H.B. Fuller Company (FUL) Balance Sheet
FUL balance sheet, FY2025
November 30, 2025 · U.S. dollars$5.18B assets = $3.18B liabilities + $2.00B equity
Both columns are drawn to the same scale: what FUL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FUL financial health
Current ratio1.70
Comfortable · current assets cover current liabilities 1.70×
Debt / equity1.01
Moderate leverage · $1.01 of debt for each $1 of equity
Equity / assets38.7%
Balanced · of assets funded by shareholders
Cash / debt5.3%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles48.0%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal FY2025.
FUL balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.06BFY2016 | $5.18BFY2025 | +10.8%/yr | |
| Total liabilities | $1.12BFY2016 | $3.18BFY2025 | +12.3%/yr | |
| Shareholders’ equity | $937.9MFY2016 | $2.00BFY2025 | +8.8%/yr | |
| Cash & short-term investments | $142.2MFY2016 | $107.2MFY2025 | −3.1%/yr | |
| Total debt | $703.3MFY2016 | $2.02BFY2025 | +12.4%/yr | |
| Net cash (debt) | −$561.0MFY2016 | −$1.91BFY2025 | −$1.3B | |
| Working capital | $419.4MFY2016 | $519.9MFY2025 | +$100.5M | |
| Book value per share | $18.29FY2016 | $36.19FY2025 | +7.9%/yr | |
| Current ratio | 2.07FY2016 | 1.70FY2025 | −0.37 | |
| Debt / equity | 0.75FY2016 | 1.01FY2025 | +0.26 | |
| Shares outstanding | 51.3MFY2016 | 55.4MFY2025 | +0.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FUL assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
FUL liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
FUL debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FUL balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $107.2M | $169.4M | $179.5M | $79.9M | $61.8M | $100.5M | $112.2M | $150.8M | $194.4M | $142.2M |
| Cash & equivalents | $107.2M | $169.4M | $179.5M | $79.9M | $61.8M | $100.5M | $112.2M | $150.8M | $194.4M | $142.2M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $564.3M | $597.5M | $618.7M | $643.7M | $614.6M | $533.6M | $519.4M | $521.5M | $498.0M | $375.4M |
| Inventory | $472.0M | $467.5M | $442.0M | $491.8M | $448.4M | $323.2M | $337.3M | $355.6M | $359.5M | $247.4M |
| Other current assets | $119.8M | $64.9M | $71.9M | $84.0M | $96.3M | $62.4M | $64.5M | $59.8M | $93.1M | $46.2M |
| Total current assets | $1.26B | $1.30B | $1.31B | $1.30B | $1.22B | $1.02B | $1.03B | $1.09B | $1.14B | $811.3M |
| Property, plant & equipment (net) | $935.3M | $943.0M | $872.1M | $733.7M | $695.4M | $670.7M | $629.8M | $636.5M | $670.2M | $515.3M |
| Goodwill & intangible assets | $2.49B | $2.30B | $2.22B | $2.09B | $1.99B | $2.07B | $2.08B | $2.21B | $2.34B | $571.6M |
| Long-term investments | $49.5M | $47.9M | $48.3M | $52.5M | $60.6M | $64.5M | $64.2M | $61.7M | $59.2M | $55.6M |
| Other non-current assets | $448.7M | $340.7M | $275.5M | $283.4M | $311.5M | $213.7M | $177.1M | $175.9M | $1.20B | $104.5M |
| Total assets | $5.18B | $4.93B | $4.72B | $4.46B | $4.27B | $4.04B | $3.99B | $4.18B | $5.41B | $2.06B |
