Start here if you're new
what it is
WD-40 sells the blue-and-yellow can, adjacent maintenance sprays, and a small cleaning lineup in more than one market.
how it gets paid
Last year WD-40 Company made $620M in revenue. WD-40 Multi-Use Product was the main engine at $496M, or 80% of sales.
why it's growing
Revenue grew 5.0% last year. Gross margin improved on lower chemical and container costs plus higher pricing.
what just happened
Quarterly revenue rose just 1% to $154.4 million, which is why the market cared more about slowdown than margin improvement.
At a glance
A balance sheet — strong enough to weather a downturn
85/100 earnings predictability — you can trust these numbers
35.9x trailing p/e — you're paying up for this one
1.7% dividend yield — cash in your pocket every quarter
23.0% return on capital — every dollar works hard here
xvary composite: 67/100 — average
What they do
WD-40 sells the blue-and-yellow can, adjacent maintenance sprays, and a small cleaning lineup in more than one market.
You reach for WD-40 the way you reach for Kleenex. The brand does the selling before the shelf does. That shows up in a 56.2% gross margin and 23.0% return on capital. Return on capital → profit earned on money invested → so what: this company turns a simple can into unusually efficient earnings.
How they make money
$620M
annual revenue · their business grew +5.0% last year
WD-40 Multi-Use Product
$496M
+1.0%
WD-40 Specialist
$62M
+18.0%
3-IN-ONE
$31M
+5.0%
Homecare and cleaning
$19M
+1.0%
Other maintenance products
$12M
+5.0%
The products that matter
core maintenance portfolio
Core branded products
$620M annual revenue
this is the whole business as reported here: $620M in revenue, 5.0% growth, and an 11.9% net margin. steady beats flashy when the brand is this established.
11.9% net margin
higher-growth line
WD-40 Specialist
+18% recent growth
this line advanced 18% in the latest company update. That's much faster than the 5.0% pace of the broader business.
faster than core
online sales channel
Digital commerce
+22% recent growth
digital commerce was up 22% in the latest period. The number is small on its own, but it tells you where incremental demand is showing up.
+22%
Key numbers
35.9x
trailing p/e
P/E → price-to-earnings ratio → so what: you are paying almost 36 years of current earnings for a company with 7.5% projected sales growth.
23.0%
return on capital
Return on capital → profit on money invested → so what: WD-40 is a very efficient business, even if the stock is expensive.
17.6%
operating margin
Operating margin → profit after running the business → so what: the brand still leaves a healthy slice of every sales dollar.
$86M
long-term debt
Debt is just 3% of capital, which gives WD-40 room to keep paying dividends and buying back stock when conditions wobble.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 3 — safer than 50% of stocks
- price stability 70 / 100
- long-term debt $86M (3% of capital)
- net profit margin 11.9% — keeps 12 cents of every dollar in revenue
- return on equity 29% — $0.29 profit for every $1 investors have put in
A — among the top-rated companies for balance sheet quality.
Total return vs. market
You invested $10,000 in WDFC 3 years ago → it's now worth $14,690.
The index would have given you $14,540.
source: institutional data · total return
What just happened
missed estimates
Quarterly revenue rose just 1% to $154.4 million, which is why the market cared more about slowdown than margin improvement.
Gross margin improved on lower chemical and container costs plus higher pricing. But EPS fell 8% vs. prior year to $1.28, which is a bad look for a stock at 35.9x earnings.
$154.4M
revenue (Q)
$1.28
eps (Q)
56.2%
gross margin (Q)
the number that mattered
The 1% revenue growth mattered most because it clashes with a premium valuation and a 7.5% long-term sales growth plan.
-
wd-40 company posted mixed fiscal first-quarter results (ended november 30th).
-
revenues were $154.4 million, helped by an 8% increase in direct markets.
-
wd-40 specialist posted an 18% advance, and digital commerce was up 22%.however, a softer performance in the distributor network in asia pacific, occurred, hurt by delayed customer orders.
-
gross margin improved, aided by lower specialty chemical and container costs and higher average selling prices.
-
increased administrative costs weighed on the bottom line.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk here is premium valuation without premium growth. WD-40 is a good business. The question is whether 5.0% revenue growth and an EPS decline from a year ago are enough to support 35.9x trailing earnings.
med
multiple compression
the stock trades at 35.9x trailing earnings and around 40.7x the $5.90 FY2026 EPS estimate. That's a lot of optimism for a business that grew 5.0% last year.
if growth stays ordinary, the valuation can do the damage even if the business stays healthy.
med
order timing and channel softness
the latest update called out delayed customer orders in Asia Pacific distributor channels. When a small company misses by timing instead of demand, the market still counts it.
another uneven quarter would make the 85/100 predictability score harder to defend.
med
input-cost relief may not last
gross margin improved because specialty chemical and container costs eased. That's good news, but not all of it is permanent operating leverage.
if costs turn back up while administrative expenses stay elevated, the 11.9% net margin can compress fast.
a high-quality business with $620M of revenue and an A balance sheet can still be a bad stock at the wrong price. That's the risk setup here.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
eps versus the multiple
the stock trades at 35.9x trailing earnings. if EPS keeps shrinking from a year ago, that math stops being friendly fast.
trend
WD-40 Specialist growth
the 18% advance in Specialist is one of the few clearly faster-moving parts of the story. you want that to keep outrunning the core business.
risk
asia pacific order timing
management pointed to delayed customer orders in distributor channels. if that repeats, it starts looking less temporary.
calendar
next quarterly margin update
gross margin improved on lower chemical and container costs, but administrative costs pushed back. the next report tells you which force is winning.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts think this stock is behaving normally, not breaking out.
risk profile
average
stability score 3 — the business is solid, but the stock itself is not a bunker.
chart momentum
below average
technical score 4 — the tape is not giving you much help from here.
earnings predictability
85 / 100
management usually delivers a steady operating profile. that reliability is part of why the stock gets a premium multiple.
source: institutional data
Institutional activity
institutions have been net buying for 2 consecutive quarters — 132 buyers vs. 114 sellers in 4q2025. total institutional holdings: 11.8M shares. net buying for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$168
$281
$240
current price
$225
target midpoint · 6% from current · 3-5yr high: $375 (+55% · 13% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive