olivLaw · US equity research
WD-40 Company WDFC
Miscellaneous Chemical Products · SIC 2890 · Vertical: Miscellaneous Chemical Products (SIC 2890)
WD-40 Company is a global marketing organization that develops and sells maintenance and cleaning products for workshops, factories and homes, with more than two-thirds of sales outside the U.S. In fiscal 2026 net sales rose 11% to $688.0 million, and the company guides to moderate growth for fiscal 2027 amid margin pressures.
At the close of 04 Nov 2026, WD-40 Company (WDFC) stock was 233.00 USD (+5.23% on the day), with market capitalisation 3.1 bn USD, P/E 38.3 on diluted EPS of 6.08 USD over the last 12 months, dividend yield 1.72%, beta 0.17, 52-week range 187.52–264.91 USD. Latest reported quarter (Q4 2026): revenue of 176.8 m USD (+8.1% YoY), net income of 14.4 m USD (−32.4% YoY), diluted EPS 1.07 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 68.7
- strong (55–70)
- Bollinger (20, 2)
- 189.64 – 231.16
- above the upper band · %B 1.04 · band width 19.7%
- SMA 50 / 200
- 205.42 / 219.73
- mixed trend
- MACD (12, 26, 9)
- 6.02 / 3.41
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.2% | −1.1% | +14.3 pp | — |
| 3 months | −0.8% | −0.5% | −0.3 pp | — |
| 6 months | +10.5% | +4.4% | +6.1 pp | — |
| Year to date | +18.3% | +12.3% | +6.0 pp | — |
| 1 year | +18.0% | +13.5% | +4.5 pp | +15.6% |
| 3 years | +6.1% | +76.4% | −70.3 pp | −0.5% |
| 5 years | −0.1% | +63.7% | −63.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 31 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 153.5 m | 146.1 m | 156.9 m | 163.5 m | 154.4 m | 161.7 m | 195.1 m | 176.8 m |
| Cost of revenue | 69.4 m | 66.4 m | 68.8 m | 74.0 m | 67.6 m | 71.7 m | 84.7 m | 83.5 m |
| Gross profit | 84.1 m | 79.7 m | 88.1 m | 89.4 m | 86.8 m | 89.9 m | 110.4 m | 93.3 m |
| SG&A | 50.5 m | 49.0 m | 51.5 m | 48.9 m | 55.3 m | 54.8 m | 56.7 m | 58.2 m |
| Operating income | 25.1 m | 23.3 m | 27.4 m | 28.0 m | 23.3 m | 26.3 m | 40.3 m | 19.1 m |
| Depreciation & amortisation | 2.1 m | 2.0 m ≈ | 2.0 m ≈ | 2.1 m | 2.1 m | 2.4 m ≈ | 3.4 m ≈ | 2.5 m |
| Interest expense | 873.0 k | 1.0 m | 887.0 k | 660.0 k | 648.0 k | 666.0 k | 794.0 k | 666.0 k |
| Pre-tax income | 24.3 m | 22.4 m | 27.5 m | 27.5 m | 22.6 m | 25.9 m | 39.6 m | 18.5 m |
| Income tax | 5.3 m | -7.4 m | 6.5 m | 6.2 m | 5.1 m | 5.5 m | 9.4 m | 4.1 m |
| Net income | 18.9 m | 29.9 m | 21.0 m | 21.2 m | 17.5 m | 20.3 m | 30.2 m | 14.4 m |
| Diluted EPS | 1.39 | 2.19 | 1.54 | 1.57 ≈ | 1.28 | 1.50 | 2.24 | 1.07 ≈ |
| Operating cash flow | 14.9 m | 8.0 m ≈ | 35.1 m ≈ | 29.9 m | 10.0 m | 14.3 m ≈ | 30.5 m ≈ | 50.2 m |
| Capex | 691.0 k | 1.4 m ≈ | 1.1 m ≈ | 1.4 m | 935.0 k | 1.8 m ≈ | 1.2 m ≈ | 3.5 m |
| Dividends paid | 12.0 m | 12.8 m ≈ | 12.8 m ≈ | 12.8 m | 12.8 m | 13.8 m ≈ | 13.8 m ≈ | 13.7 m |
| Share repurchases | 3.6 m | 3.1 m ≈ | 3.0 m ≈ | 2.6 m | 7.8 m | 8.0 m ≈ | 6.7 m ≈ | 7.1 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 43 percentile of its own 40-quarter history (min 28.5, median 40.0, max 57.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 423.4 m | 408.5 m | 488.1 m | 518.8 m | 537.3 m | 590.6 m | 620.0 m | 688.0 m |
