olivLaw · US equity research
H.B. Fuller Company FUL
Adhesives & Sealants · SIC 2891 · Vertical: Chemicals and allied products (SIC 289x)
H.B. Fuller is a global formulator and manufacturer of adhesives, sealants and specialty chemicals, selling in 34 countries with a large share of revenue from outside the US. The third quarter of 2026 showed revenue and margin growth, but pricing offset lower volumes, and the company is integrating a major acquisition.
At the close of 04 Nov 2026, H.B. Fuller Company (FUL) stock was 52.57 USD (+4.74% on the day), with market capitalisation 2.8 bn USD, P/E 14.7 on diluted EPS of 3.59 USD over the last 12 months, dividend yield 1.77%, beta 0.98, 52-week range 49.13–67.49 USD. Latest reported quarter (Q3 2026): revenue of 938.2 m USD (+5.2% YoY), net income of 79.2 m USD (+17.9% YoY), diluted EPS 1.44 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.6
- strong (55–70)
- Bollinger (20, 2)
- 48.59 – 52.17
- above the upper band · %B 1.11 · band width 7.1%
- SMA 50 / 200
- 51.21 / 58.10
- mixed trend
- MACD (12, 26, 9)
- -0.12 / -0.41
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.2% | −1.1% | +5.3 pp | — |
| 3 months | −11.7% | −0.5% | −11.3 pp | — |
| 6 months | −13.7% | +4.4% | −18.1 pp | — |
| Year to date | −11.6% | +12.3% | −23.9 pp | — |
| 1 year | −8.1% | +13.5% | −21.7 pp | +15.6% |
| 3 years | −25.0% | +76.4% | −101.4 pp | −0.5% |
| 5 years | −29.4% | +63.7% | −93.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 29 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 923.3 m | 788.7 m | 898.1 m | 892.0 m | 894.8 m | 770.8 m | 950.3 m | 938.2 m |
| Cost of revenue | 658.4 m | 561.6 m | 611.7 m | 606.9 m | 612.7 m | 534.8 m | 630.6 m | 626.5 m |
| Gross profit | 264.9 m | 227.1 m | 286.4 m | 285.1 m | 282.1 m | 236.0 m | 319.7 m | 311.7 m |
| SG&A | 188.5 m | 180.6 m | 186.3 m | 175.0 m | 183.6 m | 184.5 m | 202.4 m | 198.5 m |
| Operating income | 76.4 m | 46.4 m | 100.0 m | 110.1 m | — | — | — | — |
| Depreciation & amortisation | — | 42.6 m | 44.7 m | 45.6 m | 45.5 m | 46.4 m | 46.1 m | 46.0 m |
| Interest expense | 33.6 m | 32.0 m | 34.9 m | 33.6 m | 32.8 m | 32.9 m | 32.8 m | 40.9 m |
| Pre-tax income | -525.0 k | 18.7 m | 73.2 m | 82.9 m | 40.6 m | 27.5 m | 92.1 m | 101.2 m |
| Income tax | 7.9 m | 5.9 m | 32.7 m | 16.5 m | 11.9 m | 7.4 m | 25.6 m | 24.7 m |
| Net income | -7.4 m | 13.2 m | 41.8 m | 67.2 m | 29.7 m | 21.0 m | 67.8 m | 79.2 m |
| Diluted EPS | -0.13 ≈ | 0.24 | 0.76 | 1.22 | 0.54 ≈ | 0.38 | 1.23 | 1.44 |
| Operating cash flow | 85.7 m | -52.9 m | 110.7 m ≈ | 99.0 m ≈ | 106.7 m | -4.0 m | 121.1 m ≈ | 65.5 m ≈ |
| Capex | 26.4 m | 33.0 m | 31.6 m ≈ | 30.1 m ≈ | 47.7 m | 57.7 m | 46.7 m ≈ | 37.3 m ≈ |
| Dividends paid | 12.2 m | 12.2 m | 12.7 m ≈ | 12.7 m ≈ | 12.7 m | 12.8 m | 13.2 m ≈ | 13.2 m ≈ |
| Share repurchases | 187.0 k | 44.4 m | 16.3 m ≈ | 64.0 k ≈ | -15.0 k | 2.9 m | 45.8 m ≈ | 91.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 3 percentile of its own 40-quarter history (min 14.6, median 23.5, max 48.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.0 bn | 2.9 bn | 2.8 bn | 3.3 bn | 3.7 bn | 3.5 bn | 3.6 bn | 3.5 bn |
| Revenue YoY | +31.9% | −4.7% | −3.7% | +17.5% | +14.4% | −6.4% | +1.6% | −2.7% |
| Net income | 171.2 m | 130.8 m | 123.7 m | 161.4 m | 180.3 m | 144.9 m | 130.3 m | 152.0 m |
