The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.
Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.
On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.
One stock to keep an eye on is H. B. Fuller (FUL - Free Report) . FUL is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 12.94. This compares to its industry's average Forward P/E of 21.81. Over the past year, FUL's Forward P/E has been as high as 18.44 and as low as 11.31, with a median of 13.44.
Investors will also notice that FUL has a PEG ratio of 0.89. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. FUL's industry currently sports an average PEG of 1.46. FUL's PEG has been as high as 1.54 and as low as 0.71, with a median of 1.01, all within the past year.
Another notable valuation metric for FUL is its P/B ratio of 1.75. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. FUL's current P/B looks attractive when compared to its industry's average P/B of 3.77. FUL's P/B has been as high as 2.49 and as low as 1.48, with a median of 1.77, over the past year.
Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. FUL has a P/S ratio of 0.87. This compares to its industry's average P/S of 1.96.
Finally, our model also underscores that FUL has a P/CF ratio of 11.92. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. FUL's current P/CF looks attractive when compared to its industry's average P/CF of 15.34. Within the past 12 months, FUL's P/CF has been as high as 14.30 and as low as 9.48, with a median of 11.67.
These are only a few of the key metrics included in H. B. Fuller's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, FUL looks like an impressive value stock at the moment.
CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group LLC (together with its affiliates, “Ancora”), a meaningful shareholder of H.B. Fuller Company (NYSE: FUL) (“H.B. Fuller” or the “Company”), today reaffirmed its proposal to acquire the Company's Building Adhesive Solutions (“BAS”) segment following H.B. Fuller's Board of Directors' (the “Board”) baseless rejection of the offer and issued the following statement: “First and foremost, Ancora reaffirms the offer that it recently submitted, as it is.
H.B. Fuller Company (âH.B. Fullerâ or âthe Companyâ) (NYSE: FUL), the world's largest pureplay adhesives company, today announced that, following a thor
It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.8% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: H. B. Fuller (FUL - Free Report) H.B. Fuller is a global formulator, manufacturer, and marketer of adhesives, sealants, coatings, tapes, encapsulants and related specialty chemical products for packaging, hygiene, durable assembly, electronics, transportation, construction and other industrial and consumer applications. The company has sales operations in 34 countries and manufactures at a combined network of plants across the United States and abroad.
FUL is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 12.06; value investors should take notice.
Three analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.09 to $4.87 per share. FUL boasts an average earnings surprise of +2.4%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, FUL should be on investors' short list.
ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (“H.B. Fuller” or “the Company”) (NYSE: FUL), the world's largest pureplay adhesives company, today announced that, following a thorough review supported by independent financial and legal advisors, its Board of Directors has unanimously rejected Ancora's unsolicited, non-binding proposal to acquire its Building Adhesives Solutions (“BAS”) business. The full text of H.B. Fuller's Board's response letter is set forth below. Dear Fredrick and.
NEW YORK--(BUSINESS WIRE)--Engine Capital LP (together with its affiliates, “Engine” or “we”), which owns approximately 2% of the outstanding shares of common stock of H.B. Fuller Company (NYSE: FUL) (“H.B. Fuller” or the “Company”), today released the following letter sent to the Company's Board of Directors. *** August 14, 2026 H.B. Fuller Company 1200 Willow Lake Boulevard, P.O. Box 64683 St. Paul, Minnesota 55164-0683 Attention: The Board of Directors Members of the Board of Directors (the.
H.B. Fuller Company remains a Buy candidate, with recent improvements in revenue and profitability despite prior underperformance and share price decline. FUL's acquisition of Advanced Medical Solutions Group expands its total addressable market by $15 billion, but increases leverage and hinges on realizing $55 million in synergies. The company is evaluating an unsolicited $1.1–$1.2 billion cash offer for its Building Adhesives Solutions segment, which could reduce debt but permanently lower profitability.
ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (“H.B. Fuller”) (NYSE: FUL), the world's largest pureplay adhesives company, today announced that shareholders of Advanced Medical Solutions Group plc (“AMS”) (LSE:AMS) approved H.B. Fuller's proposed acquisition of AMS at specially convened meetings of AMS shareholders held on August 12, 2026. "We are pleased with this significant milestone," said Celeste Mastin, president and chief executive officer of H.B. Fuller. "AMS is an exceptional c.
ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (“H.B. Fuller” or “the Company”) (NYSE: FUL), the world’s largest pureplay adhesives company, confirmed receipt of an unsolicited proposal today from Ancora Holdings Group to acquire its Building Adhesives Solutions (“BAS”) business for between $1.1 billion and $1.2 billion in cash.
Although Ancora previously expressed a passing verbal interest in BAS, the letter received today, simultaneous to the news being made public, represents the first offer that Ancora has made for this business.
H.B. Fuller’s management team and Board of Directors regularly review the Company’s portfolio to maximize shareholder value creation. Consistent with that focus, the Board will carefully evaluate the proposal in consultation with its financial and legal advisors.
About H.B. Fuller
As the largest pureplay adhesives company in the world, H.B. Fuller’s (NYSE: FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2025 revenue of $3.5 billion, our mission to Connect What Matters is brought to life by more than 7,100 global team members who collaborate with customers across more than 30 market segments in 150 countries to develop highly specified solutions that enable customers to bring world-changing innovations to their end markets. Learn more at www.hbfuller.com.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.
On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.
One company to watch right now is H. B. Fuller (FUL - Free Report) . FUL is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value. The stock has a Forward P/E ratio of 12.94. This compares to its industry's average Forward P/E of 22.06. Over the past year, FUL's Forward P/E has been as high as 18.44 and as low as 11.31, with a median of 13.44.
Investors will also notice that FUL has a PEG ratio of 0.89. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. FUL's industry has an average PEG of 1.39 right now. FUL's PEG has been as high as 1.54 and as low as 0.71, with a median of 1.01, all within the past year.
Investors should also recognize that FUL has a P/B ratio of 1.75. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 3.29. Over the past 12 months, FUL's P/B has been as high as 2.49 and as low as 1.48, with a median of 1.77.
Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. FUL has a P/S ratio of 0.95. This compares to its industry's average P/S of 2.03.
Finally, investors will want to recognize that FUL has a P/CF ratio of 11.92. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 13.82. Over the past 52 weeks, FUL's P/CF has been as high as 14.30 and as low as 9.48, with a median of 11.67.
These are only a few of the key metrics included in H. B. Fuller's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, FUL looks like an impressive value stock at the moment.
CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group LLC (together with its affiliates, “Ancora”), a meaningful shareholder of H.B. Fuller Company (NYSE: FUL) (“H.B. Fuller” or the “Company”), today released the below correspondence sent to the Company's Board of Directors regarding Ancora's proposal to acquire H.B. Fuller's Building Adhesive Solutions (“BAS”) segment for between $1.1 billion and $1.2 billion in cash. The full text of the letter follows: August 12, 2026 H.B. Fuller Company Attn: T.
Investors interested in Chemical - Specialty stocks are likely familiar with H. B. Fuller (FUL - Free Report) and Novozymes A/S (NVZMY - Free Report) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.
We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.
H. B. Fuller and Novozymes A/S are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that FUL has an improving earnings outlook. But this is just one piece of the puzzle for value investors.
Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.
The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.
FUL currently has a forward P/E ratio of 12.15, while NVZMY has a forward P/E of 26.93. We also note that FUL has a PEG ratio of 0.64. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. NVZMY currently has a PEG ratio of 3.06.
Another notable valuation metric for FUL is its P/B ratio of 1.53. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, NVZMY has a P/B of 2.12.
These are just a few of the metrics contributing to FUL's Value grade of A and NVZMY's Value grade of F.
FUL stands above NVZMY thanks to its solid earnings outlook, and based on these valuation figures, we also feel that FUL is the superior value option right now.
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Fifth Third Bancorp increased its holdings in shares of H. B. Fuller Company (NYSE:FUL – Free Report) by 3,222.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,518 shares of the specialty chemicals company’s stock after buying an additional 15,051 shares during the quarter. Fifth Third Bancorp’s holdings in H. B. Fuller were worth $957,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new position in shares of H. B. Fuller in the fourth quarter worth about $44,203,000. UBS Group AG increased its position in H. B. Fuller by 200.8% during the 3rd quarter. UBS Group AG now owns 820,871 shares of the specialty chemicals company’s stock worth $48,661,000 after purchasing an additional 548,017 shares in the last quarter. Verition Fund Management LLC lifted its stake in H. B. Fuller by 1,379.5% in the 4th quarter. Verition Fund Management LLC now owns 383,955 shares of the specialty chemicals company’s stock valued at $22,830,000 after purchasing an additional 358,003 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in H. B. Fuller by 52.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 820,255 shares of the specialty chemicals company’s stock valued at $48,772,000 after purchasing an additional 281,707 shares during the last quarter. Finally, Deprince Race & Zollo Inc. boosted its position in H. B. Fuller by 38.7% in the fourth quarter. Deprince Race & Zollo Inc. now owns 771,058 shares of the specialty chemicals company’s stock valued at $45,847,000 after buying an additional 215,181 shares in the last quarter. Institutional investors own 95.93% of the company’s stock.
H. B. Fuller Trading Down 0.2% Shares of FUL stock opened at $55.56 on Monday. H. B. Fuller Company has a 1-year low of $48.71 and a 1-year high of $68.63. The company has a current ratio of 1.80, a quick ratio of 1.12 and a debt-to-equity ratio of 1.00. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 0.60 and a beta of 0.98. The stock has a 50-day moving average of $59.77 and a 200-day moving average of $60.85.
H. B. Fuller (NYSE:FUL – Get Free Report) last announced its earnings results on Thursday, June 25th. The specialty chemicals company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.37 by $0.04. The business had revenue of $950.27 million for the quarter, compared to analysts’ expectations of $924.83 million. H. B. Fuller had a return on equity of 12.18% and a net margin of 5.29%.The firm’s revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.18 earnings per share. On average, equities research analysts forecast that H. B. Fuller Company will post 4.87 earnings per share for the current year.
H. B. Fuller Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 13th. Stockholders of record on Thursday, July 30th will be given a dividend of $0.245 per share. The ex-dividend date is Thursday, July 30th. This represents a $0.98 annualized dividend and a dividend yield of 1.8%. H. B. Fuller’s dividend payout ratio is 30.06%.
Wall Street Analysts Forecast Growth A number of research analysts have recently commented on the company. Wall Street Zen cut H. B. Fuller from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Citigroup upped their target price on H. B. Fuller from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Deutsche Bank Aktiengesellschaft increased their target price on H. B. Fuller from $70.00 to $72.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. UBS Group set a $69.00 price target on H. B. Fuller in a research note on Friday, June 26th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of H. B. Fuller in a report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.86.
View Our Latest Report on FUL
H. B. Fuller Profile (Free Report)
H. B. Fuller Company, founded in 1887 and headquartered in St. Paul, Minnesota, is a global adhesives and specialty chemical solutions provider serving a wide array of industries. The company develops, manufactures and markets adhesive technologies, sealants, polymers and related chemical products designed to enhance product performance, sustainability and manufacturing efficiency.
Fuller’s product portfolio spans multiple market segments, including packaging and converting, general industrial assembly, electronics, transportation, hygiene and construction.
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Dimensional Fund Advisors LP raised its stake in H. B. Fuller Company (NYSE:FUL – Free Report) by 5.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,608,006 shares of the specialty chemicals company’s stock after buying an additional 132,558 shares during the quarter. Dimensional Fund Advisors LP owned approximately 4.79% of H. B. Fuller worth $160,854,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Cooke & Bieler LP raised its holdings in shares of H. B. Fuller by 13.3% during the 4th quarter. Cooke & Bieler LP now owns 1,677,674 shares of the specialty chemicals company’s stock worth $99,754,000 after acquiring an additional 196,644 shares during the period. Victory Capital Management Inc. grew its holdings in shares of H. B. Fuller by 5.7% in the fourth quarter. Victory Capital Management Inc. now owns 1,228,068 shares of the specialty chemicals company’s stock valued at $73,021,000 after purchasing an additional 66,686 shares during the period. UBS Group AG grew its holdings in shares of H. B. Fuller by 35.0% in the fourth quarter. UBS Group AG now owns 1,108,261 shares of the specialty chemicals company’s stock valued at $65,897,000 after purchasing an additional 287,390 shares during the period. Wellington Management Group LLP increased its position in H. B. Fuller by 3.6% during the third quarter. Wellington Management Group LLP now owns 976,005 shares of the specialty chemicals company’s stock worth $57,858,000 after purchasing an additional 33,522 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in H. B. Fuller by 4.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 879,199 shares of the specialty chemicals company’s stock worth $52,277,000 after purchasing an additional 37,077 shares during the last quarter. 95.93% of the stock is owned by institutional investors and hedge funds.