| Revenue YoY | +3.6% | −3.5% | +19.5% | +6.3% | +3.6% | +9.9% | +5.0% | +11.0% |
| Net income | 55.9 m | 60.7 m | 70.2 m | 67.3 m | 66.0 m | 69.6 m | 91.0 m | 82.3 m |
| Net income YoY | −14.3% | +8.6% | +15.7% | −4.1% | −2.0% | +5.5% | +30.7% | −9.5% |
| Diluted EPS | 4.02 | 4.40 | 5.09 | 4.90 | 4.83 | 5.11 | 6.69 | 6.08 |
| Diluted EPS YoY | −13.4% | +9.5% | +15.7% | −3.7% | −1.4% | +5.8% | +30.9% | −9.1% |
| net % | 13.2% | 14.9% | 14.4% | 13.0% | 12.3% | 11.8% | 14.7% | 12.0% |
| Free cash flow | 49.6 m | 53.4 m | 69.7 m | -5.7 m | 91.5 m | 87.8 m | 83.4 m | 97.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Aug 2026
- Cash
- 70.6 m USD
- Financial debt
- 86.0 m USD
- Net debt
- 15.4 m USD
- Equity
- 273.0 m USD
- Total assets
- 494.4 m USD
- Debt / equity
- 0.32x
- Current ratio
- 2.57x
- ROE
- 30.4%
- ROA
- 17.0%
- FCF margin
- 14.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 488.1 m | 518.8 m | 537.3 m | 590.6 m | 620.0 m | 688.0 m | SEC (XBRL)· 26 Oct 2026verified |
| Cost of revenue | 224.4 m | 264.1 m | 263.0 m | 275.3 m | 278.6 m | 307.5 m | SEC (XBRL)· 26 Oct 2026verified |
| Gross profit | 263.7 m | 254.8 m | 274.2 m | 315.2 m | 341.3 m | 380.5 m | SEC (XBRL)· 26 Oct 2026verified |
| Research & development | 5.6 m | 5.1 m | 6.2 m | 8.0 m | 8.7 m | 8.1 m | SEC (XBRL)· 26 Oct 2026verified |
| SG&A | 145.5 m | 138.7 m | 154.7 m | 183.9 m | 199.9 m | 225.0 m | SEC (XBRL)· 26 Oct 2026verified |
| Operating income | 88.8 m | 87.3 m | 89.7 m | 96.4 m | 103.8 m | 108.9 m | SEC (XBRL)· 26 Oct 2026verified |
| Depreciation & amortisation | 7.0 m | 8.3 m | 8.2 m | 9.5 m | 8.2 m | 10.4 m | SEC (XBRL)· 26 Oct 2026verified |
| EBITDA | 95.9 m ≈ | 95.6 m ≈ | 97.9 m ≈ | 105.8 m ≈ | 112.0 m ≈ | 119.3 m ≈ | SEC (XBRL)· 26 Oct 2026derived |
| Interest expense | 2.4 m | 2.7 m | 5.6 m | 4.3 m | 3.4 m | 2.8 m | SEC (XBRL)· 26 Oct 2026verified |
| Pre-tax income | 86.5 m | 84.1 m | 85.2 m | 91.5 m | 101.6 m | 106.5 m | SEC (XBRL)· 26 Oct 2026verified |
| Income tax | 16.3 m | 16.8 m | 19.2 m | 21.9 m | 10.6 m | 24.2 m | SEC (XBRL)· 26 Oct 2026verified |
| Net income | 70.2 m | 67.3 m | 66.0 m | 69.6 m | 91.0 m | 82.3 m | SEC (XBRL)· 26 Oct 2026verified |
| Diluted EPS | 5.09 | 4.90 | 4.83 | 5.11 | 6.69 | 6.08 | SEC (XBRL)· 26 Oct 2026verified |
| Weighted average diluted shares | 13.7 m | 13.7 m | 13.6 m | 13.6 m | 13.6 m | 13.5 m | SEC (XBRL)· 26 Oct 2026verified |
| Dividend per share | 2.78 | 3.06 | 3.27 | 3.47 | 3.70 | 4.00 | SEC (XBRL)· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 86.0 m | 37.8 m | 48.1 m | 46.7 m | 58.1 m | 70.6 m | SEC (XBRL)· 26 Oct 2026verified |
| Receivables | 89.6 m | 89.9 m | 98.0 m | 117.5 m | 120.6 m | 122.7 m | SEC (XBRL)· 26 Oct 2026verified |
| Inventories | 55.8 m | 104.1 m | 86.5 m | 79.1 m | 79.9 m | 83.3 m | SEC (XBRL)· 26 Oct 2026verified |
| Current assets | 241.2 m | 249.6 m | 248.5 m | 255.4 m | 285.0 m | 295.6 m | SEC (XBRL)· 26 Oct 2026verified |
