# H B Fuller (FUL.US)

Canonical: https://gigainvestors.com/s/FUL

Analysis as of: 2026-10-16T07:28:40.716Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $51.57 per share; close as of 2026-10-15.

Estimated value: low $38.16 per share, central $43.35 per share, high $50.26 per share. Buy at or below the central value $43.35 per share. Valuation as of 2026-10-16T07:28:40.716Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.07×

- FY2018: 0.08×

- FY2019: 0.08×

- FY2020: 0.08×

- FY2021: 0.08×

- FY2022: 0.09×

- FY2023: 0.10×

- FY2024: 0.10×

- FY2025: 0.11×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 11.6%

- ROIC, second-lowest year: 9.4%

- Typical minus recent gross margin: -2.4 pp

- Typical gross margin (annual median): 27.7%

- Recent gross margin (lower of latest and 3-year median): 30.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.1%

- ROIC including acquisitions, ten-year median: 5.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.8%

- FY2017: 7.0%

- FY2018: 12.7%

- FY2019: 9.7%

- FY2020: 9.4%

- FY2021: 9.8%

- FY2022: 11.6%

- FY2023: 11.6%

- FY2024: 11.7%

- FY2025: 12.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.23×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $945M

- Net income, five-year total: $769M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -5.8 pp

- Working capital / revenue, final three-year average: 16.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.29×

- FY2022: 1.09×

- FY2023: 1.28×

- FY2024: 1.27×

- FY2025: 1.24×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 12.7% vs 11.7%

- Per-share earnings: 1.69 to 2.59 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.7%

- Ordinary dilution, 5-year annual growth: 1.1%

- Market cap gain: $801M

- Cumulative retained earnings: $935M

- Diluted shares, 10-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: 1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.5%

- Per-share value change: $0.90

- Per-share value, starting three-year median: $1.69

- Per-share value, ending three-year median: $2.59

- Buybacks concentrated in cheaper years (correlation): 0.24

- Average buyback yield: 0.5%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $2.3B

- Cumulative net income, 10 years: $1.4B

- ROIC, first three-year median: 12.7%

- ROIC, last three-year median: 11.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.42

- FY2017: $1.13

- FY2018: $3.29

- FY2019: $2.52

- FY2020: $2.36

- FY2021: $2.97

- FY2022: $3.26

- FY2023: $2.59

- FY2024: $2.30

- FY2025: $2.75

### accounting: pass

- Sloan accruals: -2.2%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 8.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.73×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.24×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.5%

- FY2017: -1.5%

- FY2018: -2.0%

- FY2019: -3.5%

- FY2020: -5.1%

- FY2021: -1.2%

- FY2022: -1.7%

- FY2023: -4.9%

- FY2024: -3.5%

- FY2025: -2.2%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 40% since Jul 2024 · "H.B. Fuller Company (FUL) Beats Q3 Earnings Estimates, Trims 2025 Guidance" (finance.yahoo.com, Oct 2025) · sales -2.7%

Story as of 2026-10-16T09:58:47.766Z; price observation 2026-10-15.

Price needs cash profits to grow 3.1% a year for ten years

- 2025-06-26: H.B. Fuller Q2 2025 presentation: Margin expansion drives EPS growth, guidance raised ([investing.com](https://www.investing.com/news/company-news/hb-fuller-q2-2025-presentation-margin-expansion-drives-eps-growth-guidance-raised-93CH-4113384))

- 2025-09-25: H.B. Fuller tightens 2025 guidance to $615M–$625M EBITDA amid ongoing margin expansion ([seekingalpha.com](https://seekingalpha.com/news/4499214-h-b-fuller-tightens-2025-guidance-to-615m-625m-ebitda-amid-ongoing-margin-expansion?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-10-02: H.B. Fuller Company (FUL) Beats Q3 Earnings Estimates, Trims 2025 Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/h-b-fuller-company-ful-063344370.html))

- 2026-01-15: H.B. Fuller targets $630M–$660M adjusted EBITDA for 2026 while advancing margin expansion strategy ([seekingalpha.com](https://seekingalpha.com/news/4539632-h-b-fuller-targets-630m-660m-adjusted-ebitda-for-2026-while-advancing-margin-expansion?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales -2.7%; source https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm; observed 2026-01-22.

- FY2016: $2.1B 

- FY2017: $2.3B 

- FY2018: $3.0B 

- FY2019: $2.9B 

- FY2020: $2.8B 

- FY2021: $3.3B 

- FY2022: $3.7B 

- FY2023: $3.5B 

- FY2024: $3.6B 

- FY2025: $3.5B 

### Gross margin · FY2025

gross margin 31.7%; source https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm; observed 2026-01-22.

