H.B. Fuller Company
- Open
- 56.57
- Day high
- 56.57
- Day low
- 55.33
- Prev close
- 56.96
- Volume
- 672K
- Mkt cap
- $3.0B
- P/E (TTM)
- 16.3
- EPS (TTM)
- $3.41
- P/B
- 1.5
- P/S
- 0.9
- Yield
- 1.71%
- Per share
- $0.95
H.B. Fuller Company (FUL) is a Basic Materials company listed on NYSE. The stock is down 6% over the past year.
H.B. Fuller Company (FUL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FUL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 25, 2026 | $1.37 | $1.41 | +2.9% | $950M | +2.8% |
| Mar 26, 2026 | $0.56 | $0.57 | +1.8% | $771M | -1.8% |
| Sep 24, 2025 | $1.24 | $1.26 | +1.6% | $892M | -0.4% |
| Jun 25, 2025 | $1.10 | $1.18 | +7.3% | $898M | -0.2% |
| Mar 26, 2025 | $0.49 | $0.54 | +9.4% | $789M | +2.6% |
| Sep 25, 2024 | $1.23 | $1.13 | -8.1% | $918M | -1.9% |
| Jan 17, 2024 | $1.29 | $1.32 | +2.3% | $903M | -3.1% |
| Jan 18, 2023 | $1.24 | $1.04 | -16.1% | $958M | -4.7% |
| Sep 21, 2022 | $1.05 | $1.06 | +1.0% | $941M | -0.3% |
| Jun 22, 2022 | $1.07 | $1.11 | +3.7% | $993M | +2.9% |
| Mar 23, 2022 | $0.73 | $0.80 | +9.6% | $856M | +4.7% |
| Sep 22, 2021 | $0.79 | $0.78 | -1.3% | $827M | +2.7% |
FUL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 16, 2026 | Lauber Charles Tdirector | Grant | 2,895 | — |
| Jul 16, 2026 | HANDLEY THOMAS Wdirector | Grant | 2,895 | — |
| Jul 16, 2026 | Martin Celine Christinedirector | Grant | 2,895 | — |
| Jul 16, 2026 | Kimmelshue Ruthdirector | Grant | 2,895 | — |
| Jul 16, 2026 | FLORNESS DANIEL Ldirector | Grant | 2,895 | — |
| Jul 16, 2026 | Rasmussen Trangsrud Teresa Jdirector | Grant | 2,895 | — |
| Jul 16, 2026 | Happe Michael Jdirector | Grant | 2,895 | — |
| Jul 16, 2026 | Zaheer Srilatadirector | Grant | 2,895 | — |
| Jul 10, 2026 | Magalhaes Joaoofficer: Sr. VP, Engineering Adhesives | Option | 1,658 | $50.10 |
| Jul 7, 2026 | Campe Heatherofficer: Sr. VP, International Growth | Grant | 38 | — |
| Jul 7, 2026 | Corkrean John Jofficer: Executive VP and CFO | Grant | 216 | — |
| Jun 23, 2026 | Campe Heatherofficer: Sr. VP, International Growth | Grant | 35 | — |
| Jun 23, 2026 | Corkrean John Jofficer: Executive VP and CFO | Grant | 196 | — |
| Jun 8, 2026 | Corkrean John Jofficer: Executive VP and CFO | Grant | 210 | — |
| Jun 8, 2026 | Campe Heatherofficer: Sr. VP, International Growth | Grant | 37 | — |
Source: FUL SEC Form 4 filings, latest Jul 16, 2026. For informational purposes only — not investment advice.
See the full FUL insider & 13F page →H.B. Fuller Company company profile
Overview
H.B. Fuller Company (NYSE:FUL) is a Minnesota-based specialty chemicals manufacturer founded in 1887 that has evolved into a global leader in adhesives, sealants, and specialty chemical products. The company operates manufacturing facilities across 36 countries and serves customers in over 100 countries worldwide. Fuller has built its business around providing mission-critical bonding solutions across diverse industries, from packaging and hygiene products to construction and advanced engineering applications. The company has undergone significant strategic transformation in recent years, focusing on higher-margin segments and streamlining its global manufacturing footprint to achieve operational excellence.
Business
H.B. Fuller operates in the specialty chemicals industry, specifically focusing on adhesives, sealants, coatings, and related bonding solutions. The company's products are essential components that enable other manufacturers to assemble, package, and seal their products effectively. Adhesives are substances that bond two surfaces together through chemical or physical means, while sealants prevent the passage of fluids through joints or openings. The company operates through three main business segments: 1. Hygiene, Health and Consumable Adhesives (HHC) - approximately 40% of revenue: This segment produces specialty industrial adhesives for food and beverage packaging, flexible packaging, disposable hygiene products (diapers, feminine care), medical applications, and consumer goods. These are typically high-volume, lower-margin applications where adhesives enable mass production of everyday consumer products. 2. Engineering Adhesives (EA) - approximately 35% of revenue: This segment focuses on high-performance industrial adhesives for demanding applications including automotive assembly, electronics manufacturing, aerospace components, clean energy systems (solar panels, wind turbines), and medical devices. These products command premium pricing due to their specialized performance requirements and technical specifications. 3. Building Adhesive Solutions (BAS, formerly Construction Adhesives) - approximately 25% of revenue: This segment provides products for construction applications including tile setting, commercial roofing, HVAC systems, insulation, and consumer caulks and sealants used by professional contractors and DIY consumers. The company's products range from simple water-based adhesives to sophisticated reactive chemistries that cure under specific conditions like heat, light, or moisture exposure.
