HNI (HNI)


Market Price (10/2/2026): $46.75 | Market Cap: $3.4 BilSector: Industrials | Industry: Office Services & Supplies

HNI (HNI)


Market Price (10/2/2026): $46.75
Market Cap: $3.4 Bil
Sector: Industrials
Industry: Office Services & Supplies

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 70%

Attractive yield
Dividend Yield is 2.5%

Low stock price volatility
Vol 12M is 36%

Megatrend and thematic drivers
Megatrends include Sustainable & Green Buildings, and Future of Work & Office Transformation. Themes include Green Building Materials, and Flexible Workspace Solutions.

Weak multi-year price returns
2Y Excs Rtn is -39%, 3Y Excs Rtn is -24%

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 784x

Key risks
HNI 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.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 70%
1 Attractive yield
Dividend Yield is 2.5%
2 Low stock price volatility
Vol 12M is 36%
3 Megatrend and thematic drivers
Megatrends include Sustainable & Green Buildings, and Future of Work & Office Transformation. Themes include Green Building Materials, and Flexible Workspace Solutions.
4 Weak multi-year price returns
2Y Excs Rtn is -39%, 3Y Excs Rtn is -24%
5 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 784x
6 Key risks
HNI 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.

HNI in ETFs

Weight = HNI's share of each fund

VTI0.00%
ITOT0.00%
IWM0.11%
IJR0.20%
VIG0.01%
VYM0.01%
VB0.04%
SLYV0.37%
+13 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 10/1/2026

HNI (HNI) stock has gained about 15% since 6/30/2026 because of the following key factors:

1. HNI Corporation reported strong fiscal Q2 2026 non-GAAP diluted earnings per share (EPS) of $1.27, significantly surpassing analysts' consensus estimates of $1.04. This positive earnings surprise, along with a 14% year-over-year increase in non-GAAP EPS, provided a substantial boost to investor confidence.

2. The company raised its full-year fiscal 2026 non-GAAP EPS growth outlook to 20-25% and reaffirmed expectations for at least $120 million in synergies from the Steelcase acquisition. This upgraded guidance signals continued profitability and successful integration of the Steelcase acquisition, which contributed to a 121% increase in consolidated net sales to $1.5 billion in fiscal Q2 2026.

Show more
Updated on 10/1/2026

HNI (HNI) stock has gained about 15% since 6/30/2026 because of the following key factors:

1. HNI Corporation reported strong fiscal Q2 2026 non-GAAP diluted earnings per share (EPS) of $1.27, significantly surpassing analysts' consensus estimates of $1.04. This positive earnings surprise, along with a 14% year-over-year increase in non-GAAP EPS, provided a substantial boost to investor confidence.

2. The company raised its full-year fiscal 2026 non-GAAP EPS growth outlook to 20-25% and reaffirmed expectations for at least $120 million in synergies from the Steelcase acquisition. This upgraded guidance signals continued profitability and successful integration of the Steelcase acquisition, which contributed to a 121% increase in consolidated net sales to $1.5 billion in fiscal Q2 2026.

3. The Workplace Furnishings segment demonstrated an improving demand environment, with organic orders and quarter-ending backlog each growing 5% year-over-year in fiscal Q2 2026. Management anticipates volume growth in this segment to turn positive in fiscal Q3 2026, projecting high-single-digit organic growth in the second half of fiscal 2026, indicating a strengthening market for HNI's core offerings.

4. Analyst sentiment remained largely positive, with a "Moderate Buy" to "Strong Buy" consensus rating and average price targets ranging from $65.00 to $69.75. These targets imply significant potential upside from the stock's price at the end of the period, reflecting Wall Street's confidence in HNI's strategic direction and financial prospects.