- FY2016: 29.1% 

- FY2017: 26.7% 

- FY2018: 27.4% 

- FY2019: 27.9% 

- FY2020: 27.2% 

- FY2021: 25.8% 

- FY2022: 25.7% 

- FY2023: 28.7% 

- FY2024: 30.1% 

- FY2025: 31.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty chemicals; annual sales are USD 3.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm (filed 2026-01-22); FY2025: revenue 3473589000; grossProfit 1100851000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 28.7% to 31.7% during 2023–25; it earns 11.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-22); FY2023: grossProfit / revenue = 28.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-22); FY2024: grossProfit / revenue = 30.1%.

- Source: https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm (filed 2026-01-22); FY2025: grossProfit / revenue = 31.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-22); 10-year return on capital observations [[2016,0.12772992963157068],[2017,0.06956525116317612],[2018,0.12698409431234015],[2019,0.09659875072163007],[2020,0.09402495312540501],[2021,0.09810582986117147],[2022,0.11649966422802255],[2023,0.11588241731596864],[2024,0.11698388881138115],[2025,0.12400607130029075]]; median 0.1161910407719956. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 60.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-22); FY2016: growth capex 0; upkeep 63310000; owner earnings 138502000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-22); FY2017: growth capex 0; upkeep 54934000; owner earnings 90623000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-22); FY2018: growth capex 0; upkeep 68263000; owner earnings 248071000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-22); FY2019: growth capex 0; upkeep 61982000; owner earnings 210041000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-22); FY2020: growth capex 0; upkeep 87288000; owner earnings 175248000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-22); FY2021: growth capex 0; upkeep 96089000; owner earnings 208478000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-22); FY2022: growth capex 0; upkeep 129964000; owner earnings 197325000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-22); FY2023: growth capex 0; upkeep 119137000; owner earnings 185610000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-22); FY2024: growth capex 0; upkeep 139238000; owner earnings 165728000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm (filed 2026-01-22); FY2025: growth capex 0; upkeep 142275000; owner earnings 188012000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-22); Dividend observations: [[2016,27518000],[2017,29612000],[2018,31124000],[2019,32357000],[2020,33461000],[2021,34859000],[2022,39207000],[2023,43395000],[2024,47598000],[2025,50271000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm (filed 2026-01-22); FY2025: cash repurchases 60713000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FUL.US SharesStats.PercentInsiders = 0.28700000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.1% yearly over ten years; actual growth was 5.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-22); Ten-year compound average after fade. Initial solved rate 0.03131411218505764. Price 51.57; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.0108769676804235 → FY2025 3.3964772829915995. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $42.07 per share

