WD-40

WDFC · Nasdaq · Consumer Staples · Financials, fiscal 2017 to 2026

WDFC · Last close · October 26, 2026

$216.06

WD-40's revenue rose 11.0% to $688 million in fiscal 2026. Its operating margin was 15.8%, down from 16.7% a year earlier. Free cash flow was $98 million, up 17.0%. It paid out $84 million in dividends and buybacks, 86% of free cash flow. The diluted share count fell 0.5%.

WD-40 COMPANY Latest fiscal year ended August 31, 2026 10-K filed October 26, 2026 · 0000105132-26-000091 Updated October 26, 2026

Revenue

$688M

11.0%

Operating margin

15.8%

0.9 pts

Net income

$82M

9.5%

Free cash flow

$98M

17.0%

Return on capital

28.8%

3.5 pts

Market cap

$2.9B

Oct 26 close

P/E

35.5x

On $6.08 EPS, FY26

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 5.6% a year and net income 5.0% a year, as buybacks cut the share count by 4%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value WD-40 yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What WD-40 says to expect

Fiscal year 2027: net salesNet sales growth is projected to be between 4% and 7% compared with fiscal year 2026, with net sales expected to be between $715 million and $735 million on a constant currency basis.
Fiscal year 2027: gross marginGross margin for the full year is expected to be between 54.0% and 55.5%.
Fiscal year 2027: operating incomeOperating income is projected to be between $114 million and $120 million, representing growth of 5% to 10% compared with fiscal year 2026.
Fiscal year 2027: diluted earnings per shareDiluted earnings per share is expected to be between $6.40 and $6.70, representing growth of 5% to 10% compared with fiscal year 2026, based on an estimated 13.4 million weighted average shares outstanding.
Fiscal year 2027: income tax provisionThe provision for income tax is expected to be between 22.5% and 23.5%.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 21, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from WD-40's 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from WD-40's fiscal 2026 free cash flow of $98M, net cash of −$15M at August 31, 2026 and 14 million diluted shares, from its filings. The scenarios are fitted to WD-40: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 8.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 8%: 7% for a stable business (Household Products), plus 1 point as a smaller company, worth $2.9B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at August 31, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to WD-40's own revenue growth, as above. Cautious: growth of 4.5% then 3% a year, 2% after year 10, a 9% discount rate. Base: growth of 8.5% then 5.5% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 13% then 8% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $216.06
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from WD-40's earnings per share of $6.08 (in fiscal 2026). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 24×, the middle of WD-40's own P/E today, its peers' median and its sector's median (the Consumer Staples median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 9%, 8% and 7%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2026, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Inter Parfums, Spectrum Brands, Energizer.

Earnings growth in the years ahead (% a year) Starts at WD-40's revenue growth over the last 3 years, 8.6% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $216.06
Value at this multiple, against the last close: —
WD-40's P/E at the last close: 35.5×

