Cash conversion efficiency remains inconsistent, evidenced by a free cash flow margin that fluctuated from a high of 21.6% in 2025Q3 to a low of 4.5% in 2025Q2.
| Metric | TTM | Aug'25 | Aug'24 | Aug'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 | Aug'03 | Aug'02 | Aug'01 | Aug'00 | Aug'99 | Aug'98 | Aug'97 | Aug'96 |
|---|
| Cash from Operations | 89.3M | 87.92M | 92.03M | 98.39M | 2.6M | 84.71M | 72.66M | 62.85M | 64.82M | 52.34M | 60.6M | 55.06M | 38.73M | 51.57M | 34.25M | 30.01M | 56.42M | 34.63M | 29.36M | 51.65M | 28.2M | 31.56M | 31.49M | 39.95M | 35.54M | 19.81M | 20.65M | 25.8M | 23.7M | 23.3M | 18.2M |
| Operating CF Margin % | - | 14.18% | 15.58% | 18.31% | 0.5% | 17.36% | 17.79% | 14.85% | 15.87% | 13.75% | 15.92% | 14.56% | 10.11% | 13.99% | 9.99% | 8.92% | 17.55% | 11.86% | 9.26% | 16.78% | 9.83% | 11.99% | 12.99% | 16.77% | 16.4% | 11.35% | 13.53% | 17.64% | 16.41% | 16.9% | 13.9% |
| Operating CF Growth % | 132.08% | -4.46% | -6.46% | 3678.46% | -96.93% | 16.58% | 15.61% | -3.04% | 23.86% | -13.64% | 10.06% | 42.17% | -24.9% | 50.57% | 14.13% | -46.82% | 62.94% | 17.93% | -43.15% | 83.18% | -10.67% | 0.23% | -21.17% | 12.39% | 79.45% | -4.1% | -19.95% | 8.86% | 1.72% | 28.02% | -14.95% |
| Net Income | 79.99M | 90.99M | 69.64M | 65.99M | 67.33M | 70.23M | 60.71M | 55.91M | 65.22M | 52.93M | 52.63M | 44.81M | 43.75M | 39.81M | 35.48M | 36.43M | 36.09M | 26.29M | 27.62M | 31.53M | 28.11M | 27.8M | 25.64M | 28.64M | 24.68M | 15.9M | 20.56M | 22.1M | 21.9M | 21.4M | 21.3M |
| Depreciation & Amortization | 9.1M | 8.19M | 9.46M | 8.15M | 8.29M | 7.02M | 7.7M | 7.59M | 7.8M | 6.77M | 6.46M | 6.46M | 5.86M | 5.36M | 4.87M | 4.39M | 4.25M | 3.73M | 3.83M | 3.65M | 3.47M | 3.01M | 2.37M | 1.83M | 1.82M | 5.32M | 3.41M | 2.4M | 2.2M | 2.2M | 1.8M |
| Stock-Based Compensation | 7.82M | 7.31M | 6.54M | 6.43M | 6.7M | 9.55M | 5.36M | 4.45M | 4.2M | 4.14M | 3.65M | 2.78M | 2.26M | 2.45M | 2.77M | 3.03M | 2.86M | 2.69M | 2.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.11M | -12.38M | -1.16M | -1.25M | 596K | -1.33M | -509K | -4K | -7.19M | 1.61M | -2.23M | -1.33M | -736K | -1M | 367K | 2.83M | -152K | -266K | 911K | 2.34M | 1.4M | 3.47M | 4.5M | 4.79M | 1.75M | -34K | 63K | -100K | -300K | 0 | 600K |
| Other Non-Cash Items | 4.21M | 4.33M | 2.93M | -418K | 1.76M | 250K | 275K | 619K | -345K | -1.43M | -3.07M | 1.11M | -718K | 1.85M | 1.67M | -410K | 767K | 6.83M | 1.58M | 1.18M | 1.47M | 195K | 1.1M | 1.68M | 951K | 108K | -13K | 100K | 400K | -100K | 0 |
| Working Capital Changes | -10.71M | -10.51M | 4.63M | 19.48M | -82.07M | -1M | -871K | -5.71M | -4.86M | -11.68M | 3.16M | 1.23M | -11.69M | 3.09M | -10.91M | -16.26M | 12.6M | -4.64M | -6.98M | 13.02M | -6.21M | -2.91M | -2.13M | 3.01M | 6.34M | -1.48M | -3.36M | 1.1M | -500K | -300K | -5.5M |
