FUL
H.B. Fuller Company
FUL's fundamentals are mixed, but it looks cheap: trading at 14x earnings, below its usual 23x. Analysts expect earnings growth.
FUL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Under pressure | |
| Weak |
FUL's profitability is currently healthy, and its revenue is stable, but its cash flow and balance sheet are under pressure.
FUL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 9.5x | $49.47 | — |
| Current | 14x | $49.47 | — |
| Cheap | 19x | $68.86 | +39% |
| Fair | 23x | $83.11 | +68% |
| Expensive | 28x | $100 | +102% |
Historical ranges are pointers, not guarantees.
FUL's PE is in its cheap range at 14x. If earnings grow as analysts expect, today's price would be 9.5x next year's earnings.
FUL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for FUL, with profitability holding steady.
FUL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.23 | +46% |
| Q3 2026 | $3.58 | +72% |
| Q2 2026 | $3.36 | +83% |
| Q1 2026 | $2.89 | +45% |
| Q4 2025 | $2.75 | +20% |
| Q3 2025 | $2.08 | -36% |
| Q2 2025 | $1.84 | -37% |
| Q1 2025 | $1.99 | -28% |
| Q4 2024 | $2.30 | -11% |
FUL earned $3.58 per share over the past year, up 72% from the year before.
FUL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $938.2M | +5.2% |
| Q2 2026 | $950.3M | +5.8% |
| Q1 2026 | $770.8M | -2.3% |
| Q4 2025 | $894.8M | -3.1% |
| Q3 2025 | $892M | -2.8% |
| Q2 2025 | $898.1M | -2.1% |
| Q1 2025 | $788.7M | -2.7% |
| Q4 2024 | $923.3M | +2.3% |
FUL's revenue grew through 2021 and has held roughly level since: $938M last quarter, up 5.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | -1.6 points |
| Q2 2026 | 9.7% | -1.5 points |
| Q1 2026 | 3.6% | -2.3 points |
| Q4 2025 | 4.5% | -3.7 points |
| Q3 2025 | 12% | +1 points |
| Q2 2025 | 11% | +0.2 points |
| Q1 2025 | 5.9% | -2.4 points |
| Q4 2024 | 8.3% | -4.3 points |
FUL's operating margin was 11% last quarter, down 1.6 points from the same quarter a year ago.
FUL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $28.2M | -59% |
| Q2 2026 | $74.5M | -5.9% |
| Q1 2026 | -$61.7M | +$24.2M |
| Q4 2025 | $59.1M | -0.3% |
| Q3 2025 | $68.9M | +5.7% |
| Q2 2025 | $79.1M | +128% |
| Q1 2025 | -$85.9M | -2217% |
| Q4 2024 | $59.2M | -61% |
FUL still generates free cash flow, though less than at its 2022 peak: $100M over the past year.
FUL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -163K shares |
| 1 year | -0.5% | -256K shares |
| 3 years | -2% | -1.1M shares |
| 5 years | +0.5% | +260K shares |
| Available history | +4.7% | +2.5M shares |
FUL has 55M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $91,000 |
| Q2 2026 | $45.8M |
| Q1 2026 | $2.9M |
| Q4 2025 | $15,000 |
| Q3 2025 | $64,000 |
| Q2 2025 | $16.3M |
| Q1 2025 | $44.4M |
| Q4 2024 | $187,000 |
FUL spent $49M buying back its own shares over the past year, down 20% from the year before.
FUL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.4x | High |
| Q2 2026 | 4.3x | High |
| Q1 2026 | 4.3x | High |
| Q4 2025 | 4.0x | High |
| Q3 2025 | 3.8x | Elevated |
| Q2 2025 | 4.0x | Elevated |
| Q1 2025 | 4.1x | High |
| Q4 2024 | 3.5x | Elevated |
FUL's net debt is about 4.4 years of its operating earnings (EBITDA), up from 3.8 years a year ago.
FUL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.1 | Neutral |
| Stochastic | 17.0 | Oversold |
FUL's weekly RSI is 39 (neutral) and its Stochastic is 17 (oversold).
FUL PE vs Basic Materials Sector
| Metric | FUL | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 19x | 26% below |
| PE % | 2 | 40 | 38 pts below |
FUL is trading at 14x earnings, a 26% discount to the Basic Materials sector's median of 19x.
FUL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $50.0 | 1% below |
| 20 week MA | $53.8 | 8% below |
| 50 week MA | $58.2 | 15% below |
| 100 week MA | $58.4 | 15% below |
| 200 week MA | $66.4 | 25% below |
FUL is in a downtrend: it's below all five of its weekly moving averages, and 25% below its 200-week average.
FUL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $51.8 | $53.3 | +2.9% |
| 2021 | $53.3 | $79.1 | +48% |
| 2022 | $79.1 | $73.6 | -7% |
| 2023 | $73.6 | $81.4 | +11% |
| 2024 | $81.4 | $67.6 | -17% |
| 2025 | $67.6 | $60.8 | -10% |
| 2026 YTD | $60.8 | $49.5 | -19% |
FUL has finished lower in three of the last six years. It's down 19% so far in 2026.