H. B. Fuller Trading Up 0.8% Shares of NYSE FUL opened at $55.56 on Friday. H. B. Fuller Company has a twelve month low of $48.71 and a twelve month high of $68.63. The company has a current ratio of 1.80, a quick ratio of 1.12 and a debt-to-equity ratio of 1.00. The stock has a fifty day simple moving average of $59.77 and a 200-day simple moving average of $60.85. The stock has a market capitalization of $2.99 billion, a PE ratio of 17.04, a PEG ratio of 0.60 and a beta of 0.98.
H. B. Fuller (NYSE:FUL – Get Free Report) last posted its quarterly earnings data on Thursday, June 25th. The specialty chemicals company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.04. H. B. Fuller had a return on equity of 12.18% and a net margin of 5.29%.The firm had revenue of $950.27 million for the quarter, compared to the consensus estimate of $924.83 million. During the same quarter in the previous year, the business earned $1.18 EPS. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. On average, equities analysts forecast that H. B. Fuller Company will post 4.87 earnings per share for the current year.
H. B. Fuller Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Thursday, July 30th will be paid a dividend of $0.245 per share. The ex-dividend date is Thursday, July 30th. This represents a $0.98 dividend on an annualized basis and a yield of 1.8%. H. B. Fuller’s dividend payout ratio is 30.06%.
Analyst Ratings Changes FUL has been the topic of several recent analyst reports. Royal Bank Of Canada set a $58.00 target price on shares of H. B. Fuller in a report on Wednesday, May 27th. Raymond James Financial set a $67.00 price target on shares of H. B. Fuller in a report on Friday, June 26th. JPMorgan Chase & Co. raised shares of H. B. Fuller from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $58.00 to $67.00 in a research report on Friday, June 26th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of H. B. Fuller in a research report on Tuesday, June 30th. Finally, Citigroup increased their price objective on H. B. Fuller from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $67.86.
Get Our Latest Research Report on FUL
H. B. Fuller Profile (Free Report)
H. B. Fuller Company, founded in 1887 and headquartered in St. Paul, Minnesota, is a global adhesives and specialty chemical solutions provider serving a wide array of industries. The company develops, manufactures and markets adhesive technologies, sealants, polymers and related chemical products designed to enhance product performance, sustainability and manufacturing efficiency.
Fuller’s product portfolio spans multiple market segments, including packaging and converting, general industrial assembly, electronics, transportation, hygiene and construction.
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A month has gone by since the last earnings report for H. B. Fuller (FUL - Free Report) . Shares have lost about 11% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is H. B. Fuller due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.
Key highlightsH.B. Fuller logged earnings (as reported) of $1.23 per share for the second quarter of fiscal 2026 (ended May 30, 2026), compared with 76 cents reported a year ago.
Barring one-time items, adjusted earnings for the quarter were $1.41 per share, up 19% year over year. It beat the Zacks Consensus Estimate of $1.37.
The company posted revenues of $950.3 million, up around 6% year over year. It surpassed the Zacks Consensus Estimate of $927 million. Organic growth was up 2.6%.
Adjusted EBITDA was $181 million, up 9% year over year, with a margin of 19.1% versus 18.4% a year ago.
Revenue growth was driven by pricing and currency, offsetting modest volume weakness. Margin expansion in the quarter reflected realized pricing and Quantum Leap restructuring, partially offset by higher variable compensation and currency impacts.
Segment PerformanceHHC: Revenues were $421.9 million with organic revenue up 3% year over year. Adjusted EBITDA was $75.6M (up 22% y/y) with a margin of 17.9%, up 230 basis points (bps). Strength was seen in medical, tape & label and end-of-line packaging, offset by weak flexible packaging.
EA: Revenues were $283.2 million with organic growth of roughly 5% excluding solar exit. Aerospace was up 30% while electronics and general industries rose by double digits. Automotive declined by mid-single digits. Adjusted EBITDA was $63.5 million (flat year over year), with a margin of 22.4% (down 50 bps) due to higher variable comparisons.
BAS: Revenues were $245.2 million with organic growth of 6%. Adjusted EBITDA of $41.4 million rose 10% year over year with a margin of 16.9% (up 20 bps), led by glass and infrastructure/mechanical strength.
Cash Flow, Balance Sheet, Capital AllocationOperating cash flow was $121 million (a second-quarter record), supporting roughly 750,000 share repurchases in the quarter. Net leverage improved to 3.1x. Management continues Quantum Leap restructuring and Project ONE ERP, which are contributing to efficiency and margin gains.
GuidanceThe company expects fiscal 2026 (ex-AMS) net revenues to be up mid-single digits with organic growth of low single digits. Currency impacts are expected to be positive 1-2%.
Adjusted EBITDA is projected to be $650-$675 million. Adjusted earnings per share for fiscal 2026 are now forecast to be $4.60-$4.90.
Cash flow from operations for fiscal 2026 is expected to be in the range of $300 million to $325 million, weighted to the second half.
Net revenues for the fiscal third quarter are projected to rise mid-single digits. The company sees adjusted EBITDA of $180-$190 million for the quarter.
Management expects pricing in high-single-digits in the second half and volumes down low- to mid-single-digits. BAS is positioned for a stronger second half, EA is expected to improve as the solar exit laps, while HHC is more exposed to consumer softness. The proposed AMS acquisition is excluded from fiscal 2026 guidance.
How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in estimates review.
VGM ScoresAt this time, H. B. Fuller has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock has a score of A on the value side, putting it in the top quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise H. B. Fuller has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.
Key Takeaways EV-to-EBITDA offers a fuller view of valuation by accounting for debt, unlike traditional P/E ratios.CLDT, PARR, ARCO, CAL and FUL are screened as value stocks with low EV-to-EBITDA ratios.Each stock meets strict criteria, including valuation, trading volume, price, growth, and Value Score. The price-to-earnings (P/E) ratio is widely regarded as a yardstick for assessing a stock’s fair value. It is commonly used by investors to identify attractively priced stocks. However, despite its popularity, this valuation metric has notable shortcomings.
While P/E remains the most widely used equity valuation ratio, a more comprehensive metric called EV-to-EBITDA often provides a more accurate assessment of a company’s value. Frequently considered a better alternative to P/E, this ratio delivers a clearer view of a firm’s valuation and earnings-generating potential.
Chatham Lodging Trust (CLDT - Free Report) , Par Pacific Holdings, Inc. (PARR - Free Report) , Arcos Dorados Holdings Inc. (ARCO - Free Report) , Caleres, Inc. (CAL - Free Report) and H.B. Fuller Company (FUL - Free Report) are some stocks with attractive EV-to-EBITDA ratios.
EV-to-EBITDA Is a Better Approach, Here’s WhyEV-to-EBITDA is essentially the enterprise value (EV) of a stock divided by its earnings before interest, taxes, depreciation and amortization (EBITDA). EV is the sum of a company’s market capitalization, its debt and preferred stock minus cash and cash equivalents. EBITDA, the other component of the multiple, gives a better idea of a company’s profitability as it removes the impact of non-cash expenses like depreciation and amortization that reduce net earnings. It is also often used as a proxy for cash flows.
Just like P/E, the lower the EV-to-EBITDA ratio, the more attractive it is. A low EV-to-EBITDA ratio could signal that a stock is potentially undervalued. EV-to-EBITDA takes into account the debt on a company’s balance sheet, which the P/E ratio does not. For this reason, EV-to-EBITDA is generally used to value potential acquisition targets as it shows the amount of debt the acquirer has to assume. Stocks boasting a low EV-to-EBITDA multiple could be seen as attractive takeover candidates.
P/E can’t be used to value a loss-making firm. A firm’s earnings are also subject to accounting estimates and management manipulation. In contrast, EV-to-EBITDA is harder to manipulate and can be used to value companies that have negative net earnings but are positive on the EBITDA front. EV-to-EBITDA is also a useful tool in measuring the value of firms that are highly leveraged and have a high degree of depreciation. It can also be used to compare companies with different levels of debt.
But EV-to-EBITDA has its shortcomings, too. The ratio varies across industries (a high-growth industry typically has a higher multiple and vice versa). It is usually not appropriate when comparing stocks in different industries, given their diverse capital requirements.
A strategy solely based on EV-to-EBITDA might not yield the desired results. However, you can club it with the other major ratios in your stock-investing toolbox, such as price-to-book (P/B), P/E and price-to-sales (P/S) to screen value stocks.
Screening CriteriaHere are the parameters to screen for value stocks:
EV-to-EBITDA 12 Months-Most Recent less than X-Industry Median: A lower EV-to-EBITDA ratio represents a cheaper valuation.
P/E using (F1) less than X-Industry Median: This metric screens stocks that are trading at a discount to their peers.
P/B less than X-Industry Median: A lower P/B compared with the industry average implies that the stock is undervalued.
P/S less than X-Industry Median: The lower the P/S ratio, the more attractive the stock is, as investors will have to pay a smaller price for the same amount of sales generated by the company.
Estimated One-Year EPS Growth F(1)/F(0) greater than or equal to X-Industry Median: This parameter will help in screening stocks that have growth rates higher than the industry median.
Average 20-day Volume greater than or equal to 100,000: The addition of this metric ensures that shares can be traded easily.
Current Price greater than or equal to $5: This parameter will help in screening stocks that are trading at a minimum price of $5 or higher.
Zacks Rank less than or equal to 2: It is a fundamental truth that stocks with a Zacks Rank #1 (Strong Buy) or 2 (Buy) have always managed to beat adversities and outperform the market.
Value Score of less than or equal to B: Our research shows that stocks with a Value Score of A or B, when combined with a Zacks Rank #1 or 2, offer the best upside potential.
Here are our five picks out of the 12 stocks that passed the screen:
Chatham Lodging Trust is a lodging real estate investment trust that invests in premium-branded upscale extended-stay and select-service hotels. This Zacks Rank #1 company has a Value Score of A.
Chatham Lodging Trust has an expected year-over-year earnings growth rate of 26.5% for 2026. The Zacks Consensus Estimate for CLDT’s 2026 earnings has moved up 1.6% over the past 60 days.
Par Pacific Holdings is a growth-oriented energy company supplying conventional and renewable fuels across the western United States. This Zacks Rank #1 company has a Value Score of A. You can see the complete list of today’s Zacks #1 Rank stocks here.
Par Pacific Holdings has an expected year-over-year earnings growth rate of 136.1% for 2026. The consensus estimate for PARR’s 2026 earnings has moved up 30.1% over the past 60 days.
Arcos Dorados Holdings operates as a franchisee of McDonald's. It operates the largest quick-service restaurant chain in Latin America and the Caribbean. This Zacks Rank #1 company has a Value Score of A.
Arcos Dorados Holdings has an expected year-over-year earnings growth rate of 180.8% for 2026. The Zacks Consensus Estimate for ARCO’s 2026 earnings has been revised 7.4% upward over the past 60 days.
Caleres designs, develops, sources, manufactures and distributes footwear in the United States, Canada, East Asia and internationally. This Zacks Rank #2 stock has a Value Score of A.
Caleres has an expected year-over-year earnings growth rate of 37% for the current fiscal year. The consensus estimate for CAL’s current fiscal-year earnings has moved up 3.2% over the past 60 days.