Company	Last close	Earnings per share	P/E today
WD-40WDFC	$216.06	$6.08	35.5×
Spectrum BrandsSPB	$80.20	$3.17	25.3×
Inter ParfumsIPAR	$115.36	$5.23	22.1×
EnergizerENR	$22.29	$3.32	6.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	38	48	47	58	71
Debt incl. finance leases	146	120	95	87	86
Net debt (negative means net cash)	109	72	48	29	15
Net debt to EBITDA	1.1x	0.7x	0.5x	0.3x	0.1x
Debt to equity	0.8x	0.6x	0.4x	0.3x	0.3x
Interest coverage	31.9x	16.0x	22.5x	30.2x	39.3x
Current ratio	2.2x	2.8x	2.5x	2.8x	2.6x
Quick ratio	1.3x	1.8x	1.7x	2.0x	1.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 6 insiders bought $627,558 of WD-40 shares on the open market, and 1 insider sold $117,063.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 13, 2026	Patricia Q OlsemDivision President, Americas	Sold	200	$234.72	$46,944	Form 4
Aug 10, 2026	Patricia Q OlsemDivision President, Americas	Sold	300	$233.73	$70,119	Form 4
Feb 5, 2026	David PendarvisDirector	Bought	424	$247.15	$104,792	Form 4
Oct 30, 2025	David PendarvisDirector	Bought	523	$196.37	$102,702	Form 4
Oct 30, 2025	Eric EtchartDirector	Bought	500	$194.02	$97,010	Form 4
Oct 28, 2025	Steven A BrassPresident and CEO, Director	Bought	362	$200.46	$72,567	Form 4
Oct 28, 2025	Sara Kathleen HyzerVP, Finance & CFO	Bought	200	$200.46	$40,092	Form 4
Oct 28, 2025	Phenix Q. KiamilevVP, GC & Chief Compliance Ofcr	Bought	55	$200.46	$11,025	Form 4
Oct 27, 2025	Daniel T CarterDirector	Bought	1,000	$199.37	$199,370	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Fail	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	8 of 9	8 of 9	7 of 9
Accruals ratio	−5.0%	0.7%	−4.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put WD-40 side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
WD-40	FY26	11.0%	15.8%	14.2%	28.8%	0.1x	7
Inter Parfums	FY25	2.5%	18.2%	12.8%	—	—	4	Compare
Edgewell Personal Care	FY25	−1.3%	4.3%	1.9%	3.6%	6.3x	5	Compare
Spectrum Brands	FY25	−5.2%	4.5%	5.9%	5.3%	2.0x	6	Compare
Energizer	FY25	2.3%	—	2.1%	11.1%	5.8x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	380	408	423	408	488	519	537	591	620	688
Revenue growth	−0.0%	7.4%	3.6%	−3.5%	19.5%	6.3%	3.5%	9.9%	5.0%	11.0%
Gross profit	214	225	232	223	264	255	274	315	341	380
Research and development	8	7	6	6	6	5	6	8	9	8
Operating income	76	79	82	77	89	87	90	96	104	109
Net income	53	65	56	61	70	67	66	70	91	82
Diluted EPS (US$)	3.72	4.64	4.02	4.40	5.09	4.90	4.83	5.11	6.69	6.08
Diluted shares (millions)	14	14	14	14	14	14	14	14	14	14
Cash flow
Cash from operations	56	65	63	73	85	3	98	92	88	105
Capital expenditure	20	12	13	19	15	8	7	4	4	7
Free cash flow	35	52	50	53	70	−6	92	88	83	98
Dividends paid	27	30	33	36	38	42	45	47	50	54
Share buybacks	31	23	30	17	0	29	10	8	12	30
Acquisitions	0	0	0	0	0	0	0	6	0	0
Stock-based compensation	4	4	4	5	10	7	6	6	7	8
Balance sheet at fiscal year end
Cash and short-term investments	117	49	27	56	86	38	48	47	58	71
Debt incl. finance leases	134	63	60	114	116	146	120	95	87	86
Total assets	370	317	303	363	430	434	438	449	476	494
Total liabilities	230	162	157	202	230	246	228	218	208	221
Shareholders' equity	139	156	146	160	200	189	210	230	268	273
Margins and ratios
Gross margin	56.2%	55.1%	54.9%	54.6%	54.0%	49.1%	51.0%	53.4%	55.1%	55.3%
Operating margin	19.9%	19.2%	19.5%	18.9%	18.2%	16.8%	16.7%	16.3%	16.7%	15.8%
Net margin	13.9%	16.0%	13.2%	14.9%	14.4%	13.0%	12.3%	11.8%	14.7%	12.0%
Free cash flow margin	9.3%	12.8%	11.7%	13.1%	14.3%	−1.1%	17.0%	14.9%	13.4%	14.2%
Return on capital	—	41.9%	32.8%	31.3%	32.2%	26.5%	24.0%	26.1%	32.3%	28.8%
Return on equity	37.8%	44.2%	37.1%	39.7%	38.9%	34.6%	33.1%	31.6%	36.5%	30.4%
Return on assets	14.9%	19.0%	18.0%	18.2%	17.7%	15.6%	15.1%	15.7%	19.7%	17.0%
Net debt to EBITDA	0.2x	0.2x	0.4x	0.7x	0.3x	1.1x	0.7x	0.5x	0.3x	0.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: WD-40's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with WD-40.