HNI (HNI)
Market Price (5/18/2026): $29.905 | Market Cap: $2.1 BilSector: Industrials | Industry: Office Services & Supplies
HNI (HNI)
Market Price (5/18/2026): $29.905Market Cap: $2.1 BilSector: IndustrialsIndustry: Office Services & Supplies
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41% Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Future of Work & Office Transformation. Themes include Green Building Materials, and Flexible Workspace Solutions. | Weak multi-year price returns2Y Excs Rtn is -73%, 3Y Excs Rtn is -59% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 77% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 1,529x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% Key risksHNI key risks include [1] a notable pause in demand from its small and medium-sized business operations and delays in contract furniture projects, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41% |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Future of Work & Office Transformation. Themes include Green Building Materials, and Flexible Workspace Solutions. |
| Weak multi-year price returns2Y Excs Rtn is -73%, 3Y Excs Rtn is -59% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 77% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 1,529x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% |
| Key risksHNI key risks include [1] a notable pause in demand from its small and medium-sized business operations and delays in contract furniture projects, Show more. |
Qualitative Assessment
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HNI (HNI) stock has lost about 35% since 1/31/2026 because of the following key factors:
1. Mixed Q1 2026 Financial Results with Revenue Miss and GAAP Net Loss.
HNI reported a non-GAAP earnings per share (EPS) of $0.34 for Q1 2026, surpassing analyst estimates of $0.29 to $0.31. However, the company's revenue of $1.35 billion fell short of analyst expectations, which ranged from $1.37 billion to $1.39 billion. Critically, HNI recorded a GAAP diluted EPS loss of $(0.55) and a net loss of $38.8 million in Q1 2026, a significant shift from a $13.9 million profit in the prior year's quarter. This net loss was primarily attributed to $88 million in purchase accounting charges related to the Steelcase acquisition.
2. Decline in Organic Sales within the Workplace Furnishings Segment.
Despite a substantial 125% increase in reported consolidated net sales in Q1 2026, driven by the acquisition of Steelcase in Q4 2025, HNI's core Workplace Furnishings segment experienced a notable organic net sales decline of 3.2% to 5% year-over-year. This underlying weakness in demand, particularly from contract customers, raised investor concerns about the organic growth and health of HNI's primary business.
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1. Mixed Q1 2026 Financial Results with Revenue Miss and GAAP Net Loss.
HNI reported a non-GAAP earnings per share (EPS) of $0.34 for Q1 2026, surpassing analyst estimates of $0.29 to $0.31. However, the company's revenue of $1.35 billion fell short of analyst expectations, which ranged from $1.37 billion to $1.39 billion. Critically, HNI recorded a GAAP diluted EPS loss of $(0.55) and a net loss of $38.8 million in Q1 2026, a significant shift from a $13.9 million profit in the prior year's quarter. This net loss was primarily attributed to $88 million in purchase accounting charges related to the Steelcase acquisition.
2. Decline in Organic Sales within the Workplace Furnishings Segment.
Despite a substantial 125% increase in reported consolidated net sales in Q1 2026, driven by the acquisition of Steelcase in Q4 2025, HNI's core Workplace Furnishings segment experienced a notable organic net sales decline of 3.2% to 5% year-over-year. This underlying weakness in demand, particularly from contract customers, raised investor concerns about the organic growth and health of HNI's primary business.
