Seaport Research Highlights Margin Progress at H.B. Fuller (FUL), Flags Growth Uncertainty

H.B. Fuller Company (NYSE:FUL) is included among the 14 Best Mid-Cap Dividend Stocks to Buy Now.

On January 16, Seaport Research analyst Michael Harrison nudged up his price target on H.B. Fuller Company (NYSE:FUL) to $84 from $80, while sticking with a Buy rating. He said margins are still trending in the right direction, but he’s not quite as confident about how much organic growth the company can deliver from here.

H.B. Fuller’s Q4 FY2025 results, released on January 14, reflected that mixed picture. Revenue slipped 3.1% from last year to $895 million, and net income came in at $30 million. The brighter part of the report was profitability. Adjusted EBITDA jumped 14.6% to $170 million, and margins expanded meaningfully, with the adjusted EBITDA margin rising to 19.0%, up 290 basis points year-over-year.

The company also continued to keep a lid on costs. SG&A spending was $184 million in the quarter, while adjusted SG&A was slightly lower at $174 million, helped by ongoing cost-saving initiatives and lower variable compensation.

For FY2026, H.B. Fuller expects revenue to hold steady or rise slightly, projecting flat to 2% growth compared to FY2025. Organic revenue is expected to be roughly unchanged, while currency translation could add around 1%. Cash generation is also expected to remain healthy, with operating cash flow projected at $275 million–$300 million. Capital spending is expected to run around $160 million, including $50 million tied to Project Quantum Leap.

H.B. Fuller Company (NYSE:FUL) is a pure-play adhesives business, focused on developing and selling adhesives, sealants, and other specialty chemical products across a wide range of markets.

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