Tearsheet

HNI (HNI)

Market Price (12/4/2025): $41.83 | Market Cap: $1.9 Bil
Sector: Industrials | Industry: Office Services & Supplies

HNI (HNI)

Market Price (12/4/2025): $41.83
Market Cap: $1.9 Bil
Sector: Industrials
Industry: Office Services & Supplies

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%, FCF Yield is 8.8%	Weak multi-year price returns 2Y Excs Rtn is -37%, 3Y Excs Rtn is -11%
1	Low stock price volatility Vol 12M is 30%	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.01, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%
2	Megatrend and thematic drivers Megatrends include Sustainable & Green Buildings, and Future of Work & Office Transformation. Themes include Green Building Materials, and Flexible Workspace Solutions.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%, FCF Yield is 8.8%
1	Low stock price volatility Vol 12M is 30%
2	Megatrend and thematic drivers Megatrends include Sustainable & Green Buildings, and Future of Work & Office Transformation. Themes include Green Building Materials, and Flexible Workspace Solutions.
3	Weak multi-year price returns 2Y Excs Rtn is -37%, 3Y Excs Rtn is -11%
4	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.01, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$41.83	$48.83	$39.46	$25.76	$36.75
Market Cap CYE ($ Bil)	1.9	2.3	1.8	1.1	1.6
Total Debt ($ Bil)	0.5	0.5	0.6	0.3	0.3
Total Cash ($ Bil)	0.0	0.0	0.0	0.0	0.1
Enterprise Value ($ Bil)	2.3	2.8	2.4	1.4	1.9
Valuation Ratios
P/S TTM	0.8	0.9	0.8	0.5	0.8
P/EBIT TTM	10.1	11.6	20.6	7.6	21.3
P/E TTM	15.1	17.1	37.8	9.6	30.5
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0	0.0

	12/4/25	2024	2023
Share Price CYE	$41.83	$48.83	$39.46
Market Cap CYE ($ Bil)	1.9	2.3	1.8
Total Debt ($ Bil)	0.5	0.5	0.6
Total Cash ($ Bil)	0.0	0.0	0.0
Enterprise Value ($ Bil)	2.3	2.8	2.4
Valuation Ratios
P/S TTM	0.8	0.9	0.8
P/EBIT TTM	10.1	11.6	20.6
P/E TTM	15.1	17.1	37.8
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	HNI	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	2.6
Rev Chg Q	1.7%	7.1%
Rev Chg LTM	1.2%	6.1%
Rev Chg 3Y Avg	2.8%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	8.6%	18.8%
CFO/Rev LTM	9.6%	20.5%
Net Inc Mgn	5.5%	13.1%
VALUATION	LOW
P/S	0.8	3.2
P/CFO	8.6	15.8
P/FCF	11.3	20.5
P/E	15.1	23.5
STABILITY	GOOD
Debt/Equity	0.21	0.20
Cash/Assets	0.02	0.07

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Metric	Value	Date	Source
Workplace Furnishings Adjusted Segment Backlog Growth (year-over-year)	7%	9272025	Link
Residential Building Products Orders Growth (year-over-year)	2%	9272025	Link
Workplace Furnishings Orders Growth (year-over-year, excluding certain items)	2%	9272025	Link
Industry-Leading Brands	26	11052025	Link
Members Worldwide	7100	11052025	Link
Percentage of Building Products Revenue from Owned Installing Distributors	approximately 25%	11052025	Link
Workplace Furnishings Net Sales as a Percentage of Total Net Sales	75%	12282024	Link
Residential Building Products Net Sales as a Percentage of Total Net Sales	25%	12282024	Link

Recent
11/17/2025	Dividend	Amount: $0.34 Payment On: 12/01/2025
Upcoming
2/19/2026	Earnings Release	Rev: - EPS: -

HNI Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

1. Mixed Q3 2025 Earnings Report and Negative Market Reaction: HNI reported a non-GAAP diluted EPS of $1.10 for Q3 2025, surpassing analyst estimates, but its net sales of $683.8 million fell short of consensus expectations. Following the October 28, 2025, announcement, the market reacted negatively, with the stock initially trading down approximately 4.25% in pre-market activity.

2. Stock Reaching 52-Week Lows: During the period, HNI's stock experienced a significant downturn, hitting a 52-week low of $39.71 on November 3, 2025, and another 52-week low of $38.97 on November 13, 2025. This indicated a decline in investor sentiment.

Stock Movement Drivers

Fundamental Drivers

The -7.1% change in HNI stock from 9/3/2025 to 12/3/2025 was primarily driven by a -4.7% change in the company's Net Income Margin (%).