| Net income YoY | +188.1% | −23.6% | −5.4% | +30.5% | +11.7% | −19.6% | −10.1% | +16.7% |
| Diluted EPS | 3.29 | 2.52 | 2.36 | 2.97 | 3.26 | 2.59 | 2.30 | 2.75 |
| Diluted EPS YoY | +186.1% | −23.4% | −6.3% | +25.8% | +9.8% | −20.6% | −11.2% | +19.6% |
| net % | 5.6% | 4.5% | 4.4% | 4.9% | 4.8% | 4.1% | 3.6% | 4.4% |
| Free cash flow | 185.0 m | 207.2 m | 244.3 m | 117.2 m | 126.6 m | 259.3 m | 163.2 m | 121.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 29 Nov 2025
- Cash
- 107.2 m USD
- Financial debt
- 2.0 bn USD
- Net debt
- 1.9 bn USD
- Equity
- 2.0 bn USD
- Total assets
- 5.2 bn USD
- Debt / equity
- 1.01x
- Current ratio
- 1.70x
- ROE
- 7.9%
- ROA
- 3.0%
- FCF margin
- 3.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.8 bn | 3.3 bn | 3.7 bn | 3.5 bn | 3.6 bn | 3.5 bn | SEC (XBRL)· 22 Jan 2026verified |
| Cost of revenue | 2.0 bn | 2.4 bn | 2.8 bn | 2.5 bn | 2.5 bn | 2.4 bn | SEC (XBRL)· 22 Jan 2026verified |
| Gross profit | 756.6 m | 845.3 m | 963.7 m | 1.0 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 22 Jan 2026verified |
| SG&A | 538.3 m | 592.7 m | 641.0 m | 653.8 m | 713.7 m | 725.6 m | SEC (XBRL)· 22 Jan 2026verified |
| Operating income | 218.3 m | 252.6 m | 322.7 m | 355.1 m | 348.2 m | — | SEC (XBRL)· 23 Jan 2025verified |
| Depreciation & amortisation | 138.8 m | 143.2 m | 147.0 m | 159.8 m | 174.7 m | 178.3 m | SEC (XBRL)· 22 Jan 2026verified |
| EBITDA | 357.1 m ≈ | 395.8 m ≈ | 469.7 m ≈ | 515.0 m ≈ | 522.9 m ≈ | — | SEC (XBRL)· 23 Jan 2025derived |
| Interest expense | 86.8 m | 78.1 m | 91.5 m | 134.6 m | 133.1 m | 133.3 m | SEC (XBRL)· 22 Jan 2026verified |
| Pre-tax income | 158.4 m | 216.9 m | 251.9 m | 234.2 m | 182.7 m | 215.4 m | SEC (XBRL)· 22 Jan 2026verified |
| Income tax | 41.9 m | 63.0 m | 77.2 m | 93.5 m | 56.4 m | 67.1 m | SEC (XBRL)· 22 Jan 2026verified |
| Net income | 123.7 m | 161.4 m | 180.3 m | 144.9 m | 130.3 m | 152.0 m | SEC (XBRL)· 22 Jan 2026verified |
| Diluted EPS | 2.36 | 2.97 | 3.26 | 2.59 | 2.30 | 2.75 | SEC (XBRL)· 22 Jan 2026verified |
| Weighted average diluted shares | 52.5 m | 54.3 m | 55.3 m | 56.0 m | 56.6 m | 55.4 m | SEC (XBRL)· 22 Jan 2026verified |
| Dividend per share | 0.65 | 0.67 | 0.74 | 0.81 | 0.86 | 0.93 | SEC (XBRL)· 22 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 100.5 m | 61.8 m | 79.9 m | 179.5 m | 169.4 m | 107.2 m | SEC (XBRL)· 22 Jan 2026verified |
| Receivables | 514.9 m | 614.6 m | 607.4 m | 577.9 m | 558.3 m | 564.3 m | SEC (XBRL)· 22 Jan 2026verified |
| Inventories | 323.2 m | 448.4 m | 491.8 m | 442.0 m | 467.5 m | 472.0 m | SEC (XBRL)· 22 Jan 2026verified |
| Current assets | 1.0 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 22 Jan 2026verified |
| Property, plant & equipment, net | 670.7 m | 695.4 m | 733.7 m | 824.7 m | 881.9 m | 935.3 m | SEC (XBRL)· 22 Jan 2026verified |
| Goodwill | 1.3 bn | 1.3 bn | 1.4 bn | 1.5 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 22 Jan 2026verified |
| Intangibles (excl. goodwill) | 756.0 m | 687.1 m | 702.1 m | 729.1 m | 770.2 m | 805.9 m | SEC (XBRL)· 22 Jan 2026verified |
| Total assets | 4.0 bn | 4.3 bn | 4.5 bn | 4.7 bn | 4.9 bn | 5.2 bn | SEC (XBRL)· 22 Jan 2026verified |
| Accounts payable | 316.5 m | 500.3 m | 460.7 m | 439.7 m | 491.4 m | 470.1 m | SEC (XBRL)· 22 Jan 2026verified |
| Short-term debt | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 22 Jan 2026verified |