H.B. Fuller is a global formulator, manufacturer and marketer of adhesives, sealants, coatings, tapes, encapsulants and related specialty chemical products. This Zacks Rank #2 stock has a Value Score of A.
H.B. Fuller has an expected year-over-year earnings growth rate of 14.9% for the current fiscal year. The Zacks Consensus Estimate for FUL’s current fiscal-year earnings has moved up 2.1% over the past 60 days.
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Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: H. B. Fuller (FUL - Free Report) H.B. Fuller is a global formulator, manufacturer, and marketer of adhesives, sealants, coatings, tapes, encapsulants and related specialty chemical products for packaging, hygiene, durable assembly, electronics, transportation, construction and other industrial and consumer applications. The company has sales operations in 34 countries and manufactures at a combined network of plants across the United States and abroad.
FUL is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 11.7; value investors should take notice.
Three analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.10 to $4.87 per share. FUL also boasts an average earnings surprise of +2.4%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, FUL should be on investors' short list.
ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (NYSE: FUL) today announced that its Board of Directors declared a regular quarterly cash dividend of $0.2450 per share of common stock, payable on August 13, 2026 to shareholders of record at the close of business on July 30, 2026.H.B. Fuller has paid quarterly cash dividends on its common stock for 58 consecutive years.About H.B. FullerAs the largest pureplay adhesives company in the world, H.B. Fuller's (NYSE: FUL) innovative, functional c.
H.B. Fuller Company (NYSE: FUL) today announced that its Board of Directors declared a regular quarterly cash dividend of $0.2450 per share of common stock, pay
Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.
Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.
In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.
One company to watch right now is H. B. Fuller (FUL - Free Report) . FUL is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock holds a P/E ratio of 12.94, while its industry has an average P/E of 21.58. FUL's Forward P/E has been as high as 18.44 and as low as 11.31, with a median of 13.44, all within the past year.
Investors will also notice that FUL has a PEG ratio of 0.89. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. FUL's PEG compares to its industry's average PEG of 1.32. Over the past 52 weeks, FUL's PEG has been as high as 1.54 and as low as 0.71, with a median of 1.01.
Another valuation metric that we should highlight is FUL's P/B ratio of 1.75. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. FUL's current P/B looks attractive when compared to its industry's average P/B of 4.00. Over the past year, FUL's P/B has been as high as 2.49 and as low as 1.48, with a median of 1.77.
Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. FUL has a P/S ratio of 0.84. This compares to its industry's average P/S of 1.86.
Finally, investors will want to recognize that FUL has a P/CF ratio of 11.92. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. FUL's P/CF compares to its industry's average P/CF of 15.31. Over the past 52 weeks, FUL's P/CF has been as high as 14.30 and as low as 9.48, with a median of 11.67.
These are just a handful of the figures considered in H. B. Fuller's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that FUL is an impressive value stock right now.
Key Takeaways H.B. Fuller is prioritizing higher-value markets after its portfolio realignment and Flooring business sale. FUL grew Q2 revenues 5.8% as pricing, restructuring savings and mix lifted margins despite softer volumes. H.B. Fuller projects fiscal 2026 revenue growth and higher EBITDA, with cash flow weighted to the second half. H.B. Fuller Company (FUL - Free Report) is no longer just a broad specialty chemicals story. The investment debate now centers on whether a cleaner portfolio, stronger pricing discipline and medical expansion can support steadier margins.
That setup looks constructive, but not one-sided. Softer consumer-linked demand, flexible packaging weakness and automotive pressure still limit the near-term volume story.
How FUL Is Reshaping Its BusinessFollowing its fiscal 2025 realignment and the sale of the North America Flooring business, H.B. Fuller reports through three segments: Hygiene, Health & Consumable Adhesives, Engineering Adhesives and Building Adhesive Solutions.
The mix spans packaging, converting, hygiene, healthcare, transportation, electronics, clean energy, aerospace, appliances, roofing, building envelope, HVAC insulation and infrastructure. The strategic direction is clear. FUL is shifting toward more resilient and higher-value niches instead of relying mainly on raw volume growth.
H.B. Fuller Pricing Still Drives ResultsPricing remains the clearest support for the current thesis. In the fiscal second quarter, net revenues rose 5.8% year over year to $950 million, while organic revenues increased 2.6%, helped by pricing that more than offset slightly lower volume.
Margin execution was also stronger. Adjusted gross margin expanded 200 basis points to 34.2%, driven mainly by pricing execution and restructuring savings. Adjusted EBITDA rose 9% to $181 million, while adjusted EBITDA margin improved 70 basis points to 19.1%.
Why FUL Still Faces Demand FrictionThe weaker side of the story is volume. The Hygiene, Health & Consumable Adhesives unit saw strength in medical, tape and label and end-of-line packaging, but flexible packaging remained weak.
Engineering Adhesives also had mixed trends. Aerospace, electronics and general industries were stronger, but automotive declined by mid-single digits. These pressures leave earnings more dependent on price, mix, sourcing and cost control than on a broad-based volume recovery.
Avery Dennison Corporation (AVY - Free Report) gives investors another way to look at materials tied to packaging and labeling demand. RPM International Inc. (RPM - Free Report) , with exposure to specialty coatings, sealants and building materials, is also relevant for investors tracking construction-linked materials trends.
What H.B. Fuller Expects NextFor fiscal 2026, H.B. Fuller still expects net revenues to increase in the mid-single digits and organic revenues to rise in the low single digits. Foreign currency translation is expected to add 1-2% to revenues.
Management now expects adjusted EBITDA of $650-$675 million and adjusted earnings of $4.60-$4.90 per share. Operating cash flow is projected at $300-$325 million, with cash generation weighted to the second half of the year.
FUL Signals for Momentum and ValueThe bottom line is that FUL has a credible margin story, but it still needs to prove that pricing, restructuring and mix can offset uneven end-market demand. The proposed Advanced Medical Solutions acquisition adds another potential higher-margin growth platform, but it also brings integration and leverage considerations.
Shares of FUL have lost 7.2% so far this year against the industry’s 15.7% rise.
Image Source: Zacks Investment Research
FUL currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The stock also has a VGM Score of A, with a Value Score of A, Momentum Score of A and Growth Score of C. That combination points to favorable value and momentum characteristics, while the Growth Score signals that growth questions have not fully disappeared.
Estimate revisions also remain supportive, with the current fiscal-year earnings estimate up 2.1% over the past four weeks. For investors, FUL looks best framed as a margin-and-mix execution story, not a simple volume recovery play.
FUL trades near the low end of its five-year valuation range as improving earnings meet volume, inflation and leverage risks tied to its medical-market expansion.
Key Takeaways FUL is expanding into medical through the proposed Advanced Medical Solutions acquisition to widen its market.FUL saw aerospace rise 30% and electronics post double-digit gains, offsetting weaker automotive demand.FUL used pricing to lift margins despite higher raw material costs, though volume trends remain soft. H.B. Fuller Company (FUL - Free Report) gives investors a focused way to track changing demand in specialty materials. The company is not relying on one end market or one margin lever.
Its current setup rests on three connected trends: deeper exposure to regulated medical markets, solid demand in aerospace and electronics and pricing actions aimed at offsetting inflation and supply disruptions.
H.B. Fuller Pushes Deeper Into MedicalMedical is becoming a more important part of H.B. Fuller’s portfolio. The proposed acquisition of Advanced Medical Solutions would expand the company into tissue bonding adhesives, surgical tapes, dressings and biosurgical products.
The deal is expected to increase H.B. Fuller’s total addressable market by $15 billion to $95 billion. It also supports the company’s goal of reaching an adjusted EBITDA margin of more than 20% by 2028.
This matters because medical demand tends to be more procedure-driven and regulated than many industrial or consumer applications. That can make the business mix less tied to short-cycle demand swings.
3M Company (MMM - Free Report) remains a relevant comparison for investors watching materials innovation across healthcare, electronics and industrial applications. Its breadth shows why higher-specification materials businesses often attract attention when customers need reliability and regulatory know-how.
FUL Benefits From Aerospace and ElectronicsFUL’s growth is not coming from medical alone. In Engineering Adhesives, organic growth was roughly 5% excluding the exit from the lower-margin solar business.
Aerospace was up 30%, while electronics and general industries posted double-digit gains. Those areas are helping offset softness in automotive, where demand remained weaker across regions.
These trends point to the value of higher-performance niches. FUL’s adhesives are tied to applications where reliability, qualification and technical service matter.
Avery Dennison Corporation (AVY - Free Report) is another materials name investors may watch when tracking specialty materials demand. Like FUL, it gives investors exposure to markets where product performance and customer-specific solutions can shape growth.
H.B. Fuller Navigates an Inflation EraPricing remains central to the FUL story. In the second quarter of fiscal 2026, pricing increased net revenues by 3% and more than offset slightly lower volume.
Adjusted gross margin rose 200 basis points to 34.2%, helped by pricing execution and restructuring savings. Adjusted EBITDA increased 9% to $181 million, with adjusted EBITDA margin improving to 19.1%.
The operating backdrop remains unsettled. Nearly 90% of raw materials were higher in the fiscal second quarter versus the first quarter, and more than 50 force majeure events remained in place.
Management expects high-single-digit pricing in the second half. That gives FUL a margin-defense lever, but it also shows that input-cost pressure has not fully eased.
Why FUL Still Needs Better Volume TrendsThe trend story is not a clean cyclical rebound. Volume weakness remains a constraint, especially in more consumer-linked parts of the portfolio.
Flexible packaging stayed soft, and automotive declined by mid-single digits. Management’s fiscal 2026 framework also includes low- to mid-single-digit volume declines in the second half.
That keeps the investment case tied to mix improvement, pricing and restructuring rather than broad volume recovery. FUL can still improve margins, but stronger demand would make the growth profile more balanced.
The solar exit also creates noise in Engineering Adhesives comparisons. As that headwind laps, healthier niches may become easier to see, but the company still needs better volume confirmation.
FUL Screens Well for This Trend SetupThe bottom line is that FUL is participating in attractive specialty materials trends, but the stock still needs a firmer volume backdrop to turn margin resilience into a more decisive growth story.
Shares of FUL have lost 7.2% so far this year against the industry’s 15.7% rise.
Image Source: Zacks Investment Research
FUL currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The stock also has a VGM Score of A, supported by a Value Score of A and Momentum Score of A. Those scores suggest the stock screens well for investors who focus on valuation and earnings-related momentum. The Growth Score of C keeps the signal more balanced, fitting a company with improving mix and pricing power but uneven end-market demand.
The setup is constructive, not risk-free. FUL’s medical expansion, aerospace and electronics exposure, and pricing execution give the stock useful support, while consumer softness, automotive pressure and input-cost volatility remain key areas to watch.
Investors interested in stocks from the Chemical - Specialty sector have probably already heard of H. B. Fuller (FUL - Free Report) and PPG Industries (PPG - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.
Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.
H. B. Fuller and PPG Industries are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that FUL is likely seeing its earnings outlook improve to a greater extent. But this is just one factor that value investors are interested in.
Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.
The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.
FUL currently has a forward P/E ratio of 11.93, while PPG has a forward P/E of 15.81. We also note that FUL has a PEG ratio of 0.63. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. PPG currently has a PEG ratio of 1.83.
Another notable valuation metric for FUL is its P/B ratio of 1.5. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, PPG has a P/B of 3.38.
These are just a few of the metrics contributing to FUL's Value grade of A and PPG's Value grade of C.
FUL is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that FUL is likely the superior value option right now.
Key Takeaways FUL beat Q2 estimates as pricing and restructuring lifted EBITDA, EPS and gross margin.FUL raised its fiscal 2026 profit outlook while projecting high-single-digit pricing in the back half.FUL says the AMS deal would expand its medical adhesives platform and lift margins within 24 months. H.B. Fuller Company (FUL - Free Report) used its second-quarter fiscal 2026 earnings call to make two points clear: pricing is gaining traction across the portfolio, and management sees medical adhesives as the next major leg of its portfolio shift.
The quarter itself came in ahead of the Zacks Consensus Estimate, but the bigger message was forward-looking. Executives spent as much time defending the durability of pricing and raw material assumptions as they did explaining the proposed Advanced Medical Solutions deal.