	9032025	12032025	Change
Stock Price ($)	45.14	41.91	-7.15%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2581.60	2593.20	0.45%
Net Income Margin (%)	5.73%	5.46%	-4.69%
P/E Multiple	14.10	13.56	-3.85%
Shares Outstanding (Mil)	46.20	45.80	0.87%
Cumulative Contribution			-7.15%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
HNI	-7.1%
Market (SPY)	6.2%	32.7%
Sector (XLI)	2.9%	46.3%

Fundamental Drivers

The -9.2% change in HNI stock from 6/4/2025 to 12/3/2025 was primarily driven by a -15.2% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	46.18	41.91	-9.24%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2538.20	2593.20	2.17%
Net Income Margin (%)	5.35%	5.46%	2.13%
P/E Multiple	15.99	13.56	-15.25%
Shares Outstanding (Mil)	47.00	45.80	2.55%
Cumulative Contribution			-9.30%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
HNI	-9.2%
Market (SPY)	15.1%	30.0%
Sector (XLI)	7.6%	42.5%

Fundamental Drivers

The -23.9% change in HNI stock from 12/3/2024 to 12/3/2025 was primarily driven by a -36.1% change in the company's P/E Multiple.

	12032024	12032025	Change
Stock Price ($)	55.06	41.91	-23.89%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2563.70	2593.20	1.15%
Net Income Margin (%)	4.83%	5.46%	12.99%
P/E Multiple	21.20	13.56	-36.06%
Shares Outstanding (Mil)	47.70	45.80	3.98%
Cumulative Contribution			-24.01%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
HNI	-23.9%
Market (SPY)	14.3%	52.8%
Sector (XLI)	9.8%	58.7%

Fundamental Drivers

The 58.8% change in HNI stock from 12/4/2022 to 12/3/2025 was primarily driven by a 44.0% change in the company's P/E Multiple.

	12042022	12032025	Change
Stock Price ($)	26.39	41.91	58.81%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2395.70	2593.20	8.24%
Net Income Margin (%)	4.83%	5.46%	12.97%
P/E Multiple	9.41	13.56	44.03%
Shares Outstanding (Mil)	41.30	45.80	-10.90%
Cumulative Contribution			56.93%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
HNI	10.5%
Market (SPY)	53.2%	48.4%
Sector (XLI)	45.4%	57.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
HNI Return	-4%	26%	-30%	53%	24%	-14%	37%
Peers Return	1%	-5%	-33%	57%	11%	1%	13%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
HNI Win Rate	42%	67%	33%	67%	42%	40%
Peers Win Rate	57%	50%	40%	57%	43%	46%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
HNI Max Drawdown	-51%	-6%	-35%	-12%	-4%	-22%
Peers Max Drawdown	-48%	-15%	-43%	-11%	-12%	-28%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: FTDR, SCS, LZB, MLKN, MSA. 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] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	HNI	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-46.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	87.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	376 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-55.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	124.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	355 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-46.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	86.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	1903 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-84.9%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	561.7%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	2125 days	1480 days

Compare to FTDR, SCS, LZB, MLKN, MSA

In The Past

HNI's stock fell -46.6% during the 2022 Inflation Shock from a high on 6/1/2021. A -46.6% loss requires a 87.3% gain to breakeven.

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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.

AI Generated Analysis | Feedback

1. "Steelcase for office furniture."

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Office Furniture: HNI manufactures a comprehensive range of office furniture products, including seating, desks, tables, storage, and modular systems.
Hearth Products: HNI produces various hearth products such as fireplaces, stoves, and inserts for residential and commercial heating and ambiance.

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HNI Corporation (symbol: HNI) primarily sells its products to other companies (B2B) rather than directly to individual consumers. Its major customers are:

Independent Office Furniture Dealers: These are typically privately-held businesses that resell HNI's office furniture brands (such as HON, Allsteel, HBF, and OFM) to a wide range of end-users including other businesses, government agencies, educational institutions, and healthcare facilities.
Wholesalers and Distributors: For its hearth products segment (brands like Heatilator, Harman, and Quadra-Fire), HNI sells to wholesalers and distributors who then supply builders, contractors, and retailers.
National Accounts and Large Corporate Clients: HNI also serves large organizations and government entities directly or through preferred dealer networks for their office furniture needs.

Due to HNI's diversified distribution strategy across thousands of independent dealers, distributors, and direct national accounts, no single customer typically accounts for 10% or more of its consolidated net sales. Therefore, there are no specific, publicly traded major customer companies that can be individually identified with a symbol.

