Valvoline Inc. (NYSE: VVV) is a leading provider of automotive preventive maintenance services, operating over 2,000 franchised and company-operated service centers across the United States and Canada. The company specializes in quick and efficient services, including oil changes, battery replacements, tire rotations, and other manufacturer-recommended maintenance. Valvoline is recognized for its customer-focused approach and innovative solutions in the automotive service industry.
- Oil Changes and Related Fees - Provides fast, stay-in-your-car oil changes designed for convenience and efficiency, catering to a wide range of vehicle types.
- Non-Oil Changes and Related Fees - Offers additional maintenance services such as battery replacements, bulb and wiper installations, and tire rotations to ensure comprehensive vehicle care.
- Franchise Fees and Other - Generates revenue through franchise partnerships and other related activities, supporting the expansion of its service network.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Lori A. Flees ExecutiveBoard | President and Chief Executive Officer | Lori A. Flees is the President and Chief Executive Officer of Valvoline Inc. and has served as a director since October 2023. She previously held the role of Senior Vice President and President of Retail Services from April 2022 to September 2023, contributing to the company’s retail services growth. | View Report → | |
Dione R. Sturgeon Executive | Vice President, Chief Accounting Officer, and Controller | Dione R. Sturgeon has served as Valvoline’s Vice President, Chief Accounting Officer, and Controller since March 2023. Previously, she held positions such as Vice President, Corporate Controller and Senior Director, Global Accounting, Reporting & Controls at the company. | ||
Jonathan L. Caldwell Executive | Senior Vice President and Chief People Officer | Jonathan L. Caldwell is the Senior Vice President and Chief People Officer at Valvoline Inc. since April 2020. He previously served as Senior Director, Human Resources from March 2018 to April 2020 and as Senior Director, Global Talent Management from October 2016 to March 2018. | ||
Julie M. O’Daniel Executive | Senior Vice President, Chief Legal Officer, and Corporate Secretary | Julie M. O’Daniel has served as Senior Vice President, Chief Legal Officer, and Corporate Secretary at VVV since January 2017. Previously, she held roles as General Counsel and Corporate Secretary from September 2016 to January 2017 and as Lead Commercial Counsel from April 2014 to September 2016. | ||
Linwood R. Fulcher Executive | Senior Vice President and Chief Operating Officer | Linwood R. Fulcher became Senior Vice President and Chief Operating Officer at Valvoline Inc. in October 2023, previously serving as Vice President, Central Operations and Customer Experience Optimization from August 2022 to September 2023. He also held leadership roles at Walmart Inc. as Vice President, Customer Strategy, Science and Journeys (October 2019 to August 2021) and Vice President, Returns (February 2017 to October 2019). | ||
Mary E. Meixelsperger Executive | Chief Financial Officer (CFO) | Board Director at Genesco Inc.; Director at Cincinnati Branch Board of the Federal Reserve Bank of Cleveland | Mary E. Meixelsperger has served as the Chief Financial Officer (CFO) of Valvoline Inc. since June 2016 and will remain in that role until a successor is appointed after her planned retirement in October 2024. Additionally, she holds external board roles, serving on the board of directors of Genesco Inc. and as a director at the Cincinnati branch board of the Federal Reserve Bank of Cleveland. | |
R. Travis Dobbins Executive | Senior Vice President and Chief Technology Officer | R. Travis Dobbins is the Senior Vice President and Chief Technology Officer at Valvoline Inc. since March 2023. He previously served as Vice President of Information Technology from January 2019 to February 2023 and as Information Technology Director, Commercial Solutions from September 2016 to January 2019. | ||
Carol H. Kruse Board | Director | Non-voting director of RISE Brewing; Director of Think-X, Inc. | Carol H. Kruse is a Director at Valvoline Inc. since December 2018 and serves on the Governance & Nominating Committee. She brings extensive expertise in marketing and digital transformation, having held senior roles at Cambia Health Solutions, ESPN, and The Coca-Cola Company. | |