H.B. Fuller Leans on Price and MixChief executive officer Celeste Mastin said second-quarter execution benefited from global sourcing and rapid pricing actions during the petrochemical supply disruption. Adjusted EBITDA rose 9% year over year to $181 million. Adjusted EPS increased 19% to $1.41, beating the Zacks Consensus Estimate of $1.37. Revenues of $950.3 million topped the Zacks Consensus Estimate of $926.9 million, producing a surprise rate of 2.5%.
Chief financial officer John Corkrean said adjusted gross margin expanded 200 basis points to 34.2%, driven mainly by pricing execution and restructuring savings. Adjusted EBITDA margin improved 70 basis points to 19.1%, showing that pricing was doing more than simply offsetting costs.
Management also pointed to cash flow as a supporting signal. Operating cash flow reached a record second-quarter level of $121 million, while net debt to adjusted EBITDA improved to 3.1 times from 3.4 times a year earlier.
FUL Sees Uneven but Improving DemandMastin described a business that is still navigating mixed end-market conditions. Hygiene, Health and Consumable Adhesives posted 3% organic growth in the quarter, helped by pricing and better supply continuity, while Building Adhesive Solutions delivered 6.2% organic growth on strength in glass, infrastructure and mechanical applications.
Engineering Adhesives was more complicated. The press release showed a 1% organic decline, but during Q&A, Mastin said the segment would have posted about 5% organic growth excluding the lower-margin solar business exit, with aerospace up more than 30% and electronics and general industrials up double digits.
That left automotive and consumer-linked demand as the softer points. Management said volume was only slightly lower in the quarter, but both HHC and EA could face more pressure in the second half if consumer demand weakens further.
H.B. Fuller Lifts Full-Year Profit ViewCorkrean said year-to-date execution supported a higher midpoint for full-year guidance. H.B. Fuller now expects fiscal 2026 adjusted EBITDA of $650 million to $675 million and adjusted EPS of $4.6 to $4.9, while keeping its outlook for mid-single-digit revenue growth and low-single-digit organic growth.
Third-quarter guidance was also firm. Management expects revenues to increase at a mid-single-digit pace and adjusted EBITDA to come in between $180 million and $190 million. Cash flow from operations is now projected at $300 million to $325 million for the year.
The assumptions behind that outlook mattered as much as the figures. Mastin said pricing was running near 6% in May and projected high-single-digit pricing in the back half, while also warning that raw materials had not meaningfully eased and that intermittent shortages remained a risk.
FUL Makes Medical the Strategic CenterpieceThe call’s biggest strategic development was the proposed acquisition of Advanced Medical Solutions. Mastin framed AMS as a rare chance to accelerate H.B. Fuller’s move toward faster-growing, higher-margin and less cyclical medical end markets.
Management said the all-cash 285 pence-per-share offer implies an enterprise value of about GBP 715 million. AMS generated roughly $302 million of fiscal 2025 revenues and about $54 million of adjusted EBITDA after IFRS-to-GAAP conversion, and H.B. Fuller sees about $55 million of run-rate synergies from commercial and cost actions.
Executives argued the deal would expand H.B. Fuller’s medical adhesives platform more than fourfold and help push the combined medical business above 30% EBITDA margins by 2030. They also said the transaction should add about 100 basis points to consolidated EBITDA margin within 24 months of closing.
H.B. Fuller Faces Deal and Demand ScrutinyAnalyst questions focused on leverage, synergy credibility and the logic of buying non-adhesive product lines within AMS. In response, Corkrean said pro forma net leverage at close should be about 4 times, excluding run-rate synergies, with a path back to the 2.5 times to 3 times target range within two years.
A Baird analyst pressed on the unusually high-cost synergy target. Corkrean said about $14 million comes from in-flight Peters Surgical synergies, with the rest tied to public company cost removal, sourcing benefits and back-office rationalization.
On operating conditions, analysts also asked whether falling petrochemical prices could cause customer hesitation. Mastin pushed back, saying nearly 90% of H.B. Fuller’s raw materials were still higher than in the first quarter and that 52 force majeures remained in place.
FUL Leaves a More Assertive MessageThe overall tone coming out of the call was more assertive than defensive. Management repeatedly returned to three points: pricing is working, restructuring savings are landing and the company believes supply-chain disruption is reinforcing its competitive position.
At the same time, leadership did not dismiss the pressure points. Executives acknowledged weaker automotive demand, consumer risk in HHC and a temporarily higher leverage profile if the AMS deal closes.
Zacks Signals on FULFUL carries a Zacks Rank #3 (Hold), with a Value Score of B, Growth Score of C, Momentum Score of A and VGM Score of A. The Hold rating points to a more balanced near-term outlook than a clear outperform signal, while the stronger Value, Momentum and VGM readings indicate more favorable characteristics within those styles. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Style Scores are meant to complement, not override, the Zacks Rank. A Zacks Rank #3 can still be supported by better style grades, but the rank remains the first screen, and it can shift as earnings estimate revisions change after the quarter.
H.B. Fuller is rated a "buy" with a conservative $80/share price target, reflecting improved fundamentals and recent M&A. FUL's recent results validate earnings recovery: near-6% revenue growth, ~20% AEPS improvement, double-digit EBITDA gains, and record operating cash flow. The AMS acquisition is expected to drive margin expansion, higher-quality revenue, and meaningful revenue and cost synergies, supporting long-term profitability.
Q2: 2026-06-24 Earnings SummaryEPS of $1.41 beats by $0.03
|
Revenue of
$950.27M
(5.81% Y/Y)
beats by $25.48M
H.B. Fuller Company (FUL) Q2 2026 Earnings Call June 25, 2026 10:30 AM EDT
Company Participants
Scott Jensen - Investor Relations
Celeste Mastin - President, CEO & Director
John Corkrean - Executive VP & CFO
Conference Call Participants
Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division
Michael Harrison - Seaport Research Partners
Lucas Beaumont - UBS Investment Bank, Research Division
Patrick Cunningham - Citigroup Inc., Research Division
Emily Fusco - Deutsche Bank AG, Research Division
Jeffrey Zekauskas - JPMorgan Chase & Co, Research Division
Kevin McCarthy - Vertical Research Partners, LLC
Rosemarie Morbelli - Gabelli & Company Investment Advisers, Inc.
Presentation
Operator
Hello, and welcome to the H.B. Fuller Second Quarter 2026 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Scott Jensen, Director of Investor Relations. You may begin.
Scott Jensen
Investor Relations
Thank you, operator. Welcome to H.B. Fuller's Second Quarter 2026 Investor Conference Call. Presenting today are Celeste Mastin, President and Chief Executive Officer; and John Corkrean, Executive Vice President and Chief Financial Officer. After our prepared remarks, we will have a question-and-answer session. Before we begin, let me remind everyone that our comments today will include references to certain non-GAAP financial measures. These measures are supplemental to the results determined in accordance with GAAP. We believe that these measures are useful to investors in understanding our operating performance and to compare our performance with other companies.
Reconciliation of non-GAAP measures to the nearest GAAP measure are included in our earnings release. Unless otherwise noted, comments about revenue refer to organic revenue and comments about EPS, EBITDA and profit margins refer to adjusted non-GAAP measures. We will also be making forward-looking statements during this call. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from these expectations due to
U.S. stock futures were higher this morning, with the Nasdaq 100 futures gaining more than 2% on Thursday.
Shares of H.B. Fuller Company (NYSE:FUL) fell sharply in pre-market trading following second-quarter results.
H.B. Fuller posted upbeat earnings for the second quarter and raised its FY2026 earnings outlook. The company also announced offer to acquire Advanced Medical Solutions.
H.B. Fuller shares dipped 8.3% to $59.27 in pre-market trading.
Here are some other stocks moving lower in pre-market trading.
Photo via Shutterstock
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CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”) today released the below statement regarding H.B. Fuller Company (NYSE: FUL) (“H.B. Fuller” or the “Company”) and Advanced Medical Solutions Group plc (“AMS”). Previously, Ancora issued a letter to H.B. Fuller's Board of Directors (the “Board”) regarding its contemplated acquisition of AMS. Fredrick D. DiSanto, Chairman and Chief Executive Officer of Ancora, and James Chadwick, President.
Shares in Advanced Medical Solutions Group (AIM:AMS) rose 16% to 278.14p after the company agreed to a recommended cash takeover by H.B. Fuller, the US adhesives group, valuing it at about £659 million.
Under the terms, shareholders in AMS, the AIM-listed surgical adhesives and wound-care specialist, will receive 285 pence in cash for each share.
The offer represents a premium of 34.8% to the closing price of 212 pence on 20 May, the last trading day before the offer period began.
It implies an enterprise value of about £715 million.
H.B. Fuller, the world's largest pure-play adhesives maker and listed in New York, is buying AMS through a wholly owned subsidiary.
The US company said the deal would extend its reach across tissue bonding adhesives, tapes and dressings, and formulated biosurgicals, lifting its addressable market by $15 billion to $95 billion.
It expects to generate about $55 million, or roughly £41 million, in annual revenue and cost synergies by 2031, including the removal of public company costs and sourcing savings.
The transaction is expected to add about 100 basis points to the combined group's earnings margin within 24 months and increase annual revenue by around $300 million.
Founded in 1991 and based in Winsford, AMS employs more than 1,800 people across 22 locations and sells into more than 100 countries under brands including LiquiBand and RESORBA.
Chris Meredith, chief executive of AMS, said the deal underscored the strategic progress made over his 15 years leading the company and the strength of its product portfolio.
Celeste Mastin, chief executive of H.B. Fuller, described the acquisition as a rare opportunity to advance the evolution of its portfolio, with medical a core strategic growth market.
The AMS directors, advised by Evercore and Investec, intend to unanimously recommend the deal, which is to be effected through a scheme of arrangement.
The acquisition is subject to merger control and foreign investment approvals across several jurisdictions and is expected to complete by the end of 2026.
ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (“H.B. Fuller” or “the Company”) (NYSE: FUL), the world's largest pureplay adhesives company, today announced it has made a recommended cash offer to acquire Advanced Medical Solutions Group plc (“AMS”) (LSE:AMS). “This transaction is a rare opportunity to advance the evolution of our portfolio.” said Celeste Mastin, President and CEO of H.B. Fuller. “We have long been clear that medical is a core strategic growth market for H.B. Fuller give.
CompaniesJune 25 (Reuters) - U.S.-based adhesives maker H.B. Fuller (FUL.N), opens new tab will buy Advanced Medical Solutions Group (AMSU.L), opens new tab in a cash deal that values the British medical supplier at about £715 million ($942.1 million) including debt, the companies said on Thursday.
The British company's shares rose 15.8% to 278 pence, the highest level since February 2023.
Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.
Here are some details:
H.B. Fuller to pay Winsford-based company shareholders 285 pence per share, a 35% premium to its May 20 closing price, the day before the offer period began.
Deal expected to close by end of 2026.
H.B. Fuller expects the deal to generate about $55 million in annual run-rate synergies by 2031.
Deal marks the latest overseas takeover of a London-listed company amid relatively low UK valuations.
Ends a long stretch of private equity interest in AMS, including TA Associates, which walked away in May without bidding, as well as reported interest from Bridgepoint.
"As part of the combined larger medical adhesives platform, AMS and H.B. Fuller will benefit from enhanced commercial, manufacturing and distribution capabilities, which should accelerate the delivery of our strategy and broaden our offering to patients in the US, Europe and beyond," Grahame Cook, Chair of AMS, said.
AMS board has unanimously recommended the deal to its shareholders.
As of last close, AMS shares have risen 16% since H.B. Fuller launched its unsolicited bid on May 20.
In May, activist Ancora urged the Minnesota-based H.B. Fuller to abandon its "irresponsible" pursuit of AMS and conduct a strategic review.
