Cash flow remains erratic, evidenced by a volatile OCF/NI ratio that swung from -3.99 in 2025Q1 to 3.59 in 2025Q4, reflecting ongoing challenges in working capital management.
| Metric | TTM | Nov'25 | Nov'24 | Dec'23 | Dec'22 | Nov'21 | Nov'20 | Nov'19 | Dec'18 | Dec'17 | Dec'16 | Nov'15 | Nov'14 | Nov'13 | Dec'12 | Dec'11 | Nov'10 | Nov'09 | Nov'08 | Dec'07 | Dec'06 | Dec'05 | Nov'04 | Nov'03 | Nov'02 | Dec'01 | Dec'00 | Nov'99 | Nov'98 | Nov'97 | Nov'96 |
|---|
| Cash from Operations | 322.89M | 263.49M | 302.44M | 378.4M | 256.51M | 213.32M | 331.56M | 269.18M | 253.31M | 140.79M | 195.69M | 210.53M | 29.73M | 132.69M | 94.75M | 102.5M | 74.07M | 71.41M | 28.14M | 123.53M | 194.49M | 125.84M | 123.25M | 59.68M | 82.32M | 89.67M | 77.97M | 113.7M | 52M | 68.6M | 81.3M |
| Operating CF Margin % | - | 7.59% | 8.47% | 10.78% | 6.84% | 6.51% | 11.88% | 9.29% | 8.33% | 6.11% | 9.34% | 10.1% | 1.41% | 6.48% | 5.02% | 6.58% | 5.46% | 5.78% | 2.02% | 8.82% | 13.21% | 8.32% | 8.74% | 4.64% | 6.55% | 7.04% | 5.76% | 8.33% | 3.86% | 5.25% | 6.37% |
| Operating CF Growth % | 139.29% | -12.88% | -20.07% | 47.52% | 20.25% | -35.66% | 23.18% | 6.26% | 79.92% | -28.05% | -7.05% | 608.04% | -77.59% | 40.05% | -7.56% | 38.38% | 3.72% | 153.72% | -77.22% | -36.49% | 54.56% | 2.1% | 106.53% | -27.51% | -8.19% | 15% | -31.42% | 118.65% | -24.2% | -15.62% | 3.17% |
| Net Income | 185.74M | 151.97M | 130.4M | 144.99M | 180.41M | 161.47M | 123.79M | 130.84M | 171.23M | 59.47M | 121.92M | 88.4M | 50.15M | 95.97M | 68.29M | 80.22M | 64.29M | 83.69M | 18.89M | 102.17M | 134.21M | 61.58M | 35.6M | 38.62M | 28.18M | 44.44M | 49.16M | 43.37M | 16M | 40.3M | 45.4M |
| Depreciation & Amortization | 137.74M | 178.32M | 174.71M | 159.84M | 146.98M | 143.17M | 138.82M | 141.21M | 145.13M | 87.31M | 77.68M | 75.29M | 70.49M | 61.66M | 57.42M | 39.05M | 38.81M | 46.75M | 46.17M | 50.36M | 46.69M | 49.57M | 52.43M | 54.14M | 57.54M | 54.4M | 52.16M | 50.78M | 49.5M | 46.8M | 47M |
| Stock-Based Compensation | 11.52M | 0 | 21.91M | 19.91M | 24.37M | 22.37M | 16.91M | 24M | 17.11M | 17.5M | 13.34M | 14.16M | 13.38M | 12.32M | 9.73M | 7.74M | 6.41M | 5.67M | 4.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -45.12M | -50.09M | -36.19M | -25.11M | -15.23M | 16.19M | -24.73M | -29.03M | -47.45M | -21.66M | 6.86M | 6.64M | 4.15M | 9.65M | -16.82M | 5.74M | 9.46M | 33.99M | -28.51M | 3.56M | -8.68M | -5.14M | 11.96M | 42K | -217K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 27.78M | -2.81M | 35.2M | -44.05M | -22.02M | 81.79M | -34.66M | -5.99M | 55.54M | 6.04M | 28.64M | 15.5M | 35.08M | -17.62M | -10.95M | -24.88M | -11.68M | 9.95M | -8.25M | -18.77M | -44.4M | -530K | 5.99M | -794K | -5.66M | -752K | -4.13M | -6.12M | 4.5M | -2.5M | 7.5M |
| Working Capital Changes | 5.17M | -13.89M | -23.59M | 122.82M | -57.99M | -211.68M | 111.43M | 8.14M | -88.25M | 17.66M | -52.76M | 10.54M | -143.53M | -29.29M | 983K | -19.78M | -36.04M | -108.63M | 10.73M | -13.8M | 64.65M | 18.64M | 16.64M | -32.33M | 2.48M | -8.42M | -30.3M | 17.68M | -18M | -16M | -18.6M |