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Stock Movement Drivers

Fundamental Drivers

The 16.5% change in HNI stock from 6/30/2026 to 10/1/2026 was primarily driven by a 150.8% change in the company's Net Income Margin (%).
(LTM values as of)630202610012026Change
Stock Price ($)40.1346.7316.5%
Change Contribution By: 
Total Revenues ($ Mil)3,5874,39222.5%
Net Income Margin (%)0.0%0.1%150.8%
P/E Multiple2,052.2783.5-61.8%
Shares Outstanding (Mil)7272-0.7%
Cumulative Contribution16.5%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/1/2026
ReturnCorrelation
HNI16.5% 
Market (SPY)2.3%50.5%
Sector (XLI)-9.0%58.6%

Fundamental Drivers

The 42.5% change in HNI stock from 3/31/2026 to 10/1/2026 was primarily driven by a 2353.0% change in the company's P/E Multiple.
(LTM values as of)331202610012026Change
Stock Price ($)32.7946.7342.5%
Change Contribution By: 
Total Revenues ($ Mil)2,8394,39254.7%
Net Income Margin (%)1.9%0.1%-94.9%
P/E Multiple31.9783.52353.0%
Shares Outstanding (Mil)5372-26.9%
Cumulative Contribution42.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/1/2026
ReturnCorrelation
HNI42.5% 
Market (SPY)17.8%32.7%
Sector (XLI)4.5%41.4%

Fundamental Drivers

The 3.2% change in HNI stock from 9/30/2025 to 10/1/2026 was primarily driven by a 5441.5% change in the company's P/E Multiple.
(LTM values as of)930202510012026Change
Stock Price ($)45.2746.733.2%
Change Contribution By: 
Total Revenues ($ Mil)2,5824,39270.1%
Net Income Margin (%)5.7%0.1%-98.3%
P/E Multiple14.1783.55441.5%
Shares Outstanding (Mil)4672-35.9%
Cumulative Contribution3.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/1/2026
ReturnCorrelation
HNI3.2% 
Market (SPY)15.6%33.6%
Sector (XLI)10.3%43.7%

Fundamental Drivers

The 48.0% change in HNI stock from 9/30/2023 to 10/1/2026 was primarily driven by a 3808.1% change in the company's P/E Multiple.
(LTM values as of)930202310012026Change
Stock Price ($)31.5846.7348.0%
Change Contribution By: 
Total Revenues ($ Mil)2,2104,39298.7%
Net Income Margin (%)3.1%0.1%-96.8%
P/E Multiple20.0783.53808.1%
Shares Outstanding (Mil)4372-39.9%
Cumulative Contribution48.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/1/2026
ReturnCorrelation
HNI48.0% 
Market (SPY)84.9%44.1%
Sector (XLI)73.0%53.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
HNI Return26%-30%53%24%-14%11%59%
Peers Return4%-19%30%36%-8%27%74%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
HNI Win Rate67%33%67%42%50%56% 
Peers Win Rate50%38%57%52%45%62% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
HNI Max Drawdown-23%-39%-23%-13%-26%-44% 
Peers Max Drawdown-39%-42%-31%-24%-36%-27% 
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 10/1/2026 (YTD)

How Low Can It Go

EventHNIS&P 500
2025 US Tariff Shock
  % Loss-17.3%-18.8%
  % Gain to Breakeven20.9%23.1%
  Time to Breakeven34 days79 days
2023 SVB Regional Banking Crisis
  % Loss-20.6%-6.7%
  % Gain to Breakeven25.9%7.1%
  Time to Breakeven97 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-36.3%-24.5%
  % Gain to Breakeven57.1%32.4%
  Time to Breakeven427 days427 days
2020 COVID-19 Crash
  % Loss-52.1%-33.7%
  % Gain to Breakeven108.6%50.9%
  Time to Breakeven236 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-21.5%-19.2%
  % Gain to Breakeven27.5%23.8%
  Time to Breakeven701 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-37.8%-12.2%
  % Gain to Breakeven60.8%13.9%
  Time to Breakeven175 days62 days

Compare to MLKN, LZB, ETD, BSET, FLXS

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.

EventHNIS&P 500
2023 SVB Regional Banking Crisis
  % Loss-20.6%-6.7%
  % Gain to Breakeven25.9%7.1%
  Time to Breakeven97 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-36.3%-24.5%
  % Gain to Breakeven57.1%32.4%
  Time to Breakeven427 days427 days
2020 COVID-19 Crash
  % Loss-52.1%-33.7%
  % Gain to Breakeven108.6%50.9%
  Time to Breakeven236 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-21.5%-19.2%
  % Gain to Breakeven27.5%23.8%
  Time to Breakeven701 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-37.8%-12.2%
  % Gain to Breakeven60.8%13.9%
  Time to Breakeven175 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-27.7%-17.9%
  % Gain to Breakeven38.3%21.8%
  Time to Breakeven63 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-27.7%-15.4%
  % Gain to Breakeven38.4%18.2%
  Time to Breakeven218 days125 days
2008-2009 Global Financial Crisis
  % Loss-76.7%-53.4%
  % Gain to Breakeven328.5%114.4%
  Time to Breakeven413 days1085 days

Compare to MLKN, LZB, ETD, BSET, FLXS

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 is a diversified manufacturer that operates through two primary segments: Workplace Furnishings and Residential Building Products. The company provides a wide array of products designed for both commercial and residential environments. Its operations are primarily concentrated within the United States, serving a broad customer base.

