¿Es WD-40 (WDFC) una buena opción para comprar en su punto más bajo, después de las malas cifras del primer trimestre?

The recent earnings report from the WD-40 Company (WDFC) has sparked a critical debate among investors: does the stock's current price reflect a temporary setback, or is it a compelling entry point for those willing to bet on its long-term resilience? The company's Q1 2026 results, which fell short of expectations, have pushed its shares to a 52-week low, raising questions about valuation realism versus enduring growth potential. To answer this, we must dissect the interplay between its operational performance, strategic realignments, and the broader market's skepticism.

A Mixed Earnings Picture: Resilient Margins Amid Revenue Softness

WD-40's Q1 2026 earnings report revealed a 1% year-over-year revenue increase to $154.4 million, significantly below the $161.2 million forecast. Earnings per share (EPS) of $1.28 also lagged behind the expected $1.45, driven by a 7% decline in operating income and an 8% drop in net income. However, the company's gross margin improved to 54.8% in Q1 2025, up from 53.8% in the prior year, demonstrating its ability to maintain pricing power and cost discipline. This margin resilience is a critical strength, particularly in an inflationary environment where many consumer staples firms struggle to absorb input cost pressures.

The company's e-commerce segment, meanwhile, surged by 22%, and its WD-40 Specialist line grew by 18%, signaling robust demand for premium maintenance products. These figures suggest that WD-40's strategic pivot toward high-margin, digitally driven offerings is gaining traction. Yet, the Asia-Pacific region's 4% sales decline and the broader revenue shortfall highlight execution risks that cannot be ignored.

Strategic Divestitures: A Path to Higher-Margin Growth

To address these challenges, WD-40 has embarked on a strategic divestiture of its low-growth homecare and cleaning product portfolios in the Americas and EIMEA. These segments, which contributed $23 million in net sales and $0.33 in diluted EPS in 2024, are being shed to reallocate capital toward higher-margin opportunities. The company projects that this shift will bolster gross margins and accelerate growth in its core maintenance products, particularly the WD-40 Specialist line, which is targeted for over 15% compound annual growth.

This strategic refocusing aligns with broader industry trends. As consumers increasingly prioritize premium, specialized products, WD-40's emphasis on innovation and e-commerce expansion positions it to capture market share. For instance, its direct-to-retail model in emerging markets like Brazil is expected to add $7 million to $9 million in net sales in 2025. Such moves underscore the company's commitment to long-term value creation, even if short-term earnings volatility persists.

Valuation Realism: A Premium Price for Uncertain Growth?

The question of valuation remains contentious. WD-40's trailing price-to-earnings (P/E) ratio of 30.42 is more than double the 14.8x average for its U.S. household products peers and exceeds the global industry average of 19.7x. Its price-to-sales (P/S) ratio of 4.45 also lags behind industry benchmarks, reflecting a premium valuation based on revenue. Analysts argue that these metrics are stretched, with a fair P/E ratio estimated at 16.3x.

The PEG ratio, a measure of valuation relative to earnings growth expectations, further complicates the picture. While the 5-year PEG ratio is reported as 3.68–3.8, suggesting overvaluation, the latest twelve months (LTM) PEG ratio of 0.92 indicates undervaluation based on near-term earnings growth. This divergence highlights the tension between short-term underperformance and long-term optimism.

The Case for Caution and Opportunity

For disciplined investors, the current price may present an entry point-but only if the company can deliver on its strategic vision. WD-40's reaffirmed full-year guidance-net sales of $630–655 million and a gross margin of 55.5–56.5%-suggests confidence in its ability to navigate macroeconomic headwinds. CEO Steve Brass's assertion that the company has captured only 25% of its global growth potential adds a layer of optimism.

However, risks persist. Rising SG&A expenses and exposure to foreign exchange volatility could erode margins, particularly in a high-interest-rate environment. Moreover, the market's skepticism is warranted: a 1% stock price drop after the earnings report underscores investor concerns about execution risks.

Conclusion: A Calculated Bet on Resilience

WD-40's current valuation reflects a market that is pricing in both its operational strengths and its near-term disappointments. While the company's margin resilience, strategic divestitures, and e-commerce momentum are compelling, the premium valuation demands a high degree of confidence in its ability to execute. For investors with a long-term horizon and a tolerance for volatility, the 52-week low may represent a disciplined entry point-provided the company can demonstrate that its growth trajectory is not merely aspirational but achievable.

In the end, the answer to whether WDFC is a buy hinges on one question: can WD-40 transform its strategic ambitions into sustained earnings growth? The next few quarters will be critical in answering that.