Latest Ratios: P/E Ratio 36.2x · EV/EBITDA 25.1x · ROE 30.4%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $2.9B | $2.9B | $3.6B | $2.9B | $2.6B | $3.3B | $2.8B | $2.5B | $2.5B | $1.5B |
| Enterprise Value | $3.0B | $2.9B | $3.0B | $3.6B | $3.0B | $2.7B | $3.3B | $2.9B | $2.6B | $2.5B | $1.7B |
| P/E Ratio → | 36.20 | 35.22 | 32.29 | 51.44 | 44.49 | 38.60 | 47.08 | 46.45 | 45.12 | 38.00 | 29.29 |
| P/S Ratio | 4.32 | 4.20 | 4.73 | 6.04 | 5.44 | 4.99 | 6.74 | 6.86 | 5.96 | 6.06 | 4.04 |
| P/B Ratio | 10.96 | 10.59 | 10.93 | 15.48 | 13.91 | 13.73 | 16.42 | 17.49 | 17.33 | 15.93 | 11.04 |
| P/FCF | 30.48 | 29.62 | 35.15 | 40.64 | 31.94 | — | 47.24 | 52.55 | 50.86 | 47.38 | 47.81 |
| P/OCF | 28.33 | 27.53 | 33.34 | 38.78 | 29.71 | 994.91 | 38.85 | 38.59 | 40.11 | 38.22 | 29.40 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.24 | 4.79 | 6.14 | 5.59 | 5.22 | 6.84 | 7.02 | 6.08 | 6.16 | 4.35 |
| EV / EBITDA | 25.15 | 24.45 | 26.53 | 34.27 | 30.69 | 28.31 | 34.81 | 33.79 | 28.62 | 29.11 | 20.02 |
| EV / EBIT | 27.54 | 26.69 | 28.27 | 37.85 | 33.09 | 31.17 | 37.54 | 36.81 | 30.91 | 31.68 | 21.44 |
| EV / FCF | — | 29.89 | 35.62 | 41.28 | 32.82 | — | 47.90 | 53.78 | 51.96 | 48.10 | 51.44 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.3% | 55.3% | 55.1% | 53.4% | 51.0% | 49.1% | 54.0% | 54.6% | 54.9% | 55.1% | 56.2% |
| Operating Margin | 15.8% | 15.8% | 16.7% | 16.3% | 16.7% | 16.8% | 18.2% | 18.9% | 19.5% | 19.2% | 19.9% |
| Net Profit Margin | 12.0% | 12.0% | 14.7% | 11.8% | 12.3% | 13.0% | 14.4% | 14.9% | 13.2% | 16.0% | 13.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 30.4% | 30.4% | 36.5% | 31.6% | 33.1% | 34.6% | 38.9% | 39.7% | 37.2% | 44.2% | 37.8% |
| ROA | 17.0% | 17.0% | 19.7% | 15.7% | 15.1% | 15.6% | 17.7% | 18.3% | 18.0% | 19.0% | 14.9% |
| ROIC | 26.9% | 26.9% | 26.2% | 25.0% | 22.6% | 23.8% | 28.2% | 27.2% | 31.5% | 26.2% | 24.3% |
| ROCE | 28.9% | 28.9% | 28.9% | 27.7% | 26.7% | 26.2% | 27.5% | 29.1% | 35.9% | 29.9% | 26.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.36 | 0.36 | 0.36 | 0.45 | 0.61 | 0.82 | 0.66 | 0.76 | 0.56 | 0.56 | 1.10 |
| Debt / EBITDA | 0.81 | 0.81 | 0.87 | 0.97 | 1.31 | 1.61 | 1.37 | 1.44 | 0.90 | 1.00 | 1.86 |
| Net Debt / Equity | — | 0.10 | 0.15 | 0.24 | 0.38 | 0.62 | 0.23 | 0.41 | 0.37 | 0.24 | 0.84 |
| Net Debt / EBITDA | 0.22 | 0.22 | 0.35 | 0.53 | 0.82 | 1.21 | 0.48 | 0.77 | 0.60 | 0.43 | 1.41 |
| Debt / FCF | — | 0.27 | 0.47 | 0.64 | 0.88 | — | 0.66 | 1.23 | 1.09 | 0.72 | 3.63 |
| Interest Coverage | 39.39 | 39.39 | 30.53 | 22.35 | 16.17 | 31.67 | 37.12 | 31.96 | 32.79 | 18.82 | 29.90 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.57 | 2.57 | 2.79 | 2.47 | 2.80 | 2.25 | 2.81 | 3.08 | 1.98 | 1.96 | 2.98 |
| Quick Ratio | 1.85 | 1.85 | 2.01 | 1.70 | 1.82 | 1.31 | 2.16 | 2.39 | 1.44 | 1.53 | 2.51 |
| Cash Ratio | 0.61 | 0.61 | 0.57 | 0.45 | 0.54 | 0.34 | 1.00 | 0.94 | 0.37 | 0.57 | 1.55 |
