Tearsheet

H.B. Fuller (FUL)

Market Price (12/4/2025): $58.93 | Market Cap: $3.2 Bil
Sector: Materials | Industry: Specialty Chemicals

H.B. Fuller (FUL)

Market Price (12/4/2025): $58.93
Market Cap: $3.2 Bil
Sector: Materials
Industry: Specialty Chemicals

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Low stock price volatility Vol 12M is 33%	Weak multi-year price returns 2Y Excs Rtn is -70%, 3Y Excs Rtn is -94%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 60%
1	Megatrend and thematic drivers Megatrends include Advanced Materials, Circular Economy & Recycling, and Sustainable & Green Buildings. Themes include Specialty Chemicals for Performance, Show more.		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.7%, Rev Chg QQuarterly Revenue Change % is -2.8%

0	Low stock price volatility Vol 12M is 33%
1	Megatrend and thematic drivers Megatrends include Advanced Materials, Circular Economy & Recycling, and Sustainable & Green Buildings. Themes include Specialty Chemicals for Performance, Show more.
2	Weak multi-year price returns 2Y Excs Rtn is -70%, 3Y Excs Rtn is -94%
3	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 60%
4	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.7%, Rev Chg QQuarterly Revenue Change % is -2.8%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$58.93	$66.40	$79.23	$68.92	$77.09
Market Cap CYE ($ Bil)	3.2	3.7	4.3	3.7	4.1
Total Debt ($ Bil)	2.1	2.1	1.9	1.8	1.6
Total Cash ($ Bil)	0.1	0.2	0.2	0.1	0.1
Enterprise Value ($ Bil)	5.2	5.8	6.2	5.5	5.7
Valuation Ratios
P/S TTM	0.9	1.0	1.3	1.0	1.3
P/EBIT TTM	10.6	11.7	12.0	11.2	14.5
P/E TTM	28.5	28.5	30.5	21.3	26.5
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0	0.0

	12/4/25	2024	2023
Share Price CYE	$58.93	$66.40	$79.23
Market Cap CYE ($ Bil)	3.2	3.7	4.3
Total Debt ($ Bil)	2.1	2.1	1.9
Total Cash ($ Bil)	0.1	0.2	0.2
Enterprise Value ($ Bil)	5.2	5.8	6.2
Valuation Ratios
P/S TTM	0.9	1.0	1.3
P/EBIT TTM	10.6	11.7	12.0
P/E TTM	28.5	28.5	30.5
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	FUL	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	3.5
Rev Chg Q	-2.8%	7.1%
Rev Chg LTM	-1.3%	6.1%
Rev Chg 3Y Avg	-1.7%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	10.0%	18.8%
CFO/Rev LTM	6.9%	20.5%
Net Inc Mgn	3.3%	13.1%
VALUATION	MODERATE
P/S	0.9	3.2
P/CFO	13.5	15.8
P/FCF	27.0	20.5
P/E	28.5	23.5
STABILITY	POOR
Debt/Equity	0.64	0.20
Cash/Assets	0.02	0.07

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Metric	Value	Date	Source
Active Patents	565	11072024	Link
Total Global Patents	1429	11072024	Link
Average Customer Retention Rate	87%	12312023	Link
Number of Industrial Customers	5,000%	12312023	Link
Percentage of Revenue from Sustainable Product Portfolio	22%	12312023	Link
Research and Development Investment as a Percentage of Total Revenue	3.17%	12312023	Link
Number of Manufacturing Facilities	82	2052025	Link
Target Number of Manufacturing Facilities by 2030	55	2052025	Link
Number of North American Warehouses	55	2052025	Link
Target Number of North American Warehouses by 2027	10	2052025	Link

Upcoming
1/21/2026	Earnings Release	Rev: - EPS: -
3/24/2026	Earnings Release	Rev: - EPS: -

FUL Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

The approximate time period requested for H.B. Fuller (FUL) stock movement is from August 31, 2025, to December 4, 2025. As this period lies in the future, it is not possible to provide factual reasons for stock movements during that specific timeframe. However, general factors that can influence the stock price of a specialty chemicals company like H.B. Fuller can be highlighted based on current and recent market dynamics, as well as the company's reported financial performance up to the most recent available data (Q3 2024 results, reported September 25, 2024). The most recent available financial information for H.B. Fuller is its Third Quarter 2024 results, which ended on August 31, 2024, and were reported on September 25, 2024. During this quarter, the company reported positive metrics including a 7% increase in adjusted EPS year-on-year and a 6% rise in adjusted EBITDA year-on-year. Net revenue was up 1.9% year-on-year, with organic volume growth of 3.0%. These results generally indicate a healthy financial performance leading up to the end of Q3 2024. If H.B. Fuller's stock were to move by -3.1% in a future period, general reasons for such a decline in the specialty chemicals industry could include:

1. Weakness in End-Market Demand: A slowdown in key end-markets such as building and construction, automotive, or industrial sectors, especially in regions like Europe and China, can impact demand for specialty chemicals. This can lead to lower sales volumes and reduced revenue for companies like H.B. Fuller.

2. Raw Material Cost Inflation and Supply Chain Disruptions: Despite some moderation, elevated raw material costs, along with supply chain and freight transportation disruptions, continue to be concerns for specialty chemical manufacturers. These increased input costs can compress profit margins if not effectively offset by higher selling prices.