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Stock Movement Drivers
Fundamental Drivers
The -37.0% change in HNI stock from 1/31/2026 to 5/17/2026 was primarily driven by a -99.3% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5172026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.43 | 29.90 | -37.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,593 | 3,587 | 38.3% |
| Net Income Margin (%) | 5.5% | 0.0% | -99.3% |
| P/E Multiple | 15.3 | 1,529.2 | 9868.1% |
| Shares Outstanding (Mil) | 46 | 72 | -36.0% |
| Cumulative Contribution | -37.0% |
Market Drivers
1/31/2026 to 5/17/2026| Return | Correlation | |
|---|---|---|
| HNI | -37.0% | |
| Market (SPY) | 7.1% | 39.3% |
| Sector (XLI) | 3.9% | 40.2% |
Fundamental Drivers
The -25.7% change in HNI stock from 10/31/2025 to 5/17/2026 was primarily driven by a -99.3% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 5172026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.26 | 29.90 | -25.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,582 | 3,587 | 38.9% |
| Net Income Margin (%) | 5.7% | 0.0% | -99.3% |
| P/E Multiple | 12.6 | 1,529.2 | 12059.8% |
| Shares Outstanding (Mil) | 46 | 72 | -35.5% |
| Cumulative Contribution | -25.7% |
Market Drivers
10/31/2025 to 5/17/2026| Return | Correlation | |
|---|---|---|
| HNI | -25.7% | |
| Market (SPY) | 9.0% | 33.9% |
| Sector (XLI) | 11.2% | 40.4% |
Fundamental Drivers
The -27.1% change in HNI stock from 4/30/2025 to 5/17/2026 was primarily driven by a -99.3% change in the company's Net Income Margin (%).| (LTM values as of) | 4302025 | 5172026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.99 | 29.90 | -27.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,526 | 3,587 | 42.0% |
| Net Income Margin (%) | 5.5% | 0.0% | -99.3% |
| P/E Multiple | 14.0 | 1,529.2 | 10810.8% |
| Shares Outstanding (Mil) | 48 | 72 | -33.4% |
| Cumulative Contribution | -27.1% |
Market Drivers
4/30/2025 to 5/17/2026| Return | Correlation | |
|---|---|---|
| HNI | -27.1% | |
| Market (SPY) | 34.8% | 36.6% |
| Sector (XLI) | 32.4% | 44.2% |
Fundamental Drivers
The 26.7% change in HNI stock from 4/30/2023 to 5/17/2026 was primarily driven by a 19290.2% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5172026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.60 | 29.90 | 26.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,362 | 3,587 | 51.9% |
| Net Income Margin (%) | 5.2% | 0.0% | -99.3% |
| P/E Multiple | 7.9 | 1,529.2 | 19290.2% |
| Shares Outstanding (Mil) | 41 | 72 | -42.2% |
| Cumulative Contribution | 26.7% |
Market Drivers
4/30/2023 to 5/17/2026| Return | Correlation | |
|---|---|---|
| HNI | 26.7% | |
| Market (SPY) | 84.7% | 43.0% |
| Sector (XLI) | 79.2% | 52.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HNI Return | 26% | -30% | 53% | 24% | -14% | -24% | 9% |
| Peers Return | 4% | -19% | 30% | 36% | -8% | -1% | 35% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| HNI Win Rate | 67% | 33% | 67% | 42% | 50% | 40% | |
| Peers Win Rate | 50% | 38% | 57% | 52% | 45% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| HNI Max Drawdown | -23% | -39% | -23% | -13% | -26% | -40% | |
| Peers Max Drawdown | -39% | -42% | -31% | -24% | -36% | -24% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MLKN, LZB, ETD, BSET, FLXS. See HNI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/15/2026 (YTD)
How Low Can It Go
| Event | HNI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.3% | -18.8% |
| % Gain to Breakeven | 20.9% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.6% | -6.7% |
| % Gain to Breakeven | 25.9% | 7.1% |
| Time to Breakeven | 97 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -36.3% | -24.5% |
| % Gain to Breakeven | 57.1% | 32.4% |
| Time to Breakeven | 427 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.1% | -33.7% |
| % Gain to Breakeven | 108.6% | 50.9% |
| Time to Breakeven | 236 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.5% | -19.2% |
| % Gain to Breakeven | 27.5% | 23.8% |
| Time to Breakeven | 701 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -37.8% | -12.2% |
| % Gain to Breakeven | 60.8% | 13.9% |
| Time to Breakeven | 175 days | 62 days |
In The Past
HNI's stock fell -17.3% during the 2025 US Tariff Shock. Such a loss loss requires a 20.9% gain to breakeven.