| Property, plant & equipment, net | 70.1 m | 66.0 m | 66.8 m | 63.0 m | 60.4 m | 58.7 m | SEC (XBRL)· 26 Oct 2026verified |
| Goodwill | 95.9 m | 95.2 m | 95.5 m | 97.0 m | 97.2 m | 98.3 m | SEC (XBRL)· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 7.2 m | 5.6 m | 4.7 m | 6.2 m | 2.4 m | 3.5 m | SEC (XBRL)· 26 Oct 2026verified |
| Total assets | 430.2 m | 434.3 m | 438.0 m | 449.0 m | 475.8 m | 494.4 m | SEC (XBRL)· 26 Oct 2026verified |
| Accounts payable | 33.5 m | 32.9 m | 30.8 m | 36.0 m | 38.0 m | 41.4 m | SEC (XBRL)· 26 Oct 2026verified |
| Short-term debt | 800.0 k | 39.2 m | 10.8 m | 8.7 m | 800.0 k | 800.0 k | SEC (XBRL)· 26 Oct 2026verified |
| Long-term debt | 114.9 m | 107.1 m | 109.7 m | 86.0 m | 86.2 m | 85.2 m | SEC (XBRL)· 26 Oct 2026verified |
| Current liabilities | 85.9 m | 110.8 m | 88.8 m | 103.5 m | 102.3 m | 114.8 m | SEC (XBRL)· 26 Oct 2026verified |
| Total liabilities | 229.8 m | 245.7 m | 227.8 m | 218.5 m | 207.7 m | 221.4 m | SEC (XBRL)· 26 Oct 2026verified |
| Equity | 200.4 m † | 188.6 m † | 210.2 m † | 230.5 m † | 268.2 m † | 273.0 m † | SEC (XBRL)· 26 Oct 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 84.7 m | 2.6 m | 98.4 m | 92.0 m | 87.9 m | 105.0 m | SEC (XBRL)· 26 Oct 2026verified |
| Capex | 15.1 m | 8.3 m | 6.9 m | 4.2 m | 4.5 m | 7.4 m | SEC (XBRL)· 26 Oct 2026verified |
| Free cash flow | 69.7 m ≈ | -5.7 m ≈ | 91.5 m ≈ | 87.8 m ≈ | 83.4 m ≈ | 97.6 m ≈ | SEC (XBRL)· 26 Oct 2026derived |
| Investing cash flow | -14.5 m | -7.7 m | -6.2 m | -9.7 m | -2.4 m | -6.7 m | SEC (XBRL)· 26 Oct 2026verified |
| Financing cash flow | -40.7 m | -38.0 m | -85.0 m | -83.9 m | -74.1 m | -86.7 m | SEC (XBRL)· 26 Oct 2026verified |
| Dividends paid | 38.2 m | 42.0 m | 44.6 m | 47.2 m | 50.3 m | 54.0 m | SEC (XBRL)· 26 Oct 2026verified |
| Share repurchases | 0 | 29.2 m | 10.4 m | 8.1 m | 12.3 m | 29.6 m | SEC (XBRL)· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 63 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation11
- Balance sheet100
- Quality96
- Growth62
- Returns60
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 52.56 – 196.27 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)107.49 – 165.37 (Mid 129.97)WACC 9.2% · starting FCFF 99.7 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 37.3%
- Peers: EV/EBITDA55.62 – 90.53 (Mid 60.26)3 companies used · median multiple 6.9x · quartiles 6.4x – 10.3xCBT, ESI, OEC
- Peers: P/E140.08 – 196.27 (Mid 151.98)3 companies used · median multiple 25.0x · quartiles 23.0x – 32.3xCBT, ESI, FTK
- Dividend discount (DDM)52.56 – 70.69 (Mid 60.29)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 63/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 28.8% | 100 (vs peers) | 10% |
| Net margin · Quality | 12.0% | 86 (vs peers) | 6% |
| FCF conversion · Quality | 118.5% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 8.6% | 72 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 8.0% | 53 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 0.1x | 100 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 39.3x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 38.3x | 0 (on a fixed band) | 10% |
