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Specialty chemicals · Basic Materials · Fiscal year ends Aug 31
WD 40 reported revenue of $620M in the fiscal year ended Aug 2025, up 5.0% from the year before. Operating income was $104M, an operating margin of 16.7%, and net income was $91M. Operating cash flow of $88M less capital expenditure of $5M left free cash flow of $83M. Net debt was $29M.
Ranks among the 20 specialty chemicals companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Aug 2021 | Aug 2022 | Aug 2023 | Aug 2024 | Aug 2025 |
|---|---|---|---|---|---|
| Revenue | 488 | 519 | 537 | 591 | 620 |
| Cost of revenue | 224 | 264 | 263 | 275 | 279 |
| Gross profit | 264 | 255 | 274 | 315 | 341 |
| Research & development | 5.6 | 5.1 | 6.2 | 8.0 | 8.7 |
| Selling, general & admin | 145 | 139 | 155 | 184 | 200 |
| Operating income | 88.8 | 87.3 | 89.7 | 96.4 | 104 |
| Interest expense | 2.4 | 2.7 | 5.6 | 4.3 | 3.4 |
| Pre-tax income | 86.5 | 84.1 | 85.2 | 91.5 | 102 |
| Income tax | 16.3 | 16.8 | 19.2 | 21.9 | 10.6 |
| Net income | 70.2 | 67.3 | 66.0 | 69.6 | 91.0 |
| Diluted EPS | 5.09 | 4.90 | 4.83 | 5.11 | 6.69 |
| Diluted shares | 13.7 | 13.7 | 13.6 | 13.6 | 13.6 |
| Fiscal year | Aug 2021 | Aug 2022 | Aug 2023 | Aug 2024 | Aug 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 86.0 | 37.8 | 48.1 | 46.7 | 58.1 |
| Receivables | 89.6 | 89.9 | 98.0 | 117 | 121 |
| Inventory | 55.8 | 104 | 86.5 | 79.1 | 79.9 |
| Current assets | 241 | 250 | 249 | 255 | 285 |
| Net PP&E | 70.1 | 66.0 | 66.8 | 63.0 | 60.4 |
| Goodwill | 95.9 | 95.2 | 95.5 | 97.0 | 97.2 |
| Total assets | 430 | 434 | 438 | 449 | 476 |
| Payables | 33.5 | 32.9 | 30.8 | 36.0 | 38.0 |
| Deferred revenue | 5.0 | 5.0 | 4.6 | 4.3 | 4.7 |
| Current liabilities | 85.9 | 111 | 88.8 | 104 | 102 |
| Short-term debt | 0.8 | 39.2 | 10.8 | 8.7 | 0.8 |
| Long-term debt | 115 | 107 | 110 | 86.0 | 86.2 |
| Total liabilities | 230 | 246 | 228 | 219 | 208 |
| Shareholders' equity | 200 | 189 | 210 | 231 | 268 |
| Fiscal year | Aug 2021 | Aug 2022 | Aug 2023 | Aug 2024 | Aug 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 84.7 | 2.6 | 98.4 | 92.0 | 87.9 |
| Capital expenditure | 15.1 | 8.3 | 6.9 | 4.2 | 4.5 |
| Free cash flow | 69.7 | −5.7 | 91.5 | 87.8 | 83.4 |
| Depreciation & amortisation | 7.0 | 8.3 | 8.2 | 9.5 | 8.2 |
| Stock-based compensation | 9.6 | 6.7 | 6.4 | 6.5 | 7.3 |
| Acquisitions | – | 0.0 | 0.0 | 6.2 | 0.0 |
| Share buybacks | 0.0 | 29.2 | 10.4 | 8.1 | 12.3 |
| Dividends paid | 38.2 | 42.0 | 44.6 | 47.2 | 50.3 |
| Dividend per share | 2.78 | 3.06 | 3.27 | 3.47 | 3.70 |
| Fiscal year | Aug 2021 | Aug 2022 | Aug 2023 | Aug 2024 | Aug 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.3% | 3.6% | 9.9% | 5.0% |
| Operating income growth (YoY) | – | −1.7% | 2.7% | 7.4% | 7.7% |
| EPS growth (YoY) | – | −3.7% | −1.4% | 5.8% | 30.9% |
| Gross margin | 54.0% | 49.1% | 51.0% | 53.4% | 55.1% |
| Operating margin | 18.2% | 16.8% | 16.7% | 16.3% | 16.7% |
| Net margin | 14.4% | 13.0% | 12.3% | 11.8% | 14.7% |
| Return on equityBlank when equity is negative | 35.0% | 35.7% | 31.4% | 30.2% | 33.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 25.8% | 27.0% | 25.7% | 27.9% | 27.8% |
| Free cash flow margin | 14.3% | −1.1% | 17.0% | 14.9% | 13.5% |
| Cash conversion (CFO ÷ net income) | 1.21x | 0.04x | 1.49x | 1.32x | 0.97x |
| Receivable days | 67 | 63 | 67 | 73 | 71 |
| Inventory days | 91 | 144 | 120 | 105 | 105 |
| Payable days | 54 | 45 | 43 | 48 | 50 |
| Interest cover | 37.1x | 31.8x | 16.0x | 22.5x | 30.2x |
| Debt ÷ equity | 0.58x | 0.78x | 0.57x | 0.41x | 0.32x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 29.8 | 108 | 72.4 | 47.9 | 28.9 |
| Current ratio | 2.81x | 2.25x | 2.80x | 2.47x | 2.79x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.