H.B. Fuller vs NewMarket
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The short version
- H.B. Fuller is the larger business, with $3.5B of revenue in fiscal 2025 against $2.7B for NewMarket.
- NewMarket turned more of its sales into free cash flow (18.0% FCF margin, against 3.5%).
- NewMarket earned a higher return on the capital invested in it (16.3%, against 6.3%).
- Investors pay more for each dollar of NewMarket’s earnings: a P/E of 18.7x against 13.8x for H.B. Fuller.
| Latest fiscal year | FUL · FY25 | NEU · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.7B | $8.0B |
| Revenue | $3.5B | $2.7B |
| Free cash flow | $121M | $491M |
| Net income | $152M | $419M |
| Growth | ||
| Revenue growth | −2.7% | −2.2% |
| 5-year growth | 4.5% | 6.3% |
| Share count change | −2.3% | −1.8% |
| Profitability | ||
| Gross margin | 31.1% | 31.5% |
| Operating margin | — | 20.0% |
| Net margin | 4.4% | 15.4% |
| FCF margin | 3.5% | 18.0% |
| Return on capital | 6.3% | 16.3% |
| Return on equity | 7.9% | 25.9% |
| Balance sheet | ||
| Net debt | $1.9B | $824M |
| Net debt / EBITDA | 3.6x | 1.2x |
| Dividends and buybacks | $111M | $183M |
| Valuation & quality | ||
| P/E | 13.8x | 18.7x |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
FUL $2.1B
NEU $2.0B
FY17
FUL $2.3B
NEU $2.2B
FY18
FUL $3.0B
NEU $2.3B
FY19
FUL $2.9B
NEU $2.2B
FY20
FUL $2.8B
NEU $2.0B
FY21
FUL $3.3B
NEU $2.4B
FY22
FUL $3.7B
NEU $2.8B
FY23
FUL $3.5B
NEU $2.7B
FY24
FUL $3.6B
NEU $2.8B
FY25
FUL $3.5B
NEU $2.7B
FUL
NEU
Operating margin
FY16
FUL 9.5%
NEU 17.3%
FY17
FUL 5.2%
NEU 14.7%
FY18
FUL 7.8%
NEU 12.8%
FY19
FUL 7.8%
NEU 15.4%
FY20
FUL 7.8%
NEU 15.5%
FY21
FUL 7.7%
NEU 10.9%
FY22
FUL 8.6%
NEU 12.9%
FY23
FUL 10.1%
NEU 17.9%
FY24
FUL 9.8%
NEU 21.2%
FY25
FUL —
NEU 20.0%
FUL
NEU
Free cash flow
FY16
FUL $132M
NEU $211M
FY17
FUL $111M
NEU $94.1M
FY18
FUL $185M
NEU $123M
FY19
FUL $207M
NEU $278M
FY20
FUL $244M
NEU $191M
FY21
FUL $117M
NEU $86.4M
FY22
FUL $127M
NEU $52.5M
FY23
FUL $259M
NEU $529M
FY24
FUL $163M
NEU $462M
FY25
FUL $121M
NEU $491M
FUL
NEU
Return on capital
FY16
FUL 9.5%
NEU 31.9%
FY17
FUL 4.2%
NEU 20.4%
FY18
FUL 7.3%
NEU 20.6%
FY19
FUL 5.1%
NEU 21.8%
FY20
FUL 5.1%
NEU 20.9%
FY21
FUL 5.6%
NEU 14.6%
FY22
FUL 7.0%
NEU 17.9%
FY23
FUL 6.4%
NEU 22.9%
FY24
FUL 6.8%
NEU 23.3%
FY25
FUL 6.3%
NEU 16.3%
FUL
NEU
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.