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Jeffrey D. Lorenger, Chairman, President, and Chief Executive Officer

Jeffrey D. Lorenger has served as HNI Corporation's President and Chief Executive Officer since June 2018 and became Chairman of the Board in February 2020. He has been with HNI Corporation for over 20 years, holding various executive-level positions including President of Office Furniture (2017-2018), President of Contract Furniture (2014-2017), and President of Allsteel (2008-2014). Prior to joining HNI in 1998, Mr. Lorenger practiced law, focusing on general corporate transactions, with the firm Gray Plant Mooty in Minneapolis, Minnesota.

Vincent P. Berger II, Executive Vice President and Chief Financial Officer (effective December 29, 2024)

Vincent P. Berger II is set to become Executive Vice President and Chief Financial Officer of HNI Corporation on December 29, 2024. He has been a member of HNI for 27 years and has served as Executive Vice President and President of Hearth and Home Technologies since 2016. Mr. Berger is a Certified Public Accountant with over 30 years of experience in various finance, operational, and leadership roles within the company.

Marshall H. Bridges, Senior Vice President and Chief Financial Officer (retiring December 28, 2024)

Marshall H. Bridges currently serves as Senior Vice President and Chief Financial Officer of HNI Corporation, a position he has held since January 2017. He joined HNI Corporation in 2001 and has held several leadership roles, including Vice President of Corporate Finance, Treasurer, Director of Mergers & Acquisitions, and Vice President of Investor Relations. Mr. Bridges is scheduled to retire on December 28, 2024, after which he will continue to work with HNI in a part-time capacity on strategic artificial intelligence projects.

Kurt A. Tjaden, Senior Vice President and President of HNI International

Kurt A. Tjaden has been the President of HNI International since January 2017 and a Senior Vice President of HNI Corporation since October 2015. Prior to these roles, he served as the Chief Financial Officer of HNI Corporation from August 2008 to January 2017. Before joining HNI, Mr. Tjaden held significant financial and international positions, including Vice President and Chief Financial Officer, Asia, for Whirlpool Corporation (2007-2008), Chief Financial Officer of Pure Fishing Inc. (2001-2006), and Chief Financial Officer of Gateway Asia Pacific. He also spent 14 years in various roles at Procter & Gamble.

Steven Mark Bradford, Senior Vice President, General Counsel and Secretary

Steven Mark Bradford serves as Senior Vice President, General Counsel, and Secretary for HNI Corporation. He has held the positions of Secretary and General Counsel for HNI Corp. since 2008.

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The permanent shift towards remote and hybrid work models significantly reduces the demand for traditional office furniture and necessitates new types of collaborative and flexible workspace solutions. This trend challenges HNI's core business model of furnishing large, conventional office spaces.

The accelerated electrification and decarbonization of homes and buildings, driven by regulatory changes, building codes, and consumer preferences, directly threatens the market for HNI's gas and wood-burning hearth products. This trend encourages the adoption of electric heating solutions and heat pumps, diminishing the need for traditional fireplaces and stoves.

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HNI Corporation (NYSE: HNI) operates in two primary business segments: Workplace Furnishings and Residential Building Products.

Workplace Furnishings

This segment encompasses office desks, workstations, seating solutions, and storage products.

U.S. Market: The U.S. office furniture market was valued at approximately USD 16.64 billion in 2024, with projections to reach around USD 17.43 billion in 2025. It is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.0% from 2025 to 2030, reaching USD 22.24 billion by 2030. Another estimate for the U.S. market was USD 16.18 billion in 2025, forecasted to reach USD 22.48 billion by 2030, with a CAGR of 6.80% for 2024-2030.
Global Market: The global office furniture market was valued at approximately USD 107.26 billion in 2024 and is expected to grow to USD 180.20 billion by 2032, exhibiting a CAGR of 6.70% from 2025 to 2032. Another report estimates the global market size at USD 65.62 billion in 2024, projected to reach USD 88.58 billion by 2033 with a CAGR of 3.36% from 2025-2033.

Residential Building Products

This segment includes hearth products such as gas, electric, wood, and pellet-burning fireplaces, inserts, stoves, and accessories.

U.S. Market: The U.S. hearth market is projected to be approximately USD 4.85 billion in 2025. The U.S. hearth industry accounted for about 72% of the North American revenue share in 2024.
North American Market: The North America hearth market was valued at approximately USD 4.12 billion in 2023 and is projected to reach USD 7.33 billion by 2031, growing at a CAGR of roughly 7.5% during that period. North America held 43.24% of the global hearth revenue in 2024.
Global Market: The global hearth market size was estimated at USD 20.84 billion in 2024 and is projected to reach USD 27.43 billion by 2030, with a CAGR of 4.8% from 2025 to 2030. Another estimate places the global hearth market at USD 15.65 billion in 2025, expanding to USD 27.54 billion by 2034, with a CAGR of 6.48% from 2025 to 2034.