The Workplace Furnishings segment specializes in commercial and home office furniture, offering comprehensive solutions such as panel-based and freestanding furniture systems, seating, storage, tables, and architectural products. This segment markets its products under well-known brands like HON, Allsteel, and Gunlocke, reaching customers through independent dealers, wholesalers, e-commerce retailers, and direct sales to end-users, including federal, state, and local governments. Concurrently, the Residential Building Products segment focuses on heating solutions for homes. It manufactures various gas, wood, electric, and pellet-fueled fireplaces, inserts, stoves, and related accessories under brands such as Heatilator, Heat & Glo, and Quadra-Fire. These products are distributed via independent dealers, distributors, and the company's own retail and distribution outlets, catering mainly to the home market.

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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.

AI Analysis | Feedback

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  • 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.

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Key Risks to HNI Corporation

  • 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.

  • 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.

  • 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.

Better Bets vs. HNI (HNI)

Peer Outperformance in Office Services & Supplies

HNI has outperformed 60% of its 5 Office Services & Supplies peers over 5Y. Office Services & Supplies ranks 11th of 20 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Office Services & Supplies constituents that HNI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
20%
of 5 industry peers · 3.9% return
3Y
60%
of 5 industry peers · 50.1% return
5Y
60%
of 5 industry peers · 45.4% return
No Office Services & Supplies peer with a comparable growth profile has beaten HNI by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Office Services & Supplies is HNI's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering 19 15.7%207.1%203.4% FIX 2222% · STRL 2110% · AGX 830%
Electrical Components & Equipment 16 32.9%107.7%114.9% POWL 2384% · BE 1403% · VRT 908%
Trading Companies & Distributors 10 7.5%72.3%106.7% DXPE 493% · AIT 286% · WCC 220%
Construction Machinery & Heavy Transportation Equipment 13 3.2%45.0%101.1% CAT 363% · ALSN 249% · WAB 234%
Aerospace & Defense 24 -2.8%65.0%96.0% ATI 1004% · HWM 614% · MOG-A 417%
Industrial Conglomerates 5 9.0%55.7%70.5% CSW 128% · DD 72% · CSL 70%
Diversified Support Services 10 9.4%35.8%51.6% CXW 266% · CACI 137% · CTAS 112%
Industrial Machinery & Supplies & Components 41 12.0%56.8%51.2% CRS 1087% · MLI 530% · NPO 268%
Rail Transportation 3 18.5%58.9%51.1% CSX 64% · UNP 51% · NSC 41%
Cargo Ground Transportation 12 40.8%9.5%40.0% XPO 265% · R 213% · ARCB 57%
Office Services & Supplies ← 6 12.6%34.8%37.0% PBI 169% · TILE 125% · HNI 45%
Air Freight & Logistics 6 17.9%12.4%30.7% CHRW 100% · FDX 78% · EXPD 71%
Environmental & Facilities Services 8 -6.6%39.8%30.2% GEO 316% · CLH 191% · RSG 82%
Building Products 24 -13.9%5.4%27.1% GFF 346% · TT 180% · JCI 143%
Agricultural & Farm Machinery 5 22.9%16.4%3.5% DE 108% · TTC 8% · AGCO 3%
Passenger Ground Transportation 3 -30.3%44.7%-8.4% UBER 44% · CAR -8% · LYFT -73%
Passenger Airlines 8 18.3%35.6%-26.3% UAL 118% · DAL 92% · SKYW 88%
Data Processing & Outsourced Services 6 -34.8%-14.1%-27.1% EXLS 44% · BR 6% · G -22%
Research & Consulting Services 7 -26.6%-20.3%-34.9% FCN 5% · BAH -4% · VRSK -13%
Human Resource & Employment Services 10 6.8%-10.9%-43.5% ADP 46% · KFY 7% · PAYX 2%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