| Long-term debt | 1.8 bn | 1.6 bn | 1.7 bn | 1.8 bn | 2.0 bn | 2.0 bn | SEC (XBRL)· 22 Jan 2026verified |
| Current liabilities | 530.1 m | 736.9 m | 705.7 m | 692.8 m | 719.3 m | 743.4 m | SEC (XBRL)· 22 Jan 2026verified |
| Total liabilities | 2.7 bn | 2.7 bn | 2.9 bn | 3.0 bn | 3.1 bn | 3.2 bn | SEC (XBRL)· 22 Jan 2026verified |
| Equity | 1.6 bn | 1.6 bn | 1.6 bn | 1.8 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 22 Jan 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 331.6 m | 213.3 m | 256.5 m | 378.4 m | 302.4 m | 263.5 m | SEC (XBRL)· 22 Jan 2026verified |
| Capex | 87.3 m | 96.1 m | 130.0 m | 119.1 m | 139.2 m | 142.3 m | SEC (XBRL)· 22 Jan 2026verified |
| Free cash flow | 244.3 m ≈ | 117.2 m ≈ | 126.6 m ≈ | 259.3 m ≈ | 163.2 m ≈ | 121.2 m ≈ | SEC (XBRL)· 22 Jan 2026derived |
| Investing cash flow | -109.5 m | -94.7 m | -375.3 m | -319.2 m | -407.1 m | -232.2 m | SEC (XBRL)· 22 Jan 2026verified |
| Financing cash flow | -239.2 m | -154.1 m | 160.3 m | 35.1 m | 112.1 m | -107.9 m | SEC (XBRL)· 22 Jan 2026verified |
| Dividends paid | 33.5 m | 34.9 m | 39.2 m | 43.4 m | 47.6 m | 50.3 m | SEC (XBRL)· 22 Jan 2026verified |
| Share repurchases | 3.4 m | 2.7 m | 4.0 m | 2.6 m | 39.6 m | 60.7 m | SEC (XBRL)· 22 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 41 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation67
- Returns69
- Quality40
- Balance sheet24
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.19 – 137.50 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)19.46 – 67.12 (Mid 35.78)WACC 7.2% · starting FCFF 202.3 m USD · terminal value share of EV 79%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 6.4%
- Peers: EV/EBITDA27.34 – 125.36 (Mid 62.48)4 companies used · median multiple 10.3x · quartiles 6.6x – 16.8xCBT, ESI, OEC, WDFC
- Peers: P/E89.69 – 137.50 (Mid 136.13)5 companies used · median multiple 37.9x · quartiles 25.0x – 38.3xCBT, CSW, ESI, FTK, WDFC
- Dividend discount (DDM)12.19 – 16.40 (Mid 13.99)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 41/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.1% | 38 (vs peers) | 10% |
| Net margin · Quality | 5.6% | 56 (vs peers) | 6% |
| FCF conversion · Quality | 50.6% | 29 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | -2.5% | 0 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -5.5% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 3.8x | 6 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 2.4x | 14 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.8x | 85 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 14.7x | 100 (vs peers) | 10% |
| EV/EBITDA · Valuation | 9.3x | 52 (on a fixed band) | 10% |
| FCF yield · Valuation | 3.5% | 44 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 3.6% | 51 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 51.8% | 97 (on a fixed band) | 4% |
Score groups
- Balance sheet24/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality40/100 · 3/3 factors with a value
- Returns69/100 · 2/2 factors with a value
- Valuation67/100 · 3/3 factors with a value
Memo
FULLER H B CO (FUL). Latest full fiscal year: 2025; data up to 2026-08-29.
Figures computed from the financial statements: revenue 3.5 bn USD in 2025; YoY growth -2.7%; net margin 5.6%; ROE 9.6%; net debt/EBITDA 3.8x.
