Detailed financial statements for WD-40 Company (WDFC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Operating globally across the Americas, Europe, the Middle East, Africa, and the Asia Pacific, WD-40 Company specializes in manufacturing and distributing a comprehensive array of maintenance, homecare, and cleaning products. Its maintenance solutions include the widely recognized WD-40 Multi-Use brand, offered in aerosol, non-aerosol trigger spray, and liquid-bulk formats for various general purposes.
Analysis Summary
WD-40 Company reported revenue of $620.0M in the most recent fiscal year, growing at a 5-year CAGR of 8.7%. Net income reached $91.0M, with a 8.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 55.8%, operating margin 17.5%, net margin 13.2%. Free cash flow grew at 9.3% CAGR over 5 years.
At the current price of $205.86, WDFC trades at a P/E of 30.85 and an ROE of 33.05%. Market capitalisation stands at $2.8B.
Balance sheet quality for WDFC: current ratio of 2.8, net debt of $39.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $83.4M represents 92% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $380.7M | $380.5M | $408.5M | $423.4M | $408.5M | $488.1M | $518.8M | $537.3M | $590.6M | $620.0M |
| Cost of Revenue | $166.3M | $166.6M | $183.3M | $191.0M | $185.5M | $224.4M | $264.1M | $263.0M | $275.3M | $278.6M |
| Gross Profit | $214.4M | $213.9M | $225.3M | $232.3M | $223.0M | $263.7M | $254.8M | $274.2M | $315.2M | $341.3M |
| Research & Development | $7.7M | $8.4M | $7.0M | $6.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $140.0M | $135.1M | $143.7M | $147.3M | $143.6M | $173.4M | $166.0M | $183.5M | $217.8M | $237.4M |
| Operating Expenses | $143.0M | $138.0M | $146.7M | $150.0M | $145.8M | $174.9M | $167.4M | $184.5M | $218.9M | $237.6M |
| Operating Income | $71.3M | $75.9M | $78.6M | $82.4M | $77.2M | $88.8M | $87.3M | $89.7M | $96.4M | $103.8M |
| EBITDA | $81.0M | $84.0M | $87.2M | $90.9M | $85.7M | $95.9M | $95.1M | $98.9M | $105.3M | $113.3M |
| Interest Expense | $1.7M | $2.6M | $4.2M | $2.5M | $2.4M | $2.4M | $2.7M | $5.6M | $4.3M | $3.4M |
| Pre-tax Income | $72.8M | $74.6M | $75.2M | $80.8M | $75.5M | $86.5M | $84.1M | $85.2M | $91.5M | $101.6M |
| Income Tax | $20.2M | $21.7M | $10.0M | $24.9M | $14.8M | $16.3M | $16.8M | $19.2M | $21.9M | $10.6M |
| Net Income | $52.6M | $52.9M | $65.2M | $55.9M | $60.7M | $70.2M | $67.3M | $66.0M | $69.6M | $91.0M |
| EPS | $3.65 | $3.73 | $4.68 | $4.05 | $4.41 | $5.11 | $4.91 | $4.84 | $5.12 | $6.70 |
| EPS (Diluted) | $3.64 | $3.72 | $4.67 | $4.04 | $4.40 | $5.09 | $4.90 | $4.83 | $5.11 | $6.69 |
| Shares Outstanding (Diluted) | $14.4M | $14.1M | $14.0M | $13.8M | $13.7M | $13.7M | $13.7M | $13.6M | $13.6M | $13.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $163.5M | $154.4M | $161.7M | $195.1M |
| Gross Profit | $89.4M | $86.8M | $89.9M | $110.4M |
| Operating Income | $28.0M | $23.3M | $26.3M | $40.3M |
| EBITDA | $30.2M | $25.3M | $28.4M | $43.8M |
| Net Income | $21.2M | $17.5M | $20.3M | $30.2M |
| EPS | $1.57 | $1.29 | $1.50 | $2.24 |
| EPS (Diluted) | $1.56 | $1.28 | $1.50 | $2.24 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $50.9M | $37.1M | $48.9M | $27.2M | $56.5M | $86.0M | $37.8M | $48.1M | $46.7M | $58.1M |