Ancora did not immediately offer a response for Reuters' request for comment on the deal. ($1 = 0.7590 pounds)
Reporting by Nithyashree R B in Bengaluru; Editing by Subhranshu Sahu and Harikrishnan Nair
Our Standards: The Thomson Reuters Trust Principles., opens new tab
H. B. Fuller (FUL - Free Report) came out with quarterly earnings of $1.41 per share, beating the Zacks Consensus Estimate of $1.37 per share. This compares to earnings of $1.18 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +3.05%. A quarter ago, it was expected that this adhesives company would post earnings of $0.56 per share when it actually produced earnings of $0.57, delivering a surprise of +1.79%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
H. B. Fuller, which belongs to the Zacks Chemical - Specialty industry, posted revenues of $950.27 million for the quarter ended May 2026, surpassing the Zacks Consensus Estimate by 2.52%. This compares to year-ago revenues of $898.09 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
H. B. Fuller shares have added about 6.2% since the beginning of the year versus the S&P 500's gain of 7.6%.
What's Next for H. B. Fuller?While H. B. Fuller has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for H. B. Fuller was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.42 on $945.53 million in revenues for the coming quarter and $4.78 on $3.61 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Chemical - Specialty is currently in the top 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Sensient Technologies (SXT - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 24.
This maker of colors, flavors and fragrances is expected to post quarterly earnings of $1.00 per share in its upcoming report, which represents a year-over-year change of +6.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Sensient Technologies' revenues are expected to be $444.3 million, up 7.3% from the year-ago quarter.
For the quarter ended May 2026, H. B. Fuller (FUL - Free Report) reported revenue of $950.27 million, up 5.8% over the same period last year. EPS came in at $1.41, compared to $1.18 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $926.93 million, representing a surprise of +2.52%. The company delivered an EPS surprise of +3.05%, with the consensus EPS estimate being $1.37.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how H. B. Fuller performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Revenue- Hygiene, Health and Consumable Adhesives: $421.86 million compared to the $399.27 million average estimate based on two analysts. The reported number represents a change of +6.1% year over year.Net Revenue- Building Adhesive Solutions: $245.17 million versus $233.26 million estimated by two analysts on average.Net Revenue- Engineering Adhesives: $283.24 million compared to the $294.54 million average estimate based on two analysts. The reported number represents a change of +2.5% year over year.Adjusted EBITDA- Engineering Adhesives: $63.54 million versus $70.65 million estimated by two analysts on average.Adjusted EBITDA- Building Adhesive Solutions: $41.41 million compared to the $40.13 million average estimate based on two analysts.Adjusted EBITDA- Hygiene, Health and Consumable Adhesives: $75.56 million versus $65.42 million estimated by two analysts on average.View all Key Company Metrics for H. B. Fuller here>>>
Shares of H. B. Fuller have returned +4.2% over the past month versus the Zacks S&P 500 composite's -1.3% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
Reported EPS (diluted) of $1.23; Adjusted EPS (diluted) of $1.41, up 19% year-on-year
Net income of $68 million; Adjusted EBITDA of $181 million, up 9% year-on-year
Record second quarter operating cash flow; Repurchased 750 thousand shares in the quarter
Increases midpoint of full-year adjusted EBITDA and adjusted EPS guidance
ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (NYSE: FUL) today reported financial results for its second quarter that ended May 30, 2026.
Second Quarter 2026 Noteworthy Items:
Net revenue was $950 million, up 5.8% year-on-year; organic revenue was up 2.6% year-on-year; Gross margin was 33.6%; adjusted gross margin of 34.2% increased 200 basis points year-on-year driven mainly by pricing execution and restructuring savings; Net income was $68 million; adjusted EBITDA was $181 million, up 9% versus last year; adjusted EBITDA margin was 19.1%, up 70 basis points year-on-year; Reported EPS (diluted) was $1.23; adjusted EPS (diluted) was $1.41, up 19% year-on-year, driven by higher adjusted net income; Record second quarter operating cash flow of $121 million dollars, up approximately 10% year-on-year. Summary of Second Quarter 2026 Results:
The Company’s net revenue for the second quarter of fiscal 2026 was $950 million, up 5.8% versus the second quarter of fiscal 2025. Pricing increased net revenue by 3.0%, which more than offset slightly lower volume, resulting in a 2.6% organic revenue increase year-on-year. Foreign currency translation and the impact of acquisitions increased net revenue by 3.1% and 0.1%, respectively.
Gross profit in the second quarter of fiscal 2026 was $320 million. Adjusted gross profit was $325 million. Adjusted gross profit margin of 34.2% increased 200 basis points year-on-year. The impact of pricing execution and restructuring savings drove the majority of the year-on-year increase in adjusted gross profit margin.
Selling, general and administrative (SG&A) expense was $202 million in the second quarter of fiscal 2026 and adjusted SG&A was $196 million, up 11% year-on-year. Adjusting for the impact of foreign exchange and variable compensation related to higher projected income for the year, adjusted SG&A was up approximately 3% year-on-year.
Net income attributable to H.B. Fuller for the second quarter of fiscal 2026 was $68 million. Adjusted net income attributable to H.B. Fuller for the second quarter of fiscal 2026 was $78 million. Reported EPS (diluted) was $1.23 and adjusted EPS (diluted) was $1.41, up 19% year-on-year.
Adjusted EBITDA in the second quarter of fiscal 2026 was $181 million, up 9% year-on-year, driven principally by the impact of pricing execution and restructuring savings.
“We executed very well in the second quarter, delivering strong year-on-year revenue, EBITDA, and EPS growth, with results above the midpoint of our EBITDA guidance range,” said Celeste Mastin, president and chief executive officer. “Our global sourcing capabilities and swift pricing actions have enabled us to maintain supply continuity and reliably serve our customers through market disruption. These efforts, combined with our Quantum Leap restructuring initiative, have strengthened our competitive position and we remain confident in our ability to deliver strong financial results.”
Mastin continued, “While the external environment remains dynamic, our focus is clear: we are executing on what we can control, leveraging our competitive strengths, and continuing to build a business that is more durable and better positioned to deliver superior long-term growth.”
Balance Sheet and Working Capital:
Net debt at the end of the second quarter of fiscal 2026 was $1,958 million, down $58 million year-on-year. Net debt-to-adjusted EBITDA was 3.1X, down from 3.4X at the end of the second quarter of fiscal 2025.
Net working capital in the second quarter of fiscal 2026 was 16.4% as a percentage of annualized net revenue and decreased 260 basis points sequentially versus the first quarter. Cash flow from operations improved to $121 million, a record second quarter, driven primarily by higher net income. As previously communicated, cash flow delivery for 2026 is expected to be weighted to the second half of the year.
Fiscal 2026 Outlook:
As a result of our year-to-date performance, we are updating our previously communicated financial guidance for fiscal 2026:
Net revenue for fiscal 2026 is still expected to be up mid-single digits; organic revenue is still expected to be up low-single digits and the impact from foreign exchange is still expected to be positive 1% to 2%; Adjusted EBITDA for fiscal 2026 is now expected to be in the range of $650 million to $675 million; Adjusted EPS (diluted) is now expected to be in the range of $4.60 to $4.90; Cash flow from operations for fiscal 2026 is now expected to be in the range of $300 million to $325 million; Net revenue for the third quarter of 2026 is expected to be up mid-single digits; adjusted EBITDA for the third quarter of 2026 is expected to be in the range of $180 million to $190 million. Conference Call:
The Company will hold a conference call on June 25, 2026, at 9:30 a.m. CT (10:30 a.m. ET) to discuss its results. Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the Company’s website at https://investors.hbfuller.com. Participants must register prior to accessing the webcast using this link and should do so at least 10 minutes prior to the start of the call to install and test any necessary software and audio connections. A telephone replay of the conference call will be available from 12:30 p.m. CT on June 25, 2026, to 10:59 p.m. CT on July 1, 2026. To access the telephone replay dial 1-800-770-2030 (toll free) or 1-609-800-9909 and enter the Conference ID: 6370505.
Regulation G:
The information presented in this earnings release regarding consolidated and segment organic revenue growth, operating income, adjusted gross profit, adjusted gross profit margin, adjusted selling, general and administrative expense, adjusted income before income taxes and income from equity investments, adjusted income taxes, adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA margin, net debt, net debt-to-adjusted EBITDA, trailing twelve months adjusted EBITDA, net working capital, annualized net revenue and net working capital as a percentage of annualized net revenue does not conform to U.S. generally accepted accounting principles (U.S. GAAP) and should not be construed as an alternative to the reported results determined in accordance with U.S. GAAP. Management has included this non-GAAP information to assist in understanding the operating performance of the company and its operating segments as well as the comparability of results to the results of other companies. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information is reconciled with reported U.S. GAAP results in the “Regulation G Reconciliation” tables in this press release with the exception of our forward-looking non-GAAP measures contained above in our Fiscal 2026 Outlook, which the company cannot reconcile to forward-looking GAAP results without unreasonable effort.
About H.B. Fuller:
As the largest pureplay adhesives company in the world, H.B. Fuller’s (NYSE: FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2025 revenue of $3.5 billion, our mission to Connect What Matters is brought to life by more than 7,100 global team members who collaborate with customers across more than 30 market segments in 150 countries to develop highly specified solutions that enable customers to bring world-changing innovations to their end markets. Learn more at www.hbfuller.com
Safe Harbor for Forward-Looking Statements:
Certain statements in this press release are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases. These statements are subject to various risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including but not limited to the following: the availability and pricing of raw materials; the impact of potential cybersecurity attacks and security breaches; failures in our information technology systems; the impact on the supply chain, raw material costs and pricing of our products due to military conflict, including between Russia and Ukraine; the impact on our margins and product demand due to inflationary pressures; the substantial amount of debt we have incurred to finance our acquisition of Royal, our ability to repay or refinance our debt or to incur additional debt in the future, our need for a significant amount of cash to service and repay the debt and to pay dividends on our common stock, and the effect of debt covenants that limit the discretion of management in operating the business or in paying dividends; our ability to pay dividends and to pursue growth opportunities if we continue to pay dividends according to our current dividend policy; our ability to effectively manage and realize expected benefits from completed and future mergers, acquisitions, and divestitures; our ability to achieve expected synergies, cost savings and operating efficiencies from our restructuring initiatives and operational improvement projects within the expected time frames or at all; our ability to effectively implement Project ONE; uncertain political and economic conditions; fluctuations in product demand; competing products and pricing; our geographic and product mix; disruptions to our relationships with our major customers and suppliers; regulatory compliance across our global footprint; trade policies and economic sanctions impacting our markets; changes in tax laws and tariffs; devaluations and other foreign exchange rate fluctuations; the impact of litigation and investigations, including for product liability and environmental matters; impairment charges on our goodwill or long-lived assets; the consequences of catastrophic events on our operations and financial results; the effect of new accounting pronouncements and accounting charges and credits; and similar matters.
Additional information about these various risks and uncertainties can be found in the “Risk Factors” section of our Form 10-K filings, and any updates to the risk factors in our Form 10-Q and 8-K filings with the SEC, but there may be other risks and uncertainties that we are unable to identify at this time or that we do not currently expect to have a material impact on the business. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.
