公司概况与行业定位 - WD-40公司是一家全球性消费品公司，核心产品为多用途产品WD-40，用于润滑、清洁和保护 [1] - 公司业务属于维护、维修和大修（MRO）领域，服务于消费和工业市场 [1] - 主要竞争对手包括J&J Snack Foods Corp (JJSF)、Quaker Chemical Corporation (KWR)、Lancaster Colony Corporation (LANC)、Balchem Corporation (BCPC)和Innospec Inc (IOSP) [1] 资本回报效率核心指标 - 公司的投入资本回报率（ROIC）高达24.83%，显著超过其4.46%的加权平均资本成本（WACC）[2][6] - ROIC与WACC的比率达到5.57，表明公司创造的回报远超其资本成本，资本利用效率高且盈利能力强劲 [2][6] 与同业竞争对手的比较 - J&J Snack Foods Corp的ROIC为6.68%，WACC为5.30%，ROIC/WACC比率为1.26 [3] - Quaker Chemical Corporation的ROIC为-2.87%，WACC为8.90%，ROIC/WACC比率为-0.32 [3] - Lancaster Colony Corporation和Balchem Corporation的ROIC/WACC比率分别为2.55和1.26，虽为正值但远低于WD-40公司 [4] - Innospec Inc的ROIC/WACC比率为2.99，表现相对接近但仍落后于WD-40公司 [4] 行业地位与绩效总结 - 公司高效利用资本创造高回报的能力凸显了其在行业内的强劲表现和领先地位 [5] - 卓越的资本效率使公司在同业中脱颖而出，成为行业领导者 [5][6]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 WD-40 COMPANY (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 95-1797918 (I.R.S. Employer Identification No.) For the fiscal year ended August 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE A ...

全球供应链与运营策略 - 公司在全球12个国家设有制造业务 采用“就近生产”原则 即在哪里销售就在哪里生产 从而最大限度地贴近终端用户 [1][2] - 此供应链策略使公司能够有效规避关税影响 因为其产品主要在本地生产并销售 避免了大规模的跨境进出口 [2] - 公司持续评估并扩展其全球制造网络 近期在中东迪拜开设业务 并计划在泰国开设一家合同包装工厂 以支持当地增长需求 [4][5] 成本管理与原材料价格风险 - 石油是公司产品的关键原材料 约占产品成本的35% [7] - 石油价格上涨传导至终端产品存在约90天的时间滞后 [7] - 公司的财务规划基于油价在每桶65美元至85美元的区间 对当前油价水平感到满意 若油价飙升至100美元以上 公司历史上曾采取小幅提价策略 [8][9] 资本配置与股东回报 - 公司宣布了一项股票回购计划 旨在向市场传递对自身战略和前景的信心 [9][10] - 公司的股息政策是将超过50%的收益用于分红 [11] - 计划在2026财年及下一财年将股票回购规模增加超过一倍 具体而言 将是上一财年回购规模的2.5倍 [11] 品牌组合与增长战略 - 公司正进行业务聚焦 计划剥离约20年前收购的一系列家用品牌 以将资源集中于核心产品 [12][13] - 核心产品WD-40占公司销售额约80% 并贡献超过70%的增长 仅该核心产品在全球就有超过10亿美元的增长机会 [13] - 公司正在积极谈判 以进一步将业务聚焦于核心WD-40产品及其专家系列产品线延伸 [14] 国际市场机遇 - 公司目前65%的销售额来自美国以外市场 显示出强大的国际影响力 [15] - 在国际市场 尤其是在印度和中国等国家 品牌认知度和渗透率仍有巨大提升空间 存在显著的增长跑道 [15]

The Pioneer Of Seeking Alpha's BAD BEAT Investing, Quad 7 Capital is a team of 7 analysts with a wide range of experience sharing investment opportunities for nearly 12 years. They are best known for their February 2020 call to sell everything & go short, & have been on average 95% long 5% short since May 2020. The broader company has expertise in business, policy, economics, mathematics, game theory, & the sciences. They share both long & short trades & invest personally in equities they discuss within the ...

The Pioneer Of Seeking Alpha's BAD BEAT Investing, Quad 7 Capital is a team of 7 analysts with a wide range of experience sharing investment opportunities for nearly 12 years. They are best known for their February 2020 call to sell everything & go short, & have been on average 95% long 5% short since May 2020. The broader company has expertise in business, policy, economics, mathematics, game theory, & the sciences. They share both long & short trades & invest personally in equities they discuss within the ...

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WD-40 Company (NasdaqGS:WDFC) Q4 2025 Earnings Call October 22, 2025 05:00 PM ET Company ParticipantsKeegan Cox - Research AssociateSara Hyzer - VP and CFOSteve Brass - President and CEOWendy Kelley - VP, Stakeholder and Investor EngagementConference Call ParticipantsDaniel Rizzo - AnalystOperatorLadies and gentlemen, thank you for standing by. Good day and welcome to the WD-40 Company fourth quarter and full fiscal year 2025 earnings conference call. Today's call is being recorded. At this time, all partic ...

WD-40 Company (NasdaqGS:WDFC) Q4 2025 Earnings Call October 22, 2025 05:00 PM ET Company ParticipantsKeegan Cox - Research AssociateSara Hyzer - VP and CFOSteve Brass - President and CEOWendy Kelley - VP, Stakeholder and Investor EngagementConference Call ParticipantsDaniel Rizzo - AnalystOperatorLadies and gentlemen, thank you for standing by. Good day and welcome to the WD-40 Company fourth quarter and full fiscal year 2025 earnings conference call. Today's call is being recorded. At this time, all partic ...

WD-40 Company (NasdaqGS:WDFC) Q4 2025 Earnings Call October 22, 2025 05:00 PM ET Speaker0Ladies and gentlemen, thank you for standing by. Good day, and welcome to the WD-forty Company Fourth Quarter and Full Fiscal Year twenty twenty five Earnings Conference Call. Today's call is being recorded. At this time, all participants are in a listen only mode. At the end of the prepared remarks, we will conduct a question and answer session.I would like to turn the presentation over to our host for today's call, We ...