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HNI Corp (HNI) stock

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NYSE: HNI NYSE Office Services & Supplies Next results ~November 3, 2026

C+ Fundamentals grade

HNI Corp is a US-listed company in the office services & supplies industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$47

Cash-flow model

Base case. Range ~$32–$68 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 5% above our base value.

Price used: $49.67, November 2, 2026

HNI Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 10 sales by directors and officers, last 12 monthsInsider trades
  • Funds138 adding, 145 cuttingOf 40 active managers that changed their stake, 13 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter HNI files

Where HNI stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $4.39bn, up 70.1% on a year earlier, faster than the 41.3% growth a quarter earlier. Free-cash-flow margin fell to 0.1% from 6.5% a year earlier. Operating margin narrowed to 2.0% from 8.4%. The diluted share count is up 26.7% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 6 financial-health checks. Our cash-flow model value is $41.24 a share, against a share price of $47.96. At that price, our model says the market is pricing in about 14.9% a year of cash-flow growth for five years, close to the 15.0% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

HNI Corp's trailing-twelve-month revenue grew 70.1% year on year, with a free-cash-flow margin of 0.1%. Where it stands out: revenue growth of 70.1% ranks 1 of 6 office services & supplies companies we cover. Where it lags: net margin of 0.1% ranks 5 of 6 office services & supplies companies we cover.

Our discounted-cash-flow model values the business at ~$47 per share in the base case (~$32–$68 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 70.1% (+28.8pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 70.1% over the last 12 months, against a median of 9.8% for office services & supplies companies we cover.
  • Growth speeding up. The growth rate is 28.8 points higher than a quarter earlier.

Things to watch

  • Margins narrowing. Operating margin is down 6.3 points on a year ago.
  • Share dilution. Diluted shares rose 26.7% in a year.
  • High earnings multiple. The shares trade at 705 times the last 12 months' earnings, so expectations are demanding.
  • Weak cash conversion. Free cash flow was 60% of net income over the last 12 months.
  • Below peers: net margin. Net margin of 0.1% ranks 5 of 6 office services & supplies companies we cover (median 4.2%).
  • Below peers: free-cash-flow margin. Free-cash-flow margin of 0.1% ranks 5 of 6 office services & supplies companies we cover (median 7.0%).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$1.27 against an average estimate of $1.04: beat by 22.4%
Revenue
$1.47bn, up 120.7% on a year earlier
Share reaction
+5.2% in the first session after the results on July 30, 2026, against +2.4% for the S&P 500
Guidance given
net sales growth growth 175% to 180% (third quarter 2026); non-GAAP EPS growth growth 20% to 25% (2026)
Next report
November 3, 2026; average EPS estimate $1.40

HNI's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.3%
  • 1 week+4.1%
  • 1 month+6.1%
  • This year+21.2%
  • 1 year+25.6%
  • 5 years+49.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.4B
Operating margin
2.0%
Net margin
0.1%
EPS (TTM, diluted)
$0.07

Growth

Revenue growth
+70.1%
Change in growth rate
+28.8 pts
Share count change
+26.7%

Cash

Free cash flow (TTM)
$2.6M
FCF margin
0.1%
Stock pay % of revenue
1.0%

Earnings

Last results
November 3, 2026
Next results (est.)
February 1, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Insider trade
  3. Announcement
  4. Insider trade
  5. Results
  6. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

HNI Corp valuation models and calculator

What the price is pricing in

The share price implies about 15.5% a year of cash-flow growth for five years.That is close to the 15.0% a year revenue growth HNI has delivered.

  • Priced in15.5%
  • Last 12 months70.1%
  • 3 years a year25.7%
  • 5 years a year15.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($50.51, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$47
Price used
$50.51close November 3, 2026
Implied change
▼ 6%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of HNI Corp's free cash flow after stock-based pay with after-tax interest added back ($137M, FY2026 Q2 TTM), growing 29% and 10.5% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$32–~$68 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of HNI Corp's free cash flow after stock-based pay ( $137M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value HNI Corp as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.92 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$47 ~$32–$68 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$2.3 Left out: out of range vs price (0.05x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$31 ~$24–$40 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$34 ~$30–$40 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$40 ~$31–$47 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare HNI Corp with Office Services & Supplies in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $10$20$33$50$73$102
8.5% $3$11$20$33$49$69
10% —$5$12$22$34$50

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$25.44$40.45$28.72$27.01$29.64$28.46$35.82$25.11$38.46$48.06$41.50$49.67
Market value$1.2bn$1.8bn$1.3bn$1.2bn$1.3bn$1.2bn$1.6bn$1.1bn$1.7bn$2.3bn$2.0bn$3.0bn
+ Net debt (− = net cash)$162m$178m$253m$173m$123m$59m$126m$173m$407m−$23m$1.1bn$1.3bn
Enterprise value$1.3bn$2.0bn$1.5bn$1.4bn$1.4bn$1.3bn$1.7bn$1.2bn$2.2bn$2.3bn$3.1bn$4.3bn
Multiples
Price / sales 0.5x0.8x0.6x0.5x0.6x0.6x0.7x0.4x0.7x0.9x0.7x0.7x
Price / earnings 11.0x21.5x14.3x12.8x11.7x29.2x26.4x8.6x35.5x16.7x37.4xn/m
Price / free cash flow 12.7x14.2x53.9x9.8x8.5x7.1x24.2x82.8x9.3x13.4x9.7x—
EV / EBITDA 6.0x10.0x10.3x6.8x6.2x9.2x10.1x5.1x11.6x7.3x13.4x15.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

49 /100

Moderate moat

How hard HNI's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Cash operating profit has been a median 10.5% of total assets over 7 years.