Three Months Ended
Percent of
Three Months Ended
Percent of
May 30, 2026
Net Revenue
May 31, 2025
Net Revenue
Net revenue
$
950,271
100.0
%
$
898,095
100.0
%
Cost of sales
(630,617
)
(66.4
)%
(611,711
)
(68.1
)%
Gross profit
319,654
33.6
%
286,384
31.9
%
Selling, general and administrative expenses
(202,365
)
(21.3
)%
(186,340
)
(20.7
)%
Other income, net
5,627
0.6
%
7,141
0.8
%
Interest expense
(32,756
)
(3.4
)%
(34,865
)
(3.9
)%
Interest income
1,961
0.2
%
854
0.1
%
Income before income taxes and income from equity method investments
92,121
9.7
%
73,174
8.1
%
Income taxes
(25,584
)
(2.7
)%
(32,726
)
(3.6
)%
Income from equity method investments
1,268
0.1
%
1,397
0.2
%
Net income including non-controlling interest
67,805
7.1
%
41,845
4.7
%
Net income attributable to non-controlling interest
-
0.0
%
(17
)
(0.0
)%
Net income attributable to H.B. Fuller
$
67,805
7.1
%
$
41,828
4.7
%
Basic income per common share attributable to H.B. Fuller
$
1.25
$
0.77
Diluted income per common share attributable to H.B. Fuller
$
1.23
$
0.76
Weighted-average common shares outstanding:
Basic
54,430
54,443
Diluted
55,069
54,952
Six Months Ended
Percent of
Six Months Ended
Percent of
May 30, 2026
Net Revenue
May 31, 2025
Net Revenue
Net revenue
$
1,721,115
100.0
%
$
1,686,758
100.0
%
Cost of sales
(1,165,413
)
(67.7
)%
(1,173,299
)
(69.6
)%
Gross profit
555,702
32.3
%
513,459
30.4
%
Selling, general and administrative expenses
(386,816
)
(22.5
)%
(366,968
)
(21.8
)%
Other income, net
12,377
0.7
%
10,347
0.6
%
Interest expense
(65,627
)
(3.8
)%
(66,906
)
(4.0
)%
Interest income
4,034
0.2
%
1,954
0.1
%
Income before income taxes and income from equity method investments
119,670
7.0
%
91,886
5.4
%
Income taxes
(33,006
)
(1.9
)%
(38,671
)
(2.3
)%
Income from equity method investments
2,186
0.1
%
1,894
0.1
%
Net income including non-controlling interest
88,850
5.2
%
55,109
3.3
%
Net income attributable to non-controlling interest
-
0.0
%
(33
)
(0.0
)%
Net income attributable to H.B. Fuller
$
88,850
5.2
%
$
55,076
3.3
%
Basic income per common share attributable to H.B. Fuller
$
1.63
$
1.01
Diluted income per common share attributable to H.B. Fuller
$
1.61
$
0.99
Weighted-average common shares outstanding:
Basic
54,580
54,721
Diluted
55,291
55,490
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Net income attributable to H.B. Fuller
$
67,805
$
41,828
$
88,850
$
55,076
Adjustments:
Acquisition project costs1
1,395
3,602
2,325
13,430
Organizational realignment2
4,413
6,635
14,435
15,409
Project One3
2,387
2,581
5,440
5,646
Other4
3,024
44
2,929
44
Discrete tax items5
356
13,961
454
14,952
Income tax effect on adjustments6
(1,848
)
(3,999
)
(5,386
)
(9,907
)
Adjusted net income attributable to H.B. Fuller7
77,532
64,652
109,047
94,650
Add:
Interest expense
32,584
34,484
64,957
66,514
Interest income
(1,961
)
(854
)
(4,030
)
(1,954
)
Adjusted Income taxes
27,075
22,765
37,937
33,626
Depreciation and Amortization expense8
45,815
44,613
91,838
87,180
Adjusted EBITDA7
$
181,045
$
165,660
$
299,749
$
280,016
Diluted Shares
55,069
54,952
55,291
55,490
Adjusted diluted income per common share attributable to H.B. Fuller7
$
1.41
$
1.18
$
1.97
$
1.71
Revenue
$
950,271
$
898,095
$
1,721,115
$
1,686,758
Adjusted EBITDA margin6
19.1
%
18.4
%
17.4
%
16.6
%
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Net Revenue:
Hygiene, Health and Consumable Adhesives
$
421,861
$
397,475
$
768,388
$
765,700
Engineering Adhesives
283,239
276,418
525,688
513,177
Building Adhesive Solutions
245,171
224,202
427,039
407,881
Corporate unallocated
-
-
-
-
Total H.B. Fuller
$
950,271
$
898,095
$
1,721,115
$
1,686,758
Segment Operating Income:
Hygiene, Health and Consumable Adhesives
$
56,370
$
43,401
$
85,361
$
73,349
Engineering Adhesives
46,856
46,977
77,999
75,028
Building Adhesive Solutions
25,013
22,114
30,201
28,691
Corporate unallocated
(10,950
)
(12,448
)
(24,675
)
(30,577
)
Total H.B. Fuller
$
117,289
$
100,044
$
168,886
$
146,491
Adjusted EBITDA7
Hygiene, Health and Consumable Adhesives
$
75,564
$
61,963
$
123,601
$
108,854
Engineering Adhesives
63,544
63,341
111,703
107,529
Building Adhesive Solutions
41,414
37,535
63,024
59,337
Corporate unallocated
523
2,821
1,421
4,296
Total H.B. Fuller
$
181,045
$
165,660
$
299,749
$
280,016
Adjusted EBITDA Margin7
Hygiene, Health and Consumable Adhesives
17.9
%
15.6
%
16.1
%
14.2
%
Engineering Adhesives
22.4
%
22.9
%
21.2
%
21.0
%
Building Adhesive Solutions
16.9
%
16.7
%
14.8
%
14.5
%
Corporate unallocated
NMP
NMP
NMP
NMP
Total H.B. Fuller
19.1
%
18.4
%
17.4
%
16.6
%
NMP = non-meaningful percentage
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Income before income taxes and income from equity method investments
$
92,121
$
73,174
$
119,670
$
91,886
Adjustments:
Acquisition project costs1
1,395
3,602
2,325
13,430
Organizational realignment2
4,413
6,635
14,435
15,409
Project One3
2,387
2,581
5,440
5,646
Other4
3,024
44
2,929
44
Adjusted income before income taxes and income from equity method investments9
$
103,340
$
86,036
$
144,799
$
126,415
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Income Taxes
$
(25,584
)
$
(32,726
)
$
(33,006
)
$
(38,671
)
Adjustments:
Acquisition project costs1
(230
)
(1,120
)
(466
)
(3,800
)
Organizational realignment2
(727
)
(2,063
)
(3,276
)
(4,455
)
Project One3
(393
)
(803
)
(1,170
)
(1,638
)
Other4
(497
)
(14
)
(473
)
(14
)
Discrete tax items5
356
13,961
454
14,952
Adjusted income taxes10
$
(27,075
)
$
(22,765
)
$
(37,937
)
$
(33,626
)
Adjusted income before income taxes and income from equity method investments
$
103,340
$
86,036
$
144,799
$
126,415
Adjusted effective income tax rate10
26.2
%
26.5
%
26.2
%
26.6
%
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Net revenue
$
950,271
$
898,095
$
1,721,115
$
1,686,758
Gross profit
$
319,654
$
286,384
$
555,702
$
513,459
Gross profit margin
33.6
%
31.9
%
32.3
%
30.4
%
Adjustments:
Acquisition project costs1
-
68
-
675
Organizational realignment2
2,583
2,467
7,521
7,923
Project One3
-
(94
)
-
1
Other4
2,500
-
2,501
-
Adjusted gross profit11
$
324,737
$
288,825
$
565,724
$
522,058
Adjusted gross profit margin11
34.2
%
32.2
%
32.9
%
31.0
%
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Selling, general and administrative expenses
$
(202,365
)
$
(186,340
)
$
(386,816
)
$
(366,968
)
Adjustments:
Acquisition project costs1
1,223
3,654
1,660
11,360
Organizational realignment2
1,734
3,633
5,623
4,929
Project One3
2,387
2,676
5,440
5,646
Other4
523
44
1,925
44
Adjusted selling, general and administrative expenses12
$
(196,498
)
$
(176,333
)
$
(372,168
)
$
(344,989
)
Hygiene, Health
Building
Three Months Ended:
and Consumable
Engineering
Adhesive
Segment
Corporate
H.B. Fuller
May 30, 2026
Adhesives
Adhesives
Solutions
Total
Unallocated
Consolidated
Net income attributable to H.B. Fuller
$
58,862
$
47,958
$
27,887
$
134,707
$
(66,902
)
$
67,805
Adjustments:
Acquisition project costs1
-
-
-
-
1,395
1,395
Organizational realignment2
-
-
-
-
4,413
4,413
Project One3
-
-
-
-
2,387
2,387
Other4
-
-
-
-
3,024
3,024
Discrete tax items5
-
-
-
-
356
356
Income tax effect on adjustments6
-
-
-
-
(1,848
)
(1,848
)
Adjusted net income attributable to H.B. Fuller7
58,862
47,958
27,887
134,707
(57,175
)
77,532
Add:
Interest expense
-
-
-
-
32,584
32,584
Interest income
-
-
-
-
(1,961
)
(1,961
)
Adjusted Income taxes
-
-
-
-
27,075
27,075
Depreciation and amortization expense8
16,702
15,586
13,527
45,815
-
45,815
Adjusted EBITDA7
$
75,564
$
63,544
$
41,414
$
180,522
$
523
$
181,045
Revenue
$
421,861
$
283,239
$
245,171
$
950,271
-
$
950,271
Adjusted EBITDA Margin7
17.9
%
22.4
%
16.9
%
19.0
%
NMP
19.1
%
Hygiene, Health
Building
Six Months Ended
and Consumable
Engineering
Adhesive
Segment
Corporate
H.B. Fuller
May 30, 2026
Adhesives
Adhesives
Solutions
Total
Unallocated
Consolidated
Net income attributable to H.B. Fuller
$
90,346
$
80,195
$
35,949
$
206,490
$
(117,640
)
$
88,850
Adjustments:
Acquisition project costs1
-
-
-
-
2,325
2,325
Organizational realignment2
-
-
-
-
14,435
14,435
Project One3
-
-
-
-
5,440
5,440
Other4
-
-
-
-
2,929
2,929
Discrete tax items5
-
-
-
-
454
454
Income tax effect on adjustments6
-
-
-
-
(5,386
)
(5,386
)
Adjusted net income attributable to H.B. Fuller7
90,346
80,195
35,949
206,490
(97,443
)
109,047
Add:
Interest expense
-
-
-
-
64,957
64,957
Interest income
-
-
-
-
(4,030
)
(4,030
)
Adjusted Income taxes
-
-
-
-
37,937
37,937
Depreciation and amortization expense8
33,255
31,508
27,075
91,838
-
91,838
Adjusted EBITDA7
$
123,601
$
111,703
$
63,024
$
298,328
$
1,421
$
299,749
Revenue
768,388
525,688
427,039
1,721,115
-
1,721,115
Adjusted EBITDA Margin7
16.1
%
21.2
%
14.8
%
17.3
%
NMP
17.4
%
Hygiene, Health
Building
Three Months Ended:
and Consumable
Engineering
Adhesive
Segment
Corporate
H.B. Fuller
May 31, 2025
Adhesives
Adhesives
Solutions
Total
Unallocated
Consolidated
Net income attributable to H.B. Fuller
$
45,610
$
47,948
$
24,668
$
118,226
$
(76,398
)
$
41,828
Adjustments:
Acquisition project costs1
-
-
-
-
3,602
3,602
Organizational realignment2
-
-
-
-
6,635
6,635
Project One3
-
-
-
-
2,581
2,581
Other4
-
-
-
-
44
44
Discrete tax items5
-
-
-
-
13,961
13,961
Income tax effect on adjustments6
-
-
-
-
(3,999
)
(3,999
)
Adjusted net income attributable to H.B. Fuller7
45,610
47,948
24,668
118,226
(53,574
)
64,652
Add:
Interest expense
-
-
-
-
34,484
34,484
Interest income
-
-
-
-
(854
)
(854
)
Adjusted Income taxes
-
-
-
-
22,765
22,765
Depreciation and amortization expense8
16,353
15,393
12,867
44,613
-
44,613
Adjusted EBITDA7
$
61,963
$
63,341
$
37,535
$
162,839
$
2,821
$
165,660
Revenue
$
397,475
$
276,418
$
224,202
$
898,095
-
$
898,095
Adjusted EBITDA Margin7
15.6
%
22.9
%
16.7
%
18.1
%
NMP
18.4
%
Hygiene, Health
Building
Six Months Ended
and Consumable
Engineering
Adhesive
Segment
Corporate
H.B. Fuller
May 31, 2025
Adhesives
Adhesives
Solutions
Total
Unallocated
Consolidated
Net income attributable to H.B. Fuller
$
77,771
$
76,970
$
33,799
$
188,540
$
(133,464
)
$
55,076
Adjustments:
Acquisition project costs1
-
-
-
-
13,430
13,430
Organizational realignment2
-
-
-
-
15,409
15,409
Project One3
-
-
-
-
5,646
5,646
Other4
-
-
-
-
44
44
Discrete tax items5
-
-
-
-
14,952
14,952
Income tax effect on adjustments6
-
-
-
-
(9,907
)
(9,907
)
Adjusted net income attributable to H.B. Fuller7
77,771
76,970
33,799
188,540
(93,890
)
94,650
Add:
Interest expense
-
-
-
-
66,514
66,514
Interest income
-
-
-
-
(1,954
)
(1,954
)
Adjusted Income taxes
-
-
-
-
33,626
33,626