3. Competitive Dynamics and Pricing Pressure: Intense competition within the specialty chemicals market, coupled with evolving and technical product developments, can put pressure on profit margins of existing product lines. Companies might face challenges in maintaining market share or pricing power.

4. Global Economic Conditions and Geopolitical Tensions: Broader macroeconomic factors, including global economic growth, industrial and manufacturing production levels, and geopolitical tensions, significantly influence the cyclicality and demand patterns in the specialty chemicals industry. Unfavorable global economic conditions or trade policies could negatively affect a company's financial performance and stock price.

5. Inventory Destocking Challenges: The chemical industry has recently faced significant destocking challenges, where high inventories and decreased demand have led to lower capacity utilization. This situation can impact profitability and stock performance as companies work to rebalance supply and demand.

Show less

Stock Movement Drivers

Fundamental Drivers

The 0.3% change in FUL stock from 9/3/2025 to 12/3/2025 was primarily driven by a 12.3% change in the company's Net Income Margin (%).

	9032025	12032025	Change
Stock Price ($)	58.73	58.92	0.33%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3527.97	3502.09	-0.73%
Net Income Margin (%)	2.92%	3.28%	12.27%
P/E Multiple	31.02	27.92	-10.00%
Shares Outstanding (Mil)	54.44	54.43	0.03%
Cumulative Contribution			0.33%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
FUL	0.3%
Market (SPY)	6.2%	37.2%
Sector (XLB)	-2.2%	70.8%

Fundamental Drivers

The 6.0% change in FUL stock from 6/4/2025 to 12/3/2025 was primarily driven by a 3.4% change in the company's Net Income Margin (%).

	6042025	12032025	Change
Stock Price ($)	55.60	58.92	5.98%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3546.98	3502.09	-1.27%
Net Income Margin (%)	3.17%	3.28%	3.41%
P/E Multiple	27.18	27.92	2.72%
Shares Outstanding (Mil)	55.00	54.43	1.04%
Cumulative Contribution			5.96%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
FUL	6.0%
Market (SPY)	15.1%	39.7%
Sector (XLB)	1.6%	72.0%

Fundamental Drivers

The -21.4% change in FUL stock from 12/3/2024 to 12/3/2025 was primarily driven by a -36.3% change in the company's Net Income Margin (%).

	12032024	12032025	Change
Stock Price ($)	74.98	58.92	-21.42%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3548.33	3502.09	-1.30%
Net Income Margin (%)	5.15%	3.28%	-36.26%
P/E Multiple	22.57	27.92	23.66%
Shares Outstanding (Mil)	54.98	54.43	0.99%
Cumulative Contribution			-21.43%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
FUL	-21.4%
Market (SPY)	14.3%	55.4%
Sector (XLB)	-4.3%	73.4%

Fundamental Drivers

The -23.8% change in FUL stock from 12/4/2022 to 12/3/2025 was primarily driven by a -33.8% change in the company's Net Income Margin (%).

	12042022	12032025	Change
Stock Price ($)	77.30	58.92	-23.78%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3688.39	3502.09	-5.05%
Net Income Margin (%)	4.96%	3.28%	-33.85%
P/E Multiple	22.67	27.92	23.12%
Shares Outstanding (Mil)	53.64	54.43	-1.46%
Cumulative Contribution			-23.79%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
FUL	-22.5%
Market (SPY)	53.2%	56.1%
Sector (XLB)	11.8%	73.0%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
FUL Return	2%	58%	-11%	15%	-16%	-12%	22%
Peers Return	5%	24%	-10%	-5%	-8%	-6%	-4%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
FUL Win Rate	50%	75%	50%	42%	42%	30%
Peers Win Rate	43%	48%	37%	38%	38%	32%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
FUL Max Drawdown	-51%	-2%	-27%	-12%	-17%	-28%
Peers Max Drawdown	-39%	-5%	-23%	-21%	-16%	-25%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ASH, NGVT, HUN, VRDE, SHW. See FUL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	FUL	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-28.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	39.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	514 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-51.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	104.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	232 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-33.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	49.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	647 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-68.9%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	221.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1119 days	1480 days

Compare to ASH, NGVT, HUN, VRDE, SHW

In The Past

H.B. Fuller's stock fell -28.2% during the 2022 Inflation Shock from a high on 12/29/2021. A -28.2% loss requires a 39.3% gain to breakeven.

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About H.B. Fuller (FUL)

H.B. Fuller Company, together with its subsidiaries, formulates, manufactures, and markets adhesives, sealants, coatings, polymers, tapes, encapsulants, additives, and other specialty chemical products worldwide. The company operates through three segments: Hygiene, Health and Consumable Adhesives; Engineering Adhesives; and Construction Adhesives. The Hygiene, Health and Consumable Adhesives segment produces and supplies specialty industrial adhesives such as, thermoplastic, thermoset, reactive, and water-based and solvent-based products for applications in various markets, including food and beverage containers, flexible packaging, consumer goods, package integrity and re-enforcement, and non-durable goods; corrugation, folding carton, tape and label, paper converting, envelopes, books, multi-wall bags, sacks, and tissue and towel; disposable diapers, feminine care, and medical garments; and health and beauty. The Engineering Adhesives segment produces and supplies high performance industrial adhesives such as reactive, light cure, two-part liquids, silicone, polyurethane, film, and fast cure products to the appliances and filters, windows, doors and wood flooring, and textile, transportation, electronics, medical, clean energy, aerospace and defense, appliance, heavy machinery, and insulating glass markets. The Construction Adhesives segment provides products used for tile setting, commercial roofing, heating, ventilation, and air conditioning and insulation applications, as well as caulks and sealants for the consumer market and professional trade. The company sells its products directly through distributors and retailers. H.B. Fuller Company was founded in 1887 and is headquartered in Saint Paul, Minnesota.

