Energizer vs WD-40
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KIRA’s take AI analyst
I put Energizer and WD-40 side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Energizer
ENR
1/9
Share count change
WD-40
WDFC
8/9
Revenue growth5-year growthGross marginNet marginFCF marginReturn on capitalPiotroski F-scoreNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | ENR FY25 | WDFC FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.6B | $3.0B |
| 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 | — | 33.2x |
| Piotroski F-score | 7 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.