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Specialty chemicals · Basic Materials · Fiscal year ends Nov 28
Fuller H B reported revenue of $3.5B in the fiscal year ended Nov 2025, down 2.7% from the year before. Operating income was $621M, an operating margin of 17.9%, and net income was $152M. Operating cash flow of $263M less capital expenditure of $142M left free cash flow of $121M. Net debt was $1.9B.
Ranks among the 20 specialty chemicals companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Nov 2021 | Dec 2022 | Dec 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue | 3,278 | 3,749 | 3,511 | 3,569 | 3,474 |
| Cost of revenue | 2,433 | 2,785 | 2,502 | 2,507 | 2,393 |
| Gross profit | 845 | 964 | 1,009 | 1,062 | 1,081 |
| Selling, general & admin | 593 | 641 | 654 | 714 | 726 |
| Operating incomederived: revenue − total costs | 253 | 323 | 355 | 348 | 621 |
| Interest expense | 78.1 | 91.5 | 135 | 133 | 133 |
| Pre-tax income | 217 | 252 | 234 | 183 | 215 |
| Income tax | 63.0 | 77.2 | 93.5 | 56.4 | 67.1 |
| Net income | 161 | 180 | 145 | 130 | 152 |
| Diluted EPS | 2.97 | 3.26 | 2.59 | 2.30 | 2.75 |
| Diluted shares | 54.3 | 55.3 | 56.0 | 56.6 | 55.4 |
| Fiscal year | Nov 2021 | Dec 2022 | Dec 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 61.8 | 79.9 | 179 | 169 | 107 |
| Receivables | 615 | 607 | 578 | 558 | 564 |
| Inventory | 448 | 492 | 442 | 467 | 472 |
| Current assets | 1,221 | 1,299 | 1,312 | 1,299 | 1,263 |
| Net PP&E | 695 | 734 | 825 | 882 | 935 |
| Goodwill | 1,299 | 1,393 | 1,487 | 1,532 | 1,680 |
| Total assets | 4,275 | 4,464 | 4,724 | 4,933 | 5,183 |
| Payables | 500 | 461 | 440 | 491 | 470 |
| Current liabilities | 737 | 706 | 693 | 719 | 743 |
| Short-term debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Long-term debt | 1,591 | 1,736 | 1,837 | 2,010 | 2,017 |
| Total liabilities | 2,677 | 2,853 | 2,968 | 3,103 | 3,180 |
| Shareholders' equity | 1,597 | 1,610 | 1,755 | 1,829 | 2,003 |
| Fiscal year | Nov 2021 | Dec 2022 | Dec 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 213 | 257 | 378 | 302 | 263 |
| Capital expenditure | 96.1 | 130 | 119 | 139 | 142 |
| Free cash flow | 117 | 127 | 259 | 163 | 121 |
| Depreciation & amortisation | 143 | 147 | 160 | 175 | 178 |
| Stock-based compensation | 22.4 | 24.4 | 19.9 | 21.9 | 22.1 |
| Acquisitions | 5.4 | 251 | 205 | 274 | 167 |
| Share buybacks | 2.7 | 4.0 | 2.6 | 39.6 | 60.7 |
| Dividends paid | 34.9 | 39.2 | 43.4 | 47.6 | 50.3 |
| Dividend per share | 0.67 | 0.74 | 0.81 | 0.86 | 0.93 |
| Fiscal year | Nov 2021 | Dec 2022 | Dec 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.4% | −6.4% | 1.6% | −2.7% |
| Operating income growth (YoY) | – | 27.8% | 10.0% | −1.9% | 78.2% |
| EPS growth (YoY) | – | 9.8% | −20.6% | −11.2% | 19.6% |
| Gross margin | 25.8% | 25.7% | 28.7% | 29.8% | 31.1% |
| Operating margin | 7.7% | 8.6% | 10.1% | 9.8% | 17.9% |
| Net margin | 4.9% | 4.8% | 4.1% | 3.6% | 4.4% |
| Return on equityBlank when equity is negative | 10.1% | 11.2% | 8.3% | 7.1% | 7.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.1% | 8.6% | 8.8% | 8.3% | 14.0% |
| Free cash flow margin | 3.6% | 3.4% | 7.4% | 4.6% | 3.5% |
| Cash conversion (CFO ÷ net income) | 1.32x | 1.42x | 2.61x | 2.32x | 1.73x |
| Receivable days | 68 | 59 | 60 | 57 | 59 |
| Inventory days | 67 | 64 | 64 | 68 | 72 |
| Payable days | 75 | 60 | 64 | 72 | 72 |
| Interest cover | 3.23x | 3.53x | 2.64x | 2.62x | 4.65x |
| Debt ÷ equity | 1.00x | 1.08x | 1.05x | 1.10x | 1.01x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,530 | 1,656 | 1,657 | 1,841 | 1,910 |
| Current ratio | 1.66x | 1.84x | 1.89x | 1.81x | 1.70x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.