WD-40 Company (WDFC) Investor presentation summary

Investment profile

• Maintenance products represented ~95% of FY24 net sales; FY24 maintenance product sales were $558.0M, with a 6.4% 10-year CAGR.

• Brand portfolio spans WD-40 Multi-Use Product, WD-40 Specialist and other maintenance products; homecare and cleaning products are in niche segments and under strategic review.

• Global reach covers 176 countries and territories and 62 unique trade channels; ~70% of product volumes are used by professionals in workshops and factories.

• Outsourced manufacturing, diversified distribution and low capital requirements support an asset-light model; maintenance CAPEX averages 1–2% of net sales.

Growth strategy

• Long-term maintenance product CAGR targets: Americas 5–8%, EIMEA 8–11%, APAC 10–13%; total revenue growth ambition is mid- to high-single digits.

• Four must-win battles: geographic expansion, premiumization, WD-40 Specialist growth and digital commerce; enablers focus on people, supply chain, future readiness and productivity.

• Estimated WD-40 Multi-Use Product opportunity is ~$1.2B versus FY24 sales of $453M; WD-40 Specialist opportunity is ~$531M versus FY24 sales of $74M.

• Premiumized products posted 11% 5-year sales CAGR; the target is >10%. WD-40 Specialist posted 14% 5-year sales CAGR, with a target of >15%.

• FY24 pro forma maintenance-product sales growth was driven 91% by volume on a constant-currency basis; premiumization, geographic expansion and digital commerce are growth priorities.

Financial performance and outlook

• FY24 pro forma results excluding homecare and cleaning products: net sales $566.7M, up 11%; gross margin 53.9%, up 220 bps; diluted EPS $4.74, up 7%.

• FY25 pro forma guidance: net sales $600–630M and growth of 6–11%; gross margin 55–56%; operating income $95–100M; diluted EPS $5.25–5.55 on 13.5M shares.

• FY25 guidance excludes the full-year impact of certain homecare and cleaning products classified as assets held for sale and the impact of an uncertain tax position benefit; tax provision guidance is ~22.5%.

• FY24 reported gross margin was 53.4%, up 240 bps; net sales were $590.6M, up 10%, and diluted EPS was $5.11, up 6%.