| Change in Receivables | -573K | 319K | -15.5M | -5.34M | -7.44M | -6.59M | -4.5M | -7.32M | -5.63M | 482K | -9.94M | -314K | -5.82M | -3.8M | 226K | -9.78M | -1.72M | -1.35M | -4.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -3.33M | -5.21M | 6.41M | 19.37M | -53.26M | -14.57M | 555K | -4.8M | -1.3M | -3.49M | -1M | 2.04M | -2.24M | -2.83M | -12.35M | -2.65M | 2.7M | 2.03M | -5.38M | 2.39M | -6.89M | -1.66M | -1.31M | 1.53M | 5.58M | -3.62M | -1.02M | -800K | 1.8M | 800K | -1.3M |
| Change in Payables | -4.83M | 2.92M | 4.32M | -213K | 5.21M | 15.48M | 2.73M | -7.95M | 6.11M | 2.83M | 2.87M | -2.46M | -560K | -886K | 3.21M | 657K | -6.67M | 547K | 147K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -2.93M | -2.39M | -9.73M | -6.22M | -7.69M | -14.46M | -18.95M | -12.68M | 71.21M | -42.29M | -20.92M | -16.95M | -10.5M | -39.53M | -3.11M | -3.22M | -1.55M | -2.75M | -5.54M | -2.22M | -2.56M | -2.89M | -13.64M | -1.31M | -34.56M | -64.37M | -1.87M | -18.6M | -6.7M | -1.1M | -3.1M |
| Capital Expenditures | -5.18M | -4.53M | -4.21M | -6.87M | -8.3M | -15.06M | -19.31M | -13.28M | -12.53M | -20.15M | -4.35M | -5.78M | -5.88M | -2.85M | -3.77M | -2.88M | -1.77M | -3.01M | -5.75M | -2.56M | -2.95M | -3.1M | -2.36M | -2.06M | -1.18M | -1.49M | -2.23M | -24.6M | -1.3M | -1.5M | -1.4M |
| CapEx % of Revenue | 0.81% | 0.73% | 0.71% | 1.28% | 1.6% | 3.09% | 4.73% | 3.14% | 3.07% | 5.3% | 1.14% | 1.53% | 1.54% | 0.77% | 1.1% | 0.85% | 0.55% | 1.03% | 1.81% | 0.83% | 1.03% | 1.18% | 0.97% | 0.86% | 0.54% | 0.86% | 1.46% | 16.81% | 0.9% | 1.09% | 1.07% |
| Acquisitions | 1.73M | 1.73M | -6.2M | 0 | 0 | 0 | 0 | 383K | 175K | 430K | 301K | -4.12M | 1.8M | 0 | 0 | 0 | 0 | 5.75M | 0 | 319K | 267K | 0 | -11.55M | -48K | -35.42M | -62.98M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 520K | 409K | 672K | 655K | 612K | 599K | 362K | 383K | 283K | 430K | 301K | 333K | -1.47M | 158K | 1.17M | 170K | 216K | -5.5M | 215K | 25K | 125K | 212K | 269K | 793K | 2.04M | 103K | 166K | 100K | 700K | 300K | -14.8M |
| Cash from Financing | -92.14M | -74.12M | -83.94M | -85.05M | -38.01M | -40.75M | -26.71M | -69.01M | -121.41M | -23.6M | -38.54M | -38.66M | -25.84M | -26.84M | -16.08M | -48.93M | -23.57M | -25.86M | -40.62M | -34.15M | -17.95M | -21.13M | -30.67M | -7.89M | 5.66M | 46.36M | -25.78M | -6M | -19.4M | -18.2M | -19.3M |
| Debt Issued (Net) | -16.39M | -8.66M | -26.2M | -29.17M | 37.59M | 1.14M | 28.8M | -3.71M | -67.6M | 32M | 14M | 10M | 35M | 18M | 34.28M | -10.71M | -10.71M | -10.71M | -10.71M | -10.71M | -10.71M | -10M | -10M | -299K | 15.17M | 64.64M | -2.5M | 14.8M | -700K | -700K | -700K |
| Equity Issued (Net) | -21.45M | -12.31M | -8.09M | -10.43M | -29.16M | -3.67M | -16.82M | -29.63M | -22.4M | -30.33M | -30.93M | -28.15M | -41.49M | -26.65M | -32.81M | -21.18M | 3.57M | 1.3M | -13.51M | -7.57M | 7.02M | 2.84M | -7.11M | 5.68M | 6.58M | 20K | -3.49M | -700K | 1.2M | 1.9M | 500K |
