TacticScaleWhat H.B. Fuller Does & How It Makes Money (FUL)
Updated October 2026 · reflects H.B. Fuller's latest reported financials
Global maker of industrial adhesives, sealants, and specialty chemicals. It formulates and manufactures adhesives and specialty chemicals and sells them to industrial manufacturers and construction customers.
How H.B. Fuller makes money
It formulates and manufactures adhesives and specialty chemicals and sells them to industrial manufacturers and construction customers. Sales go directly to customers and also through distributors and retailers across North America, Latin America, Europe, India, the Middle East, Africa, and Asia Pacific.
What H.B. Fuller does
H.B. Fuller, founded in 1887 and based in Saint Paul, Minnesota, is a specialty chemicals company focused on adhesives. It formulates and manufactures adhesives, sealants, coatings, polymers, tapes, encapsulants, and additives for a wide range of industrial and construction uses. The business has three segments. Hygiene, Health and Consumable Adhesives serves packaging, converting, nonwoven/hygiene, and medical and beauty markets. Engineering Adhesives supplies high-performance products for durable assembly, electronics, transportation, clean energy, aerospace and defense, appliances, heavy machinery, and insulating glass. Building Adhesive Solutions covers commercial roofing, HVAC and insulation, and consumer and professional caulks and sealants. Products are sold directly and through distributors and retailers worldwide.
Products & services
- Hygiene, health and packaging adhesives (hot-melt, water-based, reactive)
- High-performance engineering adhesives (polyurethane, silicone, light cure, two-part)
- Adhesives for electronics, transportation and clean energy
- Commercial roofing, HVAC and insulation adhesives
- Caulks and sealants for consumers and professional trades
- Tapes, encapsulants, polymers and additives
What is H.B. Fuller worth?
On an owner-earnings DCF, H.B. Fuller's most-likely value is about $35 versus a recent price near $50 (30% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$24) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 12.7× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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