WD-40 Company
WDFC Basic Materials Specialty Chemicals
WD-40 Company’s revenue for fiscal 2025 (year ended August 2025) was $620.0 million, up 4.98% from fiscal 2024. In the quarter to May 2026, revenue grew 24.4%, EPS grew 45.5%, free cash flow fell 13.3% and total debt rose 5.05%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five; insiders bought in the last twelve months.
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WD-40 Company (WDFC) Altman Z-score
WD-40 Company's Altman Z-score for fiscal 2025 is 12.53, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 12.53 | (1.24) |
| FY2024 | 13.77 | 2.22 |
| FY2023 | 11.55 | 1.52 |
| FY2022 | 10.03 | (2.19) |
| FY2021 | 12.22 | 0.14 |
| FY2020 | 12.08 | (1.84) |
| FY2019 | 13.92 | 0.77 |
| FY2018 | 13.15 | 5.76 |
| FY2017 | 7.39 | (1.26) |
| FY2016 | 8.65 | 1.23 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.38 | — | 0.46 | |
| Retained earnings / total assets | 1.14 | — | 1.59 | |
| EBIT / total assets | 0.22 | — | 0.72 | |
| Market value of equity / total liabilities | 14.09 | — | 8.45 | |
| Sales / total assets | 1.30 | — | 1.30 | |
| Altman Z-score | Safe zone | 12.53 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 9.04 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WDFC WD-40 Company | 12.5× |
| HWKN Hawkins, Inc. compare | 6.6× |
| IOSP Innospec Inc. compare | 4.8× |
| MTX Minerals Technologies Inc. compare | 2.5× |
| KWR Quaker Houghton compare | 2.3× |
| FUL H. B. Fuller Company compare | 2.2× |
| NGVT Ingevity Corporation compare | 1.8× |
| AVNT Avient Corporation compare | 1.7× |
| ASH Ashland Inc. compare | 1.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets