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) Beneish M-score
H. B. Fuller Company's Beneish M-score for fiscal 2025 is −2.57; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.57 | 0.14 |
| FY2024 | −2.71 | 0.10 |
| FY2023 | −2.81 | (0.26) |
| FY2022 | −2.55 | (0.21) |
| FY2021 | −2.34 | 0.29 |
| FY2020 | −2.62 | 0.02 |
| FY2019 | −2.65 | (0.12) |
| FY2018 | −2.52 | (0.42) |
| FY2017 | −2.10 | 0.60 |
| FY2016 | −2.71 | 0.02 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.04 | — | 0.96 | |
| Gross margin index | 0.96 | — | 0.50 | |
| Asset quality index | 1.03 | — | 0.42 | |
| Sales growth index | 0.97 | — | 0.87 | |
| Depreciation index | 1.03 | — | 0.12 | |
| SG&A index | 1.04 | — | −0.18 | |
| Total accruals to total assets | (0.02) | — | −0.10 | |
| Leverage index | 0.96 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.57 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| NGVT Ingevity Corporation compare | −4.0× |
| ASH Ashland Inc. compare | −3.6× |
| CBT Cabot Corporation compare | −2.9× |
| HWKN Hawkins, Inc. compare | −2.7× |
| KWR Quaker Houghton compare | −2.7× |
| FUL H. B. Fuller Company | −2.6× |
| AVNT Avient Corporation compare | −2.5× |
| IOSP Innospec Inc. compare | −2.5× |
| WDFC WD-40 Company compare | −2.4× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI