Well, the aircraft itself certainly was inferior to the Zero in many ways, but the combat record was much better.
For example during June the 4th at Midway, the Wildcat squadrons lost 19 x F4Fs, breaking down as follows:
VF-3 (Yorktown) - 5 lost
VF-6 (Enterprise) - 1 lost (ditched near the carrier)
VF-8 (Hornet) - 12 lost (one ditched near the carrier)
They claimed 45 Japanese planes, they actually got 29. That's still in their favor. That is from First Team.
Compare that the debacle with the Hurricanes and Fulmars off of Ceylon, against the same opponents.
On 5 April, the Japanese lost 7 aircraft while the British lost 26 . This included (per Wikipedia):
8 x Hurricanes from 30 Sqn
8 x Hurricanes from 258 Sqn
4 x Fulmar from 803 and 806 NAS
6 x Swordfish from 788 NAS
Here is the breakdown of one of the engagements at 7:40 AM - 21 Hurricanes from 30 Sqn and 6 Fulmars from 803 and 806 NAS scrambled from Ceylon bases and intercepted a raid by 14 x D3A bombers (with another 38 D3A nearby also flying a strike), escorted by 9 x A6M. The fighters "attacked the bombers before any bombs were dropped". In the resulting air battle 5 x D3A and 1 x A6M were shot down, vs. 8x Hurricanes and 3 x Fulmars.
Later, 19 D3A from Shokaku attacked the harbor and sunk the "merchant cruiser" HSM Hector, being attacked by 258 Sqn RAF Hurricanes. The Hurricanes shot down one D3A and damaged another, losing another 8x Hurricanes.
As we know between 5 and 8 April the IJN sunk 31 ships
and bombed Ceylon.