| Dividends Paid | -52.07M | -50.26M | -47.2M | -44.58M | -41.99M | -38.23M | -36.04M | -32.89M | -29.59M | -26.81M | -23.67M | -21.72M | -20.18M | -19.04M | -18.23M | -18.23M | -16.66M | -16.55M | -16.69M | -16.61M | -14.76M | -13.97M | -13.56M | -13.27M | -16.09M | -18.29M | -19.8M | -20M | -20M | -19.4M | -19.1M |
| Share Repurchases | -21.45M | -12.31M | -8.09M | -10.43M | -29.16M | -3.67M | -16.82M | -29.63M | -22.62M | -31.11M | -32.13M | -30.26M | -42.77M | -31.44M | -39.84M | -41.4M | 0 | 0 | -17.72M | -17.32M | 0 | 0 | -15.03M | 0 | 0 | 0 | -3.59M | -1.2M | 0 | 0 | 0 |
| Other Financing | -2.23M | -2.88M | -2.44M | -861K | -4.46M | 0 | -2.64M | -2.78M | -1.82M | 1.54M | 2.06M | 1.21M | 831K | 850K | 671K | 1.2M | 224K | 101K | 294K | 741K | 503K | 0 | 0 | 0 | 0 | -9K | 0 | -100K | 100K | 0 | 0 |
| Net Change in Cash | -2.65M | 11.43M | -1.44M | 10.3M | -48.12M | 29.5M | 29.23M | -21.63M | 11.78M | -13.81M | -3M | -3.91M | 4.37M | -16.29M | 13.33M | -19.54M | 29.97M | 3.97M | -19.09M | 15.87M | 8.09M | 7.69M | -12.54M | 30.88M | 6.71M | 1.76M | -7.12M | 1.1M | -2.2M | 4.1M | -4.4M |
| Free Cash Flow | 84.12M | 83.4M | 87.83M | 91.52M | -5.7M | 69.66M | 53.36M | 49.57M | 52.29M | 32.19M | 56.25M | 49.28M | 32.85M | 48.72M | 30.48M | 27.13M | 54.66M | 31.62M | 23.61M | 49.09M | 25.25M | 28.46M | 29.13M | 37.89M | 34.36M | 18.31M | 18.42M | 1.2M | 22.4M | 21.8M | 16.8M |
| FCF Margin % | 13.22% | 13.45% | 14.87% | 17.03% | -1.1% | 14.27% | 13.06% | 11.71% | 12.8% | 8.46% | 14.78% | 13.03% | 8.58% | 13.22% | 8.89% | 8.07% | 17% | 10.83% | 7.45% | 15.95% | 8.8% | 10.81% | 12.02% | 15.91% | 15.85% | 10.49% | 12.06% | 0.82% | 15.51% | 15.81% | 12.83% |
| FCF Growth % | 27.68% | -5.05% | -4.03% | 1705.9% | -108.18% | 30.55% | 7.64% | -5.21% | 62.46% | -42.78% | 14.14% | 50.03% | -32.58% | 59.81% | 12.35% | -50.35% | 72.85% | 33.93% | -51.9% | 94.42% | -11.29% | -2.3% | -23.11% | 10.26% | 87.63% | -0.58% | 1435.08% | -94.64% | 2.75% | 29.76% | -16% |
| FCF per Share | 6.22 | 6.15 | 6.47 | 6.73 | -0.42 | 5.07 | 3.89 | 3.58 | 3.75 | 2.28 | 3.91 | 3.36 | 2.17 | 3.12 | 1.90 | 1.60 | 3.27 | 1.90 | 1.40 | 2.84 | 1.49 | 1.69 | 1.70 | 2.26 | 2.13 | 1.18 | 1.19 | 0.08 | 1.43 | 1.40 | 1.09 |
| FCF Conversion (FCF/Net Income) | 1.05x | 0.97x | 1.32x | 1.49x | 0.04x | 1.21x | 1.20x | 1.12x | 0.99x | 0.99x | 1.15x | 1.23x | 0.89x | 1.30x | 0.97x | 0.82x | 1.56x | 1.32x | 1.06x | 1.64x | 1.00x | 1.14x | 1.23x | 1.39x | 1.44x | 1.25x | 1.00x | 1.17x | 1.08x | 1.09x | 0.85x |
| Interest Paid | 3.52M | 3.52M | 4.46M | 5.52M | 2.69M | 2.32M | 2.26M | 2.2M | 4.29M | 2.63M | 1.57M | 1.17M | 915K | 698K | 642K | 986K | 1.77M | 2.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 26.44M | 19.84M | 12.81M | 18.34M | 19.25M | 12.57M | 16.88M | 10.48M | 21.93M | 16.49M | 15.41M | 18.15M | 16.61M | 13.24M | 11.42M | 18.95M | 9.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working Capital Volatility
