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H.B. Fuller Company
(NYSE:FUL)
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Rating:61Neutral
Price Target:
$58.00
▲(4.13% Upside)
Action:Reiterated
Date:07/21/26
The score is held back primarily by weak technical trends (price below key moving averages and negative MACD) and only mid-range fundamentals due to uneven cash conversion and leverage. These are partly offset by improving operating margins, reasonable valuation (P/E ~16), and a constructive earnings update with raised full-year guidance and strong Q2 cash flow, though tempered by near-term volume pressure and acquisition-related leverage risk.
Positive Factors
Improving margins and EBITDA expansion
Sustained margin expansion and rising adjusted EBITDA indicate durable operational leverage and pricing power within Fuller’s specialty adhesives portfolio. Higher gross and EBITDA margins provide a structural cushion against input-cost volatility, support reinvestment and margin-accretive M&A, and underpin longer-term profit sustainability.
Negative Factors
Near-term leverage spike to ~4x post-AMS
A pro forma leverage increase to ~4x materially constrains financial flexibility and heightens refinancing and covenant risk if macro or execution setbacks occur. Fuller will depend on timely synergy realization and strong cash flow to deleverage, making capital allocation and integration execution critical over the next 24 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving margins and EBITDA expansion
Sustained margin expansion and rising adjusted EBITDA indicate durable operational leverage and pricing power within Fuller’s specialty adhesives portfolio. Higher gross and EBITDA margins provide a structural cushion against input-cost volatility, support reinvestment and margin-accretive M&A, and underpin longer-term profit sustainability.
Read all positive factors
H.B. Fuller Company (FUL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.97B
Dividend Yield1.74%
Average Volume (3M)853.08K
Price to Earnings (P/E)16.2
Beta (1Y)0.88
Revenue Growth-0.57%
EPS Growth81.10%
CountryUS
Employees7,100
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)3.41
Shares Outstanding53,787,410
10 Day Avg. Volume627,996
30 Day Avg. Volume853,078
Financial Highlights & Ratios
PEG Ratio1.21
Price to Book (P/B)1.59
Price to Sales (P/S)0.92
P/FCF Ratio26.25
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$73.00Price Target Upside31.06% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)4.86
Revenue Forecast (FY)$3.64B
H.B. Fuller Company Business Overview & Revenue Model
Company Description
H.B. 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,...
How the Company Makes Money
H.B. Fuller primarily makes money by manufacturing and selling formulated adhesive, sealant, and coating products to business customers (B2B). Revenue is generated from product sales across three main reporting segments: (1) Hygiene, Health and Co...
H.B. Fuller Company Earnings Call Summary
Earnings Call Date:Jun 24, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Sep 30, 2026
Earnings Call Sentiment Positive
Overall the call was constructive: the company delivered solid Q2 results with revenue, EBITDA, margin and EPS expansion, record second‑quarter cash flow, and clear operational execution amid supply disruptions. Management provided improved full‑year guidance and outlined a strategic, scale‑enhancing acquisition (AMS) with sizable identified synergies that should accelerate medical exposure and margin expansion. Offsetting these positives are continued raw material inflation and supply‑chain disruption, near‑term volume weakness (mid‑single digit expected in H2), and a meaningful near‑term increase in leverage (pro forma ~4x) that prompted investor pushback and share price weakness. Management expects to deleverage within two years and to realize synergies over 2028–2030, but these bring execution and timing risk.Positive Updates
Consolidated Revenue Growth
Total revenue increased 5.8% year‑over‑year in Q2 FY2026, with organic revenue up 2.6% after adjusting for currency and acquisitions; pricing contributed ~3% while volume was slightly negative.
Negative Updates
Volume Pressure and H2 Volume Outlook
Volumes were slightly down in Q2 and management forecasts mid‑single‑digit volume declines in the back half of the year, with consumer‑exposed HHC and automotive in EA cited as most vulnerable.
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated Revenue Growth
Total revenue increased 5.8% year‑over‑year in Q2 FY2026, with organic revenue up 2.6% after adjusting for currency and acquisitions; pricing contributed ~3% while volume was slightly negative.
