H. B. Fuller Company
FUL Basic Materials Specialty Chemicals
H. B. Fuller Company’s revenue for fiscal 2025 (year ended November 2025) was $3.5 billion, down 2.67% from fiscal 2024. In the quarter to August 2026, revenue grew 5.17%, EPS grew 18.2%, free cash flow fell 58.4% and total debt fell 1.25%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years; insiders bought in the last twelve months.
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H. B. Fuller Company (FUL) Altman Z-score
H. B. Fuller Company's Altman Z-score for fiscal 2025 is 2.16, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.16 | (0.30) |
| FY2024 | 2.46 | (0.07) |
| FY2023 | 2.53 | (0.16) |
| FY2022 | 2.69 | 0.20 |
| FY2021 | 2.49 | 0.35 |
| FY2020 | 2.14 | 0.04 |
| FY2019 | 2.10 | 0.11 |
| FY2018 | 1.99 | 0.32 |
| FY2017 | 1.67 | (1.92) |
| FY2016 | 3.59 | 0.32 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.10 | — | 0.12 | |
| Retained earnings / total assets | 0.39 | — | 0.55 | |
| EBIT / total assets | 0.07 | — | 0.23 | |
| Market value of equity / total liabilities | 1.00 | — | 0.60 | |
| Sales / total assets | 0.67 | — | 0.67 | |
| Altman Z-score | Grey zone | 2.16 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.05 | ||
Z and Z″ put H. B. Fuller Company in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WDFC WD-40 Company compare | 12.5× |
| HWKN Hawkins, Inc. compare | 6.6× |
| IOSP Innospec Inc. compare | 4.8× |
| CBT Cabot Corporation compare | 3.5× |
| KWR Quaker Houghton compare | 2.3× |
| FUL H. B. Fuller Company | 2.2× |
| NGVT Ingevity Corporation compare | 1.8× |
| AVNT Avient Corporation compare | 1.7× |
| ASH Ashland Inc. compare | 1.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets