One-glance verdict
Within fair range
$184.11 our estimate vs market $200.09
Wall Street consensus: $271.67 (47.6% higher than our fair-value estimate)
9% above our estimate
Fundamentals snapshot
WD-40 Company
WDFC · NMS · Basic Materials · Specialty Chemicals
Current price
$200.09
52-week range
$175.38 - $298.90
Market cap
$2.69B
Balance sheet
Healthy
30.16x Strong cushion
Net debt $55.28M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 8.8% last year.
- Reward Returns 33.3% on equity, ahead of 60% of its peers.
- Risk Forward P/E (30.9x) is higher than trailing (30.4x) - earnings are expected to drop.
- Risk Insider ownership is only 0.9% (peer median: 12.9%).
What this company does
WD-40 Company
WD-40 Company is best known for its famous multi-purpose lubricant in the blue and yellow can, but it also sells a variety of other maintenance and cleaning products. The company makes most of its money from its iconic WD-40 brand, which is a household name sold in all kinds of stores worldwide, from auto shops to grocery stores. Because its core products are low-cost staples that people use for everyday fixes, customers tend to buy them repeatedly, creating a source of predictable sales.
How the company got here
In 1953, a small San Diego company called Rocket Chemical Company set out to create a rust-prevention solvent for the aerospace industry. It took them 40 tries to perfect the water-displacing formula, which is how the product got its name: Water Displacement, 40th formula, or WD-40. Initially used to protect the outer skin of Atlas missiles, employees began sneaking the product home for their own use. Seeing an opportunity, the company started selling WD-40 in aerosol cans to the public in 1958, and in 1969, renamed the entire company after its now-famous, and at the time only, product.
What it actually does
Most people know the company for its iconic blue and yellow can with the red top, found in garages and workshops worldwide. That main product, called WD-40 Multi-Use Product, is a spray that can stop squeaks, loosen rusted parts, and protect metal from rust and corrosion. Over the years, the company has expanded to include a line of more specialized maintenance products for professionals, as well as a variety of homecare and cleaning brands. These products are sold globally in various stores, from hardware and automotive shops to grocery and online retailers.
Maintenance Products
This is the company's core business and makes up the vast majority of its sales. It includes the classic WD-40 Multi-Use Product that everyone recognizes, which is used for general-purpose lubrication and rust prevention. This segment also features the WD-40 Specialist line, which offers more than 20 products designed for specific, heavy-duty jobs like industrial-strength cleaning, degreasing, and rust removal for professionals. This part of the business is the company's primary strategic focus, with customers ranging from DIY homeowners to automotive and industrial professionals.
Homecare and Cleaning Products
This is a much smaller part of the company's business, representing only a small fraction of total sales. This segment consists of various cleaning brands you might see in a grocery store or under a kitchen sink. These include brands like 2000 Flushes for toilet bowl cleaning, Spot Shot for carpet stain removal, and Lava soap for heavy-duty hand cleaning. While these are established brands, the company has indicated a strategic shift to focus more on its core maintenance products.
What management is betting on now
The company's current strategy, called the "Four-by-Four Strategic Framework," focuses on growing its core maintenance products. A key priority is expanding the sales of the classic WD-40 Multi-Use Product in markets around the world. They are also heavily promoting the WD-40 Specialist line to trade up customers to higher-margin (the profit made on a product after the cost of producing it) products for specific tasks. Finally, the company is focused on increasing its digital presence to make it easier for customers to buy their products online.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$26.36M
FY2025 Q1
$14.24M
FY2025 Q2
$6.61M
FY2025 Q3
$33.95M
FY2025 Q4
$28.59M
FY2026 Q1
$9.05M
FY2026 Q2
$12.52M
FY2026 Q3
$29.33M
Revenue
$195.12M
Net income
$30.22M
Diluted EPS
2.24
Operating cash flow
$30.54M
Free cash flow
$29.33M
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Sources
Revenue
$161.67M
Net income
$20.32M
Diluted EPS
1.50
Operating cash flow
$14.30M
Free cash flow
$12.52M
Fetching…
Sources
Revenue
$154.42M
Net income
$17.45M
Diluted EPS
1.28
Operating cash flow
$9.98M
Free cash flow
$9.05M
Fetching…
Sources
Revenue
$163.47M
Net income
$21.24M
Diluted EPS
1.57
Operating cash flow
$29.95M
Free cash flow
$28.59M
Fetching…
Sources
Revenue
$156.91M
Net income
$20.98M
Diluted EPS
1.54
Operating cash flow
$35.07M
Free cash flow
$33.95M
Fetching…
Sources
Revenue
$146.10M
Net income
$29.85M
Diluted EPS
2.19
Operating cash flow
$7.98M
Free cash flow
$6.61M
Fetching…
Sources
Revenue
$153.50M
Net income
$18.93M
Diluted EPS
1.39
Operating cash flow
$14.93M
Free cash flow
$14.24M
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Sources
Revenue
$155.99M
Net income
$16.78M
Diluted EPS
1.23
Operating cash flow
$27.21M
Free cash flow
$26.36M
Fetching…
Sources
Is it cheap or expensive?
Fair value $184.11 vs current price $200.09
Wall Street consensus is the average analyst price target: $271.67 (47.6% higher than our fair-value estimate).
Our most-likely fair value is $184.11 a share — about 8.0% away from today's price of $200.09, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net debt $55.3M. Interest coverage 30.2x.
Net debt
$55.28M
Interest coverage
30.16x
WD-40 Company's profit covers its interest bill about 30.2 times over. which is stronger than every peer shown here.
Healthy
Worse cushion
Baseline
Better cushion
WDFC
BASELINE
WD-40 Company
Total debt $114.41M Interest coverage 30.16x This is the baseline the peer rows are being compared against.
Total debt $2.19B Interest coverage 2.83x -91% vs WDFC Carries about 10.6x less debt cushion than WDFC.
Total debt $748.20M Interest coverage 4.98x -84% vs WDFC Carries about 6.1x less debt cushion than WDFC.
Total debt $1.41B Interest coverage 4.33x -86% vs WDFC Carries about 7.0x less debt cushion than WDFC.
Total debt $2.49B Interest coverage 3.28x -89% vs WDFC Carries about 9.2x less debt cushion than WDFC.
Total debt $3.43B Interest coverage 2.96x -90% vs WDFC Carries about 10.2x less debt cushion than WDFC.
What you should know
The case for and against WDFC
3 Rewards
2 Risks
Rewards
-
Revenue grew 8.8% last year.
-
Returns 33.3% on equity, ahead of 60% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
-
Forward P/E (30.9x) is higher than trailing (30.4x) - earnings are expected to drop.
-
Insider ownership is only 0.9% (peer median: 12.9%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
30.41x
Forward P/E
30.91x
P/B
9.65x
P/S
3.98x
EV/EBITDA
21.66x
PEG ratio
3.76x
Profitability
How much profit each dollar creates
Gross margin
55.8%
Operating margin
20.7%
Net margin
13.2%
ROE
33.3%
ROA
15.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.41x
Current ratio
2.65x
Quick ratio
1.83x
Total debt
$114.41M
Total cash
$59.14M
Growth
How the business has been compounding
Revenue TTM
$674.68M
Revenue 5Y CAGR
6.2%
EPS TTM
6.58
EPS 5Y CAGR
10.9%
Cash flow
How much cash the business throws off
Operating CF TTM
$84.77M
Free CF TTM
$83.40M
FCF margin
12.4%
Dividend
Shareholder payout
Yield
2.0%
Payout ratio
59.6%
Last ex-div date
2026-10-19