WD-40 Company
Household & Specialty Chemical ProductsFounded 1953- Updated July 2025
Reviewed by Swet Parvadiya
Last reviewed: July 2025
CorpDigest
WD-40 Company
Financial Performance
Last reviewed: July 2025 · By Swet Parvadiya
Revenue
$620.0M
Market Cap
$2.8B
Net Income
$91M
Employees
750
Net income of $91 million on $620 million in revenue in fiscal 2025 implies a net margin of roughly 14.7 percent — high for a consumer products company and a direct reflection of the 55.5 percent gross margin that the trade secret and brand pricing power create. The 28 percent return on invested capital validates the asset-light manufacturing model: toll blending means the company doesn't own production equipment, so the denominator in that calculation stays small. Revenue grew from $525 million in fiscal 2023 to $620 million in 2025, a 18 percent increase over two years driven primarily by price increases and international market expansion. The growth outside North America is the strategic priority: 176 countries reached, with Europe and Asia Pacific as the primary growth markets as do-it-yourself culture spreads and WD-40's brand penetration deepens in markets where it was historically underrepresented. The market capitalization of $2.8 billion against $620 million in revenue implies a price-to-sales multiple above four — premium pricing for a consumer goods company, reflecting the market's confidence in the durability of the trade secret moat and the margin structure it supports. The fiscal 2022 aerosol can crisis — aluminum prices up 40 percent, production caps implemented, major retailers put on allocation — demonstrated the single genuine vulnerability in the model. The company's lack of manufacturing ownership means that raw material shocks hit it directly, and the inability to quickly switch suppliers during a shortage puts retail relationships at temporary risk. The episode passed without permanent damage, but it revealed a supply chain concentration that aggressive growth will eventually need to address.
Revenue Trend Analysis
YoY Change
+5%
2-Year CAGR
+8.7%
Peak Year
2025
Trend
Consistent Growth
WD-40 Company has reported revenue across 3 fiscal years, compounding at +8.7% annually over 2 years. The most recent year saw a 5% increase versus the prior year. Revenue peaked in 2025 at $620M. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $620M | $91M | +5.0% |
| FY2024 | $591M | — | +12.5% |
| FY2023 | $525M | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
WD-40 Company generates approximately $620 million in annual revenue across its three geographic segments of Americas, EIMEA, and Asia-Pacific. Revenue has grown at a low- to mid-single-digit organic rate over the past decade, driven by international expansion, the WD-40 Specialist line introduced in the 2010s and consistent pricing actions. The Multi-Purpose Product alone, the iconic blue and yellow aerosol can, contributes more than 80 percent of total revenue. 3-IN-ONE Oil, acquired in 1995, adds incremental revenue alongside Specialist. The company has actively narrowed its portfolio by divesting non-core household cleaning brands including X-14 and Carpet Fresh in 2009, Spot Shot in 2014 and Lava soap in 2015, which trimmed revenue but improved gross margin and focus on maintenance categories. Despite operating in roughly 176 countries, the headcount sits at only about 440 employees because manufacturing is outsourced to contract fillers globally. The resulting revenue per employee figure is unusually high for a physical-goods consumer business and supports a market capitalization of approximately $2.8 billion.
WD-40 Company carries a market capitalization of approximately $2.8 billion, supported by roughly $620 million in annual revenue, mid-teens to twenty percent operating margins and a long record of dividend payments. The stock trades at consumer-staples-style valuation multiples that reflect the durability of the Multi-Purpose Product franchise, the asset-light contract-manufacturing model and the absence of meaningful private-label threat in the maintenance products category. Compared with larger industrial chemicals peers, WD-40's market cap is modest, but the multiple on revenue and earnings has historically sat at a premium. The company has roughly 440 employees, ships into 176 countries, and is led by CEO Steve Brass, who took the role in March 2022 after a long internal career. Brass succeeded Garry Ridge, who served 25 years as CEO and built the Tribe of WD-40 culture program. The combination of a stable cash flow profile, low leverage, predictable dividend, and gradual international growth has made the stock a long-duration holding for income-oriented investors despite cyclical pressure from raw material costs and aerosol propellant prices.
WD-40 Company has historically operated at mid-teens to low-twenty percent operating margins on roughly $620 million of annual revenue, supported by gross margins in the high 40s to low 50s percent range. Several structural factors drive that profitability. First, the Multi-Purpose Product commands premium pricing because of generic-noun brand recognition, with the iconic blue and yellow can present in over 80 percent of U.S. households. Second, the asset-light operating model outsources manufacturing to contract fillers globally, eliminating the depreciation and capacity-utilization risk that weighs on competitors who own their own production lines. Third, the workforce of roughly 440 employees on $620 million in revenue keeps SG&A modest. The WD-40 Specialist line, launched in the 2010s, sells at two to four times the price per ounce of the Multi-Purpose Product and has provided incremental margin lift. Headwinds include exposure to volatile crude oil-based raw materials, aluminum aerosol cans, propellants and ocean freight. The company also reinvests in advertising to preserve top-of-mind awareness against competitors such as 3M lubricants, Liquid Wrench, CRC Industries and AGS Company.
WD-40 Company has paid a quarterly cash dividend continuously for more than three decades, with regular increases over time, and held the dividend through the 2008 financial crisis and the 2020 COVID-19 demand shock. The dividend policy reflects the stability of the underlying cash flow generated by the Multi-Purpose Product, which contributes more than 80 percent of revenue and benefits from low absolute price points and high replenishment frequency. The board has typically declared dividend increases alongside fiscal year results, and management has been explicit that returning capital to shareholders through dividends and modest share repurchases is a core part of capital allocation alongside reinvestment in the WD-40 Specialist line and international expansion. The company's $2.8 billion market capitalization and roughly $620 million in revenue support the payout without meaningful balance-sheet leverage. The dividend record has helped the stock retain a long-duration shareholder base of income-oriented investors and made WD-40 an unusual case study among industrial chemicals companies. CEO Steve Brass, who succeeded Garry Ridge in March 2022, has continued the same disciplined dividend approach Ridge maintained over 25 years.
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CorpDigest. "WD-40 Company Revenue & Financials." CorpDigest, https://corpdigest.com/company/wd-40/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>WD-40 Company reported $620M in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/wd-40/financials" target="_blank" rel="noopener">CorpDigest — WD-40 Company financials</a></div>