The estimated value range is 23.40–96.24 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 49.13 USD, the price of 52.57 USD leaves a potential of -6.5% (value / price − 1) and a margin of safety of -7.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 41/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.8x
- P/E (TTM): 14.7x
- Payout ratio (FCF): 51.8%
What contradicts it
- FCF conversion: 50.6%
- Revenue CAGR 3Y: -2.5%
- EPS CAGR 3Y: -5.5%
- Net debt / EBITDA: 3.8x
- Interest coverage: 2.4x
- The valuation methods diverge
Versus the vertical median
Chemicals and allied products (SIC 289x) · same industry group (3-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ESIElement Solutions Inc | 8.1 bn | 39.6 | 7.4% | 5.9% | +3.8% | +29% / +60% |
| CSWCsw Industrials, Inc. | 4.8 bn | 37.9 | 11.4% | 10.2% | +23.3% | +9% / +67% |
| CBTCabot Corp | 3.9 bn | 21.1 | 12.1% | 5.2% | −7.0% | +20% / −1% |
| WDFCWd-40 Company | 3.1 bn | 38.3 | 30.4% | 12.0% | +11.0% | +19% / −4% |
| FULFuller H B Co | 2.8 bn | 14.7 | 9.6% | 5.6% | −2.7% | −8% / −25% |
| FTKFlotek Industries Inc | 895.4 m | 25.0 | 37.8% | 13.0% | +26.9% | +73% / +685% |
| OECOrion S.A. | 331.8 m | — | -8.1% | -1.8% | −3.8% | +16% / −75% |
| ASPIASP Isotopes Inc. | 292.8 m | — | -80.9% | -380.3% | +475.5% | −69% / −1% |
| ARQArq, Inc. | 81.8 m | — | -25.0% | -38.5% | +10.4% | −50% / −31% |
| FSIFlexible Solutions International, Inc | 80.1 m | — | -8.2% | -8.8% | +0.7% | −8% / +313% |
1- and 3-year price returns: for FUL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 29.58 Total return -42% · Per year -42% | 52.48 Total return 2% · Per year 2% | 79.31 Total return 53% · Per year 53% |
| 3 years | 24.80 Total return -49% · Per year -20% | 49.87 Total return 0% · Per year 0% | 83.30 Total return 65% · Per year 18% |
| 5 years | 20.80 Total return -55% · Per year -15% | 47.40 Total return -1% · Per year -0% | 87.50 Total return 78% · Per year 12% |
- Exit P/E± 12.47
- Net margin± 8.73
- Annual revenue growth± 7.68
- Annual dilution± 0.73
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
H.B. Fuller is a global formulator and manufacturer of adhesives, sealants and specialty chemicals, selling in 34 countries with a large share of revenue from outside the US. The third quarter of 2026 showed revenue and margin growth, but pricing offset lower volumes, and the company is integrating a major acquisition.123
SWOT
Strengths
- Broad global coverage with operations in many countries and a wide range of adhesives and sealants that regional suppliers find hard to match.1
- Integrated, long-term relationships with a diversified customer base and no excessive reliance on any single customer.1
- The ability to pass cost increases through pricing has supported margins in recent quarters.23
Weaknesses
Opportunities
Threats
Risks
- Raw material costshigh
Raw materials make up a large share of cost of sales, and rapid price increases could reduce margins if they cannot be passed to customers in time.1
- Debt and refinancinghigh
High net debt, incurred to finance the Royal acquisition, requires significant cash for debt service and dividends, and covenants can limit management's discretion.3
- Cybersecuritymedium
Attacks and security breaches could compromise sensitive data and harm the company's reputation.1
- International exposuremedium
Operations outside the US, which generate most revenue, are exposed to political instability, regulation and currency swings.1