Read all positive updates
Company Guidance
Management updated fiscal 2026 guidance, now targeting net revenue up mid-single digits and organic revenue up low-single digits versus FY25, with foreign currency translation contributing about +1–2%; adjusted EBITDA is raised to $650–$675 million (midpoint increased), adjusted EPS to $4.60–$4.90, and cash flow from operations to $300–$325 million (cash flow expected to be weighted to the second half). For Q3 they expect net revenue up mid-single digits and adjusted EBITDA of $180–$190 million; this outlook excludes the proposed AMS acquisition. As of Q2 net debt/adjusted EBITDA was ~3.1x, management expects to exit FY26 at ~2.8–2.9x prior to close, pro forma leverage at close to be ~4.0x (excluding run-rate synergies), with a plan to return to a 2.5–3.0x target within two years of closing.H.B. Fuller Company Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
54
Neutral
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.51B | 3.47B | 3.57B | 3.51B | 3.75B | 3.28B |
| Gross Profit | 1.14B | 1.10B | 1.07B | 1.02B | 963.55M | 845.13M |
| EBITDA | 511.88M | 527.08M | 490.50M | 528.60M | 490.43M | 438.12M |
| Net Income | 185.74M | 151.97M | 130.26M | 144.91M | 180.31M | 161.39M |
Balance Sheet | ||||||
| Total Assets | 5.33B | 5.18B | 4.93B | 4.72B | 4.46B | 4.27B |
| Cash, Cash Equivalents and Short-Term Investments | 114.10M | 107.21M | 169.35M | 179.45M | 79.91M | 61.79M |
| Total Debt | 2.07B | 2.02B | 2.07B | 1.90B | 1.80B | 1.65B |
| Total Liabilities | 3.25B | 3.18B | 3.10B | 2.97B | 2.85B | 2.68B |
| Stockholders Equity | 2.08B | 2.00B | 1.83B | 1.76B | 1.61B | 1.60B |
Cash Flow | ||||||
| Free Cash Flow | 140.77M | 121.22M | 163.20M | 259.26M | 126.55M | 117.23M |
| Operating Cash Flow | 322.89M | 263.49M | 302.44M | 378.40M | 256.51M | 213.32M |
| Investing Cash Flow | -191.90M | -232.25M | -407.08M | -319.20M | -375.29M | -94.66M |
| Financing Cash Flow | -129.52M | -107.90M | 112.09M | 35.14M | 160.32M | -154.07M |
H.B. Fuller Company Technical Analysis
Neutral
55.70
Price Trends
59.17
Negative
59.04
Negative
59.60
Negative
Market Momentum
-0.89
Negative
49.71
Neutral
42.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FUL, the sentiment is Neutral. The current price of 55.7 is below the 20-day moving average (MA) of 55.98, below the 50-day MA of 59.17, and below the 200-day MA of 59.60, indicating a neutral trend. The MACD of -0.89 indicates Negative momentum. The RSI at 49.71 is Neutral, neither overbought nor oversold. The STOCH value of 42.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FUL.
H.B. Fuller Company Risk Analysis
H.B. Fuller Company disclosed 21 risk factors in its most recent earnings report. H.B. Fuller Company reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
H.B. Fuller Company Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $3.05B | 34.42 | 33.05% | 1.73% | 10.15% | 3.57% | |
66 Neutral | $2.76B | 28.51 | 7.12% | 1.34% | 7.79% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | $2.97B | 16.22 | 9.16% | 1.71% | -0.57% | 81.10% | |
59 Neutral | $2.67B | 32.91 | 15.30% | 0.55% | 9.32% | -4.81% | |
59 Neutral | $3.33B | 21.12 | 6.64% | 2.91% | 1.33% | 57.45% | |
51 Neutral | $4.99B | -13.91 | -30.38% | ― | 24.25% | -515.23% |
* Basic Materials Sector Average
FUL
H.B. Fuller Company
58.90
2.99
5.35%
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PRM
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108.33%
H.B. Fuller Company Corporate Events
Business Operations and StrategyPrivate Placements and Financing
H.B. Fuller Refinances Credit Facilities, Enhancing Liquidity
Positive
Jul 20, 2026
On July 17, 2026, H.B. Fuller Company amended its existing credit agreement with a syndicate of lenders led by JPMorgan Chase Bank, N.A., refinancing its term A loans with new facilities totaling $420 million and its revolving loans with $700 mill...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
H.B. Fuller to Acquire Advanced Medical Solutions Group
Positive
Jun 26, 2026
On June 25, 2026, H.B. Fuller announced a recommended cash offer, through its medical adhesives subsidiary, to acquire Advanced Medical Solutions Group for £2.85 per share, valuing AMS at about £715 million and to be implemented via a UK...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.