| Liabilities | ||||||||||
| Accounts payable | $470.1M | $491.4M | $439.7M | $460.7M | $500.3M | $316.5M | $298.9M | $273.4M | $268.5M | $163.0M |
| Short-term debt | $0 | $16.0M | $29.3M | $40.2M | $25.0M | $25.6M | $80.7M | $106.0M | $53.0M | $117.5M |
| Deferred revenue | — | — | $31.2M | — | — | — | — | — | — | — |
| Total current liabilities | $743.4M | $719.3M | $692.8M | $705.7M | $736.9M | $530.1M | $542.2M | $546.1M | $504.9M | $391.8M |
| Long-term debt | $2.02B | $2.02B | $1.84B | $1.74B | $1.60B | $1.76B | $1.90B | $2.14B | $2.40B | $588.1M |
| Lease obligations | $59.1M | $64.0M | $64.3M | $33.2M | $33.0M | $28.2M | — | — | — | — |
| Other long-term liabilities | $419.2M | $366.5M | $431.7M | $410.8M | $327.4M | $367.7M | $322.4M | $335.4M | $417.6M | $137.6M |
| Total liabilities | $3.18B | $3.10B | $2.97B | $2.85B | $2.66B | $2.65B | $2.76B | $3.02B | $3.32B | $1.12B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $54.2M | $54.7M | $54.1M | $53.7M | $52.8M | $51.9M | $51.2M | $50.7M | $125.1M | $109.7M |
| Retained earnings (deficit) | $2.03B | $1.92B | $1.84B | $1.74B | $1.61B | $1.47B | $1.38B | $1.29B | $1.12B | $1.09B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$375.0M | −$473.4M | −$442.9M | −$451.4M | −$270.2M | −$302.9M | −$343.6M | −$280.2M | −$200.7M | −$262.7M |
| Minority interest | −$24,000 | $1.2M | $708,000 | $624,000 | $591,000 | $541,000 | $442,000 | $401,000 | $393,000 | $393,000 |
| Total shareholders' equity | $2.00B | $1.83B | $1.76B | $1.61B | $1.61B | $1.38B | $1.22B | $1.15B | $1.04B | $937.9M |
| Key figures | ||||||||||
| Total debt | $2.02B | $2.07B | $1.90B | $1.80B | $1.62B | $1.80B | $1.98B | $2.25B | $2.45B | $703.3M |
| Net cash (debt) | −$1.91B | −$1.91B | −$1.72B | −$1.72B | −$1.56B | −$1.70B | −$1.87B | −$2.10B | −$2.26B | −$561.0M |
| Working capital | $519.9M | $579.9M | $619.3M | $593.6M | $484.3M | $489.6M | $491.2M | $541.6M | $640.1M | $419.4M |
| Tangible book value | −$482.7M | −$473.8M | −$460.4M | −$484.5M | −$374.7M | −$686.6M | −$858.9M | −$1.06B | −$1.29B | $366.3M |
| Book value per share | $36.19 | $32.29 | $31.37 | $29.13 | $29.66 | $26.30 | $23.51 | $22.16 | $20.22 | $18.29 |
| Shares outstanding | 55.4M | 56.6M | 56.0M | 55.3M | 54.3M | 52.5M | 52.0M | 52.0M | 51.6M | 51.3M |
| Current ratio | 1.70 | 1.81 | 1.89 | 1.84 | 1.66 | 1.92 | 1.91 | 1.99 | 2.27 | 2.07 |
| Quick ratio | 0.90 | 1.07 | 1.15 | 1.03 | 0.92 | 1.20 | 1.17 | 1.23 | 1.37 | 1.32 |
| Debt / equity | 1.01 | 1.13 | 1.08 | 1.12 | 1.01 | 1.30 | 1.62 | 1.95 | 2.35 | 0.75 |
| Equity / assets | 38.7% | 37.1% | 37.2% | 36.1% | 37.7% | 34.2% | 30.7% | 27.6% | 19.3% | 45.6% |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $97.2M | $114.1M | $107.9M | $107.2M | $122.5M | $96.8M | $105.7M | $169.4M | $131.4M | $114.8M | $165.2M | $179.5M |
| Cash & equivalents | $97.2M | $114.1M | $107.9M | $107.2M | $122.5M | $96.8M | $105.7M | $169.4M | $131.4M | $114.8M | $165.2M | $179.5M |
