Latest Ratios: P/E Ratio 18.3x · EV/EBITDA 8.0x · ROE 7.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.7B | $3.2B | $4.4B | $4.3B | $4.4B | $4.0B | $2.8B | $2.6B | $2.5B | $2.9B | $2.4B |
| Enterprise Value | $4.6B | $5.1B | $6.3B | $6.0B | $6.2B | $5.6B | $4.5B | $4.5B | $4.6B | $5.1B | $2.9B |
| P/E Ratio → | 18.26 | 21.19 | 33.43 | 29.69 | 24.64 | 24.88 | 22.77 | 19.79 | 14.66 | 49.25 | 19.19 |
| P/S Ratio | 0.78 | 0.93 | 1.22 | 1.23 | 1.18 | 1.22 | 1.01 | 0.90 | 0.82 | 1.25 | 1.14 |
| P/B Ratio | 1.39 | 1.61 | 2.38 | 2.45 | 2.76 | 2.51 | 2.04 | 2.12 | 2.18 | 2.75 | 2.54 |
| P/FCF | 22.28 | 26.61 | 26.68 | 16.60 | 35.08 | 34.24 | 11.55 | 12.51 | 13.55 | 33.46 | 17.99 |
| P/OCF | 10.25 | 12.24 | 14.40 | 11.37 | 17.31 | 18.82 | 8.51 | 9.63 | 9.90 | 20.40 | 12.17 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.48 | 1.75 | 1.72 | 1.64 | 1.71 | 1.62 | 1.54 | 1.51 | 2.22 | 1.40 |
| EV / EBITDA | 7.98 | 8.89 | 11.51 | 11.17 | 13.13 | 14.04 | 12.51 | 11.68 | 11.75 | 20.81 | 10.47 |
| EV / EBIT | 11.55 | 14.73 | 19.82 | 16.34 | 17.93 | 18.99 | 18.45 | 16.15 | 17.20 | 49.19 | 15.10 |
| EV / FCF | — | 42.37 | 38.36 | 23.24 | 48.67 | 47.78 | 18.52 | 21.52 | 24.88 | 59.75 | 22.22 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.7% | 31.7% | 30.1% | 29.2% | 25.7% | 25.8% | 27.2% | 27.9% | 27.4% | 26.7% | 29.1% |
| Operating Margin | 11.5% | 11.5% | 10.3% | 10.8% | 8.6% | 7.8% | 8.0% | 8.3% | 8.1% | 6.9% | 9.7% |
| Net Profit Margin | 4.4% | 4.4% | 3.6% | 4.1% | 4.8% | 4.9% | 4.4% | 4.5% | 5.6% | 2.5% | 5.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.9% | 7.9% | 7.3% | 8.6% | 11.2% | 10.8% | 9.5% | 11.0% | 15.6% | 5.9% | 13.7% |
| ROA | 3.0% | 3.0% | 2.7% | 3.2% | 4.1% | 3.9% | 3.1% | 3.2% | 3.6% | 1.6% | 5.0% |
| ROIC | 7.8% | 7.8% | 7.7% | 8.4% | 7.4% | 6.1% | 5.4% | 5.7% | 5.7% | 5.0% | 10.2% |
| ROCE | 9.2% | 9.2% | 8.9% | 9.7% | 8.8% | 7.3% | 6.4% | 6.8% | 5.8% | 4.8% | 9.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.01 | 1.01 | 1.13 | 1.08 | 1.12 | 1.03 | 1.30 | 1.62 | 1.95 | 2.35 | 0.75 |
| Debt / EBITDA | 3.49 | 3.49 | 3.82 | 3.53 | 3.84 | 4.14 | 4.98 | 5.18 | 5.73 | 9.95 | 2.50 |
| Net Debt / Equity | — | 0.95 | 1.04 | 0.98 | 1.07 | 0.99 | 1.23 | 1.53 | 1.82 | 2.16 | 0.60 |
| Net Debt / EBITDA | 3.31 | 3.31 | 3.50 | 3.20 | 3.67 | 3.98 | 4.70 | 4.89 | 5.35 | 9.16 | 2.00 |
| Debt / FCF | — | 15.75 | 11.67 | 6.65 | 13.59 | 13.54 | 6.97 | 9.01 | 11.33 | 26.29 | 4.24 |
| Interest Coverage | 2.62 | 2.62 | 2.37 | 2.74 | 3.75 | 3.78 | 2.82 | 2.67 | 2.41 | 2.39 | 7.12 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.70 | 1.70 | 1.81 | 1.89 | 1.84 | 1.66 | 1.92 | 1.91 | 1.99 | 2.27 | 2.07 |
| Quick Ratio | 1.06 | 1.06 | 1.16 | 1.26 | 1.14 | 1.05 | 1.31 | 1.28 | 1.34 | 1.56 | 1.44 |
| Cash Ratio | 0.14 | 0.14 | 0.24 | 0.26 | 0.11 | 0.08 | 0.19 | 0.21 | 0.28 | 0.39 | 0.36 |
| Asset Turnover | — | 0.67 | 0.72 | 0.74 | 0.84 | 0.77 | 0.69 | 0.73 | 0.73 | 0.43 | 1.02 |
| Inventory Turnover | 5.03 | 5.03 | 5.34 | 5.63 | 5.66 | 5.43 | 6.29 | 6.19 | 6.21 | 4.70 | 6.00 |
| Days Sales Outstanding | — | 59.30 | 61.11 | 64.32 | 62.67 | 71.65 | 69.80 | 65.45 | 62.60 | 78.82 | 65.41 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.8% | 1.6% | 1.1% | 1.0% | 0.9% | 0.9% | 1.2% | 1.2% | 1.2% | 1.0% | 1.2% |
| Payout Ratio | 33.1% | 33.1% | 36.5% | 29.9% | 21.7% | 21.6% | 27.0% | 24.7% | 18.2% | 50.8% | 22.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 4.7% | 3.0% | 3.4% | 4.1% | 4.0% | 4.4% | 5.1% | 6.8% | 2.0% | 5.2% |
| FCF Yield | 4.5% | 3.8% | 3.7% | 6.0% | 2.9% | 2.9% | 8.7% | 8.0% | 7.4% | 3.0% | 5.6% |
| Buyback Yield | 2.2% | 1.9% | 0.9% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 0.8% | 1.0% |
| Total Shareholder Yield | 4.1% | 3.4% | 2.0% | 1.1% | 1.0% | 0.9% | 1.3% | 1.4% | 1.4% | 1.8% | 2.1% |
| Shares Outstanding | — | $55M | $57M | $56M | $55M | $54M | $53M | $52M | $52M | $52M | $51M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FUL stock.
H.B. Fuller Company's current P/E ratio is 18.3x. The historical average is 23.1x. This places it at the 37th percentile of its historical range.