HNIMLKNLZBETDBSETFLXSMedian
NameHNI MillerKn.La-Z-Boy Ethan Al.Bassett .Flexstee. 
Mkt Price46.7520.1629.44---29.44
Mkt Cap3.41.41.2---1.4
Rev LTM4,3923,8092,110---3,809
Op Inc LTM237214125---214
FCF LTM99116102---102
FCF 3Y Avg158120108---120
CFO LTM201240183---201
CFO 3Y Avg233227180---227

Growth & Margins

HNIMLKNLZBETDBSETFLXSMedian
NameHNI MillerKn.La-Z-Boy Ethan Al.Bassett .Flexstee. 
Rev Chg LTM70.1%1.2%0.2%---1.2%
Rev Chg 3Y Avg29.0%-0.8%-1.7%----0.8%
Rev Chg Q120.7%-3.4%-3.4%----3.4%
QoQ Delta Rev Chg LTM22.5%-0.8%-0.8%----0.8%
Op Inc Chg LTM3.5%-8.6%-14.3%----8.6%
Op Inc Chg 3Y Avg82.5%4.8%-13.1%---4.8%
Op Mgn LTM5.4%5.6%5.9%---5.6%
Op Mgn 3Y Avg8.0%5.7%6.7%---6.7%
QoQ Delta Op Mgn LTM0.0%0.1%-1.1%---0.0%
CFO/Rev LTM4.6%6.3%8.7%---6.3%
CFO/Rev 3Y Avg7.9%6.1%8.6%---7.9%
FCF/Rev LTM2.3%3.0%4.8%---3.0%
FCF/Rev 3Y Avg5.6%3.2%5.2%---5.2%

Valuation

HNIMLKNLZBETDBSETFLXSMedian
NameHNI MillerKn.La-Z-Boy Ethan Al.Bassett .Flexstee. 
Mkt Cap3.41.41.2---1.4
P/S0.80.40.6---0.6
P/Op Inc14.26.59.4---9.4
P/EBIT35.96.910.6---10.6
P/E783.914.314.4---14.4
P/CFO16.85.86.4---6.4
Total Yield2.6%10.7%10.2%---10.2%
Dividend Yield2.5%3.7%3.3%---3.3%
FCF Yield 3Y Avg6.9%7.7%6.9%---6.9%
D/E0.51.30.5---0.5
Net D/E0.51.20.2---0.5

Returns

HNIMLKNLZBETDBSETFLXSMedian
NameHNI MillerKn.La-Z-Boy Ethan Al.Bassett .Flexstee. 
1M Rtn-1.5%-8.3%-5.2%----5.2%
3M Rtn13.6%-5.1%-25.7%----5.1%
6M Rtn46.6%42.3%-5.5%---42.3%
12M Rtn3.9%20.2%-10.6%---3.9%
3Y Rtn50.1%-5.3%2.6%---2.6%
1M Excs Rtn-2.0%-8.8%-5.7%----5.7%
3M Excs Rtn11.2%-7.6%-28.1%----7.6%
6M Excs Rtn25.8%25.2%-23.0%---25.2%
12M Excs Rtn-11.3%3.7%-26.5%----11.3%
3Y Excs Rtn-23.9%-62.7%-75.1%----62.7%

Financials

Segment Financials

Revenue by Segment
$ Mil202520242023
Workplace furnishings2,1641,8881,740
Residential building products675638694
Total2,8392,5262,434


Operating Income by Segment
$ Mil202520242023
Workplace furnishings18316969
Residential building products122111117
General corporate-179-73-95
Gain on sale of subsidiary 00
Total12620690


Assets by Segment
$ Mil202520242023
Workplace furnishings3,8871,2831,311
General corporate557127150
Residential building products441466467
Total4,8851,8751,929