- Project ONE implementationmedium
Delays or cost overruns in the new ERP system could disrupt operations and could lead to write-offs of capitalized costs.1
Investment thesis
What would need to be true (bull case)
- If price increases and efficiency programs keep offsetting weaker volumes, margins could continue to improve.23
- The global footprint and diversified customer relationships provide a stable base for long-term growth.1
- The adjusted EBITDA and EPS guidance for fiscal 2026 suggests a profile of rising profitability, if it holds.3
What would break the thesis
- Falling volumes could show that revenue growth relies too heavily on pricing, which may be hard to sustain in competitive markets.2
- High net debt and related covenants could limit the company's flexibility in a weak economic period.3
- Volatile raw material costs could erode margins if prices cannot be passed on in time.1
What to watch
- Completion of the AMS acquisition and its effect on debt and portfolio2026
- Delivery of adjusted EBITDA and adjusted EPS guidance for fiscal 2026next 10-K
- Trend in sales volumes and whether price increases holdQ4 2026
- Progress of the Quantum Leap and restructuring programs, with remaining payments2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Founded in 1887, the company makes industrial adhesives that improve its customers' products or manufacturing processes, from food packaging and diapers to automobiles, electronics and solar systems. It has about 7,100 employees in 44 countries, and its sales operations span 34 countries. Fiscal 2025 revenue was 3.5 billion dollars, with about 56% of net revenue generated outside the US.13
Raw materials are mostly petroleum and natural gas derivatives and make up about 75% of cost of sales, so results are sensitive to their cost. The company generally avoids sole-source suppliers and invests in research for new polymer platforms and formulations.1
The customer base is diversified, with no single customer above 10% of consolidated net revenue. The company also reports risks tied to environmental rules, anti-corruption compliance, data protection and the Project ONE IT replacement.1
Segments
Engineering Adhesives
This segment serves transportation, electronics, clean energy, aerospace and defense, textiles and appliances. In the third quarter of 2026 organic revenue rose 0.7%, while organic revenue slipped slightly over the first nine months.2
Market context
The industrial adhesives market is highly competitive, and the company differentiates on global reach, quality and product breadth. Demand depends on economic activity in consuming industries, construction and consumer spending, while raw material price sensitivity affects margins.1
Over the first nine months of 2026 higher pricing partly offset lower volumes, and currency effects were favorable. If demand in construction or automotive stays weak, results could again be affected.2
Trends
- Pricing increasestailwind
Price increases supported revenue and margins in 2026, offsetting higher raw material costs. Whether this continues depends on pricing discipline in competitive markets.23
- Lower volumesheadwind
Sales volumes declined in the third quarter and over the first nine months of 2026, pointing to weaker demand at some customers.2
- Restructuring programsmixed