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HNI Corporation (HNI) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

Strategic Acquisitions and Synergies: The company expects significant revenue expansion from its strategic acquisitions. The integration of Kimball International continues to yield synergies, contributing to overall performance. More notably, the anticipated acquisition of Steelcase, expected to close by the end of 2025, is projected to be a major catalyst. This acquisition is set to generate substantial synergies, expand HNI's market presence, and diversify revenue streams, particularly within the healthcare, education, and hospitality sectors. The combined entity is projected to achieve $5.8 billion in annual sales.
New Product Development and Innovation: HNI is actively investing in developing market-leading new products, especially those focused on ergonomic design, health, and flexible workspace solutions. This investment aims to meet evolving customer demands and position the company to command premium pricing, thereby supporting both revenue growth and margin expansion.
Positive Office Space Demand and Return-to-Office Trends: A positive shift in office space demand and the ongoing return-to-office movement are expected to fuel growth in the Workplace Furnishings segment. Data indicating high occupancy rates in Class A buildings in top markets suggests an emerging new office growth cycle, which HNI is positioned to capitalize on.
Pricing Actions and Volume Growth: HNI anticipates that strategic pricing actions will be a primary driver of growth, particularly within its Residential Building Products segment. Furthermore, the company expects overall volume growth across both its Workplace Furnishings and Residential Building Products segments.
Operational Efficiencies and Cost Savings: While primarily impacting profitability, the significant cost savings and operational efficiencies derived from the Kimball International integration and the ramp-up of HNI's new Mexico facility are expected to free up capital. These savings contribute to improved earnings, which can then be reinvested into growth initiatives, indirectly supporting revenue expansion. These initiatives are expected to contribute between $0.75 and $0.80 to diluted non-GAAP EPS for the 2025-2026 period.

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Share Repurchases

HNI Corporation repurchased approximately $220.85 million of its common stock from 2020 to 2024, with specific amounts including $0.65 million in 2020, $60.5 million in 2021, $63.9 million in 2022, $0.4 million in 2023, and $95.4 million in 2024.
In the first half of 2024, the company accelerated share buyback activity, repurchasing over $10 million.
The company's revolving credit facility provides financial capacity for repurchases of common stock.

Share Issuance

HNI issued more than 6 million shares in 2023 to partially finance the acquisition of Kimball International.
The pending acquisition of Steelcase, expected to close before the end of 2025, includes stock-and-cash election mechanics, indicating further share issuance.

Outbound Investments

In June 2023, HNI acquired Kimball International for $503.7 million, strengthening its product offerings, go-to-market strategies, and manufacturing capabilities.
HNI entered a definitive agreement to acquire Steelcase for approximately $2.1 billion, with the transaction expected to close before the end of 2025.
In the second quarter of 2025, HNI divested its HNI India business, receiving $8.1 million in net proceeds.

Capital Expenditures

HNI's capital expenditures were $78.1 million in 2023 and $50.6 million in 2024.
For the first nine months of 2025, capital expenditures totaled $49.6 million, with expected full-year 2025 capital expenditures projected to be between $75 and $80 million.
These capital expenditures are primarily focused on investments in the business, including category awareness, new product innovation, online capabilities, expansion of its installing distributor footprint, and the ramp-up of its Mexico facility.

Better Bets than HNI (HNI)

	HNI	Better Performance than HNI
Metric	Value	INDUSTRY: Office Services & Supplies
Rev Chg LTM	1.2%	ACTG (71.3%), MLKN (5.4%), TILE (5.1%), MSA (3.3%)
Rev Chg 3Y Avg	2.8%	ACTG (91.4%), MSA (7.8%), WSC (6.8%)
Op Mgn LTM	8.6%	WSC (23.7%), MSA (21.0%), PBI (19.7%), EBF (13.0%), TILE (11.5%)
CFO/Rev LTM	9.6%	WSC (33.7%), MSA (18.7%), PBI (15.3%), EBF (12.7%), TILE (11.4%)
FCF/Rev LTM	7.3%	WSC (19.5%), MSA (15.2%), PBI (11.8%), EBF (11.4%), TILE (8.6%)
Total Yield	8.1%	EBF (28.6%), ACCO (18.5%)
P/S	0.8	ACCO (0.2), MLKN (0.4)
P/Op Inc	9.6	ACCO (3.3), PBI (5.1), MLKN (5.7), WSC (7.0), EBF (9.3)

