TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · US-GAAP building products peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D lines (SEC XBRL). Restructuring and stock-based compensation are benchmarked in Exhibit 3 but not stripped. What remains is the residual overhead line, on the same footing across the building products peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

The full benchmark

Start the H.B. Fuller benchmark

3 minutes to configure. Fixed-fee quote up front, read-out in days.

Your peer set, editable. Every number traceable to filings. Built outside-in, no data requests, nothing to install.

Use ← → keys, or swipe

H.B. Fuller SG&A versus peers, in text

H.B. Fuller (FUL) reports revenue of $2,897 million. On a normalized basis its SG&A runs 25.1% of revenue, against a median of 15.5% across 27 building products peers; 2 of the 27 run heavier. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Stock-based comp 0.8% of revenue (24 of 28 companies disclose it).

Closing the gap to the peer median is worth about $271 million a year (935 bps of revenue); to the lean quartile, $432 million (1492 bps).

Over 10 years (FY2016 to FY2025), H.B. Fuller's total shareholder return was +40% against +259% for the peer composite; SG&A contributed +17.7 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/FUL.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.