Fuller H B Co. (FUL) intrinsic value & 10-year financials
Fuller H B Co. (FUL) has a Graham intrinsic value of $26.95 per share. At $51.32 on Oct 17, 2026, the stock trades 90% above that value. Over the last 10 fiscal years revenue grew 5.8% a year to $3.5B, with an average return on invested capital of 6.3%.
- Graham intrinsic value
- $26.95
- Share price (Oct 17, 2026)
- $51.32
- Price vs Graham value
- 90% above
- Market cap
- $2.8B
- Revenue (FY2025)
- $3.5B
- Revenue growth (10-yr CAGR)
- 5.8%
- ROIC (10-yr avg)
- 6.3%
- Free cash flow (FY2025)
- $121.2M
FUL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.5B | $152.0M | $2.75 | $121.2M | — | 4.0% |
| FY2024 | $3.6B | $130.3M | $2.30 | $163.2M | 9.8% | 6.8% |
| FY2023 | $3.5B | $144.9M | $2.59 | $259.3M | 10.1% | 6.4% |
| FY2022 | $3.7B | $180.3M | $3.26 | $126.5M | 8.6% | 7.0% |
| FY2021 | $3.3B | $161.4M | $2.97 | $117.2M | 7.7% | 5.9% |
| FY2020 | $2.8B | $123.7M | $2.36 | $244.3M | 7.8% | 5.3% |
| FY2019 | $2.9B | $130.8M | $2.52 | $207.2M | 7.8% | 5.2% |
| FY2018 | $3.0B | $171.2M | $3.29 | $185.0M | 8.4% | 7.8% |
| FY2017 | $2.3B | $58.2M | $1.13 | $85.9M | 5.5% | 4.6% |
| FY2016 | $2.1B | $124.1M | $2.42 | $132.4M | 9.7% | 9.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FULLER H B CO has demonstrated mature, steady growth, with revenue compounding at 5.8% annually over the past decade.
FULLER H B CO has historically struggled to out-earn its cost of capital, averaging just 6.3% ROIC.
Over the decade, FULLER H B CO shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FULLER H B CO is modeled at 1.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $26.95 per share.