| EV/EBITDA · Valuation | 26.3x | 0 (on a fixed band) | 10% |
| FCF yield · Valuation | 3.1% | 39 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 2.7% | 38 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 55.4% | 92 (on a fixed band) | 4% |
Score groups
- Balance sheet100/100 · 3/3 factors with a value
- Growth62/100 · 2/2 factors with a value
- Quality96/100 · 3/3 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation11/100 · 3/3 factors with a value
Memo
WD-40 COMPANY (WDFC). Latest full fiscal year: 2026; data up to 2026-08-31.
Figures computed from the financial statements: revenue 688.0 m USD in 2026; YoY growth 11.0%; net margin 12.0%; ROE 30.4%; net debt/EBITDA 0.1x.
The estimated value range is 81.55–127.95 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 95.13 USD, the price of 233.00 USD leaves a potential of -59.2% (value / price − 1) and a margin of safety of -144.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 63/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 28.8%
- Net margin: 12.0%
- FCF conversion: 118.5%
- Revenue CAGR 3Y: 8.6%
- Net debt / EBITDA: 0.1x
- Interest coverage: 39.3x
- Current ratio: 2.6x
- Payout ratio (FCF): 55.4%
What contradicts it
- P/E (TTM): 38.3x
- EV/EBITDA: 26.3x
- The price is above the estimated value range
- The valuation methods diverge
Versus the vertical median
Miscellaneous Chemical Products (SIC 2890) · same industry (4-digit SIC) · compared with 7 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ESIElement Solutions Inc | 8.1 bn | 39.6 | 7.4% | 5.9% | +3.8% | +29% / +60% |
| CBTCabot Corp | 3.9 bn | 21.1 | 12.1% | 5.2% | −7.0% | +20% / −1% |
| WDFCWd-40 Company | 3.1 bn | 38.3 | 30.4% | 12.0% | +11.0% | +18% / +6% |
| FTKFlotek Industries Inc | 895.4 m | 25.0 | 37.8% | 13.0% | +26.9% | +73% / +685% |
| OECOrion S.A. | 331.8 m | — | -8.1% | -1.8% | −3.8% | +16% / −75% |
| ASPIASP Isotopes Inc. | 292.8 m | — | -80.9% | -380.3% | +475.5% | −69% / −1% |
| ARQArq, Inc. | 81.8 m | — | -25.0% | -38.5% | +10.4% | −50% / −31% |
| FSIFlexible Solutions International, Inc | 80.1 m | — | -8.2% | -8.8% | +0.7% | −8% / +313% |
1- and 3-year price returns: for WDFC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 145.01 Total return -36% · Per year -36% | 255.88 Total return 12% · Per year 12% | 384.76 Total return 67% · Per year 67% |
| 3 years | 152.55 Total return -30% · Per year -11% | 301.74 Total return 36% · Per year 11% | 496.47 Total return 121% · Per year 30% |
| 5 years | 160.48 Total return -24% · Per year -5% | 355.83 Total return 64% · Per year 10% | 640.61 Total return 190% · Per year 24% |
- Exit P/E± 75.44
- Net margin± 52.81
- Annual revenue growth± 41.71
- Annual dilution± 4.44
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
