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Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<div><ul><li>We toured a Home Depot (HD) store in Atlanta with SVP of US Sales Dan Hudson, who joined WDFC in January 2025.</li><li>We came away with a better understanding of how creative merchandising techniques at big-box retailers are contributing to strong sales growth in a mature market like the US.</li><li>HD is one of WDFC’s most important home improvement channel accounts in the Americas. It typically carries the broadest assortment, including the core Multi-Use Product (MUP) in multiple sizes as well as WD-40 Specialist and EZ-REACH. HD has an entrepreneurial spirit, with dedicated merchandising teams that have a willingness to try new things, so there are many opportunities for off-shelf placement, which can drive incremental sales.</li></ul></div>

We toured a Home Depot (HD) store in Atlanta with SVP of US Sales Dan Hudson, who joined WDFC in January 2025.We came away with a better understanding of how creative merchandising techniques at big-box retailers are contributing to strong sales growth in a mature market like the US.HD is one of WDFC’s most important home improvement channel accounts in the Americas. It typically carries the broadest assortment, including the core Multi-Use Product (MUP) in multiple sizes as well as WD-40 Specialist and EZ-REACH. HD has an entrepreneurial spirit, with dedicated merchandising teams that have a willingness to try new things, so there are many opportunities for off-shelf placement, which can drive incremental sales.

WDFC: Store Tour - Driving Growth in US Big-Box Retailers

<div><ul><li>New CFO announced. On September 3, 2026, WDFC announced that Keith Stauffer would join the company as Vice President, Global Finance, effective September 7, 2026.</li><li>Upon the current CFO’s transition to a new role on November 2, 2026, he will become the company’s CFO.</li><li>As previously announced, the company’s current CFO, Sara Hyzer, will transition to the role of Division President, Americas. </li></ul></div>

New CFO announced. On September 3, 2026, WDFC announced that Keith Stauffer would join the company as Vice President, Global Finance, effective September 7, 2026.Upon the current CFO’s transition to a new role on November 2, 2026, he will become the company’s CFO.As previously announced, the company’s current CFO, Sara Hyzer, will transition to the role of Division President, Americas. 

WDFC: New CFO Named; Previously CFO of TerrAscend

<ul><li>Geographic expansion is a key growth driver. WD-40’s products are available in 176 countries and territories.</li><li>China is the company’s third-largest market globally and its single-largest growth opportunity.</li><li>India, the second-largest market in unit terms, is growing above 20% and could one day rival the US in scale.</li></ul>

Geographic expansion is a key growth driver. WD-40’s products are available in 176 countries and territories.China is the company’s third-largest market globally and its single-largest growth opportunity.India, the second-largest market in unit terms, is growing above 20% and could one day rival the US in scale.

WDFC: Significant White-Space Growth Opportunities

<div><ul><li>We are initiating coverage of WD-40 Company (NASDAQ: WDFC), a best-in-class global organization that markets multi-purpose maintenance products (MPMPs) under brands including WD-40 and 3-IN-ONE.</li><li>Our FY26E EPS is $6.21, which is conservative, as it represents pro forma growth of 9%, within the company’s guidance range of $6.05-6.35 (+6-11% pro forma).</li><li>We expect operating margin compression of 40 bps, driven by oil-based specialty chemical cost inflation in 4QFY26 and a double-digit increase in SG&amp;A expenses.</li></ul></div>

We are initiating coverage of WD-40 Company (NASDAQ: WDFC), a best-in-class global organization that markets multi-purpose maintenance products (MPMPs) under brands including WD-40 and 3-IN-ONE.Our FY26E EPS is $6.21, which is conservative, as it represents pro forma growth of 9%, within the company’s guidance range of $6.05-6.35 (+6-11% pro forma).We expect operating margin compression of 40 bps, driven by oil-based specialty chemical cost inflation in 4QFY26 and a double-digit increase in SG&amp;A expenses.

WDFC: Initiating Coverage; Clear Growth Strategy, But Input Cost Spike to Affect Gross Margin

United States

WD-40 Company manufactures and markets multi-purpose lubricant products and heavy-duty hand cleaners.  The Company's WD-40 acts as a lubricant, rust preventative, penetrant, cleaner, and moisture displacer.  WD-40's 3-IN-ONE Oil is a drip oil lubricant that allows precise application. The Company also manufactures Lava heavy-duty hand cleaner and other household cleaning products.

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WD-40 Company (WDFC US)

WDFC: Store Tour - Driving Growth in US Big-Box Retailers

We came away with a better understanding of how creative merchandising techniques at big-box retailers are contributing to strong sales growth in a...

Water Tower Research

WDFC: New CFO Named; Previously CFO of TerrAscend

New CFO announced. On September 3, 2026, WDFC announced that Keith Stauffer would join the company as Vice President, Global Finance, effective...

Water Tower Research

WDFC: Significant White-Space Growth Opportunities

Geographic expansion is a key growth driver. WD-40’s products are available in 176 countries and territories. China is the company’s third-largest...

Water Tower Research

WDFC: Initiating Coverage; Clear Growth Strategy, But Input Cost Spike to Affect Gross Margin

Our FY26E EPS is $6.21, which is conservative, as it represents pro forma growth of 9%, within the company’s guidance range of $6.05-6.35 (+6-11%...

Water Tower Research

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