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| Event | HNI | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.6% | -6.7% |
| % Gain to Breakeven | 25.9% | 7.1% |
| Time to Breakeven | 97 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -36.3% | -24.5% |
| % Gain to Breakeven | 57.1% | 32.4% |
| Time to Breakeven | 427 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.1% | -33.7% |
| % Gain to Breakeven | 108.6% | 50.9% |
| Time to Breakeven | 236 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.5% | -19.2% |
| % Gain to Breakeven | 27.5% | 23.8% |
| Time to Breakeven | 701 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -37.8% | -12.2% |
| % Gain to Breakeven | 60.8% | 13.9% |
| Time to Breakeven | 175 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -27.7% | -17.9% |
| % Gain to Breakeven | 38.3% | 21.8% |
| Time to Breakeven | 63 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -27.7% | -15.4% |
| % Gain to Breakeven | 38.4% | 18.2% |
| Time to Breakeven | 218 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -76.7% | -53.4% |
| % Gain to Breakeven | 328.5% | 114.4% |
| Time to Breakeven | 413 days | 1085 days |
In The Past
HNI's stock fell -17.3% during the 2025 US Tariff Shock. Such a loss loss requires a 20.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About HNI (HNI)
HNI Corporation, together with its subsidiaries, manufactures and sells workplace furnishings and residential building products primarily in the United States. The company operates through two segments, Workplace Furnishings and Residential Building Products. The Workplace Furnishings segment offers a range of commercial and home office furniture, including panel-based and freestanding furniture systems, seating, storage, tables, and architectural products under the HON, Allsteel, Beyond, Gunlocke, Maxon, HBF, OFM, Respawn, Lamex, and HNI India brands. This segment sells its products through independent dealers, wholesalers, office product distributors, e-commerce retailers, and wholesalers, as well as directly to end-user customers; and federal, state, and local governments. The Residential Building Products segment provides various gas, wood, electric, and pellet-fueled fireplaces; inserts; stoves; facings; and accessories primarily for home use under the Heatilator, Heat & Glo, Majestic, Monessen, Quadra-Fire, Harman, Vermont Castings, PelPro, SimpliFire, The Outdoor GreatRoom Company, and Stellar brand names. This segment markets its products through independent dealers and distributors, and corporation-owned distribution and retail outlets. The company was incorporated in 1944 and is headquartered in Muscatine, Iowa.
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1. Imagine a company like Steelcase or Herman Miller for office and home office furniture, but they also manufacture residential fireplaces and stoves.
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```html- Workplace Furniture: A comprehensive range of commercial and home office furnishings, including panel-based and freestanding furniture systems, seating, storage, tables, and architectural products.
- Residential Fireplaces: Various types of gas, wood, electric, and pellet-fueled fireplaces designed primarily for home use.
- Fireplace Inserts: Units designed to be placed into existing fireplace openings to improve efficiency and aesthetics.
- Residential Stoves: Standalone heating appliances, including gas, wood, electric, and pellet-fueled models, primarily for home use.
- Fireplace Facings and Accessories: Complementary products that enhance the appearance and functionality of fireplaces, inserts, and stoves.
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HNI Corporation primarily sells its products to other companies rather than directly to individuals. The background information provided does not list specific names of major customer companies. Instead, it describes the following categories of business customers that HNI serves:- Independent Dealers, Wholesalers, and Distributors: This category includes independent dealers, wholesalers, and office product distributors that purchase HNI's workplace furnishings and residential building products for resale.
- Retailers (including E-commerce Retailers): HNI sells its products through various retail channels, including e-commerce retailers, which then sell to end-users.
- Government Entities: For its Workplace Furnishings segment, HNI directly sells to federal, state, and local governments.