Restructuring plans from 2023 and 2025 could improve operating efficiency, but costs and payments continue into 2027 and 2028.2
- Middle East disruptionheadwind
Disruption in the Middle East led the company to invest in inventory to keep supply continuous for customers, which raised working capital.3
Competitive position
Competition comes from two types of companies: multinational suppliers with broad product ranges, and regional or specialty suppliers. The company says few suppliers match its global reach, and the main factors are product performance, supply assurance, technical service, quality and price.1
Many direct competitors are part of large multinational groups with greater resources, which can lead to lost market share or pressure on prices and margins.1
- Henkel
Global multinational adhesives competitor of similar scale; not identified with a ticker in the provided sources.
- Similar multinational suppliers
Companies with broad product ranges and global coverage, described as the multinational competitor group in the annual report.
- Regional or specialty suppliers
Companies with narrower ranges active in one region or niche, described in the annual report.
- Specialty chemical producers
Producers of specialty chemicals competing in adhesive and sealant segments, not specifically identified in the provided sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Global database provides a fuller picture of the elements that make up plant lifePhys.org · 22 Oct 2026 · EN
- Scalp micropigmentation can make thinning hair look fuller – but is it really a good quick fix?CNA (Channel NewsAsia) · 21 Sept 2026 · EN
- H.B. Fuller (FUL) Tells Ancora its $1.2 Billion Offer isn’t EnoughYahoo Finance — News · 06 Sept 2026 · EN
- Ancora Comfortable With Its Offer for H.B. Fuller UnitBloomberg Markets · 12 Aug 2026 · EN
- Buckminster Fuller: everything I knowHacker News · 04 Aug 2026 · EN
- HB Fuller CEO: Moving Portfolio Toward Faster GrowthBloomberg Markets · 25 Jun 2026 · EN
- H.B. Fuller Agrees to Acquire UK-Listed AMS for £659 MillionBloomberg Markets · 25 Jun 2026 · EN
- H.B. Fuller Nears £628 Million Deal for UK Medtech AMSBloomberg Markets · 25 Jun 2026 · EN
- Pub chain Fuller’s hopes for bumper summer from World Cup and staycationsThe Guardian World · 10 Jun 2026 · RO
- H.B. Fuller Has Great Assets For Potential Buyers: ChadwickBloomberg Markets · 27 May 2026 · EN
- Activist Ancora Pushes H.B. Fuller to Drop Bid for UK’s AMSBloomberg Markets · 26 May 2026 · EN
SEC filings
- Current report22 Oct 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report19 Oct 2026Other events · Financial statements and exhibits
- Current report09 Oct 2026Other events · Financial statements and exhibits
- Current report06 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report28 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report24 Sept 2026
- Current report24 Sept 2026Results of operations · Financial statements and exhibits
- Current report20 Jul 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report26 Jun 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report25 Jun 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-11-29 · SEC / H.B. Fuller Company · 22 Jan 2026
- [2] Form 10-Q, quarter ended 2026-08-29 · SEC / H.B. Fuller Company · 24 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / H.B. Fuller Company · 24 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.