Price Behavior

Price Behavior
Market Price$46.73 
Market Cap ($ Bil)3.4 
First Trading Date03/26/1990 
Distance from 52W High-8.8% 
   50 Days200 Days
DMA Price$47.06$40.85
DMA Trendupup
Distance from DMA-0.7%14.4%
 3M1YR
Volatility31.5%36.2%
Downside Capture172.0993.23
Upside Capture218.2482.13
Correlation (SPY)51.1%33.6%
HNI Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta1.061.531.431.050.930.90
Up Beta-1.530.63-0.031.011.160.87
Down Beta3.012.341.780.700.930.81
Up Capture80%173%224%143%70%77%
Bmk +ve Days6162766132424
Stock +ve Days8193164116374
Down Capture190%179%148%96%95%100%
Bmk -ve Days16263760120328
Stock -ve Days14233361132374

[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
HNI3.2%36.1%0.15-
Sector ETF (XLI)10.3%17.3%0.4043.7%
Equity (SPY)15.7%13.0%0.8533.6%
Gold (GLD)7.7%29.6%0.2511.1%
Commodities (DBC)43.7%20.8%1.64-37.7%
Real Estate (VNQ)1.2%13.6%-0.1633.1%
Bitcoin (BTCUSD)-27.0%44.5%-0.584.9%

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
HNI8.3%32.2%0.29-
Sector ETF (XLI)12.5%17.6%0.5455.5%
Equity (SPY)13.0%17.2%0.5747.8%
Gold (GLD)18.6%18.9%0.804.0%
Commodities (DBC)10.3%19.6%0.40-0.1%
Real Estate (VNQ)0.4%18.9%-0.0844.7%
Bitcoin (BTCUSD)13.2%52.3%0.4315.8%

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
HNI4.9%36.8%0.24-
Sector ETF (XLI)13.2%20.0%0.5860.6%
Equity (SPY)15.3%17.9%0.7252.7%
Gold (GLD)11.6%16.4%0.580.9%
Commodities (DBC)8.2%18.1%0.3714.4%
Real Estate (VNQ)4.4%20.7%0.1750.7%
Bitcoin (BTCUSD)63.9%66.2%1.0414.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity4.2 Mil
Short Interest: % Change Since 8312026-2.2%
Average Daily Volume0.5 Mil
Days-to-Cover Short Interest8.1 days
Basic Shares Quantity72.1 Mil
Short % of Basic Shares5.9%

Earnings Returns History

Updated 9/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/20261.9%13.6%16.8%
5/6/2026-8.1%-12.6%-16.0%
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%
5/7/20250.9%12.2%8.1%
2/20/20250.3%-2.3%-10.1%
10/29/2024-3.2%-1.4%10.4%
...
SUMMARY STATS   
# Positive131314
# Negative998
Median Positive1.9%7.9%7.7%
Median Negative-1.9%-6.0%-12.5%
Max Positive10.4%15.3%17.8%
Max Negative-9.4%-12.6%-23.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/20261.9%13.6%16.8%
5/6/2026-8.1%-12.6%-16.0%
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%
5/7/20250.9%12.2%8.1%
2/20/20250.3%-2.3%-10.1%
10/29/2024-3.2%-1.4%10.4%
7/25/202410.4%12.4%6.7%
4/29/20241.2%4.0%6.7%
2/22/2024-0.9%2.3%5.3%
10/31/20234.0%15.3%17.8%
8/8/20231.9%14.8%13.2%
5/8/20237.5%9.9%4.3%
2/23/20231.7%0.8%-14.9%
10/24/20220.8%2.8%5.5%
7/28/2022-0.2%-6.0%-1.2%
10/25/2021-9.4%-6.4%6.5%
7/29/2021-1.9%-5.7%-3.3%
4/28/20212.6%5.0%13.0%
3/1/20215.8%7.9%8.0%
10/19/20200.0%1.0%7.4%
SUMMARY STATS   
# Positive131314
# Negative998
Median Positive1.9%7.9%7.7%
Median Negative-1.9%-6.0%-12.5%
Max Positive10.4%15.3%17.8%
Max Negative-9.4%-12.6%-23.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/06/202610-Q
12/31/202503/03/202610-K
09/30/202511/05/202510-Q
06/30/202507/29/202510-Q
03/31/202505/07/202510-Q
12/31/202402/25/202510-K
09/30/202410/29/202410-Q
06/30/202407/30/202410-Q
03/31/202404/30/202410-Q
12/31/202302/27/202410-K
09/30/202310/31/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202202/28/202310-K
09/30/202211/01/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/06/202610-Q
12/31/202503/03/202610-K
09/30/202511/05/202510-Q
06/30/202507/29/202510-Q
03/31/202505/07/202510-Q
12/31/202402/25/202510-K
09/30/202410/29/202410-Q
06/30/202407/30/202410-Q
03/31/202404/30/202410-Q
12/31/202302/27/202410-K
09/30/202310/31/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202202/28/202310-K
09/30/202211/01/202210-Q
06/30/202208/02/202210-Q
03/31/202205/03/202210-Q
12/31/202103/01/202210-K
09/30/202111/02/202110-Q
06/30/202108/03/202110-Q
03/31/202105/04/202110-Q
12/31/202003/02/202110-K
09/30/202010/27/202010-Q
06/30/202007/28/202010-Q
03/31/202004/28/202010-Q
12/31/201902/25/202010-K
09/30/201910/29/201910-Q

