Brooke Sutherland, Columnist

The Pandemic Made WD-40 Bigger Than Macy's

It’s a sign of the times when a lubricant spray used for home projects and bike tune-ups is more valuable than an iconic department store.

January 8, 2021 at 7:57 PM UTC

By Brooke Sutherland

Brooke Sutherland is Bloomberg News' Boston bureau chief and writes the Industrial Strength Newsletter. She was previously a Bloomberg Opinion columnist covering deals and industrial companies and an M&A reporter for Bloomberg News.

For diehards, WD-40 is more than just a lubricant spray in a can — it’s an essential item. — For diehards, WD-40 is more than just a lubricant spray in a can — it’s an essential item.
Photographer: WD-40

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How greased is WD-40 Co.’s stock price? The maker of lubricants for bikes and home projects now has a bigger market value than iconic department store Macy’s Inc. and a richer valuation than Shake Shack Inc.

Shares of WD-40 rallied more than 10% on Friday after the company reported better-than-expected earnings for the three months ending in November. Sales climbed 26% compared to the year-earlier period amid increased demand for cleaning products, bike gear and what CEO Garry Ridge termed “isolation renovation” during the pandemic. The stock pop was enough to push WD-40’s market value over $4 billion for the first time, edging it just past Macy’s. The company now trades at more than 9 times its estimated sales in fiscal 2021, compared with a 5.1 multiple at Shake Shack.