WD 40 Co key statistics and ratios

In fiscal 2026, WD 40 Co had return on equity of 30.4%, an operating margin of 15.8%, debt equal to 31.5% of equity and a current ratio of 2.57. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

WD 40 Co: financial ratios, annual
Fiscal year	2010Aug 2010	2011Aug 2011	2012Aug 2012	2013Aug 2013	2014Aug 2014	2015Aug 2015	2016Aug 2016	2017Aug 2017	2018Aug 2018	2019Aug 2019	2020Aug 2020	2021Aug 2021	2022Aug 2022	2023Aug 2023	2024Aug 2024	2025Aug 2025	2026Aug 2026
Gross margin	51.4%	50.0%	49.2%	51.3%	51.9%	52.9%	56.3%	56.2%	55.1%	54.9%	54.6%	54.0%	49.1%	51.0%	53.4%	55.1%	55.3%
Operating margin	17.2%	16.1%	15.1%	15.4%	16.6%	17.3%	18.7%	19.9%	19.2%	19.5%	18.9%	18.2%	16.8%	16.7%	16.3%	16.7%	15.8%
Net margin	11.2%	10.8%	10.4%	10.8%	11.4%	11.8%	13.8%	13.9%	16.0%	13.2%	14.9%	14.4%	13.0%	12.3%	11.8%	14.7%	12.0%
Free-cash-flow margin	17.0%	8.1%	8.9%	13.2%	9.0%	13.0%	16.0%	9.3%	12.8%	11.7%	13.1%	14.3%	−1.1%	17.0%	14.9%	13.5%	14.2%
Return on equity	18.4%	18.3%	18.4%	21.8%	25.1%	27.4%	35.3%	37.8%	44.2%	37.2%	39.7%	38.9%	34.6%	33.1%	31.6%	36.5%	30.4%
Return on assets	12.5%	12.8%	12.2%	12.8%	13.0%	13.0%	15.5%	14.9%	19.0%	18.0%	18.3%	17.7%	15.6%	15.1%	15.7%	19.7%	17.0%
Asset turnover	1.11	1.18	1.18	1.18	1.14	1.10	1.12	1.07	1.19	1.37	1.23	1.23	1.20	1.23	1.33	1.34	1.42
Current ratio	—	2.64	1.86	1.63	1.42	4.28	3.57	2.98	1.96	1.98	3.08	2.81	2.25	2.80	2.47	2.79	2.57
Debt to equity	0.0%	5.3%	24.3%	35.1%	57.8%	68.4%	86.9%	110.5%	55.6%	56.0%	71.0%	57.8%	77.6%	57.4%	41.1%	32.4%	31.5%
Interest cover (operating income ÷ interest)	32.0x	50.3x	71.0x	81.7x	63.6x	54.3x	41.9x	29.4x	18.6x	32.4x	31.7x	37.1x	31.8x	16.0x	22.5x	30.2x	39.3x
Effective tax rate	32.6%	31.9%	30.3%	30.0%	30.5%	29.0%	27.7%	29.1%	13.3%	30.8%	19.6%	18.8%	19.9%	22.5%	23.9%	10.5%	22.7%
R&D as % of revenue	1.6%	1.6%	1.5%	2.0%	1.8%	2.4%	2.0%	2.2%	1.7%	1.5%	1.5%	1.1%	1.0%	1.2%	1.4%	1.4%	1.2%
SG&A as % of revenue	27.2%	26.0%	25.9%	28.3%	28.3%	28.8%	30.9%	30.1%	29.7%	29.3%	29.9%	29.8%	26.7%	28.8%	31.1%	32.2%	32.7%
Capital spending as % of revenue	0.6%	0.9%	1.1%	0.8%	1.1%	1.5%	1.1%	5.3%	3.0%	3.1%	4.7%	3.1%	1.6%	1.3%	0.7%	0.7%	1.1%
Free cash flow ÷ net income	151.4%	74.5%	85.9%	122.4%	79.2%	110.0%	115.8%	66.9%	80.5%	88.7%	87.9%	99.2%	−8.5%	138.7%	126.1%	91.7%	118.5%
Dividends ÷ net income	46.1%	50.0%	51.4%	47.8%	46.1%	48.5%	45.0%	50.6%	45.4%	58.8%	59.4%	54.4%	62.4%	67.6%	67.8%	55.2%	65.6%
Dividends and buybacks ÷ free cash flow	30.5%	219.8%	190.5%	103.6%	181.7%	105.5%	91.6%	163.5%	99.5%	126.1%	99.1%	54.9%	—	60.1%	63.0%	75.0%	85.7%

US$ thousands unless shown otherwise. Fiscal quarters.

WD 40 Co: financial ratios, quarterly
Quarter	2025 Q1Nov 2024	2025 Q2Feb 2025	2025 Q3May 2025	2025 Q4Aug 2025	2026 Q1Nov 2025	2026 Q2Feb 2026	2026 Q3May 2026	2026 Q4Aug 2026
Gross margin	54.8%	54.6%	56.2%	54.7%	56.2%	55.6%	56.6%	52.8%
Operating margin	16.4%	15.9%	17.4%	17.1%	15.1%	16.3%	20.7%	10.8%
Net margin	12.3%	20.4%	13.4%	13.0%	11.3%	12.6%	15.5%	8.1%
Free-cash-flow margin	9.3%	4.5%	21.6%	17.5%	5.9%	7.7%	15.0%	26.4%
Current ratio	2.44	2.40	2.84	2.79	2.97	2.83	2.65	2.57
Debt to equity	47.7%	47.6%	37.3%	32.4%	34.5%	37.6%	36.1%	31.5%
SG&A as % of revenue	32.9%	33.5%	32.8%	29.9%	35.8%	33.9%	29.1%	32.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

6 of 7 checks passed · August 31, 2026

What it owns · $494m

Short-term assets $296mLonger-term assets $199m

What it owes, and who funded it · $494m

Short-term liabilities $115mLonger-term liabilities $107mShareholders' equity $273m

Short-term assets cover short-term liabilities $296m of assets due within a year against $115m of liabilities due within a year.
Short-term assets cover long-term liabilities $296m short-term assets against $107m of longer-dated liabilities.
More cash than debt $71m of cash against $86m of debt.
Debt below 40% of shareholders' equity Debt is 32% of equity.
Debt burden no higher than five years ago Debt to equity moved from 57% to 32% over five years.
A year's operating cash flow covers at least 20% of debt $105m of operating cash flow against $86m of debt.
Operating profit covers interest at least five times over Operating income of $109m against $3m of interest.

From WD 40 Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

81 /100

Strong moat

How hard WD 40's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 28.7% of total assets over 10 years.
Pricing power 18 / 20

Gross margin has been a median 54.7%, moving by 2.1 percentage points (standard deviation) across 10 years.
Durability 15 / 20

Operating margin has been a median 17.5%; its worst year was 15.8%.
Cash conversion 16 / 20

Free cash flow was positive in 9 of 10 years, at a median 13.3% of revenue.
Discipline 17 / 20

The diluted share count fell 1.7% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (86 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: WDFC vs YSG SPB vs WDFC GROV vs WDFC

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Figures from WD 40 Co's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to WD 40 Co.