WD-40 Company (WDFC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+36.6%

$311.15

vs $227.83 price

Levered DCF

$309.89

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

12.44

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	35.11×	32.24×	51.34×	44.39×	38.53×	46.89×	46.34×	45.01×
P/B	10.57×	10.91×	15.45×	13.88×	13.71×	16.38×	17.45×	17.29×
P/S	4.19×	4.72×	6.03×	5.43×	4.98×	6.72×	6.85×	5.94×
EV / EBITDA	24.33×	26.18×	34.38×	30.3×	28.39×	34.7×	33.44×	28.27×
Gross margin	55.3%	55.1%	53.4%	51.0%	49.1%	54.0%	54.6%	54.9%
Operating margin	15.8%	16.7%	16.3%	16.7%	16.8%	18.2%	18.9%	19.5%
Net margin	12.0%	14.7%	11.8%	12.3%	13.0%	14.4%	14.9%	13.2%
Current ratio	2.57×	2.79×	2.47×	2.8×	2.25×	2.81×	3.08×	1.98×
Debt / equity	0.36×	0.36×	0.45×	0.61×	0.82×	0.66×	0.76×	0.56×
Interest coverage	39.27×	30.16×	22.48×	15.98×	31.85×	37.09×	31.66×	32.42×
Dividend yield	1.9%	1.7%	1.3%	1.5%	1.6%	1.2%	1.3%	1.3%
Payout ratio	65.6%	55.2%	67.8%	67.6%	62.4%	54.4%	59.4%	58.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	30.2%	33.9%	30.2%	31.4%	35.7%	35.0%	37.9%	38.4%
Return on invested capital	22.1%	24.7%	20.6%	19.2%	19.2%	20.8%	20.3%	22.9%
Return on assets	16.7%	19.1%	15.5%	15.1%	15.5%	16.3%	16.7%	18.5%
Free cash flow yield	3.4%	2.9%	2.5%	3.1%	-0.2%	2.1%	1.9%	2.0%
Earnings yield	2.9%	3.1%	2.0%	2.3%	2.6%	2.1%	2.2%	2.2%
Enterprise value	$2.9B	$3B	$3.6B	$3B	$2.7B	$3.3B	$2.9B	$2.6B
Net debt / EBITDA	0.22×	0.35×	0.53×	0.81×	1.22×	0.48×	0.77×	0.6×
Cash conversion cycle (days)	115	126	130	144	162	103	111	105