Depreciation and amortization expense8
31,083
30,559
25,538
87,180
-
87,180
Adjusted EBITDA7
$
108,854
$
107,529
$
59,337
$
275,720
$
4,296
$
280,016
Revenue
$
765,700
$
513,177
$
407,881
$
1,686,758
-
$
1,686,758
Adjusted EBITDA Margin7
14.2
%
21.0
%
14.5
%
16.3
%
NMP
16.6
%
Three Months Ended
Six Months Ended
May 30, 2026
May 30, 2026
Price
3.0
%
1.8
%
Volume
(0.4
)%
(3.5
)%
Organic Growth13
2.6
%
(1.7
)%
M&A
0.1
%
0.4
%
Constant currency
2.7
%
(1.3
)%
F/X
3.1
%
3.3
%
Total H.B. Fuller Net Revenue
5.8
%
2.0
%
Revenue growth versus 2025
Three Months Ended
May 30, 2026
Net Revenue
F/X
Constant Currency
M&A
Organic Growth13
Hygiene, Health and Consumable Adhesives
6.1
%
3.1
%
3.0
%
0.0
%
3.0
%
Engineering Adhesives
2.5
%
3.2
%
(0.7
)%
0.3
%
(1.0
)%
Building Adhesive Solutions
9.4
%
3.2
%
6.2
%
0.0
%
6.2
%
Corporate Unallocated
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
Total H.B. Fuller
5.8
%
3.1
%
2.7
%
0.1
%
2.6
%
Revenue growth versus 2025
Six Months Ended
May 30, 2026
Net Revenue
F/X
Constant Currency
M&A
Organic Growth13
Hygiene, Health and Consumable Adhesives
0.4
%
3.2
%
(2.8
)%
0.4
%
(3.2
)%
Engineering Adhesives
2.4
%
3.2
%
(0.8
)%
0.6
%
(1.4
)%
Building Adhesive Solutions
4.7
%
3.6
%
1.1
%
0.0
%
1.1
%
Corporate Unallocated
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
Total H.B. Fuller
2.0
%
3.3
%
(1.3
)%
0.4
%
(1.7
)%
Three Months Ended
Trailing 12 Months14 Ended
August 30, 2025
November 29, 2025
February 28, 2026
May 30, 2026
May 30, 2026
Net income attributable to H.B. Fuller
$
67,160
$
29,732
$
21,045
$
67,805
$
185,742
Adjustments:
Acquisition project costs1
518
1,465
931
1,395
4,309
Organizational realignment2
4,620
11,396
10,022
4,413
30,451
Project One3
2,499
2,091
3,053
2,387
10,030
Other15
1,711
37,400
(95
)
3,024
42,040
Discrete tax items16
(3,742
)
(3,743
)
98
356
(7,031
)
Income tax effect on adjustments6
(3,402
)
(7,745
)
(3,539
)
(1,848
)
(16,534
)
Adjusted net income attributable to H.B. Fuller7
69,364
70,596
31,515
77,532
249,007
Add:
Interest expense
33,369
32,547
32,373
32,584
130,873
Interest income
(1,110
)
(1,756
)
(2,069
)
(1,961
)
(6,896
)
Adjusted Income taxes
23,671
23,420
10,862
27,075
85,028
Depreciation and Amortization expense17
45,298
45,246
46,023
45,815
182,382
Adjusted EBITDA7
$
170,592
$
170,053
$
118,704
$
181,045
$
640,394
May 30, 2026
November 29, 2025
May 31, 2025
Total debt
$
2,072,151
$
2,016,937
$
2,112,428
Less: Cash and cash equivalents
114,102
107,213
96,785
Net debt18
$
1,958,049
$
1,909,724
$
2,015,643
Trailing twelve months14 / Year ended Adjusted EBITDA
$
640,394
$
620,660
$
593,604
Net Debt-to-Adjusted EBITDA18
3.1
3.1
3.4
May 30, 2026
February 28, 2026
May 31, 2025
Accounts receivable, net
$
622,745
$
532,180
$
584,026
Inventories
526,737
506,776
495,588
Accounts payable
(526,321
)
(453,035
)
(481,957
)
Net working capital19
$
623,161
$
585,921
$
597,657
Net revenue three months ended
$
950,271
$
770,844
$
898,095
Annualized net revenue19
3,801,084
3,083,376
3,592,379
Net working capital as a percentage of annualized revenue19
16.4
%
19.0
%
16.6
%
May 30,
November 29,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$
114,102
$
107,213
Accounts receivable (net of allowances of $12,712 and $11,922, as of May 30, 2026 and November 29, 2025, respectively)
622,745
564,339
Inventories
526,737
471,963
Other current assets
135,836
119,750
Total current assets
1,399,420
1,263,265
Property, plant and equipment
2,034,140
1,956,209
Accumulated depreciation
(1,066,347
)
(1,020,948
)
Property, plant and equipment, net
967,793
935,261
Goodwill
1,693,481
1,680,059
Other intangibles, net
766,626
805,867
Other assets
501,473
498,254
Total assets
$
5,328,793
$
5,182,706
Liabilities, non-controlling interest and total equity
Current liabilities:
Accounts payable
$
526,321
$
470,132
Accrued compensation
95,728
114,302
Income taxes payable
19,909
25,018
Other accrued expenses
137,103
133,907
Total current liabilities
779,061
743,359
Long-term debt
2,072,151
2,016,937
Accrued pension liabilities
51,281
51,317
Other liabilities
343,836
367,899
Total liabilities
$
3,246,329
$
3,179,512
Commitments and contingencies
Equity
H.B. Fuller stockholders' equity:
Preferred stock (no shares outstanding) shares authorized – 10,045,900
-
-
Common stock, par value $1.00 per share, shares authorized – 160,000,000, shares issued and outstanding – 53,785,879 and 54,174,963 as of May 30, 2026 and November 29, 2025, respectively
$
53,786
$
54,175
Additional paid-in capital
275,507
298,017
Retained earnings
2,088,749
2,026,071
Accumulated other comprehensive loss
(335,578
)
(375,045
)
Total H.B. Fuller stockholders' equity
2,082,464
2,003,218
Non-controlling interest
-
(24
)
Total equity
2,082,464
2,003,194
Total liabilities, non-controlling interest and total equity
$
5,328,793
$
5,182,706
Six Months Ended
May 30, 2026
May 31, 2025
Cash flows from operating activities:
Net income including non-controlling interest
$
88,850
$
55,109
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:
Depreciation
48,772
44,837
Amortization
43,646
42,443
Deferred income taxes
(9,098
)
(14,068
)
Income from equity method investments, net of dividends received
(2,186
)
(1,894
)
Loss on the sale of business
-
1,515
Loss on impairment of intangible asset
-
478
Gain on sale or disposal of assets
(833
)
(101
)
Share-based compensation
12,580
12,003
Pension and other post-retirement plan benefit
(12,239
)
(11,039
)
Change in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net
(53,893
)
(28,942
)
Inventories
(51,313
)
(40,182
)
Other assets
(9,291
)
2,364
Accounts payable
80,473
11,602
Accrued compensation
(19,643
)
(23,494
)
Other accrued expenses
13,522
1,097
Income taxes payable
(10,287
)
(10,587
)
Pension plan assets and liabilities
698
76
Other liabilities
(6,052
)
24,804
Foreign currency remeasurement
3,463
(8,252
)
Net cash provided by operating activities
117,169
57,769
Cash flows from investing activities:
Purchased property, plant and equipment
(104,380
)
(64,534
)
Proceeds from sale of property, plant and equipment
4,408
1,438
Payment of holdback on acquisitions
(11,627
)
-
Purchased businesses, net of cash acquired
-
(162,032
)
Purchase of cost method investment
-
(2,549
)
Proceeds from the sale of a business
-
75,727
Net cash used in investing activities
(111,599
)
(151,950
)
Cash flows from financing activities:
Proceeds from issuance of long-term debt
627,000
784,900
Repayment of long-term debt
(571,683
)
(687,751
)
Payment of debt issuance costs
-
(1,047
)
Net payment of notes payable
-
(588
)
Dividends paid
(25,970
)
(24,864
)
Proceeds from stock options exercised
10,266
2,475
Repurchases of common stock
(48,771
)
(60,664
)
Net cash (used in) provided by financing activities
(9,158
)
12,461
Effect of exchange rate changes on cash and cash equivalents
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.
Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.
One stock to keep an eye on is H. B. Fuller (FUL - Free Report) . FUL is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock is trading with a P/E ratio of 12.94, which compares to its industry's average of 21.69. Over the last 12 months, FUL's Forward P/E has been as high as 18.44 and as low as 11.31, with a median of 13.44.
Investors should also note that FUL holds a PEG ratio of 0.89. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. FUL's PEG compares to its industry's average PEG of 1.33. Over the last 12 months, FUL's PEG has been as high as 1.54 and as low as 0.71, with a median of 1.01.
Another valuation metric that we should highlight is FUL's P/B ratio of 1.75. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 4.00. Within the past 52 weeks, FUL's P/B has been as high as 2.49 and as low as 1.48, with a median of 1.77.
Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. FUL has a P/S ratio of 1. This compares to its industry's average P/S of 1.76.
Finally, our model also underscores that FUL has a P/CF ratio of 11.92. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. FUL's current P/CF looks attractive when compared to its industry's average P/CF of 15.33. FUL's P/CF has been as high as 14.30 and as low as 9.48, with a median of 11.67, all within the past year.
Value investors will likely look at more than just these metrics, but the above data helps show that H. B. Fuller is likely undervalued currently. And when considering the strength of its earnings outlook, FUL sticks out as one of the market's strongest value stocks.
H.B. Fuller Company (NYSE:FUL) will release earnings for its second quarter after the closing bell on Wednesday, June 24.
Analysts expect the Saint Paul, Minnesota-based company to report quarterly earnings of $1.38 per share, up from $1.18 per share in the year-ago period. The consensus estimate for H.B. Fuller's quarterly revenue is $923.62 million. It reported $898.1 million last year, according to Benzinga Pro.
On April 16, H.B. Fuller increased its quarterly dividend by 4.3%.
Shares of H.B. Fuller rose 1.7% to close at $64.77 on Wednesday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period.
Considering buying FUL stock? Here’s what analysts think:
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Wall Street analysts expect H. B. Fuller (FUL - Free Report) to post quarterly earnings of $1.37 per share in its upcoming report, which indicates a year-over-year increase of 16.1%. Revenues are expected to be $925.37 million, up 3% from the year-ago quarter.
Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock.
While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.
In light of this perspective, let's dive into the average estimates of certain H. B. Fuller metrics that are commonly tracked and forecasted by Wall Street analysts.
Analysts' assessment points toward 'Net Revenue- Hygiene, Health and Consumable Adhesives' reaching $396.77 million. The estimate indicates a year-over-year change of -0.2%.
It is projected by analysts that the 'Net Revenue- Engineering Adhesives' will reach $293.94 million. The estimate indicates a change of +6.3% from the prior-year quarter.
Analysts forecast 'Adjusted EBITDA- Engineering Adhesives' to reach $70.50 million. The estimate is in contrast to the year-ago figure of $63.34 million.
The consensus among analysts is that 'Adjusted EBITDA- Hygiene, Health and Consumable Adhesives' will reach $64.97 million. Compared to the current estimate, the company reported $61.96 million in the same quarter of the previous year.
