The business behind the dividend
| Measure | FUL | Median | Formula |
|---|---|---|---|
| Return on equity | 7.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $188.01m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $121.22m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 4.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.01x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 1.70x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 3.88x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.73x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -2.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Interest cover, Operating margin, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 7.6% | 7.1% | — | 8.3% | 11.2% | 10.1% | 9.0% | 10.7% | 14.9% | 5.7% | 9.0% |
| Return on capital employed | — | 9.1% | — | 9.9% | 9.6% | 7.9% | 7.0% | 7.1% | 7.0% | 3.4% | 7.9% |
| Operating margin | — | 9.8% | — | 10.1% | 8.6% | 7.7% | 7.8% | 7.8% | 7.8% | 5.2% | 7.8% |
| Net margin | 4.4% | 3.6% | — | 4.1% | 4.8% | 4.9% | 4.4% | 4.5% | 5.6% | 2.6% | 4.4% |
| Debt to equity | 1.01x | 1.10x | — | 1.05x | 1.08x | 1.00x | 1.27x | 1.61x | 1.94x | 2.30x | 1.10x |
| Current ratio | 1.70x | 1.81x | — | 1.89x | 1.84x | 1.66x | 1.92x | 1.91x | 2.00x | 2.29x | 1.89x |
| Cash conversion | 1.73x | 2.32x | — | 2.61x | 1.42x | 1.32x | 2.68x | 2.06x | 1.48x | 2.80x | 2.06x |
How it compares in materials
Among the 79 materials companies here measured on free cash flow, Fuller H B pays out less than 34 of them. The median for that group is 34.3%, against this company’s 41.5%.
Closest on free cash flow
- OLIN (OLN) 37.0%
- RPM International (RPM) 40.2%
- Aptargroup (ATR) 40.3%
- Worthington Steel (WS) 40.8%
Same sector and same denominator, so the figures are comparable. All 107 in materials →