H.B. Fuller Company's current EV/EBITDA is 8.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.6x.
H.B. Fuller Company's return on equity (ROE) is 7.9%. The historical average is 10.4%.
Based on historical data, H.B. Fuller Company is trading at a P/E of 18.3x. This is at the 37th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
H.B. Fuller Company's current dividend yield is 1.81% with a payout ratio of 33.1%.
H.B. Fuller Company has 31.7% gross margin and 11.5% operating margin. Operating margin between 10-20% is typical for established companies.
H.B. Fuller Company's Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Raw material cost volatility
Metrics are mathematically derived from official filings.
Valuation Reflects Uncertain Growth Trajectory
Based on reported figures, H.B. Fuller trades at a forward P/E of 13.06, which appears to discount the company's historical volatility compared to peers like RPM International, suggesting the market remains skeptical of the firm's ability to sustain margin expansion through its current specialty chemical portfolio shift.
The PEG ratio of 7.41 indicates that current valuation multiples are high relative to near-term growth expectations, implying that investors are paying a premium for potential rather than realized earnings momentum. This valuation gap warrants further investigation into whether the market is mispricing the company's transition toward higher-margin Engineering Adhesives.
Capital Efficiency Remains Structurally Constrained
According to recent quarterly data, ROIC has hovered near 2.3%, a figure that suggests the company is struggling to generate returns above its cost of capital, reflecting the heavy integration costs and asset intensity inherent in its recent acquisition-heavy strategy within the specialty chemicals sector.
The persistent gap between ROIC and historical industry benchmarks indicates that management's capital allocation has yet to yield the expected synergies from its roll-up model. Investors should monitor whether the shift toward Engineering Adhesives can eventually drive a structural improvement in these returns or if the current asset base remains too bloated.
Working Capital Cycles Indicate Friction
As reported in financial statements, the cash conversion cycle has fluctuated between 57 and 69 days over the last ten quarters, revealing significant volatility in inventory management and receivables collection that complicates the company's ability to maintain consistent liquidity throughout the industrial production cycle.
The variability in the CCC suggests that H.B. Fuller faces ongoing challenges in balancing its supply chain inputs with customer demand, particularly in the construction segment. This inefficiency likely contributes to the observed erratic free cash flow margins, as working capital swings frequently offset operational gains.
Debt Service Capacity Remains Vulnerable
Based on the provided financial data, the interest coverage ratio has been highly inconsistent, dropping as low as 0.98 in 2024Q4, which highlights a precarious reliance on operational stability to service the company's substantial debt load in a high-interest-rate environment.
While the reported D/E ratio of 1.00 appears stable, the underlying interest coverage volatility suggests that the balance sheet is more vulnerable than headline leverage metrics imply. The company's ability to refinance or manage debt service remains a critical risk factor that could limit future strategic flexibility.
Debt-to-Equity Ratio Obscures Solvency Risks
The Debt-to-Equity ratio is the most commonly misapplied metric for H.B. Fuller, as it fails to account for the significant goodwill and intangible assets on the balance sheet that inflate the equity base and mask the company's true leverage relative to its tangible cash-generating assets.
Analysts should prioritize Net Debt-to-EBITDA or interest coverage ratios over D/E to better assess the company's actual solvency. Relying on D/E in this context may lead to an overly optimistic view of the balance sheet's health, ignoring the potential for impairment risks associated with past acquisitions.