Charles M. Sonsteby Board | Director | Director at Darden Restaurants, Inc; Director at HomeX Services Group; Board Advisor at DLA, LLC | Charles M. Sonsteby has been a director at Valvoline Inc. since September 2016. He brings extensive financial and leadership expertise from his previous roles as CFO and Vice Chairman at The Michaels Companies, Inc. and as CFO at Brinker International, and he currently holds active board positions at other companies. | |
Gerald W. Evans Board | Director | Gerald W. Evans, Jr. has served as a Director at Valvoline Inc. since December 2019 and actively participates in the Audit Committee and as Compensation Committee Chair. He brings extensive executive leadership experience from roles such as CEO of Hanesbrands Inc. (October 2016 to August 2020) and key leadership positions at Sara Lee Corporation. | ||
Jennifer L. Slater Board | Director | President and CEO of STRATTEC Security Corporation; Director at STRATTEC Security Corporation | Jennifer L. Slater has built a distinguished career in the automotive and industrial sectors. She has served as a director at Valvoline (VVV) since July 2022 and is currently the President and CEO as well as a director at STRATTEC Security Corporation since July 2024. | |
Mary J. Twinem Board | Director of Valvoline Inc. | Trustee at Centerspace; Chair of Audit Committee at Centerspace; Compensation Committee member at Centerspace; Director of Medica Holdings Company; Chair of Finance Committee at Medica Holdings Company; Consumer Experience Committee member at Medica Holdings Company; Director of Medica Foundation | Mary J. Twinem has served as a director of Valvoline Inc. since September 2016 and as Chair of the Audit Committee since January 26, 2023. Previously, she was the Executive Vice President and CFO at Buffalo Wild Wings until her retirement in February 2016. | |
Patrick S. Pacious Board | Director | President and Chief Executive Officer of Choice Hotels International, Inc. | Patrick S. Pacious is a Director at Valvoline Inc. since July 2023 and serves on the Compensation Committee. He is also the President and Chief Executive Officer of Choice Hotels International since September 2017, bringing extensive experience in franchise development and corporate strategy. | |
Richard J. Freeland Board | Chair of the Board | Director at Cooper Standard; Director at Hyliion Holdings Corp; Member of strategic advisory board at Embark Trucks | Chair of the Board of Valvoline Inc. since January 2022, previously served as President and Chief Operating Officer of Cummins Inc. from July 2014 until October 2019. | |
Vada O. Manager Board | Director | CEO of Manager Global Holdings LLC; Chief Strategist at Think TRUE | Vada O. Manager has served as a director at Valvoline Inc. (VVV) since September 2016, currently chairing the Governance and Nominating Committee and serving on the Audit Committee. With an extensive background in corporate governance and strategic consulting, he has previously contributed as a member of the Compensation Committee. |
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Given the high single-digit growth in SG&A per company-operated store due to technology investments and refranchising activities, how do you plan to manage SG&A per store growth throughout the balance of the year, and can you provide more details on the expected impact of these investments on margins?
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With your adjusted EBITDA guidance of $450 million to $470 million relying more heavily on the back half of the year due to seasonality and refranchising impacts, what gives you confidence in achieving the full-year target, especially considering potential challenges in transaction growth and same-store sales?
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Can you elaborate on the efforts to reduce the maturity timeline for new stores from 3-5 years, particularly in less established markets, and how this will affect your projected returns and unit growth targets?
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Given the anticipated reduction in waste oil recoveries and the lag in product cost declines, how are you planning to offset the potential negative impact on gross margins, and what contingencies are in place if oil prices rise more rapidly than expected?
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Despite the early acceleration of share repurchases, having already bought back $60 million worth of shares fiscal year-to-date, what factors could lead you to increase your capital return beyond the current guidance, and how do you weigh this against funding strategic investments and maintaining leverage targets?