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Here are 1-3 brief analogies for H.B. Fuller (FUL):

3M for industrial adhesives
Sherwin-Williams for glues and sealants

AI Generated Analysis | Feedback

Industrial Adhesives: These include a wide range of formulations for packaging, hygiene, graphic arts, woodworking, textiles, and other general manufacturing applications.
Engineering Adhesives: High-performance adhesives and sealants designed for demanding applications in industries such as automotive, electronics, aerospace, and renewable energy.
Construction Adhesives & Sealants: Products specifically developed for building and construction projects, including flooring, roofing, insulation, and general assembly.
Specialty Polymers and Coatings: Custom polymer solutions and specialized coatings developed to meet unique performance requirements across various industrial sectors.

AI Generated Analysis | Feedback

H.B. Fuller (FUL) operates primarily as a Business-to-Business (B2B) company, supplying adhesives, sealants, and other specialty chemical products to manufacturers across a wide range of industries. Due to the nature of its business as a raw material supplier, H.B. Fuller typically does not disclose specific major customer names as their adhesives are components within other companies' finished products. However, their major customers are companies in various industrial sectors that utilize these adhesives in their manufacturing processes. Below are examples of major companies in the key industries H.B. Fuller serves, which would either be direct customers or key players in the value chain whose products rely on H.B. Fuller's offerings:

International Paper Company (Symbol: IP): A global producer of renewable fiber-based packaging, pulp, and paper products. H.B. Fuller's packaging adhesives are critical for companies like International Paper in manufacturing corrugated boxes, flexible packaging, and labels.
Kimberly-Clark Corporation (Symbol: KMB): A multinational personal care corporation that produces hygiene products such as disposable diapers, feminine hygiene products, and wipes. H.B. Fuller supplies nonwoven and hygiene adhesives essential for these products.
Magna International Inc. (Symbol: MGA): One of the largest automotive suppliers in the world, manufacturing a wide array of automotive components. H.B. Fuller's engineering adhesives are used in various automotive applications, from interior components to structural bonding.
Owens Corning (Symbol: OC): A global leader in insulation, roofing, and fiberglass composites. H.B. Fuller's construction and durable assembly adhesives are utilized in the manufacturing of building materials and components.

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Celeste B. Mastin, President and Chief Executive Officer

Celeste B. Mastin was appointed President and Chief Executive Officer of H.B. Fuller in December 2022, having previously served as Executive Vice President and Chief Operating Officer from March to December 2022. Before joining H.B. Fuller, she held CEO positions at PetroChoice Lubrication Solutions (2018-2022), Distribution International, Inc. (2013-2017), and MMI Products, Inc. (2007-2011). PetroChoice Lubrication Solutions was acquired in 2022 during her tenure as CEO. Distribution International, Inc. was acquired by a private equity firm, Advent International, in 2017, and PetroChoice Lubrication Solutions was a portfolio company of AEA Investors, a private equity firm, indicating a pattern of managing companies backed by private equity firms. Her career also includes executive leadership roles at Ferro Corporation and Bostik Adhesives, and she began at Shell Chemical Co. in 1990.

John J. Corkrean, Executive Vice President and Chief Financial Officer

John J. Corkrean has served as Executive Vice President and Chief Financial Officer of H.B. Fuller since 2016. Prior to H.B. Fuller, Mr. Corkrean spent 17 years at Ecolab Inc., where he held various finance leadership roles, including Senior Vice President, Finance – Global Energy Services, and Senior Vice President and Corporate Controller. He also held positions at Kellogg Company as Manager, Corporate Treasury, and in finance roles at Amoco Corporation.

Gregory Ogunsanya, Senior Vice President, General Counsel, and Corporate Secretary

Gregory Ogunsanya joined H.B. Fuller in October 2023 as Senior Vice President, General Counsel, and Corporate Secretary. His experience includes dual legal leadership roles as Vice President of Legal for Stanley Industrial and Assistant General Counsel, Securities, and Governance at Stanley Black & Decker Inc. He also held various leadership positions at Honeywell Inc., including General Counsel. Earlier in his career, he was a Senior Associate at Skadden, Arps, Slate, Meagher & Flom, specializing in mergers and acquisitions, securities, and general corporate law.

Nathan Weaver, Executive Vice President, Business Transformation

Nathan Weaver was appointed Executive Vice President, Business Transformation, in late 2024. He previously served as Senior Vice President of Human Resources and Communications from 2020 to 2024. Mr. Weaver has held numerous roles of increasing responsibility within H.B. Fuller, primarily on the commercial side of the organization, since joining the company in 2001 as a Leadership Development Associate.

Laura Lorenz, Senior Vice President, Human Resources, Communications & Community Affairs

Laura Lorenz joined H.B. Fuller in January 2025 as Senior Vice President of Human Resources, Communications & Community Affairs. She brings over 25 years of experience in human resources, including more than 22 years at 3M Company. At 3M, she held various senior leadership roles across different geographies, focusing on areas such as talent management, organizational effectiveness, employee relations, talent acquisition, and business unit support.

