HNI Corporation
- Open
- 49.65
- Day high
- 49.76
- Day low
- 48.90
- Prev close
- 49.02
- Volume
- 52K
- Mkt cap
- $3.5B
- P/E (TTM)
- 446.5
- EPS (TTM)
- $0.11
- P/B
- 2.0
- P/S
- 0.8
- Yield
- 2.10%
- Per share
- $1.03
- ▼Insiders net selling -$2.2M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
HNI Corporation (HNI) is a Industrials company listed on NYSE. The stock is up 11% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4). Drillr has 1 published research article covering HNI.
HNI Corporation (HNI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HNI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $1.04 | $1.27 | +22.1% | $1.5B | -0.3% |
| May 6, 2026 | $0.31 | $0.34 | +9.7% | $1.3B | -2.0% |
| Feb 25, 2026 | $0.91 | $-1.01 | -211.1% | $888M | +39.2% |
| Jul 24, 2025 | $0.86 | $1.11 | +29.1% | $667M | -3.1% |
| Feb 20, 2025 | $0.74 | $0.87 | +17.6% | $643M | +10.1% |
| Jul 25, 2024 | $0.61 | $0.79 | +29.5% | $624M | -15.2% |
| Feb 22, 2024 | $0.80 | $0.98 | +22.5% | $680M | -0.7% |
| Oct 31, 2023 | $0.63 | $0.93 | +47.6% | $220M | -69.2% |
| Feb 23, 2023 | $0.48 | $0.63 | +31.3% | $569M | +1.7% |
| Jul 28, 2022 | $0.34 | $0.52 | +52.9% | $622M | +2.5% |
| Apr 28, 2022 | $0.23 | $0.33 | +43.5% | $572M | +2.4% |
| Feb 28, 2022 | $0.41 | $0.43 | +4.9% | $603M | +1.0% |
HNI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 20, 2026 | Brown Timothy C. E.director | Grant | 263 | $47.52 |
| Aug 5, 2026 | Lorenger Jeffrey Ddirector, officer: President & CEO | Sell | 35,232 | $47.48 |
| Aug 5, 2026 | Lorenger Jeffrey Ddirector, officer: President & CEO | Sell | 10,618 | $47.78 |
| Aug 5, 2026 | Lorenger Jeffrey Ddirector, officer: President & CEO | Option | 45,850 | $46.62 |
| May 21, 2026 | Sivajee Dhanushadirector | Grant | 4,786 | — |
| May 21, 2026 | ROBERTS DAVID MARTINdirector | Grant | 4,786 | — |
| May 21, 2026 | Brown Timothy C. E.director | Grant | 427 | $29.25 |
| May 21, 2026 | Jones Mary K.W.director | Grant | 4,786 | — |
| May 21, 2026 | Hartnett John R.director | Grant | 4,786 | — |
| May 21, 2026 | Hallinan Patrick Ddirector | Grant | 4,786 | — |
| May 21, 2026 | Williams Linda Kdirector | Grant | 4,786 | — |
| May 21, 2026 | ROBERTS DAVID MARTINdirector | Grant | 427 | $29.25 |
| May 21, 2026 | Brown Timothy C. E.director | Grant | 4,786 | — |
| May 21, 2026 | Bell Mary Adirector | Grant | 4,786 | — |
| May 21, 2026 | Porcellato Larry Bdirector | Grant | 4,786 | — |
Source: HNI SEC Form 4 filings, latest Aug 20, 2026. For informational purposes only — not investment advice.
See the full HNI insider & 13F page →HNI Corporation company profile
Overview
HNI Corporation (NYSE:HNI) is a diversified manufacturer of workplace furnishings and residential building products founded in 1944 and headquartered in Muscatine, Iowa. The company went public in 1980 and has evolved from its origins as a furniture manufacturer into a leading provider of office furniture systems and home heating products. HNI operates through two primary business segments serving both commercial and residential markets across North America.
Business
HNI Corporation operates in two distinct manufacturing sectors through its dual business model. The Workplace Furnishings segment represents the company's commercial office furniture business, manufacturing and selling panel-based furniture systems, seating solutions, storage units, tables, and architectural products. This segment markets products under well-known brands including HON, Allsteel, Beyond, Gunlocke, Maxon, HBF, OFM, Respawn, and Lamex. The workplace furnishings are sold through independent dealers, wholesalers, office product distributors, e-commerce retailers, and directly to end-user customers including federal, state, and local governments. This segment accounts for approximately 70% of total company revenue. The Residential Building Products segment focuses on home heating solutions, manufacturing gas, wood, electric, and pellet-fueled fireplaces, inserts, stoves, facings, and related accessories. Products are marketed under brands such as Heatilator, Heat & Glo, Majestic, Monessen, Quadra-Fire, Harman, Vermont Castings, PelPro, SimpliFire, The Outdoor GreatRoom Company, and Stellar. These products are distributed through independent dealers, distributors, and company-owned retail outlets, representing approximately 30% of total revenue. The residential segment serves both new construction and remodel/retrofit markets, with the latter showing stronger growth momentum in recent quarters.
