At a glance
H B Fuller Company is worth $2.66B, about 18 times its fiscal 2025 earnings. Revenue fell 2.7% to $3.47B in fiscal 2025, with 4.4% kept as profit; over 5 years it has grown 4.5% a year. It pays a 2.01% dividend yield, raised every year for at least 9 years, and returned $324.8M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −16.2% over the past year with dividends reinvested and −5.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.4% in the 2020 crash (S&P 500: 33.7%) and 24.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months after the low.
The business in plain English
H.B. Fuller, founded in 1887 and incorporated in Minnesota, makes adhesives, sealants (materials that seal gaps against water and air) and other specialty chemicals. Industrial adhesives are its core product. Manufacturers use them to build everyday goods such as food and beverage containers, disposable diapers, medical products, footwear, appliances, cars, solar energy systems, electronics and aerospace and defense products. For construction, it supplies waterproofing for roads, bridges and utilities, plus tapes and sealants for commercial roofs.
The company earns its money on product sales. Most products ship straight from its own plants and warehouses, and some go through distributors. It pairs those products with technical support for each customer's needs. Customers range from food, hygiene and appliance makers to carmakers and roofing-system makers, and none accounted for more than 10% of revenue. Most raw materials, such as resins, polymers and synthetic rubbers, come from oil and natural gas.
In fiscal 2025, which ended November 29, 2025, revenue was $3.47 billion, down 2.7%. Hygiene, Health and Consumable Adhesives brought in 44.7%, Engineering Adhesives 30.6% and Building Adhesive Solutions 24.8%. That last segment was formed in fiscal 2025 after the North America Flooring business was sold. By region, the Americas made up 51.3%, Europe, India, the Middle East and Africa 30.1%, and Asia Pacific 18.6%.
Price history
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FUL -16.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Hygiene, Health, and Consumable Adhesives | $1.55B | 44.7% |
| Engineering Adhesives | $1.06B | 30.6% |
| Building Adhesives Solutions | $860.0M | 24.8% |
By geography
| Americas | $1.78B | 51.3% |
| EIMEA | $1.05B | 30.1% |
| Asia Pacific | $644.7M | 18.6% |
Latest results
- In Q3 FY2026 (ended Aug 29, 2026), revenue was $938.2M, up 5.2% from a year earlier, and net income was $79.2M (+17.9%).
- For fiscal 2025, revenue was $3.47B (-2.7% year over year; +4.5% a year from FY2020 to FY2025) with a 4.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.5% watch |
|---|---|
| Free cash flow margin | 3.5% watch |
| Return on equity (FY2025) | 7.6% weak |
| Return on assets (FY2025) | 2.9% weak |
| Net cash (cash minus debt) | $-1.96B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.79B | $123.7M | $244.3M |
| FY2021 | $3.28B | $161.4M | $117.2M |
| FY2022 | $3.75B | $180.3M | $126.5M |
| FY2023 | $3.51B | $144.9M | $259.3M |
| FY2024 | $3.57B | $130.3M | $163.2M |
| FY2025 | $3.47B | $152.0M | $121.2M |
Valuation snapshot
| Market value | $2.66B |
|---|---|
| P/E ratio | 17.9 |
| Dividend yield | 2.01% |
Rank among 1514 US companies
Market value at each year end
H B Fuller’s market value went from $2.43B at the end of 2016 to $2.66B on Oct 28, 2026, up 9%; since the end of 2025 it is down 17%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.66B | -17.4% |
| 2025 | $3.22B | -12.8% |
| 2024 | $3.69B | -16.2% |
| 2023 | $4.40B | +15.2% |
| 2022 | $3.82B | -10.3% |
| 2021 | $4.26B | +58.6% |
| 2020 | $2.68B | +2.1% |
| 2019 | $2.63B | +21.5% |
| 2018 | $2.16B | -20.2% |
| 2017 | $2.71B | +11.5% |
| 2016 | $2.43B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FUL price data to Oct 28, 2026 | -15.6% | -16.2% | -7.3% | -5.5% | +3.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -15.6% |
| 2025 | -10.4% |
| 2024 | -16.2% |
| 2023 | +15.0% |
| 2022 | -10.6% |
| 2021 | +57.8% |
| 2020 | +2.2% |
| 2019 | +22.4% |
| 2018 | -19.8% |
| 2017 | +12.8% |
| 2016 | +34.2% |
| 2015 | -17.1% |
| 2014 | -13.5% |
| 2013 | +50.9% |
| 2012 | +52.4% |
| 2011 | +14.3% |
| 2010 | -8.6% |
| 2009 | +43.5% |
| 2008 | -27.3% |
| 2007 | -12.3% |
| 2006 | +62.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 65.5% over that stretch · deepest drop along the way 66.9%, back to its old high 34.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 47% over that stretch · deepest drop along the way 47.4%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.9% over that stretch · deepest drop along the way 24.9%, back to its old high 4.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 11 open-market purchases ($1.1M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 7, 2026 | R Jeffrey Bailly Director | buy | $500K |
| Sep 28, 2026 | Daniel L Florness Director | buy | $100K |
| Sep 29, 2026 | Charles T Lauber Director | buy | $100K |
| Sep 29, 2026 | Michael J Happe Director | buy | $99K |
| Sep 28, 2026 | Thomas W Handley Director | buy | $99K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.4% | Sep 30, 2025 |
| Vanguard Portfolio Management | 6.91% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5.3% | Jun 30, 2026 |
| Vanguard Capital Management | 5.22% | Mar 31, 2026 |
ETFs with the most weight in FUL
| PSCM Invesco S&P SmallCap Materials ETF | 4.97% |
| JPSV JPMorgan Active Small Cap Value ETF | 1.12% |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 0.99% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 0.78% |
| WCEO Hypatia Women CEO ETF | 0.64% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.61% |
| SNPD Xtrackers S&P Dividend Aristocrats Screened ETF | 0.5% |
| NUSC Nuveen ESG Small-Cap ETF | 0.29% |
What could go wrong
- Raw material costs drive profit margins. Raw materials, mostly oil- and gas-based, were about 75% of production costs in fiscal 2025. A 1% cost change would have moved net income about $12.6 million. Higher costs can't always be passed on quickly.
