FULFULLER H B CO
Adhesives & Sealants
- Revenue
- $3.5B
- 2.7% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $2.7B
- Employees
- 7,100
- $489K revenue each
- Net debt / EBITDA
- —
- $1.9B net debt
- AI in 10-K
- 0.3
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo173% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo42% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo31% of assetsOver 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$489K · 56th pctBottom quartile of its SIC industry
- Quiet on AIYes0.3 per 10K words · 15th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.7× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.7B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$435K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3.3B | $3.7B | $3.5B | $3.6B | $3.5B | 2.7% |
| Operating income | $253M | $323M | $355M | $348M | — | |
| Net income | $161M | $180M | $145M | $130M | $152M | 17% |
| Operating cash flow | $213M | $257M | $378M | $302M | $263M | 13% |
| Capex | $96M | $130M | $119M | $139M | $142M | 2.2% |
| Stock-based comp | $22M | $24M | $20M | $22M | $22M | 0.6% |
| Buybacks | $3M | $4M | $3M | $40M | $61M | 53% |
| Dividends | $35M | $39M | $43M | $48M | $50M | 5.6% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $1M · 12
- Open-market sells, 12 mo
- $1M · 2
- Net
- $435K
Pay vs performance
No pay-versus-performance disclosure yet.