As reported in recent financial statements, WDFC's operating cash flow to net income ratio has fluctuated significantly, reaching a low of 0.27 in 2025Q2, which suggests that reported earnings are not consistently translating into cash due to recurring volatility in working capital requirements.
The wide variance in the OCF/NI ratio indicates that accounting net income is frequently decoupled from actual cash generation. Investors should monitor whether these periodic cash flow shortfalls are structural or merely timing differences related to inventory procurement and trade promotion cycles.
Based on quarterly data, FCF margins have demonstrated extreme inconsistency, ranging from a high of 21.6% in 2025Q3 to a low of 4.5% in 2025Q2, highlighting a lack of predictability in the company's ability to retain cash after accounting for necessary capital expenditures.
This volatility suggests that the business model is highly sensitive to short-term operational shifts rather than providing a steady, compounding cash stream. The inability to maintain a stable FCF margin may complicate long-term valuation models that assume linear cash flow growth.
According to the cash flow statement, working capital changes have frequently acted as a significant drain on liquidity, with a notable $14.7 million outflow in 2025Q2, indicating that the company's cash cycle is susceptible to periodic inventory or receivables management challenges.
The recurring negative impact of working capital changes suggests that the company may be struggling to optimize its cash conversion cycle as it scales. This pattern warrants further investigation into whether trade promotion investments are effectively driving sell-through or merely inflating balance sheet assets.
As indicated by recent filings, WDFC consistently prioritizes dividend payments, which totaled $13.8 million in 2026Q2, often exceeding the quarterly free cash flow generated, suggesting that the company relies on its existing cash reserves to maintain its shareholder return policy during periods of operational weakness.
The reliance on cash reserves to fund dividends during low-FCF quarters may limit the company's flexibility for strategic acquisitions or aggressive reinvestment. Investors should monitor whether this payout ratio remains sustainable if the current volatility in operating cash flow persists.
Quick answers to the most common questions about buying WDFC stock.
WD-40 Company (WDFC) generated $87.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
WD-40 Company (WDFC) generated $83.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
WD-40 Company (WDFC) spent $4.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, WD-40 Company (WDFC) returned $50.3M to shareholders via cash dividends and spent $12.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.