H.B. Fuller Company FUL

MaterialsChemicalsUnited States of America

Last close 51.56 USD on Nov 2, 2026, −11.8% year to date

Quant rating

Quant rating C Rank 67 of 151 in Materials

Growth C 80 of 151
Valuation B 27 of 151
Quality B 43 of 151
Revisions C 78 of 151
Momentum D 107 of 151

Wall Street consensus Buy (1.88)Average target 67.19 USD +30.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.8B
Enterprise value: 4.7B
52-week range: 46.79 – 68.36
3-year range: 46.79 – 86.20
Dividend yield: 1.97%
Beta (5 years): 0.97
Shares outstanding: 53.8M
Next earnings: Jan 12, 2027

About the company

H.B. Fuller Company is a pureplay adhesives company. It operates as a formulator, manufacturer and marketer of adhesives, sealants and other specialty chemical products. Its Hygiene, Health and Consumable Adhesives segment manufactures and supplies adhesive products in the assembly, packaging, converting, nonwoven and hygiene, health and beauty, graphic arts and envelope markets. Its Engineering Adhesives segment produces and supplies industrial adhesives, such as reactive, light cure, two-part liquids, polyurethane, silicone, film and fast cure products. The Building Adhesive Solutions segment includes products used for the commercial roofing industry (pressure-sensitive adhesives, tapes and sealants) and heating, ventilation and air conditioning and insulation applications (duct sealants, weather barriers and fungicidal coatings and block fillers). It also includes caulks and sealants for the consumer market and professional trade, sold through retailers.

Growth and profitability fiscal year ends November 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,474	3,569	3,511	3,749	3,278	–
Revenue growth	−2.7%	1.6%	−6.4%	14.4%	17.5%	4.5%
EPS (basic, normalized)	4.24	3.84	3.87	4.00	3.47	–
EPS growth	10.4%	−0.8%	−3.2%	15.3%	–	–
Gross margin	31.4%	30.1%	29.2%	25.7%	25.8%	28.4%
Net margin	4.4%	3.6%	4.1%	4.8%	4.9%	4.4%
ROE	7.9%	7.3%	8.6%	11.2%	10.8%	9.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	97.2
Current ratio	1.82x
Long-term debt (mil)	2,055
Net debt (mil)	1,957
Total equity (mil)	2,168
Net debt / equity	0.90x
Net debt / EBITDA	3.15x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,474	−2.7%	1.4x	621	+3.8%	7.6x	4.24	+10.4%	12.2x
2026	3,609	+3.9%	1.3x	661	+6.6%	7.2x	4.85	+14.4%	10.6x
2027	3,873	+7.3%	1.2x	718	+8.6%	6.6x	5.15	+6.2%	10.0x
2028	4,021	+3.8%	1.2x	764	+6.4%	6.2x	5.71	+10.8%	9.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,609	0.0%	−0.7%	0.0%	4.85	0.0%	−0.4%	+2.8%
2027	3,873	−0.8%	−0.7%	+3.2%	5.15	−1.0%	−3.3%	+0.2%
2028	4,021	−1.4%	−2.2%	+4.0%	5.71	−2.4%	−5.5%	+3.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	917	918	923	789	898	892	895	771	950	938
Sales mean (mil)	914	944	917	769	900	896	903	782	925	946
Surprise	+0.3%	−2.8%	+0.7%	+2.5%	−0.2%	−0.4%	−0.9%	−1.4%	+2.8%	−0.8%
EPS reported	1.12	1.13	0.92	0.54	1.18	1.26	1.28	0.57	1.41	1.52
EPS mean	1.03	1.23	1.00	0.49	1.08	1.24	1.23	0.56	1.40	1.46
Surprise	+8.8%	−7.9%	−7.7%	+9.3%	+9.4%	+1.2%	+4.3%	+2.7%	+0.9%	+3.8%

Peer comparison Chemicals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FUL H.B. Fuller Company	2.8B	3.15x	4.4%	1.28x	10.6x	10.0x	7.2x	6.6x
LIN Linde PLC	238.6B	1.82x	20.3%	6.05x	29.0x	26.6x	18.5x	17.3x
SHW Sherwin-Williams Co	85.1B	2.50x	10.9%	21.41x	29.3x	26.6x	19.9x	18.7x
ECL Ecolab Inc.	86.5B	3.22x	12.9%	8.30x	37.8x	32.8x	22.5x	20.1x
APD Air Products and Chemicals, Inc.	70.4B	3.82x	−3.2%	5.07x	23.6x	22.0x	16.4x	15.3x
PPG PPG Industries, Inc.	27.6B	1.94x	9.9%	3.25x	15.6x	14.5x	11.4x	10.8x
Mean		2.74x	9.2%	7.56x	24.3x	22.1x	16.0x	14.8x
Median		2.83x	10.4%	5.56x	26.3x	24.3x	17.5x	16.3x