| Asset Turnover | — | 1.39 | 1.30 | 1.32 | 1.23 | 1.19 | 1.13 | 1.13 | 1.40 | 1.29 | 1.03 |
| Inventory Turnover | 3.69 | 3.69 | 3.49 | 3.48 | 3.04 | 2.54 | 4.02 | 4.49 | 4.70 | 5.02 | 4.71 |
| Days Sales Outstanding | — | 65.07 | 70.99 | 72.62 | 66.61 | 63.27 | 66.97 | 72.08 | 62.82 | 61.67 | 61.64 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.8% | 1.9% | 1.7% | 1.3% | 1.5% | 1.6% | 1.2% | 1.3% | 1.3% | 1.2% | 1.7% |
| Payout Ratio | 65.6% | 65.6% | 55.2% | 67.8% | 67.6% | 62.4% | 54.4% | 59.4% | 58.8% | 45.4% | 50.6% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.8% | 2.8% | 3.1% | 1.9% | 2.2% | 2.6% | 2.1% | 2.2% | 2.2% | 2.6% | 3.4% |
| FCF Yield | 3.3% | 3.4% | 2.8% | 2.5% | 3.1% | — | 2.1% | 1.9% | 2.0% | 2.1% | 2.1% |
| Buyback Yield | 1.0% | 1.0% | 0.4% | 0.2% | 0.4% | 1.1% | 0.1% | 0.6% | 1.2% | 0.9% | 2.0% |
| Total Shareholder Yield | 2.8% | 2.9% | 2.1% | 1.5% | 1.9% | 2.7% | 1.3% | 1.9% | 2.5% | 2.1% | 3.8% |
| Shares Outstanding | — | $13M | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $14M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying WDFC stock.
WD-40 Company's current P/E ratio is 36.2x. The historical average is 27.0x. This places it at the 77th percentile of its historical range.
WD-40 Company's current EV/EBITDA is 25.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.9x.
WD-40 Company's return on equity (ROE) is 30.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 30.2%.
Based on historical data, WD-40 Company is trading at a P/E of 36.2x. This is at the 77th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
WD-40 Company's current dividend yield is 1.81% with a payout ratio of 65.6%.
WD-40 Company has 55.3% gross margin and 15.8% operating margin. Operating margin between 10-20% is typical for established companies.
WD-40 Company's Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Premium multiple unsupported by return profile
Metrics are mathematically derived from official filings.
Premium Multiple Against Softening Returns
WD-40 trades at a 32.3x trailing P/E and 26.3x EV/EBITDA, versus peer earnings multiples between 8.8x and 20.8x, according to current market data — a premium that appears to price in durable double-digit growth the operating record has not consistently delivered.
A 3.69x PEG ratio implies the market is capitalizing mid-teens earnings growth, yet the ten-quarter record shows revenue growth collapsing to 0.6% in 2026Q1 before a 24.3% surge in 2026Q3 — a profile more consistent with lumpiness than a stable growth ramp. The 10.9x price-to-book is the sharpest signal of mispricing risk, since it sits against an asset base where goodwill of $98.3M is roughly 20% of total assets and net PPE has barely moved; investors are paying a scarcity-brand premium that may compress if growth does not normalize upward.
