H.B. Fuller vs NewMarket
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KIRA’s take AI analyst
I put H.B. Fuller and NewMarket side by side, using each one’s latest annual report. Here is what stands out:
- 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 18.9x against 13.7x for H.B. Fuller.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
H.B. Fuller
FUL
2/10
Piotroski F-scoreShare count change
NewMarket
NEU
8/10
Revenue growth5-year growthGross marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | FUL FY25 | NEU FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.7B | $8.1B |
| 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 | 13.7x | 18.9x |
| Piotroski F-score | 7 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.