Is the business good?
How good a business is WDFC?
WD-40 Company earns 28% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
28%
Return on invested capital · cost of capital 9.0% · 19 points above what the capital costs: growth creates value
- Operating margin
- 17%
Operating margin · Specialty Chemicals median 9.1% · 12 months to Q3 2026
- Cash conversion
- 0.89×
Cash conversion · 0.94× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- −0.63%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 19% |
| FY2021 | 18% |
| FY2022 | 17% |
| FY2023 | 17% |
| FY2024 | 16% |
| FY2025 | 17% |
Details›
- Gross margin12 months to Q3 2026
- 56%
- Operating margin12 months to Q3 2026
- 17%
- Net margin12 months to Q3 2026
- 13%
- Free cash flow margin
- 12%
- Revenue, trailing twelve months
- $675M
- Free cash flow, trailing twelve months
- $79M
- Net income, trailing twelve months
- $89M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 28%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Specialty Chemicals
Ranks #15 of 36 by Smart Score