Quality Investor

H.B. Fuller Company

Rank #335ValueWatchlistCompare with other stocks

FUL · NYSE · Basic Materials

H.B. Fuller Company (FUL) — Rank #335 by gross profitability (GP/assets 0.20) · ROE 7.0% · Piotroski F-Score 7 / 9.

As-of 2026-10-30 · CIK 0000039368 · all metrics point-in-time as of the filing date.

About

H.B.

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Fuller Company, together with its subsidiaries, formulates, manufactures, and markets adhesives, sealants, coatings, polymers, tapes, encapsulants, additives, and other specialty chemical products. It operates through three segments: Hygiene, Health and Consumable Adhesives; Engineering Adhesives; and Building Adhesive Solutions. The Hygiene, Health and Consumable Adhesives segment produces and supplies specialty industrial adhesives, such as thermoplastic, thermoset, reactive, water-based, and solvent-based products for applications in various markets, including packaging, converting, nonwoven and hygiene, and medical and beauty. The Engineering Adhesives segment produces and supplies high performance industrial adhesives comprising reactive, light cure, two-part liquids, polyurethane, silicone, film, and fast cure products to the durable assembly, performance wood and textile, transportation, electronics, clean energy, aerospace and defense, appliance, heavy machinery, and insulating glass markets. The Construction Adhesives segment provides products used for 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 to customers, as well as through distributors and retailers in North America, Latin America, Europe, India, the Middle East, Africa, and the Asia Pacific. H.B.

Fuller Company was founded in 1887 and is headquartered in Saint Paul, Minnesota.

Industry
Specialty Chemicals
Sector
Basic Materials
State
MN
Filer Category
Large accelerated filer
Fiscal Year End
November 28

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

7,100

Industry

Specialty Chemicals

Exchange

NYSE

10/11

Flags passed

FUL fails 1 critical flag

Passes 10 of 11 quality flags

  • FAIL
    Revenue declining YoY

    Revenue contracted year over year

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Sequential beat (rev + EPS)

No data Operating margin — not counted as a pass.

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.20
Return on equity
7.0%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.50
Current ratio
1.82×
Net cash
-$1.96B

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
0.6%

Growth

1/2 pass
Revenue growth
-2.7%
Piotroski F-Score
7 / 9
Share dilution
-2.2%

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Does it make money well?

Warning: Revenue declining YoY · GP/assets 42nd percentile of 39 SIC 28 peers

Gross profitability (GP / assets)

0.20

Primary signal (Novy-Marx).

42nd pctl of 39 SIC 28 peers

Return on equity

7.0%

Gross margin

31.1%

29th pctl of 39 SIC 28 peers

Revenue growth (YoY)

-2.7%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-2.5%

Revenue CAGR (5Y)

4.5%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

-1.4%

Cash Flow Health

Is the cash real?

No warning flags · FCF 20% below net income

Free cash flow

$121.22M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

-20.2%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.6%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net debt $1.96B, F-Score 7/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.50

6th pctl of 35 SIC 28 peers (best = lowest)

Current ratio

1.82×

26th pctl of 39 SIC 28 peers

Quick ratio

0.91×

Net cash

-$1.96B

Cash & equivalents minus total debt.

Piotroski F-Score

7 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Dividend safety

Composite score

3.5 / 5

Good
Payout ratio
33.1%4/5 Strong
FCF coverage
2.41×4/5 Strong
Dividend growth streak
10 yr5/5 Strong
Balance-sheet health
D/E 1.50 · IC N/A1/5 Weak

Capital allocation quality

Composite score

4.0 / 5

Strong
Share count trend(net buybacks)
-2.2%4/5 Strong
Buyback timing
N/AN/A
Dividend growth consistency
10 yr5/5 Strong
Net debt trajectory
-1.3%3/5 Good

Lifecycle Phase History

20202025
Value
Capital Return

Price History

FUL-19.3% · -4.2% CAGRSPY+82.9% · +12.8% CAGR