| Change in Receivables | -28.39M | -3.44M | 10.75M | 68.72M | -24.75M | -124.85M | -14.84M | -25.63M | -39.43M | -26.83M | 1.87M | -12.04M | -18.89M | -7.28M | -17.34M | -21.86M | -17.46M | 15.69M | 0 | 20.99B | 13.64M | 11.91M | -8.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -21.45M | -10.32M | -30.1M | 72.58M | -55.77M | -135.35M | 15.71M | 19.58M | -17.07M | -10.56M | -3.5M | -4.59M | -36.23M | -11.8M | -17.08M | -12.96M | -5.19M | 35.69M | -12.64M | -12.65M | 14.44M | 7.05M | -4.25M | 3.99M | 1.67M | 11.99M | -11.14M | 9.4M | -4.5M | -2.5M | 7.7M |
| Change in Payables | 30.71M | -38.16M | 47.91M | -57.75M | -22.63M | 176.34M | 23.13M | 11.55M | 25.4M | 44.37M | -12.29M | 5.79M | -14.54M | 16.26M | -4.84M | 13.33M | -8.76M | -31.86M | 0 | -21B | 39.33M | -11.91M | 8.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -191.9M | -232.25M | -407.08M | -319.2M | -375.29M | -94.66M | -109.46M | 7.41M | -61.84M | -1.8B | -111.53M | -258.82M | -160.02M | -133.15M | -326.53M | -38.72M | -60.07M | -25.8M | -26.18M | 37.95M | -227.67M | 1.37M | -48.48M | -36.66M | -26.18M | -25.37M | -38.74M | -49.8M | -145.7M | -64.5M | -68.8M |
| Capital Expenditures | -182.12M | -142.28M | -139.24M | -119.14M | -129.96M | -96.09M | -87.29M | -61.98M | -68.26M | -54.93M | -63.31M | -58.62M | -139.79M | -126.67M | -35.91M | -36.03M | -35.91M | -22.74M | -19.96M | -20.89M | -21.14M | -25.45M | -31.26M | -39.26M | -36.28M | -30.73M | -49.04M | -60.8M | -154.8M | -69.2M | -89.8M |
| CapEx % of Revenue | 5.19% | 4.1% | 3.9% | 3.39% | 3.47% | 2.93% | 3.13% | 2.14% | 2.24% | 2.38% | 3.02% | 2.81% | 6.64% | 6.19% | 1.9% | 2.31% | 2.65% | 1.84% | 1.43% | 1.49% | 1.44% | 1.68% | 2.22% | 3.05% | 2.89% | 2.41% | 3.63% | 4.46% | 11.49% | 5.3% | 7.04% |
| Acquisitions | -1.74M | -92.45M | -272.71M | -205.09M | -250.81M | -5.45M | -15.12M | 52.13M | 3.5M | -1.75B | -52.55M | -217.57M | -26.33M | -8.61M | -412.61M | -6M | -27.57M | -4.17M | -6.44M | -1.16M | -311.87M | -537K | -19.3M | 0 | 0 | 0 | -5.39M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -8.04M | 5.03M | 4.87M | 5.03M | 5.48M | 6.87M | -7.05M | 17.26M | 2.92M | 672K | 4.33M | 17.38M | 6.11M | 2.13M | 121.99M | 3.31M | 3.42M | 1.11M | 211K | 72M | 105.35M | 21.98M | 3.2M | 5.71M | 10.09M | 7.31M | 15.69M | 11M | 9.1M | 4.7M | 21M |
| Cash from Financing | -129.52M | -107.9M | 112.09M | 35.14M | 160.32M | -154.07M | -239.21M | -315.05M | -228.6M | 1.71B | -52.59M | 104.22M | 54.96M | -48.66M | 273.92M | -42.82M | 24.4M | -39.05M | -144.71M | -184.56M | 121.27M | -33.52M | -13.97M | -23.39M | -63.86M | -63.51M | -34.2M | -62.7M | 95.5M | -4.5M | -17.9M |
| Debt Issued (Net) | -46.96M | -6.77M | 163.32M | 67.96M | 178.35M | -147.15M | -213.87M | -286.94M | -199.03M | 1.78B | -14.75M | 143.13M | 83.35M | -23.01M | 286.04M | -21.42M | 33.94M | -26.6M | 67.64M | -86.22M | 112.15M | -26.34M | -2.96M | -11.74M | -51.68M | -51.16M | -11.52M | -43.22M | 112M | 53.9M | -1.1M |
