A Business at a Glance
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HNI CORP
HNI
$2.0B
Mkt Cap
$41.62
+2.59%
HNI CORP (HNI) has a current P/E ratio of 14.0, compared to its historical median P/E of 19.0. The stock is currently considered Fair based on its historical valuation range.
HNI CORP (HNI) has a 5-year average return on invested capital (ROIC) of 9.6%. This is below average and may indicate limited pricing power.
HNI CORP (HNI) has a market capitalization of $2.0B. It is classified as a mid-cap stock.
Yes, HNI CORP (HNI) pays a dividend with a trailing twelve-month yield of 3.10%. The company also returns capital through share buybacks, with a buyback yield of 4.11%.
Based on historical P/E analysis, HNI CORP (HNI) appears fair. The current P/E of 14.0 is 26% below its historical median of 19.0. The estimated fair value CAGR (P/E method) is 4.8%.
HNI CORP (HNI) operates in the Office Furniture (No Wood) industry, within the Consumer Cyclical sector.
HNI CORP (HNI) reported annual revenue of $2.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
References in this report to the "Corporation," "HNI," "we," "us," and "our" are to HNI Corporation individually and together with its consolidated subsidiaries. The Corporation follows a 52/53-week fiscal year, which ends on the Saturday nearest December 31. Fiscal year 2025 ended on January 3, 2026, fiscal year 2024 ended on December 28, 2024, and fiscal year 2023 ended on December 30, 2023. PART I HNI Corporation has been improving where people live, work, and gather for more than 80 years. HNI is a manufacturer of workplace furnishings and residential building products. Within workplace furnishings, the Corporation is the thought leader in commercial furnishings and the preeminent global designer, innovator, and provider of workplace solutions going to market under unique brands serving multiple channels and customers from the largest multinational companies to small local businesses.
| Metric | TTM | FY2026 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.8B | 2.8B | 2.5B | 2.4B | 2.4B | 2.0B |
| Net Income | 54M | 54M | 140M | 49M | 124M | 42M |
| EPS | $1.11 | $1.11 | $2.88 | $1.09 | $2.94 | $0.98 |
| Free Cash Flow | 209M | 209M | 174M | 188M | 13M | 173M |
| ROIC | 2.6% | 2.6% | 13.1% | 6.6% | 18.3% | 7.3% |
| Gross Margin | 41.4% | 41.4% | 40.9% | 39.0% | 35.4% | 36.9% |
| Debt/Equity | 0.70 | 0.70 | 0.57 | 0.74 | 0.31 | 0.30 |
| Dividends/Share | $1.29 | $1.35 | $1.31 | $1.28 | $1.27 | $1.22 |
| Operating Income | 126M | 126M | 207M | 90M | 155M | 61M |
| Operating Margin | 4.4% | 4.4% | 8.2% | 3.7% | 6.6% | 3.1% |
| ROE | 3.0% | 3.0% | 17.4% | 7.1% | 20.5% | 7.1% |
| Shares Outstanding | 49M | 49M | 48M | 45M | 42M | 43M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.0B | 2.1B | 2.2B | 2.3B | 2.2B | 2.3B | 2.2B | 2.0B | 2.4B | 2.4B | 2.5B | 2.8B | 2.8B |
| Gross Margin | 34.4% | 34.7% | 35.3% | 36.8% | 36.0% | 37.0% | 37.1% | 36.9% | 35.4% | 39.0% | 40.9% | 41.4% | 41.4% |
| R&D | 27M | 27M | 30M | 31M | 32M | 33M | 35M | 35M | 48M | 47M | 54M | 57M | 57M |
| SG&A | 600M | 607M | 649M | 672M | 672M | 691M | 680M | 621M | 723M | 772M | 821M | 937M | 937M |
| EBIT | 88M | 106M | 113M | 164M | 77M | 128M | 151M | 61M | 155M | 90M | 207M | 126M | 126M |