Recent Forward Guidance

Updated 9/28/2026

Latest: Q2 2026 Earnings Reported 7/30/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Workplace Furnishings Net Sales GrowthReported175.0%177.5%180.0%   
Q3 2026 Non-GAAP Diluted EPS GrowthReported25.0%27.5%30.0%   
2026 Non-GAAP Diluted EPS GrowthReported20.0%22.5%25.0% 12.5%RaisedGuidance: 10.0% for 2026


Prior: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Revenue GrowthReported -2.0%  -2.0% 
2026 Cost SavingsReported 150.00 Mil 25.0% RaisedGuidance: 120.00 Mil for 2026
2026 Revenue GrowthReported 2.0%  -98.0%LoweredGuidance: 100.0% for 2026
2026 EPS GrowthReported 10.0%  0.0%AffirmedGuidance: 10.0% for 2026
2027 Cost SavingsReported 70.00 Mil    

Q4 2025 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Consolidated Net Sales GrowthReported 130.0%    
2026 Steelcase SynergiesReported 120.00 Mil    
2026 Consolidated Net Sales GrowthReported 100.0%    
2026 Workplace Furnishings Revenue GrowthReported 5.0%    
2026 Residential Building Products Revenue GrowthReported 2.0%    
2026 Non-GAAP EPS GrowthReported 10.0% -33.3%-5.0%Lower NewActual: 15.0% for 2025
2026 Steelcase EPS AccretionReported 1.2    

Q3 2025 Earnings Reported 10/28/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Workplace Furnishings Revenue GrowthReported 7.0%    
Q4 2025 Residential Building Products Revenue GrowthReported 7.0%    
2025 EPS GrowthReported 15.0% 50.0%5.0%RaisedGuidance: 10.0% for 2025

Insider Activity

Updated 9/16/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Lorenger, Jeffrey DPresident & CEODirectSell901202650.001,50475,2007,424,500Form
2Lorenger, Jeffrey DPresident & CEODirectSell828202650.0939,5761,982,3377,437,772Form
3Lorenger, Jeffrey DPresident & CEODirectSell828202650.067,508375,8677,433,745Form
4Lorenger, Jeffrey DPresident & CEODirectSell826202650.0170035,0057,425,563Form
5Lorenger, Jeffrey DPresident & CEODirectSell805202647.5545,8502,180,1437,060,621Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Lorenger, Jeffrey DPresident & CEODirectSell901202650.001,50475,2007,424,500Form
2Lorenger, Jeffrey DPresident & CEODirectSell828202650.0939,5761,982,3377,437,772Form
3Lorenger, Jeffrey DPresident & CEODirectSell828202650.067,508375,8677,433,745Form
4Lorenger, Jeffrey DPresident & CEODirectSell826202650.0170035,0057,425,563Form
5Lorenger, Jeffrey DPresident & CEODirectSell805202647.5545,8502,180,1437,060,621Form
6Smith, Brian ScottPresident, Hearth & Home TechDirectSell210202652.202,000104,400690,384Form

Investor Activity (13F)

Updated Oct 2, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Medina Value Partners, LLC$16.1 Mil3.4%30ADD +59.5%13F
Lone Peak Global Investors LLC$18.3 Mil3.0%42Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Medina Value Partners, LLC$16.1 Mil3.4%30ADD +59.5%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Lone Peak Global Investors LLC$18.3 Mil3.0%42Hold13F
Medina Value Partners, LLC$16.1 Mil3.4%30ADD +59.5%13F
Core Cache Last Updated: 10/1/2026