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The accelerating global shift towards a circular economy presents a clear emerging threat. Driven by increasing regulatory pressure (e.g., EU Circular Economy Action Plan, national recycling targets), consumer demand for sustainable products, and corporate sustainability commitments, industries are increasingly adopting principles like Design for Disassembly (DfD), reuse, repair, and recycling.

This trend threatens traditional permanent adhesives by:

Favoring Mechanical Fasteners: For ease of disassembly, repair, and material recovery, product designs are increasingly prioritizing mechanical fasteners (screws, clips, snaps) or welding over permanent chemical bonds, which often make product breakdown difficult or destructive.
Demanding Reversible Adhesives: While H.B. Fuller invests in sustainable adhesive solutions, the ultimate circular economy goal often requires adhesives that can be easily activated and deactivated (debonded) on demand without damaging components. If this highly specialized segment grows rapidly, and competitors or alternative technologies (e.g., smart materials with inherent reversible bonding properties) gain significant traction, it could erode market share for conventional adhesives.
Material and Process Innovation: The drive for circularity also fosters innovation in materials and manufacturing processes that might reduce the need for adhesives entirely, such as integrated bonding features within components or advanced self-adhering polymers.

This is analogous to how Netflix's streaming model disrupted Blockbuster's physical rental business, as a fundamental shift in product lifecycle design could diminish the need for H.B. Fuller's core offerings in permanent bonding solutions, even as the company adapts with sustainable adhesive alternatives.

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H.B. Fuller (NYSE: FUL) operates in the global adhesives and sealants market, with its main products and services encompassing a wide range of adhesive technologies and specialty chemical products. These products serve diverse industries, including packaging, hygiene, construction, engineering, electronics, automotive, and general assembly.

The addressable markets for H.B. Fuller's main products and services are as follows:

Global Adhesives and Sealants Market: The global adhesives and sealants market reached an estimated size between USD 69.4 billion and USD 82.88 billion in 2024. This market is projected to grow to approximately USD 101.2 billion by 2033, USD 123.20 billion by 2033, USD 11.77 billion by 2034, or USD 118.83 billion by 2032. The Asia Pacific region currently holds the largest share of this market. The U.S. adhesives and sealants market alone is projected to reach an estimated value of USD 22.36 billion by 2032.
Global Packaging Adhesives Market: This segment was valued at approximately USD 13.7 billion to USD 16.3 billion in 2024 and is expected to reach between USD 20.3 billion by 2033 and USD 26.54 billion by 2035. The Asia-Pacific region dominates the packaging adhesives market.
Global Construction Adhesives Market: The global construction adhesives market was estimated to be between USD 10.98 billion and USD 11.78 billion in 2024. It is forecast to grow to approximately USD 17.57 billion by 2032 or USD 17.68 billion by 2034. The Asia-Pacific region accounts for the largest market share in construction adhesives.
Global Hygiene Adhesives Market: This market was projected to be approximately USD 7.6 billion in 2024 and is anticipated to increase to USD 12.1 billion by 2035. The Asia Pacific region is a significant and growing market for hygiene adhesives.
Global Industrial Adhesives Market: The global industrial adhesives market size is estimated to be between USD 55.2 billion and USD 85.38 billion in 2025. It is projected to reach between USD 80.9 billion by 2032 and USD 114.94 billion by 2030. Asia-Pacific is a significant growth region for industrial adhesives.

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H.B. Fuller (FUL) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

Strategic Acquisitions and Portfolio Transformation: The company is actively pursuing strategic acquisitions, particularly in high-growth areas such as the Medical Adhesive Technology market, and realigning its business segments to enhance its growth profile. Additionally, while a recent divestiture of its flooring business impacted reported revenue, adjusting for this move indicates underlying net revenue growth.
Organic Volume Growth and Market Share Gains: Despite navigating a challenging volume growth environment, H.B. Fuller aims for organic revenue growth, with expectations for it to be flat to up 2% in fiscal year 2025. The company has demonstrated positive organic volume growth in specific segments, including Construction Adhesives (notably in roofing) and Hygiene, Health and Consumable (HHC) Adhesives. H.B. Fuller is also focused on gaining market share in attractive specialized adhesives markets and flexible packaging.
Strategic Pricing Actions: H.B. Fuller is implementing pricing actions to offset raw material cost fluctuations and improve profitability. Price increase realizations that were delayed in fiscal 2024 are anticipated to contribute to revenue in fiscal 2025.
Operational Efficiencies and Cost Reduction: The company is finalizing plans to streamline its manufacturing footprint and supply chain, aiming for significant cost savings by 2030. These operational improvements and cost controls are intended to transform H.B. Fuller into a higher-growth, higher-margin entity, indirectly supporting revenue growth by freeing up resources for investment in growth initiatives.
Growth in Key End Markets: Strong performance in specific end markets is expected to contribute to revenue. The Engineering Adhesives segment, driven by robust demand in the automotive and electronics sectors, has been a strong performer. Furthermore, the Construction Adhesives segment, particularly in roofing, is showing strength and is projected to benefit from a declining interest rate environment. H.B. Fuller also maintains a strong market position in medical adhesives.