	HNI	Better Performance than HNI
Metric	Value	SECTOR: Industrials
Rev Chg LTM	1.2%	UBER (18.2%), GE (17.7%), BA (10.2%), GEV (9.4%), RTX (8.8%)
Rev Chg 3Y Avg	2.8%	UBER (19.6%), GE (15.7%), BA (10.1%), RTX (9.4%), CAT (5.8%)
Op Mgn LTM	8.6%	UNP (40.6%), GE (20.5%), CAT (18.2%), RTX (10.3%), UBER (9.2%)
CFO/Rev LTM	9.6%	UNP (39.6%), UBER (18.1%), CAT (18.0%), GE (17.2%), ETN (15.4%)
FCF/Rev LTM	7.3%	UNP (24.5%), UBER (17.5%), GE (14.7%), ETN (12.5%), CAT (12.3%)
Total Yield	8.1%	UPS (15.4%), CNI (11.6%), FDX (10.2%), PCAR (9.6%), UBER (8.1%)
P/S	0.8	UAL (0.5), DAL (0.6), FDX (0.6), LUV (0.6), UPS (0.8)
P/Op Inc	9.6	UAL (6.0), DAL (6.1), UPS (8.6), FDX (8.8), CNI (9.0)

	HNI	Better Performance than HNI
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	1.2%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	2.8%	NVDA (92.0%), AVGO (24.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%)
Op Mgn LTM	8.6%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	9.6%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	7.3%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	8.1%	XOM (10.3%), WFC (9.9%), JNJ (8.4%), CVX (8.3%), UNH (8.1%)
P/S	0.8	CVS (0.2), MCK (0.2), ELV (0.4), UNH (0.7), DELL (0.8)
P/Op Inc	9.6	VZ (5.9), BUD (7.7), T (8.3), MRK (9.4), PFE (9.4)

		Best Bets In Industrials Sector
	HNI
What You Pay
P/E	15.2
P/EBIT	10.1
What You Get
Rev Chg Q	1.7%
Rev Chg LTM	1.2%
Rev Chg 3Y Avg	2.8%
FCF/Rev 3Y Avg	7.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	HNI Earnings Notes
2	null
3	HNI vs UnitedHealth: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	HNI vs United Airlines: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	HNI vs Interface: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	How Does HNI Stock Stack Up Against Its Peers?	Peer Comparison
7	Better Bet Than HNI Stock: Pay Less Than HNI To Get More From UAL, IBKR
8	Better Bet Than HNI Stock: Pay Less Than HNI To Get More From UAL
9	Day 10 of Loss Streak for HNI Stock with -18% Return (vs. -13% YTD) [8/11/2025]	Notification
10	Day 9 of Loss Streak for HNI Stock with -17% Return (vs. -13% YTD) [8/8/2025]	Notification
11	ARTICLES
12	Stocks Trading At 52-Week Low		November 8th, 2025
13	HNI Stock Down -18% after 10-Day Loss Streak		August 12th, 2025
14	HNI Stock Down -17% after 9-Day Loss Streak		August 9th, 2025

	Title
0	DASHBOARDS
1	HNI Earnings Notes
2	null
3	HNI vs UnitedHealth: Which Is A Better Investment?
4	HNI vs United Airlines: Which Is A Better Investment?
5	HNI vs Interface: Which Is A Better Investment?
6	How Does HNI Stock Stack Up Against Its Peers?
7	Better Bet Than HNI Stock: Pay Less Than HNI To Get More From UAL, IBKR
8	Better Bet Than HNI Stock: Pay Less Than HNI To Get More From UAL
9	Day 10 of Loss Streak for HNI Stock with -18% Return (vs. -13% YTD) [8/11/2025]
10	Day 9 of Loss Streak for HNI Stock with -17% Return (vs. -13% YTD) [8/8/2025]
11	ARTICLES
12	Stocks Trading At 52-Week Low
13	HNI Stock Down -18% after 10-Day Loss Streak
14	HNI Stock Down -17% after 9-Day Loss Streak

Trade Ideas

Select past ideas related to HNI. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	7.3%	7.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.6%	1.6%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	2.2%	2.2%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	7.3%	7.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.6%	1.6%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	2.2%	2.2%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for HNI

Peers to compare with:

Financials

	HNI	FTDR	SCS	LZB	MLKN	MSA	Median
Name	HNI	Frontdoor	Steelcase	La-Z-Boy	MillerKn.	MSA Safe.
Mkt Price	41.91	52.58	16.35	39.95	15.94	163.12	40.93
Mkt Cap	1.9	3.8	1.9	1.6	1.1	6.4	1.9
Rev LTM	2,593	2,042	3,259	2,106	3,764	1,864	2,350
Op Inc LTM	224	399	146	146	234	391	229
FCF LTM	190	345	-37	94	82	283	142
FCF 3Y Avg	179	249	127	120	172	173	173
CFO LTM	250	373	17	171	198	349	224
CFO 3Y Avg	247	283	180	185	266	228	237