Research analysts who have asked questions during VALVOLINE earnings calls.
David Bellinger
Mizuho Securities USA LLC
4 questions for VVV
Justin Kleber
Robert W. Baird & Co.
4 questions for VVV
Simeon Gutman
Morgan Stanley
4 questions for VVV
Steven Shemesh
RBC Capital Markets
4 questions for VVV
Steven Zaccone
Citigroup
4 questions for VVV
David Lantz
Wells Fargo & Company
3 questions for VVV
Peter Keith
Piper Sandler & Co.
3 questions for VVV
Tom Wendler
Stephens Inc.
3 questions for VVV
Bret Jordan
Jefferies
2 questions for VVV
Christopher O'Cull
Stifel, Nicolaus & Company
2 questions for VVV
Michael Harrison
Seaport Research Partners
2 questions for VVV
Alexia Morgan
Piper Sandler
1 question for VVV
Chris O'cull
Stifel Financial Corp
1 question for VVV
David Lance Hays
Wells Fargo
1 question for VVV
Kate McShane
Goldman Sachs
1 question for VVV
Maksim Rakhlenko
Cowen and Company
1 question for VVV
Mark Jordan
Goldman Sachs Group, Inc.
1 question for VVV
Mike Harrison
Seaport Research Partners
1 question for VVV
Thomas Wendler
Stephens Inc.
1 question for VVV
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Jiffy Lube | Valvoline's retail stores compete for consumers and franchisees with other major franchised brands that offer a turn-key operations management system. |
Grease Monkey | Valvoline's retail stores compete for consumers and franchisees with other major franchised brands that offer a turn-key operations management system. |
Take 5 Oil Change | Valvoline's retail stores compete for consumers and franchisees with other major franchised brands that offer a turn-key operations management system. |
Express Oil Change | Valvoline's retail stores compete for consumers and franchisees with other major franchised brands that offer a turn-key operations management system. |
Mr. Lube | Valvoline's retail stores compete for consumers and franchisees with other major franchised brands that offer a turn-key operations management system, specifically in Canada. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Breeze Autocare | 2025 | Valvoline’s acquisition of Breeze Autocare is valued at approximately $625 million (10.7x adjusted EBITDA), with funding coming entirely via a newly issued Term Loan B. The strategic rationale is to expand geographic and customer reach with an integration plan that may include refranchising, and the deal is expected to close in fiscal Q3 2025. |
15 service center stores | 2024 | Valvoline acquired 15 service center stores for an aggregate purchase price of $21.3 million during the six months ended March 31, 2024, aiming to expand its retail presence to 1,928 system-wide stores with detailed allocation of assets including property, operating lease assets, and goodwill. |
21 service center stores | 2024 | The acquisition of 21 service center stores for $28.2 million expanded Valvoline’s footprint to 1,961 system-wide stores as of June 30, 2024, with a breakdown including property, operating lease assets, and tax-deductible goodwill. |
36 service center stores | 2024 | Valvoline’s deal for 36 service center stores valued at $53.3 million included converting five former franchise and two former Express Care locations into company-operated stores, contributing to 950 such stores as of September 30, 2024. |
12 service center stores | 2024 | With an aggregate purchase price of $18.7 million, this acquisition (including five former franchise stores in Texas acquired from TL2 Services, LLC) further expanded Valvoline’s presence in key markets during July–August 2024. |
13 service center stores | 2023 | The acquisition of 13 service center stores for $18.9 million during the six months ended March 2023 increased the footprint to 1,781 system-wide stores, with detailed allocations for property, operating lease assets, goodwill, and reacquired franchise rights. |
23 service center stores | 2023 | Valvoline acquired 23 service center stores for $27.8 million during the nine months ended June 30, 2023, with asset allocations spanning inventories, property, operating lease assets, and goodwill, further expanding the network to over 1,800 stores. |
31 service center stores | 2023 | The acquisition of 31 service center stores for $36.3 million in fiscal 2023, including allocations for inventories, property, operating lease assets, and goodwill, helped grow the system-wide count to 1,852 stores as of September 30, 2023. |
12 service center stores (single and multi-store transactions) | 2022 | Valvoline acquired 12 service center stores for $14 million (reported for the three months ended December 31, 2021) as part of the expansion strategy, increasing its retail presence to over 1,600 system-wide service centers. |
21 service center stores | 2022 | Acquired for $23 million during the six months ended March 2022, these stores were integrated with allocated property, operating lease assets, and tax-deductible goodwill, expanding the network to over 1,650 system-wide service centers. |
31 service center stores and remaining ownership interest | 2022 | For a total of $54 million, Valvoline acquired 31 service center stores along with the remaining ownership interest in an equity method investment, expanding its Retail Services to 1,690 system-wide stores and enhancing its product portfolio and distribution capabilities. |
37 service center stores | 2022 | Valvoline’s acquisition of 37 service center stores for $50.7 million (including the conversion of four former franchise and five former Express Care locations) further boosted its retail footprint to over 1,700 system-wide service centers. |
Recent press releases and 8-K filings for VVV.
