Energizer vs WD-40
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The short version
- Energizer is the larger business, with $3.0B of revenue in fiscal 2025 against $620M for WD-40, about 4.8 times as much.
- WD-40 grew revenue faster (5.0%, against 2.3%).
- WD-40 turned more of its sales into free cash flow (13.5% FCF margin, against 2.1%).
- WD-40 earned a higher return on the capital invested in it (32.3%, against 11.1%).
| Latest fiscal year | ENR · FY25 | WDFC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.6B | $2.9B |
| Revenue | $3.0B | $620M |
| Free cash flow | $63.2M | $83.4M |
| Net income | $239M | $91.0M |
| Growth | ||
| Revenue growth | 2.3% | 5.0% |
| 5-year growth | 1.5% | 8.7% |
| Share count change | −1.0% | −0.1% |
| Profitability | ||
| Gross margin | 41.8% | 55.1% |
| Operating margin | — | 16.7% |
| Net margin | 8.1% | 14.7% |
| FCF margin | 2.1% | 13.5% |
| Return on capital | 11.1% | 32.3% |
| Return on equity | — | 36.5% |
| Balance sheet | ||
| Net debt | $3.3B | $28.9M |
| Net debt / EBITDA | 5.8x | 0.3x |
| Dividends and buybacks | $177M | $62.6M |
| Valuation & quality | ||
| P/E | — | 32.3x |
| Piotroski F-score | 7 | 8 |
Revenue
FY16
ENR $1.6B
WDFC $381M
FY17
ENR $1.8B
WDFC $381M
FY18
ENR $1.8B
WDFC $409M
FY19
ENR $2.5B
WDFC $423M
FY20
ENR $2.7B
WDFC $409M
FY21
ENR $3.0B
WDFC $488M
FY22
ENR $3.1B
WDFC $519M
FY23
ENR $3.0B
WDFC $537M
FY24
ENR $2.9B
WDFC $591M
FY25
ENR $3.0B
WDFC $620M
ENR
WDFC
Operating margin
FY16
ENR —
WDFC 18.7%
FY17
ENR —
WDFC 20.0%
FY18
ENR —
WDFC 19.2%
FY19
ENR —
WDFC 19.5%
FY20
ENR —
WDFC 18.9%
FY21
ENR —
WDFC 18.2%
FY22
ENR —
WDFC 16.8%
FY23
ENR —
WDFC 16.7%
FY24
ENR —
WDFC 16.3%
FY25
ENR —
WDFC 16.7%
ENR
WDFC
Free cash flow
FY16
ENR $165M
WDFC $61.0M
FY17
ENR $172M
WDFC $35.4M
FY18
ENR $205M
WDFC $52.5M
FY19
ENR $94.4M
WDFC $49.6M
FY20
ENR $311M
WDFC $53.4M
FY21
ENR $115M
WDFC $69.7M
FY22
ENR −$76.8M
WDFC −$5.7M
FY23
ENR $338M
WDFC $91.5M
FY24
ENR $332M
WDFC $87.8M
FY25
ENR $63.2M
WDFC $83.4M
ENR
WDFC
Return on capital
FY16
ENR 30.4%
WDFC —
FY17
ENR 34.9%
WDFC —
FY18
ENR 24.6%
WDFC 41.9%
FY19
ENR 12.2%
WDFC 32.8%
FY20
ENR 4.6%
WDFC 31.3%
FY21
ENR 8.3%
WDFC 32.2%
FY22
ENR −3.3%
WDFC 26.5%
FY23
ENR 8.0%
WDFC 24.0%
FY24
ENR 4.5%
WDFC 26.1%
FY25
ENR 11.1%
WDFC 32.3%
ENR
WDFC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.