View all Key Company Metrics for H. B. Fuller here>>>
Shares of H. B. Fuller have demonstrated returns of +9.7% over the past month compared to the Zacks S&P 500 composite's +0.3% change. With a Zacks Rank #3 (Hold), FUL is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? H. B. Fuller (FUL - Free Report) , which belongs to the Zacks Chemical - Specialty industry, could be a great candidate to consider.
This adhesives company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 2.51%.
For the most recent quarter, H. B. Fuller was expected to post earnings of $0.56 per share, but it reported $0.57 per share instead, representing a surprise of 1.79%. For the previous quarter, the consensus estimate was $1.24 per share, while it actually produced $1.28 per share, a surprise of 3.23%.
Price and EPS Surprise
Thanks in part to this history, there has been a favorable change in earnings estimates for H. B. Fuller lately. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the stock is positive, which is a great indicator of an earnings beat, particularly when combined with its solid Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
H. B. Fuller has an Earnings ESP of +0.12% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #2 (Buy), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on June 24, 2026.
With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.
Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Latest report highlights continued progress toward longstanding sustainability strategy, which links to business performance, operational efficiency, and customer value creation
ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (NYSE: FUL), the world’s largest pureplay adhesives company, today released its 2025 Sustainability Report, outlining 2030 environmental targets and continued progress embedding sustainability into its business strategy, product innovation, and global operations. The report highlights how sustainability is increasingly driving growth and differentiation, with nearly 60% of new product development focused on improving the sustainability profile of customers’ end products.
“At H.B. Fuller, sustainability is embedded in how we operate, compete, and grow,” said Celeste Mastin, president and CEO. “By focusing on practical initiatives that support our innovation pipeline, drive operational efficiency, and help customers meet their evolving needs, we are creating value across the business while delivering measurable progress toward our sustainability targets.”
2030 Targets Strengthen Accountability
Building on a decade of progress against its longstanding sustainability strategy, the company is introducing its 2030 sustainability targets, including:
25% reduction in Scope 1 greenhouse gas emissions 35% reduction in Scope 2 greenhouse gas emissions 20% reduction in water demand 20% reduction in manufacturing waste intensity 75% increase in recycling rates The company is also targeting engagement with top tier suppliers to improve Scope 3 emissions transparency and data quality.
Sustainability Driving Operational Performance
The report also demonstrates measurable progress across operations through practical initiatives that support ongoing efficiency improvements, including:
Expanding renewable energy adoption, including solar at select sites where projects are supported by favorable government incentives Decreasing water use through wastewater treatment and rainwater purification systems that decrease consumption by approximately 60% at select sites Advancing circular solutions to reduce material use and increase recycling, including a 50% reduction in shrink‑wrap film, directly reducing single‑use plastic waste at select sites These efforts are supported by governance structures, employee engagement, and alignment with global reporting frameworks such as GRI and SASB.
Innovation Enables Customer Growth
H.B. Fuller continues to position sustainability as a competitive advantage through solutions that support cleaner energy, recyclable packaging, and efficient manufacturing. Across industries ranging from hygiene and medical to mobility, electronics, and construction, the company is helping customers reduce emissions, conserve resources, and improve product performance.
Expanding Global Community Impact
In 2025, the company launched Fuller Impact, a global platform for philanthropic giving and community engagement. Focused on STEM education, youth leadership, and global citizenship, the program strengthens community partnerships while enabling employee engagement worldwide. In 2025, this included:
$1.3 million in grants awarded Support for 370+ organizations 4,800+ employee volunteer hours across 20 countries Read the Full Report
The full 2025 Sustainability Report is available at https://www.hbfuller.com/en/sustainability
About H.B. Fuller
As the largest pureplay adhesives company in the world, H.B. Fuller’s (NYSE: FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2025 revenue of $3.5 billion, our mission to Connect What Matters is brought to life by more than 7,100 global team members who collaborate with customers across more than 30 market segments in 150 countries to develop highly specified solutions that enable customers to bring world-changing innovations to their end markets. Learn more at www.hbfuller.com.
Latest report highlights continued progress toward longstanding sustainability strategy, which links to business performance, operational efficiency, and customer value creation
ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (NYSE: FUL), the world’s largest pureplay adhesives company, today released its 2025 Sustainability Report, outlining 2030 environmental targets and continued progress embedding sustainability into its business strategy, product innovation, and global operations. The report highlights how sustainability is increasingly driving growth and differentiation, with nearly 60% of new product development focused on improving the sustainability profile of customers’ end products.
“At H.B. Fuller, sustainability is embedded in how we operate, compete, and grow,” said Celeste Mastin, president and CEO. “By focusing on practical initiatives that support our innovation pipeline, drive operational efficiency, and help customers meet their evolving needs, we are creating value across the business while delivering measurable progress toward our sustainability targets.”
2030 Targets Strengthen Accountability
Building on a decade of progress against its longstanding sustainability strategy, the company is introducing its 2030 sustainability targets, including:
25% reduction in Scope 1 greenhouse gas emissions 35% reduction in Scope 2 greenhouse gas emissions 20% reduction in water demand 20% reduction in manufacturing waste intensity 75% increase in recycling rates The company is also targeting engagement with top tier suppliers to improve Scope 3 emissions transparency and data quality.
Sustainability Driving Operational Performance
The report also demonstrates measurable progress across operations through practical initiatives that support ongoing efficiency improvements, including:
Expanding renewable energy adoption, including solar at select sites where projects are supported by favorable government incentives Decreasing water use through wastewater treatment and rainwater purification systems that decrease consumption by approximately 60% at select sites Advancing circular solutions to reduce material use and increase recycling, including a 50% reduction in shrink‑wrap film, directly reducing single‑use plastic waste at select sites These efforts are supported by governance structures, employee engagement, and alignment with global reporting frameworks such as GRI and SASB.
Innovation Enables Customer Growth
H.B. Fuller continues to position sustainability as a competitive advantage through solutions that support cleaner energy, recyclable packaging, and efficient manufacturing. Across industries ranging from hygiene and medical to mobility, electronics, and construction, the company is helping customers reduce emissions, conserve resources, and improve product performance.
Expanding Global Community Impact
In 2025, the company launched Fuller Impact, a global platform for philanthropic giving and community engagement. Focused on STEM education, youth leadership, and global citizenship, the program strengthens community partnerships while enabling employee engagement worldwide. In 2025, this included:
$1.3 million in grants awarded Support for 370+ organizations 4,800+ employee volunteer hours across 20 countries Read the Full Report
The full 2025 Sustainability Report is available at https://www.hbfuller.com/en/sustainability
About H.B. Fuller
As the largest pureplay adhesives company in the world, H.B. Fuller’s (NYSE: FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2025 revenue of $3.5 billion, our mission to Connect What Matters is brought to life by more than 7,100 global team members who collaborate with customers across more than 30 market segments in 150 countries to develop highly specified solutions that enable customers to bring world-changing innovations to their end markets. Learn more at www.hbfuller.com.
H.B. Fuller Company (NYSE: FUL), the world’s largest pureplay adhesives company, today released its 2025 Sustainability Report, outlining 2030 environmental targets and continued progress embedding sustainability into its business strategy, product innovation, and global operations. The report highlights how sustainability is increasingly driving growth and differentiation, with nearly 60% of new product development focused on improving the sustainability profile of customers’ end products.
“At H.B. Fuller, sustainability is embedded in how we operate, compete, and grow,” said Celeste Mastin, president and CEO. “By focusing on practical initiatives that support our innovation pipeline, drive operational efficiency, and help customers meet their evolving needs, we are creating value across the business while delivering measurable progress toward our sustainability targets.”
2030 Targets Strengthen Accountability
Building on a decade of progress against its longstanding sustainability strategy, the company is introducing its 2030 sustainability targets, including:
25% reduction in Scope 1 greenhouse gas emissions 35% reduction in Scope 2 greenhouse gas emissions 20% reduction in water demand 20% reduction in manufacturing waste intensity 75% increase in recycling rates The company is also targeting engagement with top tier suppliers to improve Scope 3 emissions transparency and data quality.
Sustainability Driving Operational Performance
The report also demonstrates measurable progress across operations through practical initiatives that support ongoing efficiency improvements, including:
Expanding renewable energy adoption, including solar at select sites where projects are supported by favorable government incentives Decreasing water use through wastewater treatment and rainwater purification systems that decrease consumption by approximately 60% at select sites Advancing circular solutions to reduce material use and increase recycling, including a 50% reduction in shrink‑wrap film, directly reducing single‑use plastic waste at select sites These efforts are supported by governance structures, employee engagement, and alignment with global reporting frameworks such as GRI and SASB.
Innovation Enables Customer Growth
H.B. Fuller continues to position sustainability as a competitive advantage through solutions that support cleaner energy, recyclable packaging, and efficient manufacturing. Across industries ranging from hygiene and medical to mobility, electronics, and construction, the company is helping customers reduce emissions, conserve resources, and improve product performance.
Expanding Global Community Impact
In 2025, the company launched Fuller Impact, a global platform for philanthropic giving and community engagement. Focused on STEM education, youth leadership, and global citizenship, the program strengthens community partnerships while enabling employee engagement worldwide. In 2025, this included:
$1.3 million in grants awarded Support for 370+ organizations 4,800+ employee volunteer hours across 20 countries Read the Full Report
The full 2025 Sustainability Report is available at https://www.hbfuller.com/en/sustainability
About H.B. Fuller
As the largest pureplay adhesives company in the world, H.B. Fuller’s (NYSE: FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2025 revenue of $3.5 billion, our mission to Connect What Matters is brought to life by more than 7,100 global team members who collaborate with customers across more than 30 market segments in 150 countries to develop highly specified solutions that enable customers to bring world-changing innovations to their end markets. Learn more at www.hbfuller.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260615553780/en/
Key Takeaways H.B. Fuller announced a global price hike of at least 10% across all products, effective April 1, 2026.FUL cites tightening petrochemical supply and rising raw material costs impacting recent operations.H.B. Fuller is leveraging supply networks, securing materials early, and reallocating supply globally. H.B. Fuller Company (FUL - Free Report) has announced a global price increase of at least 10% across all product lines, effective from April 1, 2026, as it aims to ensure continued supply amid the ongoing disruptions in the petrochemical supply chain due to a dynamic global materials environment.
The move is in response to the tightening availability and rising raw material costs that have impacted the petrochemical industry in recent weeks. The pricing action will help safeguard a reliable supply and uphold product quality, service and performance.
The company is taking proactive measures to mitigate supply challenges. These include leveraging its diversified regional supply network, strengthening longstanding supplier partnerships, securing raw materials ahead of shortages and reallocating supply across regions. H.B. Fuller is also advancing qualified alternative raw materials where possible.
The price adjustment of certain technologies and regions may be significantly higher depending on cost pressures and supply conditions, ensuring the company continues investing in capabilities that support customer innovation, long term growth and operational stability. The company further emphasized its commitment to transparency and partnership, urging customers to share updated demand forecasts to support effective planning.
FUL stock has gained 4% over the past year compared with the industry’s 2.6% growth.
Image Source: Zacks Investment Research
FUL’s Zacks Rank & Key PicksFUL currently sports a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Agnico Eagle Mines Limited (AEM - Free Report) , Compañía de Minas Buenaventura S.A.A. (BVN - Free Report) and Balchem Corporation (BCPC - Free Report) .
While AEM and BVN sport a Zacks Rank #1 (Strong Buy) each at present, BCPC carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for AEM’s 2026 earnings is pegged at $13.28 per share, indicating a rise of 60.39% year over year. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 10.77%. AEM’s shares have soared 74.7% over the past year.
The Zacks Consensus Estimate for BVN’s 2026 earnings is pinned at $3.88 per share, indicating a 17.58% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 80.4%. BVN’s shares have jumped 109.5% over the past year.
The Zacks Consensus Estimate for BCPC’s 2026 earnings is pinned at $5.47 per share, indicating a 6.2% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the four trailing quarters, while missing it in the remaining two.