Technical analysis

1M+3.2%
3M−6.3%
1Y−8.6%
3Y−20.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, H.B. Fuller Company, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,474	3,569	3,511	3,749	3,278	2,790
Cost of revenue	2,383	2,495	2,487	2,786	2,433	2,033
Gross profit	1,090	1,074	1,024	964	845	758
Selling, general & administrative expenses	656	654	596	596	552	498
Research & development	62.1	49.6	48.6	44.9	39.3	37.0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	54.0	69.4	24.6	2.9	0.8	4.6
Other operating expenses	0	0	0	0	0	0
Operating income	318	301	355	319	253	218
Net interest income (expense)	−128	−131	−142	−96.7	−74.6	−78.4
Gain (loss) on sale of assets	3.6	0.4	−0.1	1.4	−0.6	−0.1
Other non-operating income (expense)	21.5	12.2	21.4	27.8	39.5	18.6
Net income before taxes	215	183	234	252	217	158
Provision for taxes	67.1	56.4	93.5	77.2	63.0	41.9
Minority interest	−0.1	−0.1	−0.1	−0.1	−0.1	−0.1
Equity in affiliates	3.8	4.1	4.4	5.7	7.7	7.4
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	152	130	145	180	161	124
Extraordinary items	–	–	–	–	–	0
Net income	152	130	145	180	161	124
EBIT, normalized	372	370	380	322	253	223
EBITDA, normalized	550	545	540	469	397	362
Basic EPS, normalized	4.24	3.84	3.87	4.00	3.47	–

Balance sheet in millions of USD, fiscal years

Balance sheet, H.B. Fuller Company, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	107	169	179	79.9	61.8	101
Receivables	592	597	619	644	644	534
Total inventory	472	467	442	492	448	323
Prepaid expenses	92.1	64.9	71.9	84.0	66.2	61.6
Other current assets	0	0	0	0	1.3	0.8
Total current assets	1,263	1,299	1,312	1,299	1,221	1,020
Property, plant & equipment	991	943	872	766	728	699
Goodwill	1,680	1,532	1,487	1,393	1,299	1,312
Intangibles	806	770	729	702	687	756
Long-term investments	49.5	47.9	48.3	52.5	60.6	64.5
Note receivable	15.6	14.6	14.0	9.3	23.7	16.8
Other long-term assets	377	326	261	242	255	168
Total assets	5,183	4,933	4,724	4,464	4,275	4,037
Liabilities
Accounts payable	470	491	440	461	500	316
Payable/accrued	–	–	–	–	–	–
Accrued expenses	246	201	187	196	194	168
Short-term debt	0	0.6	1.8	28.9	25.0	16.9
Current portion of long-term debt	1.9	1.9	16.2	1.5	1.1	0
Other current liabilities	25.0	24.2	47.7	18.5	15.9	29.2
Total current liabilities	743	719	693	706	737	530
Long-term debt	2,024	2,018	1,843	1,744	1,599	1,757
Minority interest	0	1.2	0.7	0.6	0.6	0.5
Other liabilities	413	366	432	403	341	368
Total liabilities	3,179	3,105	2,968	2,853	2,678	2,655
Shareholders' equity
Preferred stock	0	–	–	0	0	0
Common stock	54.2	54.7	54.1	53.7	52.8	51.9
Additional paid-in capital	298	323	301	266	214	158
Retained earnings (accumulated deficit)	2,026	1,925	1,843	1,741	1,601	1,474
Treasury stock	–	–	–	–	–	–
Other equity	−375	−473	−443	−451	−270	−303
Total equity	2,003	1,829	1,755	1,610	1,597	1,381
Total liabilities & shareholders' equity	5,183	4,933	4,724	4,464	4,275	4,037

Cash flow statement in millions of USD, fiscal years

Cash flow statement, H.B. Fuller Company, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	152	130	145	180	161	124
Depreciation, depletion & amortization	178	175	160	147	143	139
Deferred taxes	−50.1	−36.2	−25.1	−15.2	16.2	−24.7
Non-cash items	0.4	50.3	3.9	−0.9	−0.6	3.4
Changes in working capital	−17.2	−16.8	94.8	−54.8	−107	90.3
Cash from operations	263	302	378	257	213	332
Investing activities
Capital expenditures	−142	−139	−119	−130	−96.1	−92.9
Other investing cash flows	−90.0	−268	−200	−245	1.4	−16.5
Cash from investing	−232	−407	−319	−375	−94.7	−109
Financing activities
Financing cash flow items	−1.0	−3.5	−11.7	−5.6	−1.7	−0.8
Cash dividends paid	−50.3	−47.6	−43.4	−39.2	−34.9	−33.5
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−56.6	163	90.2	205	−118	−205
Cash from financing	−108	112	35.1	160	−154	−239
Foreign exchange effects	14.5	−17.5	5.2	−23.4	−3.3	5.5
Net change in cash	−62.1	−10.1	99.5	18.1	−38.7	−11.7
Free cash flow	121	163	259	127	117	239

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.