Growth & Margins

	HNI	FTDR	SCS	LZB	MLKN	MSA	Median
Name	HNI	Frontdoor	Steelcase	La-Z-Boy	MillerKn.	MSA Safe.
Rev Chg LTM	1.2%	11.8%	3.9%	2.2%	5.4%	3.3%	3.6%
Rev Chg 3Y Avg	2.8%	7.1%	1.8%	-4.6%	-3.6%	7.8%	2.3%
Rev Chg Q	1.7%	14.0%	4.8%	-0.7%	10.9%	8.3%	6.5%
QoQ Delta Rev Chg LTM	0.4%	3.9%	1.3%	-0.2%	2.6%	2.0%	1.6%
Op Mgn LTM	8.6%	19.5%	4.5%	6.9%	6.2%	21.0%	7.8%
Op Mgn 3Y Avg	7.2%	17.8%	4.7%	7.6%	5.4%	21.3%	7.4%
QoQ Delta Op Mgn LTM	-0.2%	0.1%	-1.0%	-0.5%	0.9%	-0.3%	-0.3%
CFO/Rev LTM	9.6%	18.3%	0.5%	8.1%	5.2%	18.7%	8.9%
CFO/Rev 3Y Avg	9.9%	14.9%	5.6%	8.7%	7.1%	12.4%	9.3%
FCF/Rev LTM	7.3%	16.9%	-1.1%	4.5%	2.2%	15.2%	5.9%
FCF/Rev 3Y Avg	7.1%	13.1%	4.0%	5.6%	4.5%	9.4%	6.4%

Valuation

	HNI	FTDR	SCS	LZB	MLKN	MSA	Median
Name	HNI	Frontdoor	Steelcase	La-Z-Boy	MillerKn.	MSA Safe.
Mkt Cap	1.9	3.8	1.9	1.6	1.1	6.4	1.9
P/S	0.8	2.4	0.4	0.7	0.4	3.6	0.8
P/EBIT	10.1	11.9	9.5	11.2	15.9	16.8	11.6
P/E	15.2	18.6	13.0	16.6	-85.8	24.1	15.9
P/CFO	8.6	13.1	71.7	8.9	6.7	19.3	11.0
Total Yield	8.1%	5.4%	7.7%	8.3%	2.7%	4.5%	6.5%
Dividend Yield	1.5%	0.0%	0.0%	2.3%	3.8%	0.3%	0.9%
FCF Yield 3Y Avg	8.4%	6.8%	11.7%	8.5%	13.1%	2.5%	8.5%
D/E	0.2	0.2	0.5	0.3	1.4	0.1	0.3
Net D/E	0.2	0.1	0.3	0.1	1.2	0.1	0.2

Returns

	HNI	FTDR	SCS	LZB	MLKN	MSA	Median
Name	HNI	Frontdoor	Steelcase	La-Z-Boy	MillerKn.	MSA Safe.
1M Rtn	5.1%	-19.7%	3.2%	27.0%	5.8%	4.9%	5.0%
3M Rtn	-7.1%	-15.4%	-2.3%	12.3%	-21.7%	-3.2%	-5.2%
6M Rtn	-9.2%	-8.0%	60.0%	-2.1%	-4.5%	-0.5%	-3.3%
12M Rtn	-23.9%	-10.0%	24.9%	-9.8%	-34.8%	-5.2%	-9.9%
3Y Rtn	58.8%	125.4%	142.8%	72.7%	-12.5%	19.5%	65.7%
1M Excs Rtn	5.1%	-19.7%	3.3%	27.1%	5.8%	5.0%	5.1%
3M Excs Rtn	-13.9%	-22.3%	-8.9%	5.1%	-29.2%	-10.4%	-12.1%
6M Excs Rtn	-24.0%	-22.7%	45.3%	-16.8%	-19.2%	-15.2%	-18.0%
12M Excs Rtn	-37.2%	-23.8%	11.8%	-23.4%	-47.5%	-18.5%	-23.6%
3Y Excs Rtn	-11.3%	53.8%	49.9%	-9.6%	-91.7%	-50.2%	-10.4%

