H. B. Fuller Company — Earnings Quality Grade F
FUL · Basic Materials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 59 days, change +2 days YoY
AR growth 1.1% vs revenue growth -2.7%
Revenue -2.7%, CFFO -12.9%. Cash follows revenue
Expense Quality
Inventory 1.0% vs COGS -4.5%. Normal
CapEx growth 2.2% vs revenue -2.7%. Normal
SG&A/Gross Profit = 59.3%. Normal
Gross margin 31.1%, change +1.4pp. Stable
Cash Flow Quality
CFFO/NI = 1.73. Profits backed by cash
FCF $0.1B, FCF/NI = 0.80
Accruals ratio = -2.2%. Low accruals
Cash $0.1B covers only 5% of debt $2.1B
Balance Sheet Health
Goodwill+Intangibles $2.5B = 124% of equity. Over 50%
Debt/EBITDA = 3.9x. Healthy
Other assets 13.7% vs revenue -2.7%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 8% YoY. Normal
Manipulation Score
M-Score = -2.57 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25