- 2016-11: $46.99 per share

- 2016-12: $48.31 per share

- 2017-01: $49.37 per share

- 2017-02: $49.41 per share

- 2017-03: $51.56 per share

- 2017-04: $52.83 per share

- 2017-05: $50.75 per share

- 2017-06: $51.11 per share

- 2017-07: $51.52 per share

- 2017-08: $50.19 per share

- 2017-09: $58.06 per share

- 2017-10: $56.87 per share

- 2017-11: $56.57 per share

- 2017-12: $53.87 per share

- 2018-01: $51.85 per share

- 2018-02: $50.39 per share

- 2018-03: $49.73 per share

- 2018-04: $49.47 per share

- 2018-05: $51.55 per share

- 2018-06: $53.68 per share

- 2018-07: $56.68 per share

- 2018-08: $56.99 per share

- 2018-09: $51.67 per share

- 2018-10: $44.46 per share

- 2018-11: $48.24 per share

- 2018-12: $42.67 per share

- 2019-01: $49.39 per share

- 2019-02: $50.48 per share

- 2019-03: $48.64 per share

- 2019-04: $48.97 per share

- 2019-05: $39.43 per share

- 2019-06: $46.40 per share

- 2019-07: $47.81 per share

- 2019-08: $42.61 per share

- 2019-09: $46.56 per share

- 2019-10: $48.80 per share

- 2019-11: $49.88 per share

- 2019-12: $51.57 per share

- 2020-01: $46.21 per share

- 2020-02: $39.23 per share

- 2020-03: $27.93 per share

- 2020-04: $36.79 per share

- 2020-05: $37.62 per share

- 2020-06: $44.60 per share

- 2020-07: $45.34 per share

- 2020-08: $48.17 per share

- 2020-09: $45.78 per share

- 2020-10: $45.25 per share

- 2020-11: $52.33 per share

- 2020-12: $51.88 per share

- 2021-01: $50.89 per share

- 2021-02: $56.07 per share

- 2021-03: $62.91 per share

- 2021-04: $66.82 per share

- 2021-05: $69.12 per share

- 2021-06: $63.61 per share

- 2021-07: $64.62 per share

- 2021-08: $67.57 per share

- 2021-09: $64.56 per share

- 2021-10: $70.51 per share

- 2021-11: $73.16 per share

- 2021-12: $81.00 per share

- 2022-01: $71.77 per share

- 2022-02: $68.37 per share

- 2022-03: $66.07 per share

- 2022-04: $66.70 per share

- 2022-05: $71.08 per share

- 2022-06: $60.21 per share

- 2022-07: $64.20 per share

- 2022-08: $64.86 per share

- 2022-09: $60.10 per share

- 2022-10: $69.71 per share

- 2022-11: $80.31 per share

- 2022-12: $71.62 per share

- 2023-01: $69.10 per share

- 2023-02: $69.76 per share

- 2023-03: $68.45 per share

- 2023-04: $66.17 per share

- 2023-05: $62.94 per share

- 2023-06: $71.51 per share

- 2023-07: $74.03 per share

- 2023-08: $72.53 per share

- 2023-09: $68.61 per share

- 2023-10: $66.15 per share

- 2023-11: $75.68 per share

- 2023-12: $81.41 per share

- 2024-01: $75.77 per share

- 2024-02: $79.53 per share

- 2024-03: $79.74 per share

- 2024-04: $74.71 per share

- 2024-05: $79.63 per share

- 2024-06: $76.96 per share

- 2024-07: $86.20 per share

- 2024-08: $85.66 per share

- 2024-09: $79.38 per share

- 2024-10: $73.18 per share

- 2024-11: $76.89 per share

- 2024-12: $67.48 per share

- 2025-01: $63.13 per share

- 2025-02: $56.74 per share

- 2025-03: $56.12 per share

- 2025-04: $54.04 per share

- 2025-05: $55.82 per share

- 2025-06: $60.15 per share

- 2025-07: $56.20 per share

- 2025-08: $61.05 per share

- 2025-09: $59.28 per share

- 2025-10: $57.37 per share

- 2025-11: $58.28 per share

- 2025-12: $59.46 per share

- 2026-01: $60.10 per share

- 2026-02: $65.72 per share

- 2026-03: $61.68 per share

- 2026-04: $60.52 per share

- 2026-05: $64.08 per share

- 2026-06: $58.29 per share

- 2026-07: $55.30 per share

- 2026-08: $54.95 per share

- 2026-09: $49.47 per share

- 2026-10: $51.57 per share

## Annual estimated value (USD per share)

- FY2016: low $24.25 per share, central $27.51 per share, high $31.64 per share

- FY2017: low $22.06 per share, central $24.71 per share, high $28.23 per share

- FY2018: low $37.86 per share, central $48.84 per share, high $56.83 per share

- FY2019: low $47.05 per share, central $61.23 per share, high $71.45 per share

- FY2020: low $43.73 per share, central $55.63 per share, high $64.85 per share

- FY2021: low $46.91 per share, central $60.02 per share, high $70.13 per share

- FY2022: low $50.00 per share, central $60.38 per share, high $70.33 per share

- FY2023: low $45.02 per share, central $50.96 per share, high $58.87 per share

- FY2024: low $38.15 per share, central $43.17 per share, high $49.85 per share

- FY2025: low $36.94 per share, central $41.94 per share, high $48.60 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm); period 2025-11-29, filed 2026-01-22.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Matthew McLennan](https://gigainvestors.com/FE): 339,343 FUL shares; USD 19,780,000 reported position value; 0.03% of portfolio; add; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 2,435,168 FUL shares; USD 141,946,000 reported position value; 1.3% of portfolio; add; quarter 2026 Q2.

# FUL — H.B. Fuller Co.

Held by 2 investors · USD 161,726,000 total · 2026 Q2 · reported price USD 58.29 (split-adjusted).
Page: https://gigainvestors.com/s/FUL

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Andrew Adams (https://gigainvestors.com/MPF) | USD 141,946,000 | 1.3% | add +3.11% |
| Matthew McLennan (https://gigainvestors.com/FE) | USD 19,780,000 | <0.1% | add +48.45% |

## Total held by quarter

- 2021 Q3: USD 500,030 · 1 holder · USD 64.52
- 2021 Q4: USD 547,020 · 1 holder · USD 81.04
- 2022 Q1: USD 844,986 · 1 holder · USD 66.03
- 2022 Q2: USD 15,000 · 1 holder · USD 60.73
- 2022 Q3: USD 0 · 0 holders
- 2022 Q4: USD 0 · 0 holders
- 2023 Q1: USD 0 · 0 holders
- 2023 Q2: USD 0 · 0 holders
- 2023 Q3: USD 0 · 0 holders
- 2023 Q4: USD 0 · 0 holders
- 2024 Q1: USD 171,363,572 · 1 holder · USD 79.74
- 2024 Q2: USD 167,724,623 · 1 holder · USD 76.96
- 2024 Q3: USD 174,477,161 · 1 holder · USD 79.38
- 2024 Q4: USD 149,213,328 · 1 holder · USD 67.48
- 2025 Q1: USD 136,954,799 · 1 holder · USD 56.12
- 2025 Q2: USD 147,262,177 · 1 holder · USD 60.15
- 2025 Q3: USD 142,799,177 · 1 holder · USD 59.28
- 2025 Q4: USD 143,362,044 · 1 holder · USD 59.46
- 2026 Q1: USD 159,763,783 · 2 holders · USD 61.68
- 2026 Q2: USD 161,726,000 · 2 holders · USD 58.29