| Short-term Investments | $57.6M | $80.2M | $219,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $64.7M | $64.3M | $69.0M | $72.9M | $80.7M | $89.6M | $89.9M | $98.0M | $117.5M | $120.6M |
| Inventory | $31.8M | $35.3M | $36.5M | $40.7M | $41.3M | $55.8M | $104.1M | $86.5M | $79.1M | $79.9M |
| Total Current Assets | $209.5M | $224.9M | $168.0M | $148.0M | $185.2M | $241.2M | $249.6M | $248.5M | $255.4M | $285.0M |
| Property, Plant & Equipment | $11.5M | $29.4M | $36.4M | $45.1M | $68.9M | $79.0M | $73.5M | $74.6M | $74.6M | $73.9M |
| Goodwill | $95.6M | $95.6M | $95.6M | $95.3M | $95.7M | $95.9M | $95.2M | $95.5M | $97.0M | $97.2M |
| Intangible Assets | $19.2M | $16.2M | $13.5M | $10.7M | $8.6M | $7.2M | $5.6M | $4.7M | $6.2M | $2.4M |
| Total Assets | $339.7M | $369.7M | $317.1M | $302.7M | $362.6M | $430.2M | $434.3M | $438.0M | $449.0M | $475.8M |
| Accounts Payable | $18.7M | $20.9M | $19.1M | $18.7M | $21.7M | $33.5M | $32.9M | $30.8M | $36.0M | $38.0M |
| Short-term Debt | 0 | $20.0M | $23.6M | $21.2M | $800,000 | $800,000 | $39.2M | $10.8M | $8.7M | $800,000 |
| Total Current Liabilities | $58.7M | $75.4M | $85.9M | $74.6M | $60.1M | $85.9M | $110.8M | $88.8M | $103.5M | $102.3M |
| Long-term Debt | $122.0M | $134.0M | $62.8M | $60.2M | $113.1M | $122.0M | $107.1M | $109.7M | $86.0M | $86.2M |
| Total Liabilities | $199.3M | $230.3M | $161.6M | $157.2M | $202.3M | $229.8M | $245.7M | $227.8M | $218.5M | $207.7M |
| Retained Earnings | $289.6M | $315.8M | $351.3M | $374.1M | $398.7M | $430.7M | $456.1M | $477.5M | $499.9M | $540.7M |
| Total Equity | $140.4M | $139.4M | $155.5M | $145.5M | $160.3M | $200.4M | $188.6M | $210.2M | $230.5M | $268.2M |
| Total Debt | $122.0M | $154.0M | $86.4M | $81.4M | $122.3M | $131.8M | $154.0M | $128.5M | $102.8M | $97.7M |
| Net Debt | $13.5M | $36.8M | $37.3M | $54.2M | $65.8M | $45.8M | $116.2M | $80.4M | $56.1M | $39.6M |
| Working Capital | $150.8M | $149.4M | $82.1M | $73.4M | $125.0M | $155.3M | $138.8M | $159.7M | $151.9M | $182.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $58.1M | $48.6M | $50.3M | $59.1M |
| Total Assets | $475.8M | $459.7M | $473.7M | $499.8M |
| Total Liabilities | $207.7M | $195.6M | $204.8M | $221.1M |
| Total Equity | $268.2M | $264.1M | $269.0M | $278.7M |
| Total Debt | $97.7M | $101.1M | $111.1M | $114.4M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $52.6M | $52.9M | $65.2M | $55.9M | $60.7M | $70.2M | $67.3M | $66.0M | $69.6M | $91.0M |
| Depreciation & Amortization | $6.5M | $6.8M | $7.8M | $7.6M | $7.7M | $7.0M | $8.3M | $8.2M | $9.5M | $8.2M |
| Stock-based Compensation | $3.7M | $4.1M | $4.2M | $4.4M | $5.4M | $9.6M | $6.7M | $6.4M | $6.5M | $7.3M |
| Change in Working Capital | $3.2M | -$11.7M | -$4.9M | -$5.7M | -$871,000 | -$1.0M | -$82.1M | $19.5M | $4.6M | -$10.5M |
| Operating Cash Flow | $60.6M | $52.3M | $64.8M | $62.9M | $72.7M | $84.7M | $2.6M | $98.4M | $92.0M | $87.9M |
| Capital Expenditure | -$4.4M | -$20.1M | -$12.5M | -$13.3M | -$19.3M | -$15.1M | -$8.3M | -$6.9M | -$4.2M | -$4.5M |
| Acquisitions | $301,000 | $430,000 | $175,000 | $383,000 | 0 | 0 | 0 | 0 | -$6.2M | $1.7M |