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Share Repurchases

H.B. Fuller repurchased approximately one million shares year-to-date in fiscal 2025.
A $300 million share buyback authorization was announced in 2023 and remains active.
Annual share buybacks amounted to $39.558 million in 2024.

Share Issuance

No significant dollar amounts of primary share issuances were readily available over the last 3-5 years.

Outbound Investments

In June 2023, H.B. Fuller completed two strategic acquisitions: Adhezion Biomedical (a U.S. medical adhesives business) and XCHEM International (an adhesives manufacturer in the United Arab Emirates).
These 2023 acquisitions are projected to contribute an estimated $60 million in revenue and $15 million in adjusted EBITDA in fiscal 2025, including synergies.
The company has completed 11 acquisitions since 2023 and over 15 targeted acquisitions in the last five years, aiming to expand in highly specified applications such as medical adhesives.

Capital Expenditures

Capital expenditures are expected to be approximately $140 million for fiscal year 2025.
A primary focus of capital expenditures is "Project ONE," an ongoing initiative to replace and enhance core information technology platforms, with total project-to-date capital expenditures of approximately $140 million.
Project ONE aims to harmonize business processes across all operating segments with a standard software configuration, with implementation continuing in North America, EIMEA, Brazil, and Asia Pacific in 2025 and beyond.

Better Bets than H.B. Fuller (FUL)

	FUL	Better Performance than FUL
Metric	Value	INDUSTRY: Specialty Chemicals
Rev Chg LTM	-1.3%	DD (14.0%), PPG (8.5%), RPM (3.1%), SHW (1.0%), ECL (0.6%)
Rev Chg 3Y Avg	-1.7%	ALB (6.2%), ECL (5.2%), RPM (2.5%), SHW (2.4%), DD (1.3%)
Op Mgn LTM	10.0%	ECL (17.3%), DD (15.9%), SHW (15.8%), PPG (13.8%), RPM (12.1%)
CFO/Rev LTM	6.9%	ECL (16.7%), DD (15.3%), SHW (14.2%), PPG (8.9%), IFF (8.3%)
FCF/Rev LTM	3.5%	SHW (10.4%), ECL (10.0%), DD (9.7%), RPM (6.9%), PPG (4.6%)
Total Yield	4.7%	LYB (12.7%), EMN (12.3%), AXTA (7.4%), PPG (6.8%), NEU (6.4%)
P/S	0.9	LYB (0.4), CE (0.5), EMN (0.8), WLK (0.9), AVNT (0.9)
P/Op Inc	9.4	CE (5.4), EMN (6.1), MTX (6.6), NGVT (7.6), AXTA (8.1)

	FUL	Better Performance than FUL
Metric	Value	SECTOR: Materials
Rev Chg LTM	-1.3%	AEM (35.2%), NEM (26.6%), SCCO (12.7%), LIN (1.3%), SHW (1.0%)
Rev Chg 3Y Avg	-1.7%	AEM (26.0%), NEM (23.9%), SCCO (7.1%), SHW (2.4%), LIN (0.6%)
Op Mgn LTM	10.0%	SCCO (50.3%), AEM (49.4%), NEM (43.5%), LIN (26.9%), SHW (15.8%)
CFO/Rev LTM	6.9%	AEM (55.2%), NEM (42.9%), SCCO (37.4%), LIN (29.8%), SHW (14.2%)
FCF/Rev LTM	3.5%	AEM (34.5%), NEM (28.5%), SCCO (28.2%), LIN (15.2%), SHW (10.4%)
Total Yield	4.7%	B (9.2%), NEM (9.0%), SCCO (6.1%), FCX (5.2%), AEM (4.9%)
P/S	0.9	DOW (0.4), LYB (0.4), AA (0.7), SW (0.7), CCK (0.9)
P/Op Inc	9.4	B (6.7), CF (6.9), NTR (8.0), FCX (8.1), AU (8.3)

	FUL	Better Performance than FUL
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-1.3%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	-1.7%	NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	10.0%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	6.9%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	3.5%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	4.7%	XOM (10.3%), JNJ (8.4%), JPM (6.7%), BRK-B (6.2%), V (5.3%)
P/S	0.9	CVS (0.2), MCK (0.2), UNH (0.7), UPS (0.8), DELL (0.8)
P/Op Inc	9.4	VZ (5.9), BUD (7.7), T (8.3), HCA (9.2), MRK (9.4)

		Best Bets In Materials Sector
	FUL
What You Pay
P/E	28.5
P/EBIT	10.6
What You Get
Rev Chg Q	-2.8%
Rev Chg LTM	-1.3%
Rev Chg 3Y Avg	-1.7%
FCF/Rev 3Y Avg	6.2%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	H.B. Fuller Earnings Notes
2	H.B. Fuller Stock Drop Looks Sharp, But How Deep Can It Go?	Return
3	How Does H.B. Fuller Stock Stack Up Against Its Peers?null	Peer Comparison
4	Better Bet Than FUL Stock: Pay Less Than H.B. Fuller To Get More From UNH, HCA
5	Better Bet Than FUL Stock: Pay Less Than H.B. Fuller To Get More From AA
6	FUL Dip Buy Analysis
7	H.B. Fuller Total Shareholder Return (TSR): 1.1% in 2024 and 2.5% 3-yr compounded annual returns (above peer average)
8	H.B. Fuller (FUL) Operating Cash Flow Comparison	Financials
9	H.B. Fuller (FUL) Net Income Comparison	Financials
10	H.B. Fuller (FUL) Operating Income Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to FUL. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.1%	3.1%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.5%	0.5%	-1.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	30.9%	30.9%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.7%	12.7%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	-2.5%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.1%	3.1%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.5%	0.5%	-1.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	30.9%	30.9%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.7%	12.7%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	-2.5%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for H.B. Fuller