| Equity Issued (Net) | -31.18M | -50.87M | -3.63M | 12.05M | -3.95M | 29.64M | -3.43M | -3.03M | -4.69M | -4.13M | -23.23M | -19.29M | -15.51M | -17.64M | -4.33M | -813K | -377K | -362K | -200.75M | -86.38M | 17.98M | 7.29M | 2.62M | 0 | 0 | 0 | 0 | -600K | -100K | -15.5M | 0 |
| Dividends Paid | -51.38M | -50.27M | -47.6M | -43.4M | -39.21M | -34.86M | -33.46M | -32.36M | -31.12M | -29.61M | -27.52M | -25.68M | -23.09M | -19.33M | -16.45M | -14.55M | -13.62M | -13.12M | -13.42M | -15.5M | -14.75M | -13.96M | -13.07M | -12.66M | -12.41M | -12.1M | -11.79M | -11.4M | -10.9M | -10.1M | -9.2M |
| Share Repurchases | -48.82M | -60.71M | -39.56M | -2.57M | -3.95M | -2.68M | -3.43M | -3.03M | -4.69M | -21.83M | -23.23M | -19.29M | -15.51M | -17.64M | -4.33M | -8.51M | -377K | -362K | -200.75M | -100.22M | -1.89M | -338K | 0 | 0 | 0 | 0 | 0 | -600K | -100K | -15.5M | 0 |
| Other Financing | 0 | 0 | 0 | -1.48M | 25.12M | -1.7M | 11.55M | 7.28M | 6.24M | -33.15M | 12.91M | 6.06M | 10.21M | 11.32M | 8.66M | -6.04M | 4.46M | 1.04M | 1.82M | 3.54M | 5.89M | -504K | -559K | 1.01M | 227K | -258K | -10.9M | -7.44M | -5.5M | -32.8M | -7.6M |
| Net Change in Cash | 17.32M | -62.14M | -10.1M | 99.54M | 18.12M | -38.75M | -11.66M | -38.6M | -43.6M | 52.15M | 23.08M | 41.6M | -77.55M | -45.31M | 45.79M | 22.87M | 33.12M | 19.78M | -165.99M | -8.77M | 97.81M | 90.6M | 63.77M | -406K | -7.79M | 965K | 4.67M | 1.2M | 2M | -900K | -5.6M |
| Free Cash Flow | 140.77M | 121.22M | 163.2M | 259.26M | 126.55M | 117.23M | 244.27M | 207.19M | 185.05M | 85.86M | 132.38M | 151.91M | -110.06M | 6.02M | 58.84M | 66.47M | 38.16M | 48.67M | 8.19M | 102.64M | 173.34M | 100.38M | 91.99M | 20.41M | 46.05M | 58.94M | 28.93M | 52.9M | -102.8M | -600K | -8.5M |
| FCF Margin % | 4.01% | 3.49% | 4.57% | 7.38% | 3.38% | 3.58% | 8.75% | 7.15% | 6.09% | 3.72% | 6.32% | 7.29% | -5.23% | 0.29% | 3.12% | 4.27% | 2.81% | 3.94% | 0.59% | 7.33% | 11.77% | 6.64% | 6.53% | 1.59% | 3.67% | 4.63% | 2.14% | 3.88% | -7.63% | -0.05% | -0.67% |
| FCF Growth % | 19.66% | -25.72% | -37.05% | 104.87% | 7.95% | -52.01% | 17.89% | 11.97% | 115.53% | -35.14% | -12.85% | 238.02% | -1928.85% | -89.77% | -11.48% | 74.18% | -21.6% | 494.58% | -92.02% | -40.79% | 72.69% | 9.12% | 350.62% | -55.67% | -21.88% | 103.74% | -45.31% | 151.46% | -17033.33% | 92.94% | 28.57% |
| FCF per Share | 2.56 | 2.19 | 2.88 | 4.63 | 2.29 | 2.16 | 4.65 | 3.99 | 3.56 | 1.66 | 2.58 | 2.96 | -2.15 | 0.12 | 1.16 | 1.33 | 0.77 | 0.99 | 0.16 | 1.68 | 2.89 | 1.72 | 1.59 | 0.33 | 0.72 | 1.04 | 0.51 | 0.95 | -1.86 | -0.01 | -0.15 |
| FCF Conversion (FCF/Net Income) | 0.76x | 1.73x | 2.32x | 2.61x | 1.42x | 1.32x | 2.68x | 2.06x | 1.48x | 2.42x | 1.58x | 2.43x | 0.60x | 1.37x | 0.75x | 1.15x | 1.05x | 0.85x | 1.49x | 1.21x | 1.45x | 2.04x | 3.46x | 1.55x | 2.92x | 2.02x | 1.59x | 2.62x | 3.25x | 1.86x | 1.79x |
| Interest Paid | 0 | 0 | 134.74M | 136.96M | 83.53M | 62.75M | 69.45M | 107.09M | 109.43M | 43.79M | 29.5M | 27.16M | 24.76M | 23.57M | 19.82M | 13.23M | 12.1M | 9.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 123.09M | 71.26M | 73.45M | 72.95M | 49.99M | 37.23M | 36.84M | 37.99M | -46.81M | 33.08M | 16.6M | 41.92M | 31.83M | 16.61M | 13.77M | 9.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