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Here is information about the management team members of HNI Corporation: Jeffrey D. Lorenger, Chairman, President, and Chief Executive Officer Jeffrey D. Lorenger became President and CEO of HNI Corporation in June 2018 and Chairman of the Board of Directors in February 2020. He has served as a director since April 2018. Lorenger has been with HNI Corporation for over 20 years, holding multiple executive-level positions within HNI's workplace furnishings brands, including President of Office Furniture (2017-2018), President of Contract Furniture (2014-2017), and President of Allsteel (2008-2014). His earlier roles at HNI included Vice President, Sales and Marketing for The HON Company, and Vice President, General Counsel & Secretary for HNI Corporation. Before joining HNI in 1998, he practiced law for several years with Gray Plant Mooty in Minneapolis, Minnesota, focusing on general corporate transactions. Lorenger also serves on the Board of Directors for THOR Industries and the Business and Institutional Furniture Manufacturers Association (BIFMA). Vincent Paul Berger II, Executive Vice President and Chief Financial Officer Vincent Paul Berger II was appointed Executive Vice President and CFO of HNI Corporation, effective December 29, 2024. He succeeded Marshall H. Bridges, who retired on December 28, 2024. Berger is a seasoned HNI member, having been with the company for 27 years, and previously served as Executive Vice President and President of Hearth and Home Technologies since 2016. He is a certified public accountant with over 30 years of experience in various finance, operational, and leadership roles. Steven Mark Bradford, Senior Vice President, General Counsel and Secretary Steven Mark Bradford has served as Secretary and General Counsel of HNI Corporation since 2008 and is also a Senior Vice President. Brad Determan, Executive Vice President Brad Determan serves as an Executive Vice President (EVP) of HNI Corporation.AI Analysis | Feedback
Key Risks to HNI Corporation
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Risks Associated with the Steelcase Acquisition: HNI Corporation faces significant financial and operational complexities stemming from its acquisition of Steelcase. This "company-defining bet" involves incurring approximately $1.25 billion of new debt, which substantially increases the company's financial leverage and includes restrictive covenants, such as a maximum leverage ratio of 3.5:1. While the acquisition has been approved by shareholders, the integration of Steelcase into HNI's operations presents ongoing challenges and has already impacted selling and administrative expenses and net income.
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Macroeconomic Uncertainty and Market Volatility: HNI's business performance is significantly exposed to macroeconomic uncertainties and market volatility, impacting both its Workplace Furnishings and Residential Building Products segments. Elevated interest rates and fluctuating consumer sentiment directly affect the housing market, leading to extended recovery timelines and reduced new construction volumes for its residential products. Similarly, macroeconomic uncertainties, including interest rate volatility, influence demand within the Workplace Furnishings segment, particularly for small and medium-sized businesses. Unfavorable economic and industry factors generally could adversely affect the company's business, operating results, or financial condition.
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Intense Competition and Price Pressure: HNI operates in highly competitive markets across both its segments. In the workplace furnishings industry, the company faces significant price competition from large manufacturers such as MillerKnoll, Haworth, and others, as well as global importers, and may encounter competition from new market entrants. Even with the strategic acquisition of Steelcase, the competitive landscape remains a constant factor that can influence market share and profitability.
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The sustained shift towards remote and hybrid work models, reducing the demand for traditional office furniture systems and requiring different types of workspace furnishings for a significant portion of HNI's Workplace Furnishings segment.
Increasing environmental regulations and decarbonization efforts, which favor electrification and restrict combustion-based heating, thereby threatening the market for HNI's gas, wood, and pellet-fueled fireplaces and stoves in its Residential Building Products segment.
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HNI Corporation operates in two main segments: Workplace Furnishings and Residential Building Products. Here are the addressable market sizes for their main products and services:
Workplace Furnishings
The addressable market for HNI's Workplace Furnishings segment, which includes commercial and home office furniture, is substantial.
- The North American office furniture market was valued at approximately USD 19.88 billion in 2023 and is expected to grow to USD 28.27 billion by 2030, with a compound annual growth rate (CAGR) of 5.1% from 2024 to 2030. Other estimates place the North American market at USD 20.35 billion in 2023, projected to reach USD 34.11 billion by 2033, growing at a CAGR of 5.3% from 2024 to 2033. The United States office furniture market alone was valued at USD 18.13 billion in 2024 and is poised to grow to USD 29.1 billion by 2033, exhibiting a CAGR of 5.4% during the forecast period of 2026–2033.
- The global home office furniture market was valued at USD 38.40 billion in 2025 and is forecast to reach USD 58.63 billion by 2031, with a CAGR of 7.31% from 2026 to 2031. The United States home office furniture market accounted for USD 4.3 billion in revenue in 2024.
Residential Building Products
HNI's Residential Building Products segment encompasses a variety of gas, wood, electric, and pellet-fueled fireplaces, inserts, stoves, facings, and accessories.