Revenue model
H.B. Fuller generates revenue primarily through direct product sales to manufacturers, distributors, and retailers across its three business segments. The company operates on a traditional manufacturing business model where it purchases raw materials (primarily petroleum-based chemicals, resins, and specialty additives), formulates them into adhesive products, and sells the finished goods at a markup. The company's customers are typically original equipment manufacturers (OEMs) and contract manufacturers who integrate Fuller's adhesives into their production processes. In the HHC segment, customers include major consumer goods companies producing diapers, food packaging, and personal care products. Engineering Adhesives serves automotive manufacturers, electronics companies, and aerospace contractors. Building Adhesive Solutions sells to construction material distributors, roofing contractors, and retail chains. Fuller's business model benefits from several margin-enhancing factors: technical specification and qualification processes create switching costs for customers, allowing for premium pricing on specialized formulations. Long-term supply agreements with major OEMs provide revenue stability. The company's global manufacturing footprint enables local production and reduces logistics costs while serving multinational customers. However, margins face pressure from several factors: raw material cost volatility, particularly petroleum-based inputs, can squeeze profitability when Fuller cannot immediately pass through price increases. Competitive pricing pressure exists in commodity-like adhesive applications. Economic downturns affect customer demand, particularly in construction and automotive end markets. The company has been implementing a major restructuring program to reduce manufacturing facilities from 82 to 55 by 2030, targeting $75 million in annual cost savings to improve operational efficiency and margin expansion.
Competitive moat
H.B. Fuller's competitive moat is moderate but meaningful, built primarily around technical expertise, customer relationships, and switching costs rather than strong structural barriers. The company's strongest moat exists in its Engineering Adhesives segment, where highly specified formulations for aerospace, automotive, and electronics applications create significant switching costs. Once an adhesive is qualified for a critical application like aircraft assembly or semiconductor packaging, customers are reluctant to change suppliers due to the extensive testing and regulatory approval processes required. The company benefits from technical know-how and application expertise accumulated over 137 years, allowing it to develop customized solutions for specific customer applications. Fuller's global manufacturing footprint and local technical support provide competitive advantages when serving multinational customers who value consistent product quality and supply chain reliability. However, the moat is not particularly wide. In commodity adhesive applications, particularly within the HHC segment, products can be more easily substituted and price competition is intense. Large chemical companies like Henkel, 3M, and Arkema compete directly with Fuller and possess similar technical capabilities and global reach. The adhesives industry has relatively low barriers to entry for basic formulations, though specialized applications require more expertise. The company's ongoing strategic focus on higher-margin, more technically demanding applications represents an attempt to strengthen its competitive position by moving away from commodity-like segments where differentiation is limited. Recent acquisitions in medical adhesives and fastener solutions target markets with higher switching costs and technical barriers. However, Fuller remains vulnerable to economic downturns affecting its key end markets and faces ongoing pressure from larger, more diversified chemical companies with greater resources for R&D and market development.
Risks & safety
H.B. Fuller presents a moderate margin of safety with manageable financial risks but some operational challenges. • Liquidity and solvency: Current ratio of 1.97x indicates adequate short-term liquidity. Cash position of $106 million provides reasonable buffer, though free cash flow was negative $86 million in Q1 2025 due to working capital investments. • Debt levels: Debt-to-equity ratio of 1.23x is elevated but manageable for an industrial company. Total liabilities of $3.2 billion against total assets of $5.0 billion shows reasonable balance sheet structure. • Valuation metrics: Trading at 13.9x EV/EBITDA and 58.9x P/E ratio based on recent quarters, indicating expensive valuation relative to cyclical earnings. Graham number of $13.23 suggests significant overvaluation from a deep value perspective. • Operational cash generation: Historical operating cash flow of $300+ million annually demonstrates solid cash generation capability, though recent quarter showed negative operating cash flow due to working capital timing. • Other considerations: Company is undergoing major restructuring program requiring $150 million capital investment over five years, creating near-term cash flow pressure but targeting $75 million annual savings. Exposure to cyclical end markets creates earnings volatility risk.
Recent development
Over the past several years, H.B. Fuller has executed a comprehensive strategic transformation focused on portfolio optimization and operational efficiency. The company has systematically divested lower-margin businesses, including the recent sale of its Flooring business, while making strategic acquisitions in higher-margin segments such as medical adhesives (GEM S.r.l. and Medifill Ltd.) and fastener solutions (ND Industries for $250 million). The most significant recent development is Fuller's ambitious manufacturing footprint reduction program announced in 2024, which will reduce manufacturing facilities from 82 to 55 by 2030 and North American warehouses from 55 to 10 by 2027. This restructuring requires approximately $150 million in capital investment over five years but is expected to generate $75 million in annualized cost savings, supporting the company's goal of achieving over 20% EBITDA margins. The company has also been repositioning its product portfolio toward higher-growth, higher-margin applications. In the solar energy market, Fuller is shifting focus from traditional crystalline silicon applications to newer heterojunction (HJT) and other advanced solar technologies. The Engineering Adhesives segment has expanded into medical applications, aerospace, and electric vehicle battery encapsulation systems. Fuller has maintained pricing discipline throughout recent inflationary periods, implementing systematic pricing actions while managing customer relationships. The company has also been reformulating products to manage raw material cost pressures and improve margins. Recent earnings calls indicate management's focus on market share gains through innovation rather than aggressive pricing, particularly in technically demanding applications where Fuller can differentiate its offerings.
FUL company profile · for informational purposes only — not investment advice.
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