Based on reported quarterly figures, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio swinging from a negative 3.99 in 2025Q1 to a positive 3.59 in 2025Q4, highlighting significant disconnects between accounting profits and actual cash generation.
The extreme volatility in the OCF/NI ratio suggests that H.B. Fuller's reported net income is frequently distorted by non-cash charges or timing differences in revenue recognition. Investors should monitor whether these fluctuations are driven by structural accrual issues or merely the episodic nature of restructuring costs associated with the company's M&A strategy.
As reported in financial statements, the company's free cash flow trajectory is characterized by sharp quarterly swings, with margins oscillating between a negative 10.9% in 2025Q1 and a positive 8.8% in 2025Q2, reflecting a lack of consistent cash conversion efficiency across the business cycle.
The inability to maintain a stable FCF margin suggests that the company's cash flow profile is highly sensitive to operational disruptions or inventory management challenges. This inconsistency makes it difficult to rely on FCF as a predictable source for dividend funding or debt reduction without further evidence of operational stabilization.
According to recent SEC filings, working capital changes have been a primary source of cash flow volatility, evidenced by a massive $101.8 million outflow in 2025Q1 followed by a $59.3 million inflow in 2025Q4, indicating significant friction in the company's cash conversion cycle.
These large swings in working capital suggest that H.B. Fuller may be struggling to align its inventory procurement and accounts receivable collections with fluctuating demand. Such instability warrants further investigation into whether the company is using aggressive inventory builds to hedge against raw material price volatility.
Based on the provided data, capital expenditures have fluctuated significantly, with CapEx/Revenue ratios ranging from 2.5% to 7.5% over the last ten quarters, suggesting that the company's investment in its manufacturing footprint is not yet optimized for a steady-state operational environment.
The variability in capital intensity may indicate that the company is still in a phase of integrating acquired assets or upgrading legacy facilities to support its Engineering Adhesives segment. Analysts should monitor whether these expenditures are truly growth-oriented or if they represent a recurring need to maintain aging production infrastructure.
Quick answers to the most common questions about buying FUL stock.
H.B. Fuller Company (FUL) generated $263.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
H.B. Fuller Company (FUL) generated $121.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
H.B. Fuller Company (FUL) spent $142.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, H.B. Fuller Company (FUL) returned $50.3M to shareholders via cash dividends and spent $60.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.