WD 40 CO WDFC
WD-40 Company is a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world. The Company was founded in 1953 and is headquartered in San Diego, California.
For more than four decades, we sold only one product, WD-40® Multi-Use Product, a multi-purpose maintenance product which acts as a lubricant, rust preventative, penetrant and moisture displacer. Over the last several decades, we have evolved and expanded our product offerings through both research and development activities and through the acquisition of several of our smaller brands worldwide. As a result, we have built a family of brands and product lines that deliver high quality performance at a good value to our end users.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $620.0M | $590.6M | $537.3M | $518.8M | $488.1M | $408.5M | $423.4M | $408.5M | $380.5M | $380.7M |
| Cost of revenue | $278.6M | $275.3M | $263.0M | $264.1M | $224.4M | $185.5M | $191.0M | $183.3M | $166.6M | $166.3M |
| Gross profit | $341.3M | $315.2M | $274.2M | $254.8M | $263.7M | $223.0M | $232.3M | $225.3M | $213.9M | $214.4M |
| R&D | $8.7M | $8.0M | $6.2M | $5.1M | $5.6M | $6.0M | $6.5M | $7.0M | $8.4M | $7.7M |
| SG&A | $199.9M | $183.9M | $154.7M | $138.7M | $145.5M | $122.0M | $123.9M | $121.4M | $114.6M | $117.8M |
| Total operating expenses | $237.6M | $218.9M | $184.5M | $167.4M | $174.9M | $145.8M | $150.0M | $146.7M | $138.0M | $143.0M |
| Operating income | $103.8M | $96.4M | $89.7M | $87.3M | $88.8M | $77.2M | $82.4M | $78.6M | $75.9M | $71.3M |
| Interest expense | $3.4M | $4.3M | $5.6M | $2.7M | $2.4M | $2.4M | $2.5M | $4.2M | $2.6M | $1.7M |
| Pre-tax income | $101.6M | $91.5M | $85.2M | $84.1M | $86.5M | $75.5M | $80.8M | $75.2M | $74.6M | $72.8M |
| Income tax | $10.6M | $21.9M | $19.2M | $16.8M | $16.3M | $14.8M | $24.9M | $10.0M | $21.7M | $20.2M |
| Net income | $91.0M | $69.6M | $66.0M | $67.3M | $70.2M | $60.7M | $55.9M | $65.2M | $52.9M | $52.6M |
| EPS, basic | 6.70 | 5.12 | 4.84 | 4.91 | 5.11 | 4.41 | 4.03 | 4.65 | 3.73 | 3.65 |
| EPS, diluted | 6.69 | 5.11 | 4.83 | 4.90 | 5.09 | 4.40 | 4.02 | 4.64 | 3.72 | 3.64 |
| Shares, diluted (wtd. avg.) | $13.6M | $13.6M | $13.6M | $13.7M | $13.7M | $13.7M | $13.8M | $14.0M | $14.1M | $14.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $58.1M | $46.7M | $48.1M | $37.8M | $86.0M | $56.5M | $27.2M | $48.9M | $37.1M | $50.9M |
| Short-term investments | — | — | — | — | — | — | — | $219.0K | $80.2M | $57.6M |
| Receivables | $120.6M | $117.5M | $98.0M | $89.9M | $89.6M | $80.7M | $72.9M | $69.0M | $64.3M | $64.7M |
| Inventory | $79.9M | $79.1M | $86.5M | $104.1M | $55.8M | $41.3M | $40.7M | $36.5M | $35.3M | $31.8M |
| Total current assets | $285.0M | $255.4M | $248.5M | $249.6M | $241.2M | $185.2M | $148.0M | $168.0M | $224.9M | $209.5M |