| Receivables | $648.0M | $622.7M | $532.2M | $564.3M | $563.6M | $584.0M | $525.5M | $597.5M | $574.8M | $571.1M | $525.7M | $618.7M |
| Inventory | $582.6M | $526.7M | $506.8M | $472.0M | $503.0M | $495.6M | $468.3M | $467.5M | $509.0M | $496.1M | $490.2M | $442.0M |
| Other current assets | $158.0M | $135.8M | $128.5M | $119.8M | $111.8M | $118.2M | $114.6M | $64.9M | $115.1M | $109.0M | $115.7M | $71.9M |
| Total current assets | $1.49B | $1.40B | $1.28B | $1.26B | $1.30B | $1.29B | $1.21B | $1.30B | $1.33B | $1.29B | $1.30B | $1.31B |
| Property, plant & equipment (net) | $978.9M | $967.8M | $956.6M | $935.3M | $1.91B | $867.5M | $844.0M | $881.9M | $861.3M | $838.8M | $822.9M | $872.1M |
| Goodwill & intangible assets | $2.45B | $2.46B | $2.49B | $2.49B | $2.51B | $2.52B | $2.46B | $2.30B | $2.40B | $2.39B | $2.19B | $2.22B |
| Long-term investments | $0 | $0 | $0 | $49.5M | $0 | $0 | $0 | $47.9M | $0 | $0 | $0 | $48.3M |
| Other non-current assets | $515.4M | $501.5M | $499.8M | $448.7M | $0 | $452.6M | $443.9M | $401.8M | $388.8M | $397.8M | $373.1M | $275.5M |
| Total assets | $5.43B | $5.33B | $5.22B | $5.18B | $5.17B | $5.13B | $4.96B | $4.93B | $4.98B | $4.92B | $4.68B | $4.72B |
| Liabilities | ||||||||||||
| Accounts payable | $537.1M | $526.3M | $453.0M | $470.1M | $459.4M | $482.0M | $450.4M | $491.4M | $493.6M | $474.1M | $460.6M | $439.7M |
| Short-term debt | — | — | $0 | $0 | $0 | $0 | $578,000 | $16.0M | $797,000 | $1.4M | $1.5M | $29.3M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$493.6M | $46.9M | $49.5M | $47.7M |
| Total current liabilities | $818.1M | $779.1M | $665.9M | $743.4M | $674.2M | $692.1M | $614.8M | $719.3M | $704.9M | $684.1M | $653.2M | $692.8M |
| Long-term debt | $0 | $2.07B | $2.08B | $2.02B | $2.08B | $2.11B | $2.18B | $2.01B | $2.02B | $2.02B | $1.83B | $1.84B |
| Lease obligations | — | — | — | $59.1M | — | — | — | $64.0M | — | — | — | $64.3M |
| Other long-term liabilities | $2.44B | $395.1M | $413.0M | $419.2M | $452.4M | $451.9M | $388.3M | $374.1M | $411.3M | $419.4M | $431.3M | $438.3M |
| Total liabilities | $3.26B | $3.25B | $3.15B | $3.18B | $3.21B | $3.26B | $3.18B | $3.10B | $3.14B | $3.13B | $2.91B | $2.97B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $53.8M | $53.8M | $54.5M | $54.2M | $54.0M | $54.0M | $54.2M | $54.7M | $54.6M | $54.5M | $54.4M | $54.1M |
| Retained earnings (deficit) | $2.15B | $2.09B | $2.03B | $2.03B | $2.01B | $1.95B | $1.93B | $1.92B | $1.94B | $1.90B | $1.86B | $1.84B |
| Accumulated other comprehensive income | −$326.0M | −$335.6M | −$332.5M | −$375.0M | −$393.7M | −$412.6M | −$488.4M | −$473.4M | −$474.3M | −$474.9M | −$458.8M | −$442.9M |
| Minority interest | — | $0 | $0 | −$24,000 | $1.3M | $1.3M | — | — | — | — | — | — |
| Total shareholders' equity | $2.17B | $2.08B | $2.07B | $2.00B | $1.96B | $1.87B | $1.78B | $1.83B | $1.84B | $1.79B | $1.77B | $1.76B |