Comparison Analyses

	Title
0	How Does HNI Stock Stack Up Against Its Peers?
1	Why HNI With 4.8% Upside May Beat LZB?
2	SCS Looks Stronger Than HNI With 6.8% Return Potential
3	HNI vs. Chart Industries: With Return Forecast Of 20%, Chart Industries Is A Better Bet
4	HNI vs. Bright Horizons Family Solutions: With Return Forecast Of 47%, Bright Horizons Family Solutions Is A Better Bet
5	HNI vs. Crown: With Return Forecast Of 1.9%, HNI Is A Better Bet
6	HNI vs. MSCI: With Return Forecast Of 20%, MSCI Is A Better Bet
7	HNI vs. Veeva Systems: With Return Forecast Of 79%, Veeva Systems Is A Better Bet
8	HNI vs. DexCom: With Return Forecast Of 80%, DexCom Is A Better Bet
9	HNI vs. Compass Minerals: Similar Market Cap, But Compass Minerals Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/28	LTM	2024	2023	2022	2021	2020	2019
Period End	9/27/2025	12/28/2024	12/30/2023	12/31/2022	1/1/2022	1/2/2021	12/28/2019
Filing Date	11/5/2025	2/25/2025	2/27/2024	2/28/2023	3/1/2022	3/2/2021	2/25/2020
Key Financials
Total Revenue	2,593	2,526	2,434	2,362	2,184	1,955	2,247
EBITDA	315	314	185	239	169	139	229
Operating Income	224	213	135	112	92	100	154
Net Income	142	140	49	124	60	42	111
EPS	3.05	2.95	1.11	2.97	1.38	0.98	2.56
Growth Rates
Total Revenue Growth	1.2%	3.8%	3.1%	8.1%	11.7%	-13.0%	-0.5%
EBITDA Growth	8.8%	69.7%	-22.6%	42.0%	21.2%	-39.2%	12.7%
Operating Income Growth	2.9%	57.4%	21.2%	21.5%	-8.4%	-34.8%	6.8%
Net Income Growth	14.3%	183.5%	-60.3%	107.2%	42.7%	-62.1%	18.3%
Margins
EBITDA Margin	12.1%	12.4%	7.6%	10.1%	7.7%	7.1%	10.2%
Operating Income Margin	8.6%	8.4%	5.6%	4.7%	4.2%	5.1%	6.8%
Net Income Margin	5.5%	5.5%	2.0%	5.2%	2.7%	2.1%	4.9%
Cash & Debt
Total Cash	28	29	34	19	54	118	53
Total Debt	459	497	578	301	275	255	258
Net Debt / (Cash)	431	468	544	281	221	137	205
Cash Flows
Net Cash from Operations	250	227	268	81	132	214	219
Free Cash from Operations	190	174	188	13	65	173	152
Returns to Shareholders
Dividends	63	64	58	53	54	52	52
Share Repurchases	125	66	0	65	59	7	84

$ Mil \| FY: 12/28	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/27/2025	6/28/2025	3/29/2025	12/28/2024	9/28/2024	6/29/2024	3/30/2024	12/30/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022
Filing Date	11/5/2025	7/29/2025	5/7/2025	2/25/2025	10/29/2024	7/30/2024	4/30/2024	2/27/2024	10/31/2023	8/8/2023	5/9/2023	2/28/2023
Key Financials Quarterly
Total Revenue	684	667	600	642	672	624	588	680	712	564	479	569
Ebitda	90	93	50	82	96	80	56	57	82	19	27	44
Operating Income	65	71	31	57	70	55	30	62	62	4	6	29
Net Income	41	48	14	38	48	36	18	23	38	-13	2	16
EPS	0.90	1.04	0.30	0.81	1.00	0.76	0.38	0.49	0.81	-0.30	0.04	0.39
Key Financials TTM
Total Revenue TTM	2,593	2,582	2,538	2,526	2,564	2,603	2,543	2,434	2,323	2,210	2,268	2,362
Ebitda TTM	315	322	308	314	289	276	215	185	172	192	224	239
Operating Income TTM	224	229	214	212	218	209	158	135	102	71	97	111
Net Income TTM	142	148	136	140	124	114	65	49	43	68	111	124
Growth Rates Quarterly
Total Revenue Growth	1.7%	7.0%	2.0%	-5.5%	-5.5%	10.7%	22.7%	19.5%	18.8%	-9.4%	-16.3%	-5.6%
EBITDA Growth	-7.0%	16.7%	-10.9%	43.6%	16.7%	317.8%	110.5%	31.4%	-20.0%	-62.7%	-36.1%	32.1%
Operating Income Growth	-7.1%	27.6%	3.7%	-8.2%	13.5%	1131.1%	364.1%	115.6%	98.1%	-85.4%	-68.6%	58.2%
Net Income Growth	-13.3%	33.9%	-21.5%	68.7%	25.7%	381.2%	1006.2%	39.3%	-40.1%	-142.2%	-88.7%	98.8%
Margins Quarterly
EBITDA Margin	13.1%	14.0%	8.3%	12.8%	14.3%	12.8%	9.5%	8.4%	11.6%	3.4%	5.6%	7.7%
Operating Income Margin	9.6%	10.6%	5.1%	8.9%	10.5%	8.9%	5.1%	9.1%	8.7%	0.8%	1.3%	5.1%
Net Income Margin	6.0%	7.2%	2.3%	6.0%	7.1%	5.8%	3.0%	3.3%	5.3%	-2.3%	0.3%	2.9%
Cash & Debt
Total Cash	28	38	28	29	40	34	32	34	30	30	19	19
Total Debt	459	588	552	497	481	602	613	578	654	748	313	301
Net Debt / (Cash)	431	549	524	468	441	569	581	544	624	718	294	281
Cash Flows Quarterly
FCF from Operations	155	31	13	51	128	51	-4	105	123	22	17	47
Cash Flows TTM
FCF from Operations TTM	250	223	244	227	280	275	246	268	210	146	138	81
Returns to Shareholders Quarterly
Dividends	16	16	16	16	16	16	17	15	15	15	14	13
Share Repurchases	4	39	40	41	11	11	3	0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	30.7%	30.1%	12.4%	24.9%	30.5%	21.4%	11.6%	31.8%	14.5%	1.9%	1.2%	25.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	27.6%	24.1%	22.5%	23.3%	24.9%	21.3%	15.1%	13.1%	5.1%	5.4%	9.1%	25.9%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Workplace furnishings	1,311	762	809	763	875
Residential building products	467	493	479	382	365
General corporate	150	160	209	274	213
Total	1,929	1,414	1,498	1,418	1,453