- The global fireplace market was valued at approximately USD 15.15 billion in 2021 and is projected to reach over USD 23.3 billion by 2033. The "Real Fire Fireplace Market," which includes traditional wood-burning, gas, and ethanol fireplaces, was valued at approximately USD 8.5 billion in 2024 and is anticipated to reach USD 12.8 billion by 2033. North America is a leading region in the global fireplace market, expected to hold a 33.9% share in 2025, with the United States specifically accounting for 27.45% of the global market in 2025.
- More specifically, the U.S. electric fireplace market size was valued at USD 1.70 billion in 2024 and is projected to reach USD 3.11 billion by 2033, expanding at a CAGR of 7.0% from 2025 to 2033.
- The broader United States building products market, relevant for residential applications, is projected to grow from USD 159.23 billion in 2023 to USD 218.76 billion in 2031, at a CAGR of 4.05% during 2024-2031. Total U.S. building products spending is expected to reach $552 billion by 2029.
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HNI Corporation (HNI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:- Strategic Acquisitions and Synergy Realization: The recent acquisition of Steelcase, completed in December 2025, is a significant driver, with HNI projecting a total net sales increase of over 130% year-over-year in 2026 due to this acquisition. The company anticipates realizing approximately $120 million in synergies from the Steelcase integration, which is expected to enhance market leadership and provide revenue benefits. Additionally, ongoing synergy capture from the 2023 Kimball International (KII) acquisition also contributes to growth by broadening product portfolios and market reach.
- Targeted Growth in the Residential Building Products Segment: HNI is focusing on driving top-line growth in its Residential Building Products segment through "front-end investments" and "laser-focused go-to-market strategies" organized around the customer. This segment has shown resilience and growth, particularly in remodel/retrofit activity, which has balanced out softer new construction markets. Management expects continued revenue improvement in this segment.
- Workplace Furnishings Market Recovery and Organic Expansion: The Workplace Furnishings segment is expected to benefit from an evolving market, including post-pandemic trends and office conversions, along with the strength of its contract brands. The company has reported organic net sales growth in this segment, even prior to the full realization of benefits from the Steelcase acquisition. HNI projects mid-single-digit revenue growth for Workplace Furnishings.
- Operational Efficiencies and Innovation: HNI's commitment to operational excellence, including lean manufacturing, rapid continuous improvement (RCI), and network optimization efforts (such as the ramp-up of its Mexico facility and facility consolidations), is expected to drive productivity and cost savings. These efficiencies, while primarily impacting profitability, can indirectly support revenue growth by allowing for competitive pricing, increased investment in product development, and overall market responsiveness. The company also focuses on innovation and technology, which includes new product development and digital transformation to meet evolving customer needs and drive sales.
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Capital Allocation Decisions (Last 3-5 Years) for HNI Corporation (HNI)
Share Repurchases
- HNI Corporation repurchased $12.5 million of common stock in fiscal year 2025 (ended January 3, 2026).
- In fiscal year 2024 (ended December 28, 2024), the company repurchased $95.5 million of common stock.
- As of June 28, 2025, $87.7 million remained authorized and available for share repurchases under the company's current program.
Share Issuance
- HNI issued common stock as part of the consideration for its acquisition of Steelcase Inc., which closed on December 10, 2025.
- Steelcase shareholders received a combination of cash and HNI common stock, resulting in former Steelcase shareholders owning approximately 36% of the combined company.
- The company also regularly issues common stock under its Director Plan and Members' Stock Purchase Plan for compensation-related matters, for example, issuing 43 thousand shares under the Director Plan and 77 thousand shares under the Members' Stock Purchase Plan in 2023.
Outbound Investments
- HNI acquired Steelcase Inc. on December 10, 2025, in a cash and stock transaction valued at approximately $2.2 billion. This acquisition is intended to significantly expand HNI's geographic footprint, dealer network, and brand portfolio.
- On June 1, 2023, HNI acquired Kimball International, Inc. in a cash and stock transaction valued at $503.7 million, strengthening its Workplace Furnishings segment.
- In 2025, HNI divested its HNI India business, receiving $8.1 million net of costs to sell.
