going forward.</p><h2 class=3D"header-an= chor-post" style=3D"position: relative;font-family: 'SF Pro Display',-apple= -system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Robo= to,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe U= I Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-fo= nt-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appea= rance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.62= 5em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;">The Cur= rent Dividend Yield: An Exceptional Entry Point</h2><div class=3D"captioned= -image-container-static" style=3D"font-size: 16px;line-height: 26px;margin:= 32px auto;"><figure style=3D"width: 100%;margin: 0 auto;"><table class=3D"= image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D= "0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em= 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td class=3D"c= ontent" align=3D"left" width=3D"1456" style=3D"text-align: center;"><a clas= s=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redirect/5c= 54d74e-768e-42f7-9cb5-8ae91bc6d4fa?j=3DeyJ1IjoiNms0MnJxIn0.eSEBM4t8vpgmQWaF= c6_BiC7I0YPmZYRMlUbJu36w_fI" rel=3D"" style=3D"position: relative;flex-dire= ction: column;align-items: center;padding: 0;width: auto;height: auto;borde= r: none;text-decoration: none;display: block;margin: 0;"><img class=3D"wide= -image" data-attrs=3D"{"src":"https://substack-post-media.s3= =2Eamazonaws.com/public/images/6d93977f= -e321-4a19-844d-70817a15b470_2304x1728= =2Epng","srcNoWatermark"= :null,"fullscreen":null,&quo= t;imageSize":null,"height":1092,"width":1456,"= ;resizeWidth":null,"bytes":null,"alt":"Clorox= Dividend Yield Trend 2016-2025 with Current 5.00% Yield","title&= quot;:null,"type":null,"href":null,"belowTheFold&q= uot;:true,"topImage":false,"internalRedirect":null,&quo= t;isProcessing":false,"align":null,"offset":false}= " alt=3D"Clorox Dividend Yield Trend 2016-2025 with Current 5.00% Yield" ti= tle=3D"Clorox Dividend Yield Trend 2016-2025 with Current 5.00% Yield" widt= h=3D"550" height=3D"412.5" src=3D"https://substackcdn.com/image/fetch/$s_!Q= BnX!,w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fs= ubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d93977f-e321-4a19-= 844d-70817a15b470_2304x1728.png" style=3D"border: none !important;vertical-= align: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;m= argin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0= auto;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></tabl= e></figure></div><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-h= eight: 26px;font-size: 16px;">Clorox Dividend Yield Trend 2016-2025 with Cu= rrent 5.00% Yield</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);li= ne-height: 26px;font-size: 16px;">Here’s where Clorox becomes genuine= ly interesting for income-focused investors right now. The current dividend= yield sits at 5.00%, dramatically elevated compared to the historical trad= ing range of 2.5-3.5% that prevailed from 2016-2022.</p><p style=3D"margin:= 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">This e= xceptional yield didn’t result from increased dividend payments—= ;the company is only growing the dividend 1-2% annually. Rather, the elevat= ed yield resulted from the stock price collapsing approximately 45% from pe= ak levels near $180 per share in early 2023 to approximately $99 per share = today. The market’s pessimism about growth prospects and operational = challenges has created a pricing disconnect that benefits income investors = willing to buy quality assets at depressed valuations.</p><p style=3D"margi= n: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">I ca= lculate the annual dividend of $4.96 on a stock price of approximately $99 = creates a 5.00% current yield. For income investors, this represents except= ional value compared to recent history. The last time Clorox offered yields= above 4.5% was during the 2020 COVID-19 market crash when stocks broadly c= rashed, and before that, you’d have to go back to the 2008-2009 finan= cial crisis to find comparable yields.</p><p style=3D"margin: 0 0 20px 0;co= lor: rgb(54,55,55);line-height: 26px;font-size: 16px;">The payout ratio sta= nds at approximately 77.4% based on trailing twelve-month earnings. This is= elevated compared to Clorox’s historical range of 55-65%, but itR= 17;s not alarming or unsustainable. The payout ratio spiked because earning= s temporarily declined during the cyberattack recovery period when revenues= were disrupted but dividend payments continued unchanged. As operations no= rmalize and earnings recover to historical normalized levels, I expect the = payout ratio to decline back toward 60-65%, providing more cushion for futu= re dividend growth and reducing dividend cut risk.</p><h2 class=3D"header-a= nchor-post" style=3D"position: relative;font-family: 'SF Pro Display',-appl= e-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Rob= oto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe = UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-f= ont-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appe= arance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.6= 25em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;margin-b= ottom: 0;">My Investment Assessment: Is This Opportunity Worth Seizing Toda= y?...</h2></div></div><div class=3D"paywall paywall-white-background" data-= testid=3D"paywall" data-component-name=3D"Paywall" 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r: rgb(27,196,125);"><img src=3D"https://substackcdn.com/image/fetch/$s_!8m= 7v!,w_32,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubst= ack.com%2Ficon%2FSimpleCheckmarkIcon%3Fv%3D4%26height%3D32%26fill%3D%252318= 7F22%26stroke%3D%2523187F22%26strokeWidth%3D3.6" width=3D"16" height=3D"16"= style=3D"border: none;vertical-align: middle;max-width: 16px" alt=3D""></t= d><td style=3D"font-weight: light;">The Get Dividends Database (Covered Cal= l ETFs, BDCs, REITs, etc)</td></tr><tr style=3D"height: 28.8px;"><td class= =3D"check" style=3D"font-weight: light;padding-right: 4px;color: rgb(27,196= ,125);"><img src=3D"https://substackcdn.com/image/fetch/$s_!8m7v!,w_32,c_sc= ale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fico= n%2FSimpleCheckmarkIcon%3Fv%3D4%26height%3D32%26fill%3D%2523187F22%26stroke= %3D%2523187F22%26strokeWidth%3D3.6" width=3D"16" height=3D"16" style=3D"bor= der: none;vertical-align: middle;max-width: 16px" alt=3D""></td><td style= =3D"font-weight: light;">Full Reports And Strategic Breakdowns</td></tr><tr= style=3D"height: 28.8px;"><td class=3D"check" style=3D"font-weight: light;= padding-right: 4px;color: rgb(27,196,125);"><img src=3D"https://substackcdn= =2Ecom/image/fetch/$s_!8m7v!,w_32,c_sca= le,f_png,q_auto:good,fl_progressive:st= eep/https%3A%2F%2Fsubstack.com%2Ficon%2FSimpleCheckmarkIcon%3Fv%3D4%26heigh= t%3D32%26fill%3D%2523187F22%26stroke%3D%2523187F22%26strokeWidth%3D3.6" wid= th=3D"16" height=3D"16" style=3D"border: none;vertical-align: middle;max-wi= dth: 16px" alt=3D""></td><td style=3D"font-weight: light;">The Dividend Gro= wth Portfolio & The High Yield Portfolio (8%+ Yield)</td></tr></tbody><= /table></div><table class=3D"email-ufi-2-bottom" role=3D"presentation" widt= h=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"border= -top: 1px solid rgb(0,0,0,.1);border-bottom: 1px solid rgb(0,0,0,.1);min-wi= dth: 100%;"><tbody><tr height=3D"16"><td height=3D"16" style=3D"font-size:0= 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