Peers to compare with:

Financials

	FUL	ASH	NGVT	HUN	VRDE	SHW	Median
Name	H.B. Ful.	Ashland	Ingevity	Huntsman	Verde Bi.	Sherwin-.
Mkt Price	58.92	58.28	52.54	10.61	-	339.24	58.28
Mkt Cap	3.2	2.7	1.9	1.8	-	83.5	2.7
Rev LTM	3,502	1,950	1,452	5,780	-	23,276	3,502
Op Inc LTM	349	113	264	-24	-	3,680	264
FCF LTM	121	33	240	199	-	2,426	199
FCF 3Y Avg	220	6	132	126	-	2,305	132
CFO LTM	242	144	299	366	-	3,294	299
CFO 3Y Avg	348	148	222	332	-	3,225	332

Growth & Margins

	FUL	ASH	NGVT	HUN	VRDE	SHW	Median
Name	H.B. Ful.	Ashland	Ingevity	Huntsman	Verde Bi.	Sherwin-.
Rev Chg LTM	-1.3%	-7.6%	1.1%	-3.5%	-	1.0%	-1.3%
Rev Chg 3Y Avg	-1.7%	-4.3%	-3.2%	-11.5%	-	2.4%	-3.2%
Rev Chg Q	-2.8%	-16.7%	-0.2%	-5.2%	-	3.2%	-2.8%
QoQ Delta Rev Chg LTM	-0.7%	-4.7%	-0.0%	-1.4%	-	0.8%	-0.7%
Op Mgn LTM	10.0%	5.8%	18.2%	-0.4%	-	15.8%	10.0%
Op Mgn 3Y Avg	10.5%	6.4%	16.8%	1.2%	-	15.8%	10.5%
QoQ Delta Op Mgn LTM	0.2%	0.9%	-0.3%	-0.5%	-	-0.0%	-0.0%
CFO/Rev LTM	6.9%	7.4%	20.6%	6.3%	-	14.2%	7.4%
CFO/Rev 3Y Avg	9.8%	7.6%	14.5%	5.5%	-	13.9%	9.8%
FCF/Rev LTM	3.5%	1.7%	16.5%	3.4%	-	10.4%	3.5%
FCF/Rev 3Y Avg	6.2%	0.9%	8.7%	2.1%	-	10.0%	6.2%

Valuation

	FUL	ASH	NGVT	HUN	VRDE	SHW	Median
Name	H.B. Ful.	Ashland	Ingevity	Huntsman	Verde Bi.	Sherwin-.
Mkt Cap	3.2	2.7	1.9	1.8	-	83.5	2.7
P/S	0.9	1.2	1.4	0.3	-	3.7	1.2
P/EBIT	10.6	-14.5	-5.9	-12.8	-	22.8	-5.9
P/E	28.5	-21.1	-30.4	-4.7	-	33.1	-4.7
P/CFO	13.5	16.4	6.7	4.2	-	25.9	13.5
Total Yield	4.7%	-3.1%	-3.3%	-9.9%	-	3.9%	-3.1%
Dividend Yield	1.1%	1.6%	0.0%	11.3%	-	0.9%	1.1%
FCF Yield 3Y Avg	5.7%	0.3%	7.1%	5.7%	-	2.9%	5.7%
D/E	0.6	0.6	0.6	1.5	-	0.2	0.6
Net D/E	0.6	0.6	0.6	1.2	-	0.2	0.6

Returns

	FUL	ASH	NGVT	HUN	VRDE	SHW	Median
Name	H.B. Ful.	Ashland	Ingevity	Huntsman	Verde Bi.	Sherwin-.
1M Rtn	2.7%	21.8%	-2.4%	32.5%	-	-1.6%	2.7%
3M Rtn	0.3%	8.5%	-9.2%	0.4%	-	-6.3%	0.3%
6M Rtn	6.0%	18.8%	26.8%	-3.4%	-	-5.9%	6.0%
12M Rtn	-21.4%	-23.7%	7.7%	-42.4%	-	-13.4%	-21.4%
3Y Rtn	-23.8%	-45.2%	-32.3%	-56.6%	-	35.2%	-32.3%
1M Excs Rtn	2.7%	21.8%	-2.4%	32.5%	-	-1.6%	2.7%
3M Excs Rtn	-8.8%	3.0%	-16.1%	-6.9%	-	-12.4%	-8.8%
6M Excs Rtn	-8.7%	4.1%	12.0%	-18.2%	-	-20.6%	-8.7%
12M Excs Rtn	-35.7%	-36.6%	-5.4%	-55.3%	-	-27.4%	-35.7%
3Y Excs Rtn	-94.3%	-116.5%	-104.3%	-128.2%	-	-30.9%	-104.3%

Comparison Analyses

	Title
0	How Does H.B. Fuller Stock Stack Up Against Its Peers?null
1	H.B. Fuller vs. Ashland: With Return Forecast Of 15%, H.B. Fuller Is A Better Bet
2	SXT or FUL - With 9.0% Return Forecast, FUL Probably Deserves Your Money
3	With 9.0% Gains On The Table, FUL May Outshine NGVT
4	With 16% Gains On The Table, BCPC May Outshine FUL