WD-40 Company is a global marketing organization that develops and sells maintenance and cleaning products for workshops, factories and homes, with more than two-thirds of sales outside the U.S. In fiscal 2026 net sales rose 11% to $688.0 million, and the company guides to moderate growth for fiscal 2027 amid margin pressures.
SWOT
Strengths
- The WD-40 brand has global awareness and is a market leader in many countries, with products sold in hundreds of countries and territories.
- A decentralized, outsourced supply chain has helped the company manage volatility and provide good customer service.
- The company generates strong cash flow and returns capital to shareholders through dividends and share repurchases.
Weaknesses
- Gross margin was pressured by raw material costs in the last quarter, showing sensitivity to input inflation.
- Dependence on one leading brand means that its reputation and success matter for the whole business.
- HCCP brands are treated as harvest brands with low investment and represent a shrinking part of the business.
Opportunities
- Geographic expansion of WD-40 Multi-Use Product and growth in emerging markets could support long-term sales.
- Premiumization and expansion of the Specialist line could improve margins if demand holds.
- Growth in e-commerce and digital brand building could open growth in new channels.
Threats
- An economic slowdown or lower consumer income could reduce demand and favor cheaper products.
- Trade tariffs, geopolitical conflicts and specialty chemical price volatility could affect costs and deliveries.
- Counterfeiting and currency fluctuations could affect sales and reported results, especially outside the U.S.
Risks
- Dependence on foreign marketshigh
A major part of sales comes from outside the U.S., exposing the company to political instability, tariffs and different regulations.
- Currency exposurehigh
A significant share of revenue is generated in currencies other than the dollar, and weakening of those currencies could reduce reported results.
- Raw material costsmedium
Specialty chemicals and aerosol cans are subject to volatility, which could pressure margins if prices rise again.
- Brand reputationmedium
Quality problems, product recalls or negative publicity could affect a brand on which the whole business rests.
- Talent and culturelow
If the company fails to attract and retain key employees, implementation of its strategy could be delayed.
Investment thesis
What would need to be true (bull case)
- Growth in maintenance product sales and geographic expansion could support sustained expansion if the brand keeps its awareness.
- If gross margin recovers from the low point seen in the last quarter, profit growth could outpace sales growth.
- Solid cash generation and the share repurchase program could support long-term value for shareholders.
What would break the thesis
- If raw material costs stay high, margins could remain under pressure and limit profit growth.
- An economic slowdown or weaker demand in the U.S. could affect the sales the company relies on most.
- Tariffs, currency moves and political instability could reduce results from foreign markets, which account for most sales.
