# H.B. Fuller Company (FUL)

> Source: Nexqual · https://nexqual.com/FUL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, H.B. Fuller Company (FUL), nexqual.com/FUL" · informational, not investment advice.

**Price:** USD 50.89 (+0.45% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 50.66 · day 50.39–51.87 · 52w 46.7–68.63 · market cap $2.74B · NYQ

## Key facts
- Last four reported quarters (through Aug 29, 2026): revenue $3.55B, net income $198M (5.6% margin), free cash flow $100M (SEC filings).
- Valuation: P/E 13.9x (avg 27.3x at the last 2 fiscal year-ends), net debt $1.96B.
- 2 of 80 tracked superinvestors hold FUL (13F, Q2 2026): 0 new, 2 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (7 analysts), mean target USD 66.29 (range 55–80).
- Total return with dividends: 1Y -14.5% vs S&P 500 +14.9%; 5Y -22.0% vs S&P 500 +80.3%.
- Next earnings: 2026-09-23, EPS estimate USD 1.36, revenue estimate $946M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.75B | $3.51B | — | $3.57B | $3.47B | $3.55B |
| Gross profit | $964M | $1.01B | — | $1.06B | $1.08B | — |
| Operating income | $323M | $355M | — | $348M | — | — |
| Net income | $180M | $145M | $130M | $130M | $152M | $198M |
| EPS (diluted) | $3.26 | $2.59 | — | $2.30 | $2.75 | — |
| Free cash flow | $127M | $259M | — | $163M | $121M | $100M |
| Gross margin | 25.7% | 28.7% | — | 29.8% | 31.1% | — |
| Operating margin | 8.6% | 10.1% | — | 9.8% | — | — |
| Net margin | 4.8% | 4.1% | — | 3.6% | 4.4% | 5.6% |
| Revenue growth | +14.4% | -6.4% | — | +1.6% | -2.7% | — |
| Cash + short-term investments | $79.9M | $179M | — | $169M | $107M | — |
| Total debt | $1.74B | $1.84B | — | $2.01B | $2.02B | — |
Fiscal years end Nov. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 29, 2026)
P/E 13.9x · P/S 0.8x · EV/Sales 1.3x · P/FCF 27.4x · P/B 1.3x · FCF yield 3.65% · Earnings yield 7.22% · Dividend yield (paid, TTM) 1.89% · Buyback yield (TTM) 1.78% · Net debt $1.96B · EV $4.70B
P/E at fiscal year-ends: Nov 2025 21.2x, Nov 2024 33.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold FUL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 1.30% | $142M | Added +3.1% |
| First Eagle Investment | First Eagle Investment Management | 0.03% | $19.8M | Added +48.5% |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 7 analysts; mean target USD 66.29 (low 55, high 80).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | UBS | Target lowered | Neutral | $69 → $55 |
| 2026-09-29 | Deutsche Bank | Target lowered | Buy | $72 → $62 |
| 2026-09-28 | JP Morgan | Target lowered | Overweight | $67 → $66 |
| 2026-09-28 | Citigroup | Target lowered | Buy | $75 → $63 |
| 2026-09-25 | Baird | Target lowered | Outperform | $75 → $65 |
| 2026-06-30 | Citigroup | Target raised | Buy | $70 → $75 |
| 2026-06-30 | Deutsche Bank | Target raised | Buy | $70 → $72 |
| 2026-06-26 | JP Morgan | Upgrade | Neutral → Overweight | $58 → $67 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -14.5% | -22.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -14.6% | -4.8% |
| Volatility (annualized) | 33.5% | 30.1% |
| Max drawdown | -27.0% (Feb 2026→Mar 2026) | -41.1% (Aug 2024→Mar 2026) |

## Peers (Specialty Chemicals)
BCPC (Balchem Corporation) USD 173.23 +1.43% · SXT (Sensient Technologies Corporati) USD 130.94 -0.95% · EMN (Eastman Chemical Company) USD 65.31 +2.85% · AXTA (Axalta Coating Systems Ltd.) USD 35.05 +0.20% · NEU (NewMarket Corp) USD 876.33 -0.98% · ESI (Element Solutions Inc.) USD 33.11 -8.89%

## More
Full page: https://nexqual.com/FUL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-08-29)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Hygiene Health & Consumable Adhesives | $413.0M | 44.0% | +7.0% |
| Engineering Adhesives | $278.7M | 29.7% | +2.4% |
| Building Adhesives Solutions | $246.5M | 26.3% | +5.5% |
| Construction Adhesives | $246.5M | 26.3% | +5.5% |
| Total revenue | $938.2M | 100% | — |
The lines above cover 126.3% of total revenue.

## Revenue by region (quarter ended 2026-08-29)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $483.7M | 51.6% | +4.3% |
| EIMEA | $290.4M | 31.0% | +7.6% |
| Asia Pacific | $164.1M | 17.5% | +3.6% |
| Total revenue | $938.2M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $1.36 | $1.43 | -5.0% | $946.2M | 7 |
| Next quarter (ends 2027-02-28) | $0.71 | $0.76 | -6.7% | $856.3M | 3 |
| Current fiscal year (ends 2026-11-30) | $4.85 | $4.87 | -0.4% | $3.61B | 7 |
| Next fiscal year (ends 2027-11-30) | $5.15 | $5.32 | -3.2% | $3.87B | 7 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 36.0% | ±8.2% |
| 2026-12-18 | 56 | 36.8% | ±11.6% |
| 2027-02-19 | 119 | 30.1% | ±13.9% |
| 2027-05-21 | 210 | 36.2% | ±21.7% |