| Op. Margin | 4.4% | 5.1% | 5.1% | 7.1% | 3.5% | 5.7% | 6.7% | 3.1% | 6.6% | 3.7% | 8.2% | 4.4% | 4.4% |
| Net Income | 49M | 64M | 61M | 105M | 90M | 93M | 111M | 42M | 124M | 49M | 140M | 54M | 54M |
| Net Margin | 2.4% | 3.1% | 2.8% | 4.6% | 4.1% | 4.1% | 4.9% | 2.1% | 5.2% | 2.0% | 5.5% | 1.9% | 1.9% |
| Non-Recurring | 1.8M | -2.1M | 37M | 8.4M | 13M | 14M | 2.4M | 29M | 63M | 72M | 6.2M | 12M | 12M |
| Returns on Capital | |||||||||||||
| ROIC | 10.5% | 13.4% | 11.8% | 17.5% | 10.6% | 13.4% | 16.3% | 7.3% | 18.3% | 6.6% | 13.1% | 2.6% | 2.6% |
| ROE | 11.7% | 14.9% | 14.8% | 23.0% | 17.7% | 17.3% | 19.3% | 7.1% | 20.5% | 7.1% | 17.4% | 3.0% | 3.0% |
| ROA | 4.6% | 5.8% | 5.0% | 8.2% | 6.6% | 6.7% | 7.7% | 3.0% | 8.7% | 2.9% | 7.3% | 1.1% | 1.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 145M | 165M | 168M | 173M | 133M | 186M | 219M | 215M | 81M | 268M | 227M | 276M | 276M |
| Free Cash Flow | 105M | 104M | 93M | 91M | 24M | 123M | 152M | 173M | 13M | 188M | 174M | 209M | 209M |
| Owner Earnings | 95M | 111M | 102M | 107M | 53M | 104M | 135M | 129M | -12M | 156M | 102M | 145M | 145M |
| CapEx | 39M | 61M | 74M | 83M | 109M | 64M | 67M | 42M | 68M | 79M | 53M | 68M | 68M |
| Maint. CapEx | 43M | 47M | 57M | 58M | 73M | 75M | 77M | 78M | 84M | 95M | 108M | 107M | 107M |
| Growth CapEx | 0 | 14M | 18M | 25M | 36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 43M | 47M | 57M | 58M | 73M | 75M | 77M | 78M | 84M | 95M | 108M | 107M | 107M |
| CapEx/OCF | 27.3% | 37.0% | 44.3% | 47.7% | 82.0% | 29.8% | 27.7% | 15.1% | 40.7% | 29.2% | 22.3% | N/A | 24.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 43M | 43M | 44M | 46M | 50M | 51M | 52M | 52M | 53M | 59M | 64M | 63M | 63M |
| Dividend Yield | 6.0% | 5.4% | 3.5% | 3.1% | 3.3% | 3.8% | 4.0% | 4.7% | 3.7% | 4.4% | 4.4% | N/A | 3.1% |
| Share Buybacks | 21M | 27M | 68M | 27M | 58M | 30M | 84M | 6.8M | 65M | 300K | 66M | 84M | 84M |
| Buyback Yield | 2.6% | 2.8% | 4.2% | 2.5% | 3.4% | 2.3% | 6.5% | 0.6% | 3.7% | 0.0% | 3.5% | 0.0% | 4.1% |
| Stock-Based Comp | 6.4M | 7.5M | 8.6M | 9.1M | 7.8M | 7.3M | 6.8M | 7.8M | 9.0M | 17M | 17M | 25M | 25M |
| Debt Repayment | 179M | 164M | 236M | 455M | 277M | 349M | 216M | 83M | 402M | 436M | 100M | 783M | 783M |
| Balance Sheet | |||||||||||||
| Net Debt | 106M | 78M | 161M | 175M | 251M | 172M | 122M | 58M | 171M | 531M | 456M | 1.1B | 1.1B |
| Cash & Equiv. | 42M | 65M | 34M | 36M | 23M | 77M | 52M | 116M | 17M | 29M | 20M | 209M | 209M |
| Long-Term Debt | 150M | 150M | 198M | 180M | 240M | 249M | 174M | 175M | 189M | 428M | 294M | 1.3B | 1.3B |
| Debt/Equity | 0.37 | 0.34 | 0.48 | 0.43 | 0.54 | 0.44 | 0.30 | 0.30 | 0.31 | 0.74 | 0.57 | 0.70 | 0.70 |
| Interest Coverage | 8.1 | 10.7 | 13.5 | 23.7 | 12.6 | 13.6 | 17.5 | 8.8 | 21.7 | 225.8 | 516.3 | 252.0 | 252.0 |
| Equity | 420M | 436M | 415M | 501M | 514M | 563M | 584M | 590M | 617M | 761M | 840M | 1.8B | 1.8B |
| Total Assets | 1.1B | 1.1B | 1.2B | 1.3B | 1.4B | 1.4B | 1.5B | 1.4B | 1.4B | 1.9B | 1.9B | 4.9B | 4.9B |
| Total Liabilities | 656M | 698M | 825M | 829M | 877M | 839M | 868M | 828M | 798M | 1.2B | 1.0B | 3.0B | 3.0B |
| Intangibles | 87M | 95M | 141M | 183M | 182M | 164M | 146M | 140M | 118M | 162M | 133M | 426M | 426M |