- Valvoline Inc. (VVV) entered into a First Amendment to Agreement and Plan of Merger on August 11, 2025, concerning its acquisition of OC IntermediateCo, Inc., which operates the Breeze Autocare business including Oil Changers stores.
- The original Merger Agreement was signed on February 17, 2025.
- The amendment extends the Termination Date of the merger to the later of November 15, 2025, or the date of Closing, provided all closing conditions are satisfied by November 15, 2025.
- This extension provides additional time to address the U.S. Federal Trade Commission's (FTC) Second Request, which was received on April 9, 2025, as part of their review of the Merger.
- Valvoline’s leadership emphasized a resilient industry outlook driven by higher miles driven, an aging vehicle fleet, and robust customer loyalty, bolstered by proprietary data analytics and technology investments.
- The team highlighted cost mitigation efforts including diversified supply chains and limited tariff impacts, ensuring pricing strategies can support margin expansion.
- A key focus was on the refranchising strategy, where accelerated transactions and strong development agreements are expected to enhance long-term shareholder value and support growth targets toward a 3,500-store network.
- CEO Lori Fleis emphasized leveraging underpenetrated market opportunities with a plan to accelerate both company and franchise unit growth, targeting a network of 3,500+ units over time.
- CFO Kevin Willis highlighted strong unit economics and detailed the robust investment in technology aimed at margin expansion from 26% to 29% over time.
- Executives discussed sustained same store sales growth driven by premium product mix, non-oil services, and strategic pricing adjustments to balance inflationary impacts.
- The presentation reviewed the strategic Breeze acquisition and refranchising initiatives designed to boost shareholder value through enhanced network coverage and development incentives.
- Leadership & Growth: Named new CFO Kevin Willis (effective 05/19) and announced a definitive agreement to acquire Breeze Autocare, reinforcing growth strategy and FY25 guidance .
- Strong Q2 Performance: Reported $403M in net sales and system-wide store sales of approximately $826M with 11% growth and 33 new store additions (15 franchise; 18 company) .
- Operational Strength: Delivered 5.8% same-store sales growth, underscoring robust market execution .
- Profitability Highlights: Achieved adjusted EBITDA of $104M and adjusted EPS of $0.34 (up 3%) , while GAAP results showed income from continuing operations of $38M (down 12%) and EPS of $0.30 (down 9%) .
- Valvoline Inc. and Greenbriar Equity Group each received a second request for additional information from the FTC as part of the regulatory review for the proposed acquisition of Breeze Autocare.
- The request has extended the waiting period under the Hart-Scott-Rodino Act until 30 days after significant compliance, unless shortened by the FTC or the parties.
- The acquisition is expected to close in the second half of fiscal 2025, subject to meeting the waiting period and customary closing conditions.