Latest Ratios: P/E Ratio 13.8x · EV/EBITDA 9.0x · 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 → | 13.84 | 21.19 | 33.43 | 29.69 | 24.64 | 24.88 | 22.77 | 19.79 | 14.66 | 49.25 | 19.19 |
| P/S Ratio | 0.75 | 0.93 | 1.22 | 1.23 | 1.18 | 1.22 | 1.01 | 0.90 | 0.82 | 1.25 | 1.14 |
| P/B Ratio | 1.38 | 1.61 | 2.38 | 2.45 | 2.76 | 2.51 | 2.04 | 2.12 | 2.18 | 2.75 | 2.54 |
| P/FCF | 26.81 | 26.61 | 26.68 | 16.60 | 35.08 | 34.24 | 11.55 | 12.51 | 13.55 | 33.46 | 17.99 |
| P/OCF | 10.18 | 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 | 9.02 | 8.89 | 11.51 | 11.17 | 13.13 | 14.04 | 12.51 | 11.68 | 11.75 | 20.81 | 10.47 |
| EV / EBIT | 11.50 | 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 | 7.2% | 4.7% | 3.0% | 3.4% | 4.1% | 4.0% | 4.4% | 5.1% | 6.8% | 2.0% | 5.2% |
| FCF Yield | 3.7% | 3.8% | 3.7% | 6.0% | 2.9% | 2.9% | 8.7% | 8.0% | 7.4% | 3.0% | 5.6% |
| Buyback Yield | 2.3% | 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 13.8x. The historical average is 23.1x. This places it at the 17th percentile of its historical range.
H.B. Fuller Company's current EV/EBITDA is 9.0x. 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 13.8x. This is at the 17th 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 1.82% 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.
Margin Expansion Driven by Mix Shift
H.B. Fuller's operating margin expanded to 13.7% in 2026Q3, up from 6.3% a year earlier, suggesting that the strategic shift toward higher-margin Engineering Adhesives is gaining traction, according to financial statements.
The gross margin improvement to 33.5% indicates the company is effectively managing the spread between raw material deflation and value-based pricing. However, the net margin of 8.4% still lags behind specialty peers like Balchem, implying that SG&A and interest expenses remain a significant drag on translating gross profit into net income.
ROIC Recovery Remains Subdued
Return on invested capital (ROIC) improved to 2.4% in 2026Q3 from a trough of 1.0% in early 2025, but remains well below peers, indicating that the company's capital base is not yet generating adequate returns, based on reported figures.
The ROIC trend is volatile, heavily influenced by seasonal working capital absorption that depresses Q1 results. The current level is dramatically below peers like RPM (12.1%) and Balchem (12.2%), suggesting the capital base—bloated by goodwill from acquisitions—is not being deployed efficiently. Improving ROIC will require not just margin expansion but also better asset utilization.
Working Capital Swings Cloud Cash Conversion
The cash conversion cycle stretched to 65 days in 2026Q3, primarily due to days inventory outstanding (DIO) increasing to 81 days, which may indicate slower inventory turnover or strategic build-up ahead of anticipated demand, as reported in financial statements.
DSO has increased to 62 days, suggesting customers are taking longer to pay, potentially weakening the company's cash conversion and indicating softer bargaining power. While DPO remains stable around 78 days, the net effect is a longer cash cycle that directly contributes to the volatile free cash flow observed in quarterly results.
Debt Burden Eases but Remains Material
As of 2026Q3, the debt-to-equity ratio stood at 0.95, down from 1.23 a year earlier, while interest coverage improved to 3.14x, suggesting a more comfortable but still significant leverage position relative to earnings, based on balance sheet data.
The deleveraging has been achieved through equity growth from retained earnings rather than debt reduction, as the total debt load has remained stable near $2.1B. The interest coverage ratio of 3.14x, while improved, remains below a conservative 4x threshold and leaves the company vulnerable to an earnings downturn or rising rates.
Valuation Discount Reflects Cyclical Headwinds
H.B. Fuller trades at a forward P/E of 10.27 and EV/EBITDA of 6.58, which are significant discounts to key peers like RPM International, suggesting the market is pricing in cyclical risks and a lower growth profile, per current market multiples.
The PEG ratio of 5.85 implies the market assigns very little growth premium, aligning with the company's recent negative revenue growth trend. However, the low EV/Sales of 0.77 could indicate undervaluation if the portfolio shift successfully elevates margins. The valuation appears to reflect cyclical trough pricing rather than the structural moat embedded in its specialty business.
P/E Multiple Misreads Earnings Quality
The trailing P/E of 18.18 may mislead investors because it is based on volatile net income that includes significant non-recurring restructuring charges and working capital swings, as per income statements.
The most commonly misapplied ratio is the P/E, which obscures underlying earnings power due to the company's cyclical raw material costs and lumpy acquisition integration expenses. A more appropriate metric is EV/EBITDA, which adjusts for capital structure and some non-cash items. Investors should focus on normalized free cash flow rather than volatile net income to assess valuation.