Financials

Annual
Quarterly

$ Mil \| FY: 11/30	LTM	2024	2023	2022	2021	2020	2019
Period End	8/30/2025	11/30/2024	12/2/2023	12/3/2022	11/27/2021	11/28/2020	11/30/2019
Filing Date	9/25/2025	1/23/2025	1/24/2024	1/24/2023	1/25/2022	1/26/2021	1/24/2020
Key Financials
Total Revenue	3,502	3,569	3,511	3,749	3,278	2,790	2,897
EBITDA	487	490	529	490	438	384	417
Operating Income	349	364	375	350	285	236	240
Net Income	115	130	145	180	161	124	131
EPS	2.11	2.37	2.67	3.37	3.05	2.38	2.57
Growth Rates
Total Revenue Growth	-1.3%	1.6%	-6.4%	14.4%	17.5%	-3.7%	-4.7%
EBITDA Growth	-14.8%	-7.2%	7.8%	11.9%	14.1%	-8.0%	1.1%
Operating Income Growth	-13.9%	-3.0%	7.4%	22.8%	20.5%	-1.4%	-5.9%
Net Income Growth	-37.1%	-10.1%	-19.6%	11.7%	30.5%	-5.4%	-23.6%
Margins
EBITDA Margin	13.9%	13.7%	15.1%	13.1%	13.4%	13.8%	14.4%
Operating Income Margin	10.0%	10.2%	10.7%	9.3%	8.7%	8.5%	8.3%
Net Income Margin	3.3%	3.6%	4.1%	4.8%	4.9%	4.4%	4.5%
Cash & Debt
Total Cash	122	169	179	80	62	101	112
Total Debt	2,080	2,075	1,903	1,800	1,649	1,802	1,979
Net Debt / (Cash)	1,958	1,905	1,723	1,720	1,588	1,702	1,867
Cash Flows
Net Cash from Operations	242	302	378	257	213	332	269
Free Cash from Operations	121	163	259	127	117	244	207
Returns to Shareholders
Dividends	50	48	43	39	35	33	32
Share Repurchases	61	40	3	4	3	3	3

$ Mil \| FY: 11/30	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	8/30/2025	5/31/2025	3/1/2025	11/30/2024	8/31/2024	6/1/2024	3/2/2024	12/2/2023	9/2/2023	6/3/2023	3/4/2023	12/3/2022
Filing Date	9/25/2025	6/26/2025	3/27/2025	1/23/2025	9/26/2024	6/27/2024	3/28/2024	1/24/2024	9/28/2023	6/29/2023	3/30/2023	1/24/2023
Key Financials Quarterly
Total Revenue	892	898	789	923	918	917	810	903	901	898	809	958
Ebitda	162	153	93	79	152	147	113	160	136	131	101	130
Operating Income	110	100	46	92	104	101	67	134	91	90	60	117
Net Income	67	42	13	-7	55	51	31	45	38	40	22	48
EPS	1.23	0.77	0.24	-0.13	1.01	0.93	0.57	0.83	0.69	0.74	0.40	0.90
Key Financials TTM
Total Revenue TTM	3,502	3,528	3,547	3,569	3,548	3,531	3,512	3,511	3,566	3,607	3,702	3,749
Ebitda TTM	487	477	471	490	572	556	540	529	498	495	491	490
Operating Income TTM	349	343	344	364	405	392	382	375	359	355	353	350
Net Income TTM	115	103	113	130	183	165	154	145	148	157	164	180
Growth Rates Quarterly
Total Revenue Growth	-2.8%	-2.1%	-2.7%	2.3%	1.9%	2.1%	0.2%	-5.8%	-4.3%	-9.6%	-5.5%	6.8%
EBITDA Growth	6.9%	4.2%	-17.5%	-50.6%	11.3%	12.1%	11.6%	23.5%	2.2%	3.4%	0.4%	8.1%
Operating Income Growth	5.6%	-0.5%	-30.5%	-30.9%	14.3%	11.6%	11.0%	14.2%	3.8%	3.0%	5.7%	8.6%
Net Income Growth	21.3%	-18.4%	-57.3%	-116.4%	47.1%	26.9%	41.6%	-6.9%	-19.1%	-14.4%	-42.9%	-5.1%
Margins Quarterly
EBITDA Margin	18.2%	17.0%	11.8%	8.6%	16.5%	16.0%	14.0%	17.7%	15.1%	14.6%	12.5%	13.5%
Operating Income Margin	12.3%	11.1%	5.9%	10.0%	11.4%	11.0%	8.3%	14.8%	10.1%	10.0%	7.4%	12.2%
Net Income Margin	7.5%	4.7%	1.7%	-0.8%	6.0%	5.6%	3.8%	5.0%	4.2%	4.5%	2.7%	5.0%
Cash & Debt
Total Cash	122	97	106	169	131	115	165	179	95	103	125	80
Total Debt	2,080	2,112	2,180	2,075	2,021	2,025	1,831	1,903	1,885	1,882	1,873	1,800
Net Debt / (Cash)	1,958	2,016	2,074	1,905	1,890	1,910	1,666	1,723	1,790	1,779	1,748	1,720
Cash Flows Quarterly
FCF from Operations	99	111	-53	86	88	82	47	162	108	103	6	208
Cash Flows TTM
FCF from Operations TTM	242	231	202	302	378	399	420	378	425	374	280	257
Returns to Shareholders Quarterly
Dividends	13	13	12	12	12	12	11	11	11	11	10	10
Share Repurchases	0	16	44	0	18	16	6	0	0	0	2	0
Return on Invested Capital (ROIC) Quarterly
ROIC	18.0%	11.0%	6.1%	19.4%	16.5%	14.6%	12.7%	15.8%	12.7%	13.6%	9.4%	20.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	11.4%	10.3%	11.0%	13.2%	14.2%	12.9%	14.2%	13.1%	13.7%	13.5%	13.6%	14.1%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Hygiene, Health and Consumable Adhesives	1,601	1,696	1,473	1,333	1,328
Engineering Adhesives	1,429	1,533	1,372	1,088	1,158
Construction Adhesives	481	521	434	369	397
Corporate Unallocated					14
Total	3,511	3,749	3,278	2,790	2,897