Capital Expenditures
- Capital expenditures totaled $65.8 million in fiscal year 2025 (ended January 3, 2026) and $50.6 million in fiscal year 2024 (ended December 28, 2024).
- HNI expects capital expenditures for fiscal year 2026 to be in the range of $140 million to $150 million.
- These investments are primarily focused on machinery, equipment, and tooling for ongoing operations, continuous improvements, and cost-saving initiatives in manufacturing, along with investments in technology and digital capabilities.
Latest Trefis Analyses
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|---|---|---|
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| HNI Earnings Notes | 12/16/2025 | |
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| ARTICLES | ||
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| HNI Stock Down -17% after 9-Day Loss Streak | 08/09/2025 |
Trade Ideas
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| 04302026 | GEO | GEO | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
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| 04172026 | RSG | Republic Services | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.8% | 0.8% | -1.1% |
| 04102026 | VRSK | Verisk Analytics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.3% | 12.3% | 0.0% |
| 04102026 | UHAL | U-Haul | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -1.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 24.37 |
| Mkt Cap | 0.7 |
| Rev LTM | 1,360 |
| Op Inc LTM | 92 |
| FCF LTM | 42 |
| FCF 3Y Avg | 89 |
| CFO LTM | 73 |
| CFO 3Y Avg | 130 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.6% |
| Rev Chg 3Y Avg | -3.9% |
| Rev Chg Q | 2.4% |
| QoQ Delta Rev Chg LTM | 0.6% |
| Op Inc Chg LTM | 1.5% |
| Op Inc Chg 3Y Avg | 17.8% |
| Op Mgn LTM | 6.1% |
| Op Mgn 3Y Avg | 6.6% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 7.3% |
| CFO/Rev 3Y Avg | 7.2% |
| FCF/Rev LTM | 4.8% |
| FCF/Rev 3Y Avg | 5.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.7 |
| P/S | 0.6 |
| P/Op Inc | 10.3 |
| P/EBIT | 9.9 |
| P/E | 19.7 |
| P/CFO | 7.7 |
| Total Yield | 8.5% |
| Dividend Yield | 2.3% |
| FCF Yield 3Y Avg | 8.0% |
| D/E | 0.6 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -9.8% |
| 3M Rtn | -15.1% |
| 6M Rtn | -1.0% |
| 12M Rtn | -17.7% |
| 3Y Rtn | 19.1% |
| 1M Excs Rtn | -11.5% |
| 3M Excs Rtn | -23.4% |
| 6M Excs Rtn | -7.1% |
| 12M Excs Rtn | -42.6% |
| 3Y Excs Rtn | -60.0% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $29.90 | |
| Market Cap ($ Bil) | 1.6 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -42.7% | |
| 50 Days | 200 Days | |
| DMA Price | $35.81 | $41.94 |
| DMA Trend | down | down |
| Distance from DMA | -16.5% | -28.7% |
| 3M | 1YR | |
| Volatility | 45.6% | 33.7% |
| Downside Capture | 251.60 | 133.42 |
| Upside Capture | -13.43 | 44.58 |
| Correlation (SPY) | 38.5% | 33.8% |
HNI Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.84 | 1.73 | 1.37 | 1.03 | 1.06 | 0.88 |
| Up Beta | 2.08 | 2.37 | 2.11 | 1.69 | 1.41 | 0.89 |
| Down Beta | 2.40 | 1.42 | 1.58 | 1.14 | 1.04 | 0.79 |
| Up Capture | 113% | 78% | 44% | 53% | 59% | 78% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 17 | 26 | 56 | 115 | 381 |
| Down Capture | 123% | 210% | 150% | 89% | 109% | 98% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 9 | 25 | 36 | 65 | 133 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HNI | |
|---|---|---|---|---|