Price Behavior

Price Behavior

Market Price	$41.91
Market Cap ($ Bil)	1.9
First Trading Date	03/26/1990
Distance from 52W High	-23.9%
	50 Days	200 Days
DMA Price	$42.46	$44.56
DMA Trend	down	down
Distance from DMA	-1.3%	-6.0%
	3M	1YR
Volatility	26.7%	30.1%
Downside Capture	76.04	110.98
Upside Capture	20.16	69.55
Correlation (SPY)	32.9%	52.6%

HNI Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.51	0.62	0.73	0.83	0.81	0.85
Up Beta	0.96	1.67	1.80	0.79	0.77	0.86
Down Beta	0.84	0.66	0.48	0.65	0.68	0.68
Up Capture	42%	-14%	23%	52%	59%	79%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	10	16	30	58	113	384
Down Capture	31%	68%	80%	123%	107%	99%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	25	32	67	135	362

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of HNI With Other Asset Classes (Last 1Y)
	HNI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-23.2%	8.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	30.0%	18.9%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.87	0.32	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		58.5%	52.8%	2.0%	13.3%	54.0%	24.2%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of HNI With Other Asset Classes (Last 5Y)
	HNI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	4.5%	13.1%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	31.4%	17.2%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.19	0.61	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		59.3%	49.6%	3.1%	12.5%	46.9%	16.6%

Based On 10-Year Data

		Comparison of HNI With Other Asset Classes (Last 10Y)
	HNI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	2.9%	12.8%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	37.2%	19.9%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.19	0.57	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		60.9%	53.8%	-2.8%	20.9%	51.1%	14.6%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	6,507,373
Short Interest: % Change Since 10312025	6.1%
Average Daily Volume	650,275
Days-to-Cover Short Interest	10.01
Basic Shares Quantity	45,800,000
Short % of Basic Shares	14.2%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/27/2025
6302025	7292025	10-Q 6/28/2025
3312025	5072025	10-Q 3/29/2025
12312024	2252025	10-K 12/28/2024
9302024	10292024	10-Q 9/28/2024
6302024	7302024	10-Q 6/29/2024
3312024	4302024	10-Q 3/30/2024
12312023	2272024	10-K 12/30/2023
9302023	10312023	10-Q 9/30/2023
6302023	8082023	10-Q 7/1/2023
3312023	5092023	10-Q 4/1/2023
12312022	2282023	10-K 12/31/2022
9302022	11012022	10-Q 10/1/2022
6302022	8022022	10-Q 7/2/2022
3312022	5032022	10-Q 4/2/2022
12312021	3012022	10-K 1/1/2022

External Quote Links

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2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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HNI (HNI)

Market Price (12/4/2025): $41.83 | Market Cap: $1.9 BilSector: Industrials | Industry: Office Services & Supplies

HNI (HNI)

Market Price (12/4/2025): $41.83Market Cap: $1.9 BilSector: IndustrialsIndustry: Office Services & Supplies

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HNI Stock

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Market Price (12/4/2025): $41.83 | Market Cap: $1.9 Bil
Sector: Industrials | Industry: Office Services & Supplies

Market Price (12/4/2025): $41.83
Market Cap: $1.9 Bil
Sector: Industrials
Industry: Office Services & Supplies