  • Pricing power 13 / 20

    Gross margin has been a median 37.0%, moving by 2.3 percentage points (standard deviation) across 10 years.

  • Durability 6 / 20

    Operating margin has been a median 5.2%; its worst year was 2.0%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 4.8% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 39.9% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (54 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $1.6bn and EPS of $1.40 (range $1.37 to $1.41) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.24 +23% $6.0bn +111%
Next $4.78 +13% $6.2bn +4%

Next year's EPS estimate has moved −1.2% in 90 days, across 4 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.04 $1.27 +22.4%
Mar 2026 $0.29 $0.34 +18.3%
Dec 2025 $0.91 $0.83 −8.8%
Sept 2025 $1.07 $1.10 +3.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • non-GAAP EPS growth 2026 20% growth to 25% growth Non-GAAP Raised
    “Non-GAAP EPS growth of 20-25 percent, including net tariff impacts, now expected in 2026 - the fifth straight year of double-digit non-GAAP EPS growth.” source
  • cumulative non-GAAP EPS benefit from network optimization · Workplace Furnishings (legacy) through 2028 about $0.30 Non-GAAP
    “Further, the Corporation continues to expect network optimization savings in its legacy Workplace Furnishings businesses to total nearly $30 million (adding an expected $0.30 to non-GAAP diluted EPS) through 2028.” source
  • net tariff impact on operating margin (basis points benefit) full year 2026 40 to 45
    “The Corporation's operating margin benefitted by 150 basis points in the second quarter from net tariff impacts, with 40-45 basis points of benefit expected for the full year 2026.” source
  • cumulative cost savings from Steelcase accretion, cost management, and network optimization 2027 about $70m
    “The combination of Steelcase accretion, cost management actions, and legacy workplace network optimization initiatives are expected to yield total cumulative savings exceeding $70 million in 2027 and more than $150 million when fully mature.” source
  • net sales growth · Workplace Furnishings third quarter 2026 175% growth to 180% growth
    “Including Steelcase, total Workplace Furnishings net sales are expected to increase approximately 175-180 percent versus the prior-year period.” source
  • network optimization savings · Workplace Furnishings (legacy) through 2028 about $30m
    “Further, the Corporation continues to expect network optimization savings in its legacy Workplace Furnishings businesses to total nearly $30 million (adding an expected $0.30 to non-GAAP diluted EPS) through 2028.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows HNI Corp's revenue by +29.0% next year and +10.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+38.7%, weight 62%) and the company's own record (+13.0%, weight 38%) . How the weights are set.

Analyst recommendations

2 analysts, Oct 2026
Buy2100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202622
  2. Sep 202622
  3. Aug 202622

Counts of recommendations published by analysts covering HNI Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.0%
of tradable shares
Days to cover
7.07
at average volume
Short interest, 1 month
−2%
to September 30, 2026
Held by institutions
90%
of shares
Held by insiders
2.1%
of shares
Employees
18,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +25.6%

$39.54 on October 31, 2025 to $49.67

ThenNowEffect
Revenue (last 12 months) $2.6bn $4.4bn +70.1%
Net margin 5.7% 0.1% −98.3%
P/E multiple 12.9x n/m +5373.2%
Share count 48m 61m −21.0%

Biggest factor: net margin.

Last 3 years +41.3%

$35.15 on November 3, 2023 to $49.67

ThenNowEffect
Revenue (last 12 months) $2.2bn $4.4bn +98.7%
Net margin 3.1% 0.1% −96.8%
P/E multiple 21.7x n/m +3143.9%
Share count 42m 61m −30.9%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HNI+26%−30%+53%+24%−14%+21%
Industry peers (median)+7%−35%+25%+10%−16%+26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HNI67%33%67%42%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HNI−23%−39%−23%−13%−26%−44%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 64% from December 27, 2016 to March 18, 2020. Getting back needed a 181% gain, reached on February 29, 2024, 1443 days after the low.