What to watch
- Gross margin trajectory against fiscal 2027 guidanceQ1 2027
- Delivery of fiscal 2027 net sales and diluted EPS guidance2027
- Pace of execution of the new $100 million share repurchase program2027
- Sales growth in Asia-Pacific and in online distributionnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
WD-40 Company, headquartered in San Diego, California, is a global marketing organization founded in 1953 that creates and sells products solving problems in workshops, factories and homes worldwide. Its products are marketed in more than 176 countries and territories through hardware stores, industrial distributors, mass retailers, online retailers and other channels. Its strategy is organized as a four-by-four framework: four Must-Win Battles to grow maintenance products and four Strategic Enablers tied to operational excellence. The company had 753 employees 1.
Activity is split into two product groups: maintenance products, including WD-40 Multi-Use Product, the WD-40 Specialist line and the 3-IN-ONE and GT85 brands, and homecare and cleaning products (HCCP), including 2000 Flushes, Spot Shot, Carpet Fresh, Lava and Solvol. Maintenance products make up the large majority of sales, while HCCP brands are treated as harvest brands with reduced marketing investment over time 1.
Finished goods are outsourced to third-party manufacturers in several countries, while the company formulates WD-40 concentrate at its own facilities and at contract manufacturers. Key raw materials are specialty chemicals and aerosol cans, which are subject to market price swings, making costs sensitive to inflation and trade tariffs 1.
Segments
Americas
Americas, which includes the U.S., Canada and Latin America, generated $326.2 million in fiscal 2026, up 12%, driven by WD-40 Multi-Use Product and the Specialist line 12.
Market context
The company operates in a highly competitive market for maintenance and cleaning products, where large retailers hold negotiating power and demand new products, stable prices and short lead times. Competition comes from similar products and from multinational companies with greater financial resources, and varies by country 1.
With most sales outside the U.S. and dependence on retail channels, trends in consumer spending and online sales matter for results. For fiscal 2027 the company guides to net sales growth between 4% and 7% and diluted EPS between $6.40 and $6.70 2.
Trends
- Premiumization of maintenance productstailwind
The strategy emphasizes premiumizing WD-40 Multi-Use Product and expanding the Specialist line, which could support margins if premium sales keep growing 12.
- Input cost pressureheadwind
Higher costs for specialty chemicals and other inputs pressured gross margin in the fourth quarter of fiscal 2026, and the company indicated that this could mark the low point for gross margin 2.
- Tariffs and geopoliticsmixed
U.S. tariffs and conflicts in the Middle East and Ukraine could disrupt supply chains and demand, although the globally decentralized supply chain helps the company manage volatility 12.
- Digital commerce expansiontailwind
Growth in online sales and investment in digital brand building are part of the strategy and contributed to growth in the U.S. and Asia-Pacific, though they may bring pricing pressure 12.
Competitive position
The company says many competing products exist, some selling at lower prices or made by companies with greater financial resources. It relies on brand awareness, perceived value, product innovation and multi-channel distribution to compete 1.
Counterfeit and infringing products, particularly in China and emerging markets, could affect sales and brand reputation, and the company invests in protecting its registered trademarks in many countries 1.
- Multinational maintenance product makers
Large national and multinational companies with similar products, referred to generically in the source without named identification.
- Lower-priced products
Competing products sold at lower prices, which can attract consumers during periods of economic uncertainty.
- Unbranded products
Unbranded products that end users may prefer in difficult economic periods, according to the company's risk factors.
- Counterfeit products
Infringing or counterfeit products, present mainly in China and emerging markets in Asia and Central Europe.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Proxy statement30 Oct 2026
- Annual report26 Oct 2026
- Current report21 Oct 2026Results of operations · Financial statements and exhibits
- Current report03 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report09 Jul 2026
- Current report09 Jul 2026Results of operations · Financial statements and exhibits
- Current report (amendment)25 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report04 Jun 2026Departure or appointment of officers · Regulation FD disclosure
- Quarterly report09 Apr 2026
- Current report09 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-08-31 · SEC / WD-40 Company · 26 Oct 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / WD-40 Company · 21 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.