WD 40
WDFC on Nasdaq. WD-40 Company sells maintenance and cleaning products to homes and businesses worldwide. Market value $2.8bn.
Price checks use the past 12 months to May 2026. Quality checks use five annual reports, the latest for the year to August 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Materials stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.90 of spare cash in the past 12 months. A savings account pays about $4.
You pay 23.6 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 27 cents a year. Above 10 is good.
Quality score: 96 of 100. Price score: 46 of 100. Our list needs 70 on quality and 60 on price.
$204.17 a share, 16% above its 1-year low
Over the past year the price has ranged from $175.38 to $298.90.
Dividend: 1.8% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $488m | $519m | $537m | $591m | $620m |
| Operating margin | |||||
| Operating margin | 18.2% | 16.8% | 16.7% | 16.3% | 16.7% |
| Debt to equity | |||||
| Debt to equity | 0.58 | 0.78 | 0.57 | 0.41 | 0.32 |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.01bn | 0.01bn | 0.01bn | 0.01bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)7 of 9
- Profit backed by cash (accruals)Yes
- Debt0.32× equity
- Revenue growth, five yearsSlow, 8.7% a year
- Buying back its own sharesRoughly flat
The quarter to May 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $195 million last quarter, up 24% on a year ago.
- Profit: $30 million, up 44% on a year ago.
- It keeps 17 cents of each $1 of sales as operating profit, up from 16 cents a year earlier.
- Spare cash over the past 12 months: $79 million, down from $81 million.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $42 million more than cash, down from $44 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| August 2024 | $156m |
| November 2024 | $153m |
| February 2025 | $146m |
| May 2025 | $157m |
| August 2025 | $163m |
| November 2025 | $154m |
| February 2026 | $162m |
| May 2026 | $195m |
| Quarter to | Amount |
|---|---|
| August 2024 | $17m |
| November 2024 | $19m |
| February 2025 | $30m |
| May 2025 | $21m |
| August 2025 | $21m |
| November 2025 | $17m |
| February 2026 | $20m |
| May 2026 | $30m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 October 2025
- Next quarterly (estimated, 10-Q)
- 8 October 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 385 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $9m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $45m | 0.4% | Added |
| GAMCO InvestorsMario Gabelli | $9m | <0.1% |
Largest holders overall
- BlackRock$506mAdded
- Vanguard Portfolio Management$262mAdded
- Kayne Anderson Rudnick Investment Management$153m
- Vanguard Capital Management$147m
- State Street$134mAdded
- Geode Capital Management$108mAdded
- First Trust Advisors LP$85mCut
- Alliancebernstein L.P.$77mCut
- Dimensional Fund Advisors LP$76mAdded
- Ameriprise Financial$73mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor14.3%Since 30 September 2025
- Vanguard Portfolio ManagementPassive investor7.8%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- APG Asset Management US Inc.Passive investorat least 2.4%−5.1 pts(filed with 3 related holders)Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 14.3% | 30 September 2025 | |
Vanguard Portfolio Management Passive investor | 7.8% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
APG Asset Management US Inc. Passive investor | at least 2.4%−5.1 pts (filed with 3 related holders) | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 6 insiders bought $627,557 of shares on the open market. 1 sold $117,063.
- Olsem Patricia QDivision President, AmericasSold
- Date
- 13 August 2026
- Shares
- 200
- Price
- $234.72
- Value
- $46,944
- Olsem Patricia QDivision President, AmericasSold
- Date
- 10 August 2026
- Shares
- 300
- Price
- $233.73
- Value
- $70,119
- PENDARVIS DAVIDDirectorBought
- Date
- 5 February 2026
- Shares
- 424
- Price
- $247.15
- Value
- $104,792
- Etchart EricDirectorBought
- Date
- 30 October 2025
- Shares
- 500
- Price
- $194.02
- Value
- $97,010
- PENDARVIS DAVIDDirectorBought
- Date
- 30 October 2025
- Shares
- 523
- Price
- $196.37
- Value
- $102,702
- KIAMILEV PHENIX Q.VP, GC & Chief Compliance OfcrBought
- Date
- 28 October 2025
- Shares
- 55
- Price
- $200.46
- Value
- $11,025
- Brass Steven APresident and CEO, DirectorBought
- Date
- 28 October 2025
- Shares
- 362
- Price
- $200.46
- Value
- $72,567
- HYZER SARA KATHLEENVP, Finance & CFOBought
- Date
- 28 October 2025
- Shares
- 200
- Price
- $200.46
- Value
- $40,092
- CARTER DANIEL TDirectorBought
- Date
- 27 October 2025
- Shares
- 1,000
- Price
- $199.37
- Value
- $199,370
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 13 August 2026 | Olsem Patricia Q Division President, Americas | Sold | 200 | $234.72 | $46,944 |
| 10 August 2026 | Olsem Patricia Q Division President, Americas | Sold | 300 | $233.73 | $70,119 |
| 5 February 2026 | PENDARVIS DAVID Director | Bought | 424 | $247.15 | $104,792 |
| 30 October 2025 | Etchart Eric Director | Bought | 500 | $194.02 | $97,010 |
| 30 October 2025 | PENDARVIS DAVID Director | Bought | 523 | $196.37 | $102,702 |
| 28 October 2025 | KIAMILEV PHENIX Q. VP, GC & Chief Compliance Ofcr | Bought | 55 | $200.46 | $11,025 |
| 28 October 2025 | Brass Steven A President and CEO, Director | Bought | 362 | $200.46 | $72,567 |
| 28 October 2025 | HYZER SARA KATHLEEN VP, Finance & CFO | Bought | 200 | $200.46 | $40,092 |
| 27 October 2025 | CARTER DANIEL T Director | Bought | 1,000 | $199.37 | $199,370 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.