MeritValue

FULLER H B CO

FULdata completeness 100%19 fiscal years on file
The thesis, from the filings

FULLER H B CO earns about 4% on invested capital, with a roughly flat share count. The estimate methods put fair value between $5.05 and $27.13 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2024FY 2025
Revenue$3.75B1$3.51B2$3.57B2$3.57B2$3.47B2
Net income$180.3M3$144.9M4$130.3M4$130.3M4$152M4
Operating cash flow$256.5M5$378.4M6$302.4M6$302.4M6$263.5M6
Capital expenditure$130M7$119.1M8$139.2M8$139.2M8$142.3M8
Free cash flow (derived)$126.6M5$259.3M6$163.2M6$163.2M6$121.2M6
Total debt$3.47B9$3.67B10$4.02B11$4.02B11$4.03B11
Cash & equivalents$79.9M12$179.5M13$169.4M14$169.4M14$107.2M14
Diluted shares55.3M56.0M56.6M56.6M55.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$361.89
your share of equity
Profit it earned you last year
$27.45
Free cash flow it threw off
$21.9
Debt you’d be carrying
$728.73

10 shares is a claim on $361.89 of net worth that earned you $27.45 and generated $21.9 of cash last year, against $728.73 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY22 5%FY23 4%FY24 4%FY24 4%FY25 4%

It earned an average 4% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 16% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 2 estimate methods that apply put fair value between $5.05 and $27.13 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$5.05
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth8.8%
  • fcfBase$163.2M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth8.8%
  • fcfBase$163.2M
Earnings Power Value
$27.13
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$144.9M
  • growthAssumed0.0%
Graham Number
$47.32
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-12-03 · accession 0001437749-25-001699 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-02 · accession 0001437749-26-001767 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2022-12-03 · accession 0001437749-25-001699 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-02 · accession 0001437749-26-001767 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-03 · accession 0001437749-25-001699 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-02 · accession 0001437749-26-001767 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-03 · accession 0001437749-25-001699 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-12-02 · accession 0001437749-26-001767 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2022-12-03 · accession 0001437749-24-002024 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2023-12-02 · accession 0001437749-25-001699 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2024-11-30 · accession 0001437749-26-001767 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2022-12-03 · accession 0001437749-24-002024 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-02 · accession 0001437749-25-001699 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-11-30 · accession 0001437749-26-001767 (CashAndCashEquivalentsAtCarryingValue)