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HNI

HNI Corporation

HNI

HNI Corporation • NYSE
$41.52 ▲ 0.95% (+0.39)
Market Cap $1.90 B
52w High $57.45
52w Low $38.04
Dividend Yield 1.35%
P/E 13.93
Volume 207.81K
Outstanding Shares 45.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $683.8M ▲ $222.7M ▲ $41.2M ▼ 6.025% ▼ $0.89 ▼ $129.2M ▲
Q2-2025 $667.1M $208.2M ▼ $48.2M 7.225% $1.04 $93.3M ▲
Q2-2025 $667.1M ▲ $218M ▲ $48.2M ▲ 7.225% ▲ $1.04 ▲ $93.1M ▲
Q1-2025 $599.8M ▼ $214M ▲ $13.9M ▼ 2.317% ▼ $0.3 ▼ $49.9M ▼
Q4-2024 $642.5M $195.8M $38.3M 5.961% $0.81 $82.3M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $28.1M ▼ $1.843B ▼ $1.007B ▼ $835.9M ▲
Q2-2025 $38.2M ▲ $1.912B ▲ $1.101B ▲ $811M ▲
Q1-2025 $27.5M ▼ $1.858B ▼ $1.054B ▲ $803.6M ▼
Q4-2024 $28.9M ▼ $1.875B ▼ $1.035B ▼ $840.1M ▼
Q3-2024 $40.2M $1.913B $1.067B $846.6M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $41.2M ▼ $155.2M ▲ $-19.7M ▼ $-146.8M ▼ $-11.3M ▼ $135.9M ▲
Q2-2025 $48.3M ▲ $31.1M ▲ $-6.2M ▲ $-14.7M ▼ $10.9M ▲ $16.5M ▲
Q1-2025 $13.9M ▼ $12.6M ▼ $-12.2M ▼ $-1.1M ▲ $-1.4M ▲ $-3.1M ▼
Q4-2024 $38.3M ▼ $51.3M ▼ $-9.3M ▲ $-53.7M ▲ $-11.8M ▼ $41.9M ▼
Q3-2024 $47.5M $128.3M $-14.8M $-107.7M $6.1M $114.4M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
Residential Building Products
Residential Building Products
 $140.00M ▲$170.00M ▲$180.00M ▲$160.00M ▼
Workplace Furnishings
Workplace Furnishings
 $480.00M ▲$510.00M ▲$460.00M ▼$440.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last five years, with a clear step up more recently. Profitability, however, has been more uneven. Gross margins have improved, suggesting better pricing power and cost control, but operating profits and net income have bounced around year to year. The latest year shows a solid rebound in earnings versus the prior year, helped by cost efficiency and scale, but overall this is still a mid‑margin, cyclical industrial business sensitive to office and construction demand.

Balance Sheet

Balance Sheet The balance sheet shows a larger business footprint than a few years ago, with total assets and shareholders’ equity both trending higher. Debt has increased meaningfully compared with earlier years, likely reflecting acquisitions and growth investments, while cash balances are modest. Overall, the company looks reasonably capitalized, but it is clearly using more leverage than in the past, which adds some financial risk and makes consistent cash generation more important.

Cash Flow

Cash Flow Cash generation from the core business has generally been healthy, with operating cash flow improving compared with the weaker years in the middle of the period. Capital spending has been kept at a disciplined, moderate level, allowing free cash flow to remain positive in most years, with a noticeable strengthening in the latest two. This pattern suggests the business is able to fund its investments and still have room for debt service and shareholder returns, but it depends on earnings not slipping for extended periods.

Competitive Edge

Competitive Edge HNI holds a solid position in its niches. It combines a leading role in fireplaces and hearth products with a broad portfolio of workplace furniture brands that cover many price points and customer types. Its dealer network, vertical integration in residential building products, and multi‑brand strategy provide a practical moat, especially in North America. At the same time, its end markets are cyclical, competition in office furniture is intense, and successful integration of acquisitions is crucial to maintaining and strengthening this position.

Innovation and R&D

Innovation and R&D Innovation is focused more on operations and customer experience than on pure research labs. The company is leaning into digital tools to optimize its supply chain, use data analytics in planning, and provide 3D configurators that make it easier for dealers and customers to design and quote complex furniture layouts. It is also investing in sustainability—materials transparency, waste reduction, and lower emissions—which can differentiate its brands with large corporate customers. Future upside depends on how well it extends these capabilities into tech‑integrated furniture and continues to modernize its manufacturing footprint.

Summary

Overall, HNI looks like a mature, steadily growing industrial company that is working to modernize itself. Revenues and margins have generally moved in the right direction, even though earnings have been somewhat volatile. The balance sheet shows more leverage than in the past but also a larger equity base, while cash flows indicate a business that usually funds itself comfortably. Competitively, its combination of strong hearth brands, broad office furniture offerings, and a deep dealer network gives it a defensible position, though it remains tied to cyclical markets and shifting workplace trends. Its push into digital tools, operational efficiency, and sustainability suggests a management team focused on long‑term positioning, with execution on acquisitions and hybrid‑work solutions as key things to watch.

NEWS

November 25, 2025 · 8:00 AM UTC

HNI and Steelcase Announce Election Deadline for Steelcase Shareholders to Elect Form of Merger Consideration

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November 5, 2025 · 6:09 PM UTC

HNI Corporation Announces Quarterly Dividend

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October 28, 2025 · 7:30 AM UTC

HNI Corporation Reports Third Quarter 2025 Results

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October 27, 2025 · 8:18 PM UTC

HNI Corporation Announces Extension of Exchange Offer

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October 20, 2025 · 9:00 AM UTC

Allsteel Explores the Office as a Hub for Collaboration, Culture, and Connection

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