WD-40 COMPANY

WDFC · Materials · $3.4B mkt cap · FY2025 filings · Wide moat

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Wide moat

The four filters

Pricing power90

Median gross margin 54.7% over 10y, very stable.

Returns on capital100

Median ROIC 28.5%, above the 9% hurdle in 100% of years.

Balance-sheet safety96

Net debt/EBITDA 0.3x, interest coverage 30x.

Capital discipline69

Owner earnings +6.3%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

166% above value

Owner earnings (normalized): $70.2M
Est. intrinsic value / share: $93.45
Recent price: $248.20
Discount to value: 166% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell WDFC. See the disclaimer.