HNI

HNI · NYSE · Industrials · Financials, fiscal 2016 to 2025

HNI · Last close · November 6, 2026

$47.26

HNI's revenue rose 12.4% to $2.8 billion in fiscal 2025. Its operating margin was 4.4%, down from 8.2% a year earlier. Free cash flow was $208 million, up 20.0%. It paid out $147 million in dividends and buybacks, 70% of free cash flow. The diluted share count rose 0.8%.

HNI Corporation Latest fiscal year ended January 3, 2026 10-K filed March 3, 2026 · 0000048287-26-000084 Updated November 5, 2026

Revenue

$2.8B

12.4%

Operating margin

4.4%

3.7 pts

Net income

$54M

61.1%

Free cash flow

$208M

20.0%

Return on capital

3.7%

10.0 pts

Market cap

$3.4B

Nov 6 close

P/E

157.5x

On $0.30 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What HNI does

HNI makes office and workplace furniture and, separately, fireplaces and other hearth products for homes. Its furniture includes desks and furniture systems, seating, tables, storage and hospitality pieces. Its hearth products include gas, wood, electric and pellet fireplaces, inserts, stoves and outdoor fire pits. It is based in Muscatine, Iowa.

It has two segments, Workplace Furnishings and Residential Building Products. In fiscal 2025 it had net sales of $2.8 billion, and workplace furnishings made up 76 percent of that. Furniture is sold mostly through independent dealers, company-owned dealers and office product distributors, and hearth products through dealers, distributors and some company-owned outlets. HNI says the office furniture industry has many competitors with similar products.

On December 10, 2025, HNI bought Steelcase, another office furniture maker, in a deal paid in cash and HNI stock and valued at $1.9 billion. Steelcase's results are included only from that date, so the 2025 figures contain just a few weeks of them.

Its biggest risks, as it describes them

Customers ordering less, or dealers going out of business or being unable to pay.
Trade policy and tariffs, and higher raw material and shipping costs.
Failing to join Steelcase's business with its own as planned.
New products that do not sell well enough to support growth.
A shortage of qualified workers.

From HNI's annual report on Form 10-K, filed March 3, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 5.7% a year and net income 5.0% a year, as new shares raised the share count by 7% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	54	19	34	27	216
Debt incl. finance leases	188	202	448	359	1,305
Net debt (negative means net cash)	134	182	414	332	1,089
Net debt to EBITDA	0.8x	0.8x	2.2x	1.1x	4.7x
Debt to equity	0.3x	0.3x	0.6x	0.4x	0.7x
Interest coverage	11.9x	16.9x	3.4x	7.2x	5.0x
Current ratio	1.0x	1.2x	1.2x	1.1x	1.2x
Quick ratio	0.7x	0.7x	0.7x	0.7x	0.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project HNI's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open HNI's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought HNI shares on the open market, and 2 insiders sold $4.8 million, all of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 28, 2026	Jeffrey D LorengerPresident & CEO, Director	Sold plan	1,504	$50.00	$75,200	Form 4
Aug 27, 2026	Jeffrey D LorengerPresident & CEO, Director	Sold plan	39,576	$50.09	$2.0 million	Form 4
Aug 26, 2026	Jeffrey D LorengerPresident & CEO, Director	Sold plan	7,508	$50.06	$375,861	Form 4
Aug 24, 2026	Jeffrey D LorengerPresident & CEO, Director	Sold plan	700	$50.01	$35,007	Form 4
Aug 3, 2026	Jeffrey D LorengerPresident & CEO, Director	Sold plan	45,850	$47.55	$2.2 million	Form 4
Feb 9, 2026	Brian Scott SmithPresident, Hearth & Home Tech	Sold plan	2,000	$52.20	$104,400	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 9	6 of 9	6 of 9
Rule of 40	10.8%	10.7%	19.7%
Altman Z''	2.13	2.79	1.57
Accruals ratio	−13.1%	−4.6%	−6.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Pass
F-score	5 of 9	6 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put HNI side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
HNI	FY25	12.4%	4.4%	7.3%	3.7%	4.7x	6
WillScot	FY25	−4.8%	8.0%	32.3%	3.1%	12.9x	4	Compare
MillerKnoll	FY26	4.7%	5.2%	2.0%	6.1%	3.1x	7	Compare
Pitney Bowes	FY25	−6.6%	—	16.8%	27.7%	3.9x	6	Compare
MSA Safety	FY25	3.7%	19.8%	15.8%	17.3%	0.9x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,204	2,176	2,258	2,247	1,955	2,184	2,362	2,434	2,526	2,839
Revenue growth	−4.4%	−1.2%	3.8%	−0.5%	−13.0%	11.7%	8.1%	3.1%	3.8%	12.4%
Gross profit	835	784	835	834	721	757	835	948	1,033	1,176
Research and development	28	32	33	35	35	39	48	47	54	57
Operating income	134	77	128	151	61	85	155	90	206	126
Net income	86	90	93	110	42	60	124	49	140	54
Diluted EPS (US$)	1.88	2.00	2.11	2.54	0.98	1.36	2.94	1.09	2.88	1.11
Diluted shares (millions)	46	45	44	44	43	44	42	45	48	49
Cash flow
Cash from operations	223	133	186	219	214	132	81	268	227	276
Capital expenditure	93	109	64	67	42	66	68	79	53	68
Free cash flow	130	24	123	152	173	65	13	188	174	208
Dividends paid	48	50	51	52	52	54	53	58	64	63
Share buybacks	56	58	30	84	7	59	65	0	66	84
Acquisitions	34	1	3	0	58	45	11	370	0	390
Stock-based compensation	8	8	7	7	8	13	9	16	17	25
Balance sheet at fiscal year end
Cash and short-term investments	39	25	78	53	118	54	19	34	27	216
Debt incl. finance leases	214	277	250	177	182	188	202	448	359	1,305
Total assets	1,330	1,392	1,402	1,452	1,418	1,498	1,414	1,929	1,875	4,885
Total liabilities	829	877	839	868	827	908	798	1,167	1,035	3,050
Shareholders' equity	501	514	563	584	590	590	616	761	840	1,836
Margins and ratios
Gross margin	37.9%	36.0%	37.0%	37.1%	36.9%	34.7%	35.4%	39.0%	40.9%	41.4%
Operating margin	6.1%	3.5%	5.7%	6.7%	3.1%	3.9%	6.6%	3.7%	8.2%	4.4%
Net margin	3.9%	4.1%	4.1%	4.9%	2.1%	2.7%	5.2%	2.0%	5.5%	1.9%
Free cash flow margin	5.9%	1.1%	5.4%	6.8%	8.8%	3.0%	0.5%	7.7%	6.9%	7.3%
Rule of 40 (growth + FCF margin)	1.5%	−0.1%	9.2%	6.3%	−4.1%	14.7%	8.7%	10.8%	10.7%	19.7%
Return on capital	13.5%	10.6%	13.4%	16.2%	6.9%	9.5%	17.2%	7.0%	13.7%	3.7%
Return on equity	17.5%	17.7%	17.3%	19.3%	7.1%	10.1%	20.6%	7.1%	17.4%	4.0%
Return on assets	6.6%	6.6%	6.7%	7.7%	2.9%	4.1%	8.5%	2.9%	7.3%	1.6%
Net debt to EBITDA	0.9x	1.7x	0.8x	0.5x	0.5x	0.8x	0.8x	2.2x	1.1x	4.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: HNI's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with HNI.