- Heavy debt load. As of August 29, 2026, total debt was about $2.05 billion against $97 million of cash. The company warns this could tighten its access to cash and restrict its activities.
- Currency swings and overseas politics. Nearly half of fiscal 2025 revenue came from Europe, India, the Middle East, Africa and Asia Pacific. Currency swings, foreign political changes or conflicts like the one in Ukraine could hurt results.
- Deals and reorganizations may disappoint. Acquisitions, business disposals such as the North America Flooring sale, and reorganizations may not work as planned. That could hurt results and force write-downs of goodwill, the premium paid for past acquisitions.
- Product claims and environmental rules. Its adhesives go into diapers, medical products, food containers and aerospace products. A faulty product could bring recalls, lawsuits or regulatory action, and environmental rules add compliance costs.
- Large, well-funded rivals. Every market it serves is competitive. Many rivals belong to large multinationals with more resources, while regional specialists compete locally. More competition could cost market share or force lower prices.
Recent events
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Other company announcement
- Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
For income and retirement investors
H.B. Fuller has raised its dividend at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends per share grew from $0.648 in fiscal 2020 to $0.928 in fiscal 2025, about 7.4% a year. In fiscal 2025 the dividend used 33.1% of earnings and 41.5% of free cash flow (cash left after running and investing in the business). The yield was 2.01% as of October 28, 2026. Share repurchases rose to $60.7 million in fiscal 2025, yet the share count grew 1.9% from January 2022 to September 2026.
The stock has fallen sharply in downturns. It dropped 66.9% in the 2008 financial crisis and took about 35 months from its low to regain its prior peak. It fell 47.4% in the 2020 COVID crash and 24.9% in the 2022 bear market, recovering in about four months each time. Single stocks carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
How does H.B. Fuller make money?
H.B. Fuller makes money by supplying adhesives, sealants and specialty chemicals to manufacturers and the construction industry. Its adhesives go into food and beverage containers, diapers, medical products, cars, electronics and solar energy systems. It also makes roofing tapes and waterproofing for roads and bridges. In fiscal 2025, revenue was $3.47 billion: 44.7% from Hygiene, Health and Consumable Adhesives, 30.6% from Engineering Adhesives and 24.8% from Building Adhesive Solutions. No single customer accounted for more than 10% of revenue.
Does H.B. Fuller raise its dividend every year?
Yes. It has raised its dividend at least nine fiscal years in a row through fiscal 2025, and the streak may be longer. The dividend per share was $0.928 in fiscal 2025, up from $0.648 in fiscal 2020, or about 7.4% growth a year. Past increases do not guarantee future ones, and the board can change the dividend at any time.
What is H.B. Fuller's dividend yield?
H.B. Fuller's dividend yield was 2.01% as of October 28, 2026. The yield is the yearly dividend divided by the share price, so it rises when the price falls. In fiscal 2025 the company paid about $50.3 million in dividends. That was 33.1% of earnings and 41.5% of free cash flow (cash left after running and investing in the business). On the same date, the stock's price was 17.9 times its fiscal 2025 earnings per share.
How much debt does H.B. Fuller have?
H.B. Fuller had about $2.05 billion of total debt and $97 million of cash as of August 29, 2026. Shareholders' equity (assets minus liabilities) was $2.17 billion. On October 28, 2026, all its shares together were worth about $2.66 billion, not much more than its debt. Its annual report warns that this debt could limit its flexibility. It filed notices of new debt agreements in June, July and October 2026.
How has H.B. Fuller stock performed?
The stock has struggled over the past five years. As of October 28, 2026, it was down 16.2% over one year and 25% over five years, though up 34% over ten years. It fell 16.2% in 2024 and 10.4% in 2025, and was down 15.6% in 2026 through October 28. Results were firmer in the quarter ended August 29, 2026: revenue rose 5.2% and net income rose 17.9% from a year earlier.