| Stock Repurchased | -$32.1M | -$31.1M | -$22.6M | -$29.6M | -$16.8M | -$3.7M | -$29.2M | -$10.4M | -$8.1M | -$12.3M |
| Dividends Paid | -$23.7M | -$26.8M | -$29.6M | -$32.9M | -$36.0M | -$38.2M | -$42.0M | -$44.6M | -$47.2M | -$50.3M |
| Free Cash Flow | $56.2M | $32.2M | $52.3M | $49.6M | $53.4M | $69.7M | -$5.7M | $91.5M | $87.8M | $83.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $29.9M | $10.0M | $14.3M | $30.5M |
| Capital Expenditure | -$1.4M | -$935,000 | -$1.8M | -$1.2M |
| Free Cash Flow | $28.6M | $9.1M | $12.5M | $29.3M |
| Dividends Paid | -$12.8M | -$12.8M | -$13.8M | -$13.8M |
| Stock-based Compensation | $1.6M | $1.7M | $2.9M | $1.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -0.0% | +7.4% | +3.6% | -3.5% | +19.5% | +6.3% | +3.6% | +9.9% | +5.0% | |
| Net Income Growth (YoY) | +0.6% | +23.2% | -14.3% | +8.6% | +15.7% | -4.1% | -2.0% | +5.5% | +30.7% | |
| EPS Growth (YoY) | +2.2% | +25.5% | -13.5% | +8.9% | +15.9% | -3.9% | -1.4% | +5.8% | +30.9% | |
| Shares Change (YoY) | -1.8% | -1.1% | -0.9% | -0.8% | +0.1% | -0.3% | -0.7% | -0.2% | -0.1% | |
| FCF Growth (YoY) | -42.8% | +62.5% | -5.2% | +7.6% | +30.5% | -108.2% | +1,705.9% | -4.0% | -5.0% | |
| Gross Margin | 56.3% | 56.2% | 55.1% | 54.9% | 54.6% | 54.0% | 49.1% | 51.0% | 53.4% | 55.1% |
| Operating Margin | 18.7% | 19.9% | 19.2% | 19.5% | 18.9% | 18.2% | 16.8% | 16.7% | 16.3% | 16.7% |
| EBITDA Margin | 21.3% | 22.1% | 21.3% | 21.5% | 21.0% | 19.6% | 18.3% | 18.4% | 17.8% | 18.3% |
| Net Margin | 13.8% | 13.9% | 16.0% | 13.2% | 14.9% | 14.4% | 13.0% | 12.3% | 11.8% | 14.7% |
| FCF Margin | 14.8% | 8.5% | 12.8% | 11.7% | 13.1% | 14.3% | -1.1% | 17.0% | 14.9% | 13.5% |
| Effective Tax Rate | 27.7% | 29.1% | 13.3% | 30.8% | 19.6% | 18.8% | 19.9% | 22.5% | 23.9% | 10.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.91 | $2.28 | $3.75 | $3.58 | $3.89 | $5.07 | $-0.42 | $6.73 | $6.47 | $6.15 |
| Dividends Per Share | $1.65 | $1.90 | $2.12 | $2.38 | $2.63 | $2.78 | $3.07 | $3.28 | $3.48 | $3.70 |
| Shares Outstanding (Basic) | $14.3M | $14.1M | $13.9M | $13.8M | $13.7M | $13.7M | $13.7M | $13.6M | $13.6M | $13.5M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 33.05% |
| Return on Invested Capital | 22.56% |
| Return on Assets | 17.85% |
| Gross Margin | 55.82% |
| Operating Margin | 17.48% |
| Net Margin | 13.22% |
Financial Health
| Debt / Equity | 0.41 |
| Current Ratio | 2.65 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 32.42 | 29.21 | 37.92 | 45.01 | 46.34 | 46.89 | 38.53 | 44.39 | 51.34 | 32.24 |
| P/B | 12.08 | 11.01 | 15.90 | 17.29 | 17.45 | 16.38 | 13.71 | 13.88 | 15.45 | 10.91 |
| P/S | 4.46 | 4.03 | 6.05 | 5.94 | 6.85 | 6.72 | 4.98 | 5.43 | 6.03 | 4.72 |
| Gross Margin | 56.3% | 56.2% | 55.1% | 54.9% | 54.6% | 54.0% | 49.1% | 51.0% | 53.4% | 55.1% |
| Operating Margin | 18.7% | 19.9% | 19.2% | 19.5% | 18.9% | 18.2% | 16.8% | 16.7% | 16.3% | 16.7% |
| Net Margin | 13.8% | 13.9% | 16.0% | 13.2% | 14.9% | 14.4% | 13.0% | 12.3% | 11.8% | 14.7% |
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Explore sector: Basic Materials · Chemicals - Specialty
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