| Retained Earnings | 354M | 374M | 375M | 462M | 467M | 505M | 530M | 518M | 534M | 524M | 600M | 590M | 590M |
| Working Capital | 13M | 22M | -1.8M | -30M | -823K | 98M | 50M | 57M | 74M | 72M | 45M | 273M | 273M |
| Current Assets | 402M | 433M | 456M | 433M | 489M | 532M | 529M | 496M | 469M | 536M | 522M | 1.4B | 1.4B |
| Current Liabilities | 389M | 412M | 457M | 463M | 490M | 434M | 479M | 439M | 395M | 464M | 478M | 1.1B | 1.1B |
| Per Share Data | |||||||||||||
| EPS | 1.07 | 1.39 | 1.35 | 2.32 | 2.00 | 2.11 | 2.54 | 0.98 | 2.94 | 1.09 | 2.88 | 1.11 | 1.11 |
| Owner EPS | 2.08 | 2.42 | 2.25 | 2.35 | 1.17 | 2.36 | 3.11 | 3.02 | -0.28 | 3.46 | 2.10 | 2.96 | 2.96 |
| Book Value | 9.19 | 9.52 | 9.10 | 11.02 | 11.45 | 12.72 | 13.42 | 13.81 | 14.63 | 16.87 | 17.34 | 37.59 | 37.59 |
| Cash Flow/Share | 3.16 | 3.60 | 3.69 | 3.81 | 2.97 | 4.21 | 5.04 | 5.02 | 1.93 | 5.93 | 4.68 | 5.66 | 3.30 |
| Dividends/Share | 0.95 | 0.96 | 0.99 | 1.05 | 1.13 | 1.17 | 1.21 | 1.22 | 1.27 | 1.28 | 1.31 | 1.35 | 1.29 |
| Shares Out. | 45.8M | 45.8M | 45.5M | 45.4M | 44.9M | 44.3M | 43.5M | 42.8M | 42.1M | 45.1M | 48.4M | 48.8M | 48.8M |
| Valuation | |||||||||||||
| P/E Ratio | 16.5 | 15.3 | 26.0 | 10.1 | 19.0 | 14.2 | 11.7 | 29.0 | 26.5 | 25.2 | 13.4 | N/A | 37.5 |
| P/FCF | 7.7 | 9.4 | 17.1 | 11.7 | 71.2 | 10.8 | 8.5 | 7.0 | 118.6 | 6.6 | 10.8 | N/A | 9.7 |
| EV/EBIT | 10.5 | 9.9 | 15.6 | 7.8 | 26.0 | 11.7 | 9.4 | 20.7 | 20.6 | 18.3 | 10.9 | N/A | 24.7 |
| Price/Book | 1.9 | 2.2 | 3.9 | 2.1 | 3.3 | 2.4 | 2.2 | 2.1 | 2.6 | 1.6 | 2.2 | N/A | 1.1 |
| Price/Sales | 0.4 | 0.4 | 0.6 | 0.7 | 0.7 | 0.6 | 0.6 | 0.6 | 0.7 | 0.6 | 0.6 | N/A | 0.7 |
| FCF Yield | 13.0% | 10.7% | 5.8% | 8.5% | 1.4% | 9.3% | 11.7% | 14.2% | 0.8% | 15.2% | 9.3% | N/A | 10.3% |
| Market Cap | 809M | 975M | 1.6B | 1.1B | 1.7B | 1.3B | 1.3B | 1.2B | 1.6B | 1.2B | 1.9B | 0 | 2.0B |
| Avg. Price | 15.73 | 17.61 | 27.57 | 33.37 | 33.20 | 30.31 | 29.85 | 25.78 | 34.43 | 29.74 | 29.59 | 0.00 | 41.62 |
| Year-End Price | 17.68 | 21.27 | 35.13 | 23.37 | 37.93 | 29.91 | 29.84 | 28.38 | 36.03 | 27.50 | 38.72 | 0.00 | 41.62 |
HNI CORP passes 2 of 9 quality checks, indicating weak fundamentals.
HNI CORP trades at 14.0x trailing earnings, compared to its 15-year median P/E of 19.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 10.0x vs a median of 10.8x. The company's 5-year average ROIC is 9.6% with a gross margin of 38.7%. Total shareholder yield (dividends + buybacks) is 7.2%. At current prices, the estimated annualized return to fair value is -2.1%.
HNI CORP (HNI) has a net profit margin of 1.9%. This is a modest margin.
HNI CORP (HNI) generated $209 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
HNI CORP (HNI) has a debt-to-equity ratio of 0.70. This indicates moderate leverage.
HNI CORP (HNI) reported earnings per share (EPS) of $1.11 in its most recent fiscal year.
HNI CORP (HNI) has a return on equity (ROE) of 3.0%. This indicates moderate shareholder returns.
HNI CORP (HNI) has a 5-year average gross margin of 38.7%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for HNI CORP (HNI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HNI CORP (HNI) has a book value per share of $37.59, based on its most recent annual SEC filing.
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