The raised guidance and record EBITDA margin signal continued operational improvement from Quantum Leap restructuring. Watch for the AMS acquisition closing and Q4 revenue trajectory, as volume remains negative (-3%). The stock may re-rate if margin expansion sustains above 20%.
Price Chart
Executive Summary
H.B. Fuller reported Q3 2026 adjusted EPS of $1.52, up 21% YoY and above the $1.45 consensus, with net revenue of $938M (+5.2% YoY) slightly below the $964M estimate. Adjusted EBITDA rose 9% to a record 19.9% margin, and the company raised its full-year adjusted EPS guidance to $4.70-$4.85 from $4.60-$4.90, while tightening adjusted EBITDA guidance to $655M-$670M. The beat was driven by pricing execution and restructuring savings, though volume declined 3%.
Key Financial Metrics
Key Facts
- Adjusted EPS (diluted) of $1.52, up 21% YoY from $1.26, beating consensus of $1.45
- Net revenue of $938M, up 5.2% YoY; organic revenue up 4.4% YoY
- Adjusted EBITDA of $187M, up 9% YoY; record adjusted EBITDA margin of 19.9%, up 80 bps YoY
- Full-year adjusted EPS guidance raised to $4.70-$4.85 (from $4.60-$4.90); adjusted EBITDA guidance tightened to $655M-$670M
- Net debt-to-adjusted EBITDA improved to 3.0x from 3.3x YoY
- Year-to-date operating cash flow of $183M, up 17% YoY
- AMS acquisition anticipated to close before year-end
Financial Impact
Adjusted EPS beat consensus by 4.8% ($1.52 vs $1.45); revenue slightly below consensus ($938M vs $964M). Full-year adjusted EPS guidance midpoint raised to $4.775 from $4.75.
Risk Factors
- Volume declined 3% YoY, indicating demand softness that could pressure future revenue
- Net working capital rose to 18.5% of annualized revenue (from 17.0% YoY) due to strategic inventory builds
- Pending AMS acquisition adds integration risk and potential near-term leverage increase
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-031113 |
| Document: ful20260923_8k.htm | 0001437749-26-031113 |
| Document: 0001437749-26-031113-index-headers.html | 0001437749-26-031113 |
| Document: 0001437749-26-031113-index.html | 0001437749-26-031113 |
| Document: 0001437749-26-031113.txt | 0001437749-26-031113 |
| 8-K Data (Synthetic) | 0001437749-26-031113 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | 8-K | $50.89 | awaiting T+5 | — | $49.55 (−2.63%) |
Oct 19, 2026 8d ago | 8-K | $51.06 $49.13 | ▼ −3.78% | ▼ −3.63% | $49.55 (−2.96%) |
Oct 9, 2026 18d ago | 8-K | $49.56 $51.32 | ▲ +3.55% | ▲ +5.52% | $49.55 (−0.02%) |
Oct 6, 2026 21d ago | 8-K | $50.63 $50.44 | ▼ −0.38% | ▼ −0.24% | $49.55 (−2.13%) |
Oct 1, 2026 26d ago | Insider Cluster | $50.23 $50.44 | ▲ +0.42% | ▼ −0.88% | $49.55 (−1.35%) |
Oct 1, 2026 26d ago | Insider Cluster | $50.23 $50.44 | ▲ +0.42% | ▼ −0.88% | $49.55 (−1.35%) |
Sep 30, 2026 27d ago | Insider Cluster | $49.47 $49.91 | ▲ +0.89% | ▼ −1.02% | $49.55 (+0.16%) |
Sep 28, 2026 29d ago | 8-K | $49.37 $50.44 | ▲ +2.17% | ▲ +0.96% | $49.55 (+0.36%) |
Sep 24, 2026 4w ago | 8-K | $50.00 $50.23 | ▲ +0.46% | ▲ +0.88% | $49.55 (−0.90%) |
Jul 20, 2026 14w ago | 8-K | $55.43 $55.70 | ▲ +0.49% | ▲ +0.91% | $49.55 (−10.61%) |
US Market Status
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