| Property, plant and equipment | $60.4M | $63.0M | $66.8M | $66.0M | $70.1M | $60.8M | $45.1M | $36.4M | $29.4M | $11.5M |
| Goodwill | $97.2M | $97.0M | $95.5M | $95.2M | $95.9M | $95.7M | $95.3M | $95.6M | $95.6M | $95.6M |
| Other intangibles | $2.4M | $6.2M | $4.7M | $5.6M | $7.2M | $8.6M | $10.7M | $13.5M | $16.2M | $19.2M |
| Total assets | $475.8M | $449.0M | $438.0M | $434.3M | $430.2M | $362.6M | $302.7M | $317.1M | $369.7M | $339.7M |
| Accounts payable | $38.0M | $36.0M | $30.8M | $32.9M | $33.5M | $21.7M | $18.7M | $19.1M | $20.9M | $18.7M |
| Short-term debt | $800.0K | $8.7M | $10.8M | $39.2M | $800.0K | $800.0K | $21.2M | $23.6M | $20.0M | — |
| Total current liabilities | $102.3M | $103.5M | $88.8M | $110.8M | $85.9M | $60.1M | $74.6M | $85.9M | $75.4M | $58.7M |
| Long-term debt | $86.2M | $86.0M | $109.7M | $107.1M | $114.9M | $113.1M | $60.2M | $62.8M | $134.0M | — |
| Total liabilities | $207.7M | $218.5M | $227.8M | $245.7M | $229.8M | $202.3M | $157.2M | $161.6M | $230.3M | $199.3M |
| Retained earnings | $540.7M | $499.9M | $477.5M | $456.1M | $430.7M | $398.7M | $374.1M | $351.3M | $315.8M | $289.6M |
| Total equity | $268.2M | $230.5M | $210.2M | $188.6M | $200.4M | $160.3M | $145.5M | $155.5M | $139.4M | $140.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $87.9M | $92.0M | $98.4M | $2.6M | $84.7M | $72.7M | $62.9M | $64.8M | $55.6M | $65.3M |
| Depreciation and amortisation | $8.2M | $9.5M | $8.2M | $8.3M | $7.0M | $7.7M | $7.6M | $7.8M | $6.8M | $6.5M |
| Stock-based compensation | $7.3M | $6.5M | $6.4M | $6.7M | $9.6M | $5.4M | $4.4M | $4.2M | $4.1M | $3.7M |
| Capital expenditure | $4.5M | $4.2M | $6.9M | $8.3M | $15.1M | $19.3M | $13.3M | $12.4M | $20.1M | $4.4M |
| Investing cash flow | -$2.4M | -$9.7M | -$6.2M | -$7.7M | -$14.5M | -$18.9M | -$12.7M | $71.2M | -$42.3M | -$20.9M |
| Financing cash flow | -$74.1M | -$83.9M | -$85.0M | -$38.0M | -$40.7M | -$26.7M | -$69.0M | -$121.4M | -$26.8M | -$43.2M |
| Dividends paid | $50.3M | $47.2M | $44.6M | $42.0M | $38.2M | $36.0M | $32.9M | $29.6M | $26.8M | $23.7M |
| Buybacks | $12.3M | $8.1M | $10.4M | $29.2M | $0 | $16.8M | $29.6M | $22.6M | $31.1M | $32.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000105132-25-000067.
Others in SIC 2890
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ESI | Element Solutions Inc | $8.77B | 45.6x | 3.8% |
| CBT | CABOT CORP | $4.21B | 13.5x | -7.0% |
| FTK | FLOTEK INDUSTRIES INC/CN/ | $852.6M | 28.0x | 26.9% |
| ASPI | ASP Isotopes Inc. | $643.9M | — | 475.5% |
| OEC | Orion S.A. | $344.2M | — | -3.8% |
| ARQ | Arq, Inc. | $100.4M | — | 10.4% |
| FSI | FLEXIBLE SOLUTIONS INTERNATIONAL INC | $73.6M | 96.0x | 0.7% |
| ZTEK | Zentek Ltd. | — | — | — |