| HNI | -35.1% | 33.5% | -1.24 | - |
| Sector ETF (XLI) | 23.7% | 15.4% | 1.17 | 42.5% |
| Equity (SPY) | 27.4% | 12.1% | 1.71 | 35.2% |
| Gold (GLD) | 42.5% | 26.8% | 1.30 | 7.7% |
| Commodities (DBC) | 45.4% | 18.5% | 1.88 | -25.3% |
| Real Estate (VNQ) | 11.5% | 13.5% | 0.56 | 37.5% |
| Bitcoin (BTCUSD) | -23.7% | 41.8% | -0.54 | 11.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HNI | |
|---|---|---|---|---|
| HNI | -4.6% | 31.4% | -0.10 | - |
| Sector ETF (XLI) | 11.9% | 17.5% | 0.53 | 56.5% |
| Equity (SPY) | 13.6% | 17.1% | 0.63 | 49.1% |
| Gold (GLD) | 19.4% | 17.9% | 0.88 | 4.0% |
| Commodities (DBC) | 10.9% | 19.4% | 0.45 | 6.5% |
| Real Estate (VNQ) | 2.9% | 18.8% | 0.06 | 46.1% |
| Bitcoin (BTCUSD) | 7.2% | 55.9% | 0.34 | 15.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HNI | |
|---|---|---|---|---|
| HNI | -0.4% | 37.4% | 0.10 | - |
| Sector ETF (XLI) | 13.9% | 20.0% | 0.61 | 59.7% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 52.5% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | -1.0% |
| Commodities (DBC) | 8.3% | 17.9% | 0.38 | 17.0% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 50.3% |
| Bitcoin (BTCUSD) | 67.4% | 66.9% | 1.06 | 13.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -8.1% | -12.6% | |
| 2/25/2026 | -5.1% | -9.4% | -23.6% |
| 10/28/2025 | -0.6% | -10.5% | -7.4% |
| 7/24/2025 | -1.3% | -1.8% | -17.2% |
| 5/7/2025 | 0.9% | 12.2% | 8.1% |
| 2/20/2025 | 0.3% | -2.3% | -10.1% |
| 10/29/2024 | -3.2% | -1.4% | 10.4% |
| 7/25/2024 | 10.4% | 12.4% | 6.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 12 |
| # Negative | 9 | 9 | 7 |
| Median Positive | 1.9% | 7.9% | 7.1% |
| Median Negative | -1.9% | -6.0% | -10.1% |
| Max Positive | 10.4% | 15.3% | 17.8% |
| Max Negative | -9.4% | -12.6% | -23.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue Growth | -2.0% | Lower New | |||||
| 2026 Revenue Growth | 2.0% | -98.0% | Lowered | Guidance: 100.0% for 2026 | |||
| 2026 EPS Growth | 10.0% | 0.0% | Affirmed | Guidance: 10.0% for 2026 | |||
| 2027 Cost Savings | 70.00 Mil | Higher New | |||||
| 2026 Cost Savings | 150.00 Mil | 25.0% | Raised | Guidance: 120.00 Mil for 2026 | |||
Prior: Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Consolidated Net Sales Growth | 130.0% | Higher New | |||||
| 2026 Consolidated Net Sales Growth | 100.0% | Higher New | |||||
| 2026 Workplace Furnishings Revenue Growth | 5.0% | Higher New | |||||
| 2026 Residential Building Products Revenue Growth | 2.0% | Higher New | |||||
| 2026 Non-GAAP EPS Growth | 10.0% | -33.3% | Lowered | Guidance: 15.0% for 2025 | |||
| 2026 Steelcase Synergies | 120.00 Mil | Higher New | |||||
| 2026 Steelcase EPS Accretion | 1.2 | Higher New | |||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Smith, Brian Scott | President, Hearth & Home Tech | Direct | Sell | 2102026 | 52.20 | 2,000 | 104,400 | 690,384 | Form |
| 2 | Calado, Miguel M | Direct | Sell | 7282025 | 53.00 | 1,743 | 92,379 | 1,594,527 | Form | |
| 3 | Lorenger, Jeffrey D | President & CEO | Direct | Sell | 7282025 | 53.29 | 200 | 10,658 | 18,342,070 | Form |
| 4 | Calado, Miguel M | Direct | Sell | 6302025 | 50.00 | 2,000 | 100,000 | 1,591,421 | Form | |
| 5 | Hagedorn, Jason Dean | President, Allsteel LLC | Direct | Sell | 6172025 | 47.07 | 1,440 | 67,781 | 1,727,984 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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