| Key figures | ||||||||||||
| Total debt | $2.05B | $2.07B | $2.08B | $2.02B | $2.08B | $2.11B | $2.18B | $2.07B | $2.02B | $2.02B | $1.83B | $1.90B |
| Net cash (debt) | −$1.96B | −$1.96B | −$1.97B | −$1.91B | −$1.96B | −$2.02B | −$2.07B | −$1.91B | −$1.89B | −$1.91B | −$1.67B | −$1.72B |
| Working capital | $667.8M | $620.4M | $609.4M | $519.9M | $626.5M | $602.4M | $599.3M | $579.9M | $625.3M | $607.0M | $643.7M | $619.3M |
| Tangible book value | −$278.9M | −$377.6M | −$423.3M | −$482.7M | −$553.7M | −$643.1M | −$681.7M | −$473.8M | −$556.9M | −$600.0M | −$421.6M | −$460.4M |
| Book value per share | $39.49 | $37.82 | $37.20 | $36.24 | $35.35 | $34.12 | $31.72 | $32.28 | $32.50 | $31.63 | $31.24 | $31.25 |
| Shares outstanding | 54.9M | 55.1M | 55.5M | 55.3M | 55.4M | 55.0M | 56.0M | 56.7M | 56.6M | 56.6M | 56.6M | 56.2M |
| Current ratio | 1.82 | 1.80 | 1.92 | 1.70 | 1.93 | 1.87 | 1.97 | 1.81 | 1.89 | 1.89 | 1.99 | 1.89 |
| Quick ratio | 0.91 | 0.95 | 0.96 | 0.90 | 1.02 | 0.98 | 1.03 | 1.07 | 1.00 | 1.00 | 1.06 | 1.15 |
| Debt / equity | 0.95 | 1.00 | 1.01 | 1.01 | 1.06 | 1.13 | 1.23 | 1.13 | 1.10 | 1.13 | 1.04 | 1.08 |
| Equity / assets | 39.9% | 39.1% | 39.6% | 38.7% | 37.9% | 36.5% | 35.8% | 37.1% | 37.0% | 36.4% | 37.8% | 37.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed January 22, 2026); data from EODHD.
FUL financial position
At the end of fiscal 2025 (November 30, 2025), H.B. Fuller had total assets of $5.2 billion (up 5.1% from a year earlier), total liabilities of $3.2 billion and shareholders' equity of $2.0 billion. It held $107.2 million in cash and short-term investments against $2.0 billion of debt, net debt of $1.9 billion. Its current ratio was 1.70. In the latest quarter (ended August 31, 2026) total assets were $5.4 billion and equity $2.2 billion.
Related: FUL income statement, FUL cash flow statement, FUL key metrics. See the FUL stock overview for the latest quote and news.
FUL balance sheet FAQ
What are H.B. Fuller's total assets?
H.B. Fuller reported total assets of $5.2 billion at the end of fiscal 2025 (November 30, 2025), compared with $4.9 billion a year earlier.
How much debt does H.B. Fuller have?
H.B. Fuller had $2.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.01.
How much cash does H.B. Fuller have?
H.B. Fuller held $107.2 million in cash and short-term investments at the end of fiscal 2025; with $2.0 billion of debt that is net debt of $1.9 billion.
What is H.B. Fuller's book value?
H.B. Fuller's shareholders' equity (book value) was $2.0 billion at the end of fiscal 2025, or $36.19 per share.
What is H.B. Fuller's current ratio?
H.B. Fuller had current assets of $1.3 billion and current liabilities of $743.4 million, a current ratio of 1.70 (it can cover its short-term obligations).
How much goodwill does H.B. Fuller have?
H.B. Fuller carried $2.5 billion of goodwill and intangible assets, 48.0% of total assets, at the end of fiscal 2025.