H.B. Fuller Company (FUL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+40.5%

$72.57

vs $51.67 price

Levered DCF

$26.15

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.1

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.96×	32.44×	28.8×	23.84×	24.23×	22.58×	19.41×	14.27×
P/B	1.59×	2.31×	2.38×	2.67×	2.45×	2.02×	2.08×	2.12×
P/S	0.92×	1.18×	1.19×	1.15×	1.19×	1×	0.88×	0.8×
EV / EBITDA	9.66×	12.5×	11.16×	12.28×	12.54×	11.71×	10.56×	10.99×
Gross margin	31.7%	30.1%	29.2%	25.7%	25.8%	27.2%	27.9%	27.4%
Operating margin	11.5%	10.3%	10.8%	8.6%	7.8%	8.0%	8.3%	8.1%
Net margin	4.4%	3.6%	4.1%	4.8%	4.9%	4.4%	4.5%	5.6%
Current ratio	1.7×	1.81×	1.89×	1.84×	1.66×	1.92×	1.91×	1.99×
Debt / equity	1.01×	1.13×	1.08×	1.12×	1.03×	1.3×	1.62×	1.95×
Interest coverage	2.99×	2.77×	2.82×	3.52×	3.27×	2.57×	2.33×	2.22×
Dividend yield	1.6%	1.1%	1.0%	0.9%	0.9%	1.2%	1.3%	1.3%
Payout ratio	33.1%	36.5%	29.9%	21.7%	21.6%	27.0%	24.7%	18.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.6%	7.1%	8.3%	11.2%	10.1%	9.0%	10.7%	14.9%
Return on invested capital	6.2%	6.1%	5.7%	5.9%	5.1%	4.7%	5.0%	6.6%
Return on assets	2.9%	2.6%	3.1%	4.0%	3.8%	3.1%	3.3%	4.1%
Free cash flow yield	3.8%	3.9%	6.2%	2.9%	3.0%	8.7%	8.2%	7.6%
Earnings yield	4.8%	3.1%	3.5%	4.2%	4.1%	4.4%	5.2%	7.0%
Enterprise value	$5.1B	$6.1B	$5.9B	$6B	$5.5B	$4.5B	$4.4B	$4.5B
Net debt / EBITDA	3.62×	3.88×	3.26×	3.51×	3.62×	4.43×	4.47×	5.08×
Cash conversion cycle (days)	60	58	65	67	64	71	72	76