Product-Level Strength, Cost Absorption Weakness
Gross margin slipped to 52.8% in 2026Q4, the lowest of ten quarters, while operating margin halved to 10.8% from 20.7% in the prior quarter, per WD-40's quarterly disclosures — a swing that suggests pricing power is holding at the product level but cost absorption is not.
The gross margin band of 53.1% to 56.6% over ten quarters is genuinely strong for a specialty chemical franchise and appears to reflect brand-driven pricing rather than input cost luck, which is the more defensible measure of true earning power. However, the operating margin's dispersion — 10.8% to 20.7% — traces to SG&A that grew 46.5% over eight quarters against 15.2% revenue growth, suggesting the incremental revenue in weaker quarters is being bought with fixed overhead rather than generated with operating leverage.
No Compounding in Invested Capital Returns
ROIC oscillated between 4.5% and 9.1% over ten quarters without an evident upward drift, and the latest 4.5% reading matches the series low, based on WD-40's reported figures — implying returns on invested capital are decaying rather than compounding even as equity grows.
ROE of 5.2% in 2026Q4 against a 12.7% peak in 2025Q2 cannot be attributed to balance sheet deleveraging, since D/E fell from 0.51 to 0.36 over the same span — lower leverage mechanically reduces ROE, but the simultaneous fall in ROA from 6.6% to 2.9% confirms the deterioration is margin-driven, not capital-structure-driven. For a business this asset-light, sub-10% ROIC across a full cycle is difficult to reconcile with the valuation premium; the return profile looks more like a mid-teens-margin distributor than a compounder.
Structurally Slow Cycle Amplifies Cash Noise
WD-40's cash conversion cycle stretched to 119 days in 2026Q4 off a 135-day peak, driven by inventory held roughly 90 days against payables of 43 days, according to reported working capital metrics — a structurally slow cycle that amplifies quarterly cash flow swings.
Asset turnover of 0.32x to 0.40x is the arithmetic consequence of a ~4.7x price-to-sales multiple on a low-turnover revenue base, and it has trended sideways rather than improving, suggesting working capital discipline is not offsetting the margin structure. The 2026Q4 FCF margin of 26.4% should be read against a four-quarter range of 5.9% to 26.4% and the 119-day CCC: working capital release, not earnings, appears to be driving the strongest cash quarters, and investors should not extrapolate that conversion rate forward.
Balance Sheet Ceases to Be the Constraint
The debt-to-equity ratio fell to 0.36 at 2026Q4 from 0.52 two years earlier while interest coverage read 28.8x, per the company's latest filings — a combination that suggests refinancing risk is negligible and the balance sheet is not the constraint on shareholder returns.
Debt declined from $124.3M to $97.2M while equity expanded to $273.0M, so the deleveraging is genuine rather than an artifact of mark-to-market equity gains. That said, coverage oscillating between 13.4x and 50.8x reflects EBITDA volatility more than borrowing churn, so the apparently ample headroom should be stress-tested against a sustained margin environment closer to the 2026Q4 operating margin of 10.8% rather than the 2026Q3 peak.
Why P/E Misleads on This Franchise
The P/E is the ratio most often misapplied to WD-40, since EPS swung from +92.1% to -32.1% on non-operating items while gross margin moved within a three-point band, per reported results — making EV/EBITDA and FCF conversion the better anchors.
Because tax rate fluctuations and other below-the-line items drive reported net income swings far exceeding operating income volatility, any trailing or forward P/E — including the current 32.3x and 34.7x — is anchored to a denominator that may not represent sustainable earning power. The more informative adjustment is to evaluate the 26.3x EV/EBITDA against a normalized operating margin in the mid-teens and against the 4.5%-9.1% ROIC band; on that basis the premium appears to rest on brand scarcity rather than demonstrated capital efficiency, and the misapplication risk cuts directly into the thesis.