FULLER H B CO FUL
H.B. Fuller Company was founded in 1887 and incorporated as a Minnesota corporation in 1915. Our stock is traded on the New York Stock Exchange ("NYSE") under the ticker symbol FUL. As used herein, "H.B. Fuller," "we," "us," "our," "management" or "company" includes H.B. Fuller and its subsidiaries unless otherwise indicated. Where we refer to 2025, 2024 and 2023 herein, the reference is to our fiscal years ended November 29, 2025, November 30, 2024, and December 2, 2023, respectively.
We are a leading worldwide formulator, manufacturer and marketer of adhesives, sealants and other specialty chemical products. Sales operations span 34 countries in North America, Europe, Latin America, Asia Pacific, India, the Middle East and Africa. Industrial adhesives represent our core product offering, which help improve the performance of our customers' products or improve their manufacturing processes. Customers use our adhesives products in manufacturing common consumer and industrial goods, including food and beverage containers, disposable diapers, medical products, windows, doors, appliances, sportswear, footwear, multi-wall bags, water filtration products, insulation, textiles, automobiles, recreational vehicles, buses, trucks and trailers, marine products, solar energy systems, electronics and products for the aerospace and defense industries. In addition, we have established a variety of product offerings for residential, commercial and industrial construction markets, including sealing and waterproofing solutions for roads, highways, bridges and utilities; pressure-sensitive adhesives, tapes and sealants for the commercial roofing industry and pressure sensitive adhesives that enable contractors and do-it-yourself consumers to complete construction projects more reliably and efficiently. We also provide our customers with technical support and unique solutions designed to address their specific needs.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.47B | $3.57B | $3.51B | $3.75B | $3.28B | $2.79B | $2.90B | $3.04B | $2.31B | $2.09B |
| Cost of revenue | $2.39B | $2.51B | $2.50B | $2.79B | $2.43B | $2.03B | $2.09B | $2.21B | $1.71B | $1.49B |
| Gross profit | $1.08B | $1.06B | $1.01B | $963.7M | $845.3M | $756.6M | $806.9M | $828.2M | $599.0M | $605.8M |
| SG&A | $725.6M | $713.7M | $653.8M | $641.0M | $592.7M | $538.3M | $580.9M | $590.3M | $479.5M | $407.6M |
| Total operating expenses | $2.85B | $2.97B | $2.93B | — | — | — | — | — | — | — |
| Operating income | — | $348.2M | $355.1M | $322.7M | $252.6M | $218.3M | $226.0M | $237.9M | $119.5M | $198.2M |
| Pre-tax income | $215.4M | $182.7M | $234.2M | $251.9M | $216.9M | $158.4M | $172.8M | $156.7M | $60.6M | $163.4M |
| Income tax | $67.1M | $56.4M | $93.5M | $77.2M | $63.0M | $41.9M | $49.4M | $6.4M | $9.8M | $48.9M |
| Net income | $152.0M | $130.3M | $144.9M | $180.3M | $161.4M | $123.7M | $130.8M | $171.2M | $59.4M | $121.7M |
| EPS, basic | 2.78 | 2.37 | 2.67 | 3.37 | 3.05 | 2.38 | 2.57 | 3.38 | 1.18 | 2.43 |
| EPS, diluted | 2.75 | 2.30 | 2.59 | 3.26 | 2.97 | 2.36 | 2.52 | 3.29 | 1.15 | 2.37 |
| Shares, diluted (wtd. avg.) | $55.4M | $56.6M | $56.0M | $55.3M | $54.3M | $52.5M | $52.0M | $52.0M | $51.6M | $51.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $107.2M | $169.4M | $179.5M | $79.9M | $61.8M | $100.5M | $112.2M | $150.8M | $194.4M | $142.2M |
| Receivables | $564.3M | $558.3M | $577.9M | $607.4M | $614.6M | $514.9M | $493.2M | $495.0M | $473.7M | $351.1M |
| Inventory | $472.0M | $467.5M | $442.0M | $491.8M | $448.4M | $323.2M | $337.3M | $348.5M | $372.1M | $247.4M |
| Total current assets | $1.26B | $1.30B | $1.31B | $1.30B | $1.22B | $1.02B | $1.03B | $1.09B | $1.16B | $811.3M |
| Property, plant and equipment | $935.3M | $881.9M | $824.7M | $733.7M | $695.4M | $670.7M | $629.8M | $636.5M | $670.2M | $515.3M |
| Goodwill | $1.68B | $1.53B | $1.49B | $1.39B | $1.30B | $1.31B | $1.28B | $1.31B | $1.34B | $366.2M |
| Other intangibles | $805.9M | $770.2M | $729.1M | $702.1M | $687.1M | $756.0M | $799.4M | $908.2M | $1.00B | $205.4M |
| Total assets | $5.18B | $4.93B | $4.72B | $4.46B | $4.27B | $4.04B | $3.99B | $4.18B | $4.37B | $2.06B |
| Accounts payable | $470.1M | $491.4M | $439.7M | $460.7M | $500.3M | $316.5M | $298.9M | $273.4M | $268.5M | $163.0M |
| Short-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $65.0M | $91.2M | $21.5M | $80.2M |
| Total current liabilities | $743.4M | $719.3M | $692.8M | $705.7M | $736.9M | $530.1M | $542.2M | $546.1M | $504.9M | $391.8M |
| Long-term debt | $2.02B | $2.01B | $1.84B | $1.74B | $1.59B | $1.76B | $1.90B | $2.14B | $2.40B | $585.8M |
| Total liabilities | $3.18B | $3.10B | $2.97B | $2.85B | $2.68B | $2.65B | $2.76B | $3.02B | $3.32B | $1.11B |
| Retained earnings | $2.03B | $1.92B | $1.84B | $1.74B | $1.60B | $1.47B | $1.38B | $1.29B | $1.13B | $1.09B |
| Total equity | $2.00B | $1.83B | $1.76B | $1.61B | $1.60B | $1.60B | $1.22B | $1.15B | $1.05B | $944.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $263.5M | $302.4M | $378.4M | $256.5M | $213.3M | $331.6M | $269.2M | $253.3M | $166.3M | $195.7M |
| Depreciation and amortisation | $178.3M | $174.7M | $159.8M | $147.0M | $143.2M | $138.8M | $141.2M | $145.1M | $87.3M | $77.7M |
| Stock-based compensation | $22.1M | $21.9M | $19.9M | $24.4M | $22.4M | $16.9M | $24.0M | $17.1M | $17.5M | $13.3M |
| Capital expenditure | $142.3M | $139.2M | $119.1M | $130.0M | $96.1M | $87.3M | $62.0M | $68.3M | $54.9M | $63.3M |
| Investing cash flow | -$232.2M | -$407.1M | -$319.2M | -$375.3M | -$94.7M | -$109.5M | $7.4M | -$61.8M | -$1.80B | -$111.5M |
| Financing cash flow | -$107.9M | $112.1M | $35.1M | $160.3M | -$154.1M | -$239.2M | -$315.0M | -$228.6M | $1.68B | -$52.6M |
| Dividends paid | $50.3M | $47.6M | $43.4M | $39.2M | $34.9M | $33.5M | $32.4M | $31.1M | $29.6M | $27.5M |
| Buybacks | $60.7M | $39.6M | $2.6M | $4.0M | $2.7M | $3.4M | $3.0M | $4.7M | $21.8M | $23.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-001767.
Others in SIC 2891
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CSW | CSW INDUSTRIALS, INC. | $5.03B | 46.0x | 23.3% |