H.B. Fuller Company (NYSE: FUL) is a specialty chemicals company that formulates, manufactures, and markets adhesives, sealants, and other specialty chemical products. Revenue is transactional, generated by selling adhesive and sealant products directly to manufacturers across a wide range of industries. Founded in 1887 and incorporated in Minnesota in 1915, H.B. Fuller operates sales activities across 34 countries. Net revenue was $3,473.6 million in FY2025 (fiscal year ended November 29, 2025), down 2.7 percent from $3,568.7 million in FY2024. Gross profit margin was 31.1 percent in FY2025, up from 29.8 percent in FY2024. Raw material costs, predominantly petroleum and natural gas derivatives, represented approximately 75 percent of cost of sales in FY2025. The company organizes its business into segments including Hygiene, Health and Consumable Adhesives and Engineering Adhesives, among others. Cash flow from operating activities was $263.5 million in FY2025. As of November 29, 2025, the company held $107.2 million in cash and cash equivalents, with $105.4 million held outside the U.S.
- Revenue model
- Transactional product sales. H.B. Fuller sells adhesive, sealant, and specialty chemical formulations to manufacturers. Pricing reflects raw material input costs, with raw materials making up approximately 75 percent of cost of sales in FY2025. A one percent change in raw material costs would have changed net income by approximately $12.6 million, or $0.23 per diluted share, based on FY2025 results.
- Products and services
- Industrial adhesives, sealants, and specialty chemical products. End-use applications include food and beverage containers, disposable diapers, medical products, windows, doors, appliances, sportswear, footwear, multi-wall bags, water filtration products, insulation, textiles, automobiles, recreational vehicles, buses, trucks and trailers, marine products, solar energy systems, electronics, and aerospace and defense products. Business segments include Hygiene, Health and Consumable Adhesives and Engineering Adhesives.
- Customers and end markets
- Manufacturers of consumer and industrial goods. Key end markets include hygiene and health (disposable diapers, medical products), food and beverage packaging, construction (windows, doors, insulation), automotive and transportation (automobiles, recreational vehicles, buses, trucks, trailers, marine), electronics, aerospace and defense, footwear, textiles, and solar energy systems. No single customer concentration figure is disclosed in the excerpts.
- Value-chain role
- Specialty chemical formulator and manufacturer positioned between raw material suppliers (petroleum and natural gas derivative producers) and industrial manufacturers. H.B. Fuller sources raw materials from multiple suppliers and sells finished adhesive and sealant formulations to manufacturers for use in their production processes.
- Geographic exposure
- Sales operations across 34 countries as of the FY2025 10-K filing. Regions include North America, Europe, Latin America, Asia Pacific, India, the Middle East, and Africa. Manufacturing and office locations identified in the filing span Australia, Brazil, Colombia, Egypt, Finland, France, Germany, Greece, India, Indonesia, Ireland, Italy, Kenya, Malaysia, New Zealand, People's Republic of China, Portugal, Sweden, Taiwan, Turkey, United Kingdom, and the United States, among others. As of November 29, 2025, $105.4 million of $107.2 million in cash was held outside the U.S.