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Hygiene, Health and Consumable Adhesives	215	166	138	131	116
Engineering Adhesives	187	169	136	104	136
Construction Adhesives	6	23	14	11	17
Corporate Unallocated	-53	-35	-36	-28	-43
Total	355	323	253	218	226

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Hygiene, Health and Consumable Adhesives	1,661	1,488	1,371	1,268	1,254
Engineering Adhesives	1,628	1,610	1,710	1,515	1,611
Construction Adhesives	990	988	811	934	800
Corporate	444	378	383	319	321
Total	4,724	4,464	4,275	4,037	3,986

Price Behavior

Price Behavior

Market Price	$58.92
Market Cap ($ Bil)	3.2
First Trading Date	03/26/1990
Distance from 52W High	-22.1%
	50 Days	200 Days
DMA Price	$58.26	$57.16
DMA Trend	indeterminate	down
Distance from DMA	1.1%	3.1%
	3M	1YR
Volatility	26.9%	33.4%
Downside Capture	126.18	115.06
Upside Capture	92.32	76.26
Correlation (SPY)	35.6%	55.3%

FUL Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.45	0.60	0.84	1.14	0.94	1.02
Up Beta	0.14	0.54	0.96	1.67	1.09	1.10
Down Beta	-1.60	0.34	0.11	0.60	0.68	0.77
Up Capture	100%	62%	84%	103%	66%	77%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	8	19	30	62	115	362
Down Capture	72%	79%	133%	131%	109%	105%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	22	32	63	132	384

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of FUL With Other Asset Classes (Last 1Y)
	FUL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-21.4%	-4.2%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	33.2%	20.1%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.69	-0.32	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		73.4%	55.5%	-0.4%	11.7%	56.1%	28.1%

ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of FUL With Other Asset Classes (Last 5Y)
	FUL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	2.6%	6.3%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	28.3%	18.9%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.12	0.24	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		75.0%	61.0%	8.8%	14.2%	55.8%	23.6%

Based On 10-Year Data

		Comparison of FUL With Other Asset Classes (Last 10Y)
	FUL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	5.3%	9.0%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	30.4%	20.8%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.24	0.39	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		76.2%	66.4%	0.2%	24.3%	55.6%	17.3%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	1,912,634
Short Interest: % Change Since 10312025	10.1%
Average Daily Volume	397,528
Days-to-Cover Short Interest	4.81
Basic Shares Quantity	54,428,000
Short % of Basic Shares	3.5%

Returns Analyses

	Title
0	H.B. Fuller Stock Drop Looks Sharp, But How Deep Can It Go?
1	H.B. Fuller Stock Return Comparison
2	H.B. Fuller Total Shareholder Return (TSR): 10.8% in 2022 and 18.4% 3-yr returns (above peer average)
3	H.B. Fuller (FUL) Stock Return: AI Predicts FUL Average and Excess Return After a Fall or Rise

SEC Filings

Expand for More

Report Date	Filing Date	Filing
8312025	9252025	10-Q 8/30/2025
5312025	6262025	10-Q 5/31/2025
2282025	3272025	10-Q 3/1/2025
11302024	1232025	10-K 11/30/2024
8312024	9262024	10-Q 8/31/2024
5312024	6272024	10-Q 6/1/2024
2292024	3282024	10-Q 3/2/2024
11302023	1242024	10-K 12/2/2023
8312023	9282023	10-Q 9/2/2023
5312023	6292023	10-Q 6/3/2023
2282023	3302023	10-Q 3/4/2023
11302022	1242023	10-K 12/3/2022
8312022	9222022	10-Q 8/27/2022
5312022	6232022	10-Q 5/28/2022
2282022	3242022	10-Q 2/26/2022
11302021	1252022	10-K 11/27/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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H.B. Fuller (FUL)

Market Price (12/4/2025): $58.93 | Market Cap: $3.2 BilSector: Materials | Industry: Specialty Chemicals

H.B. Fuller (FUL)

Market Price (12/4/2025): $58.93Market Cap: $3.2 BilSector: MaterialsIndustry: Specialty Chemicals

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Market Price (12/4/2025): $58.93 | Market Cap: $3.2 Bil
Sector: Materials | Industry: Specialty Chemicals

Market Price (12/4/2025): $58.93
Market Cap: $3.2 Bil
Sector: Materials
Industry: Specialty Chemicals