Revenue model
HNI generates revenue primarily through product sales in both business segments, operating as a traditional manufacturer with distinct go-to-market strategies for each division. In Workplace Furnishings, the company sells through a multi-channel distribution network including independent dealers who serve small and medium businesses (SMB), large contract furniture dealers for enterprise customers, and direct sales to government entities. The contract furniture business typically involves longer sales cycles and larger project-based orders, while the SMB segment focuses on smaller, more frequent transactions. The Residential Building Products segment operates through a dealer network and company-owned distribution centers, selling to both new home construction companies and consumers undertaking home renovations. Revenue is seasonal, with stronger performance typically in the second and third quarters when construction and renovation activity peaks. Several factors influence the company's margins and profitability. Positive margin drivers include successful price increases to offset inflation, productivity improvements from operational efficiency initiatives, cost synergies from acquisitions like Kimball International, and the ramp-up of the Mexico manufacturing facility which provides lower-cost production. Negative margin pressures come from raw material cost inflation, tariff impacts on imported components, competitive pricing pressure in both segments, and economic uncertainty affecting customer spending patterns. The company has demonstrated ability to expand margins through strategic cost reduction programs and operational improvements, with Workplace Furnishings achieving multi-decade high margins in recent quarters.
Competitive moat
HNI Corporation operates in highly competitive markets with modest defensive characteristics. In Workplace Furnishings, the company benefits from established dealer relationships and brand recognition, particularly with the HON and Allsteel brands that have decades of market presence. The recent acquisition of Kimball International strengthened the company's position in specialized verticals like healthcare, education, and hospitality, providing some differentiation. However, the office furniture industry faces significant structural challenges from changing work patterns, with hybrid and remote work reducing demand for traditional office setups. The Residential Building Products segment has stronger defensive characteristics due to brand loyalty and distribution network strength. Established brands like Heat & Glo and Vermont Castings command premium pricing, and the company's broad product portfolio across different fuel types provides market diversification. The segment benefits from the replacement cycle nature of heating products and the emotional purchase aspect of fireplaces. Overall, HNI's moat is relatively weak, as both segments face commoditization pressures and cyclical demand patterns. The company competes primarily on operational efficiency, product quality, and distribution reach rather than unique technology or switching costs. Competition comes from large players like Steelcase and Herman Miller in office furniture, and numerous regional manufacturers in residential heating products. The company's best defense lies in its operational excellence, cost structure advantages from recent initiatives, and comprehensive product portfolios that provide some insulation from market volatility.
Risks & safety
HNI Corporation presents a moderate margin of safety with manageable financial risk but cyclical earnings volatility. **Liquidity and Solvency:** - Cash position of $21.1 million is relatively low but supplemented by current ratio of 1.19 - Total debt-to-equity ratio of 0.69 indicates moderate leverage - Strong free cash flow generation of $174 million in fiscal 2024 demonstrates cash-generating ability - No immediate solvency concerns given profitable operations and asset base **Valuation Metrics:** - Current P/E ratio of 37.8x appears elevated relative to cyclical nature of business - EV/EBITDA of 13.2x suggests modest valuation premium - Price-to-book ratio of 2.6x reflects asset-light business model - Graham number suggests potential overvaluation at current levels **Other Considerations:** - Cyclical earnings create valuation uncertainty during economic downturns - Recent margin expansion may not be sustainable through full economic cycle - Integration risks from Kimball International acquisition largely behind the company
Recent development
Over the past few years, HNI has executed several strategic initiatives to strengthen its market position and operational efficiency. The most significant development was the acquisition of Kimball International (KII) in 2022, which expanded the company's presence in healthcare, education, and hospitality verticals while providing substantial cost synergy opportunities. Management has successfully increased the expected annual cost synergies from the initial $25 million target to $60 million, with $30 million expected to be realized in 2025-2026. The company has also invested in geographic diversification and cost reduction through the establishment of a manufacturing facility in Mexico. This facility is expected to contribute $20-25 million to the bottom line and provides both cost advantages and supply chain resilience. Combined with the KII synergies, management projects these two initiatives will deliver $0.70-$0.80 in additional earnings per share through 2026. In the Workplace Furnishings segment, HNI has focused on margin expansion initiatives including productivity improvements, cost structure streamlining, and business simplification. These efforts have resulted in operating margins reaching multi-decade highs, with management targeting margins near 12% by 2026. The company has also invested in digital capabilities, customer experience improvements, and expanded its presence in growth verticals. For Residential Building Products, the company has emphasized product innovation and market expansion, particularly in electric fireplaces and remodel/retrofit markets. Despite challenging housing market conditions, the segment has maintained strong margins while investing in new product development and distribution capabilities.
HNI company profile · for informational purposes only — not investment advice.
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