Price behaviour

52-week range
$28.73 – $51.22
From 52-week high
−3.0%
vs 50-day average
+4.9%
vs 200-day average
+19.9%
Volatility (1 year)
36%
Beta vs S&P 500
0.82

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 7 down
typical move ±4.9%
After a week
5 up, 6 down
typical move ±7.8%
After a month
6 up, 5 down
typical move ±11.3%
Results releasedNext dayS&P 500 next day5 days21 days
July 30, 2026 +5.2% +2.4% +14.3% +15.7%
May 6, 2026 −4.2% +1.1% −14.3% −13.1%
February 25, 2026 −6.2% +0.3% −10.2% −27.0%
October 28, 2025 −7.9% +0.3% −10.5% −7.7%
July 24, 2025 −0.3% +0.5% −2.0% −13.8%
May 7, 2025 +6.5% +1.1% +9.2% +8.3%
February 20, 2025 −5.0% −2.1% −4.9% −10.9%
October 29, 2024 −4.2% −0.1% −0.8% +9.2%
July 25, 2024 +11.5% +0.6% +10.1% +9.1%
April 29, 2024 −1.3% −1.2% +4.2% +5.4%
February 22, 2024 +1.3% +2.1% +5.3% +4.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How HNI Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

HNI Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) HNI Corp
$2B $3B $4B $5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.3B Revenue (TTM), FY23 Q4: $2.4B Revenue (TTM), FY24 Q1: $2.5B Revenue (TTM), FY24 Q2: $2.6B Revenue (TTM), FY24 Q3: $2.6B Revenue (TTM), FY24 Q4: $2.5B Revenue (TTM), FY25 Q1: $2.5B Revenue (TTM), FY25 Q2: $2.6B Revenue (TTM), FY25 Q3: $2.6B Revenue (TTM), FY25 Q4: $2.8B Revenue (TTM), FY26 Q1: $3.6B Revenue (TTM), FY26 Q2: $4.4B $4.4B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.3B
FY23 Q4 $2.4B
FY24 Q1 $2.5B
FY24 Q2 $2.6B
FY24 Q3 $2.6B
FY24 Q4 $2.5B
FY25 Q1 $2.5B
FY25 Q2 $2.6B
FY25 Q3 $2.6B
FY25 Q4 $2.8B
FY26 Q1 $3.6B
FY26 Q2 $4.4B
Revenue growth, TTM YoY HNI Corp
-20% 0% 20% 40% 60% 80% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -3.0% Revenue growth, TTM YoY, FY23 Q4: 3.1% Revenue growth, TTM YoY, FY24 Q1: 12.1% Revenue growth, TTM YoY, FY24 Q2: 17.8% Revenue growth, TTM YoY, FY24 Q3: 10.4% Revenue growth, TTM YoY, FY24 Q4: 3.8% Revenue growth, TTM YoY, FY25 Q1: -0.2% Revenue growth, TTM YoY, FY25 Q2: -0.8% Revenue growth, TTM YoY, FY25 Q3: 1.2% Revenue growth, TTM YoY, FY25 Q4: 12.4% Revenue growth, TTM YoY, FY26 Q1: 41.3% Revenue growth, TTM YoY, FY26 Q2: 70.1% 70.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -3.0%
FY23 Q4 3.1%
FY24 Q1 12.1%
FY24 Q2 17.8%
FY24 Q3 10.4%
FY24 Q4 3.8%
FY25 Q1 -0.2%
FY25 Q2 -0.8%
FY25 Q3 1.2%
FY25 Q4 12.4%
FY26 Q1 41.3%
FY26 Q2 70.1%
Operating margin (TTM) HNI Corp
0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 3.6% Operating margin (TTM), FY23 Q4: 3.7% Operating margin (TTM), FY24 Q1: 4.5% Operating margin (TTM), FY24 Q2: 6.6% Operating margin (TTM), FY24 Q3: 7.1% Operating margin (TTM), FY24 Q4: 8.2% Operating margin (TTM), FY25 Q1: 7.9% Operating margin (TTM), FY25 Q2: 8.4% Operating margin (TTM), FY25 Q3: 8.2% Operating margin (TTM), FY25 Q4: 4.4% Operating margin (TTM), FY26 Q1: 1.8% Operating margin (TTM), FY26 Q2: 2.0% 2.0%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 3.6%
FY23 Q4 3.7%
FY24 Q1 4.5%
FY24 Q2 6.6%
FY24 Q3 7.1%
FY24 Q4 8.2%
FY25 Q1 7.9%
FY25 Q2 8.4%
FY25 Q3 8.2%
FY25 Q4 4.4%
FY26 Q1 1.8%
FY26 Q2 2.0%
FCF margin (TTM) HNI Corp
0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 5.5% FCF margin (TTM), FY23 Q4: 7.7% FCF margin (TTM), FY24 Q1: 6.9% FCF margin (TTM), FY24 Q2: 8.0% FCF margin (TTM), FY24 Q3: 8.6% FCF margin (TTM), FY24 Q4: 6.9% FCF margin (TTM), FY25 Q1: 7.3% FCF margin (TTM), FY25 Q2: 6.5% FCF margin (TTM), FY25 Q3: 7.3% FCF margin (TTM), FY25 Q4: 7.3% FCF margin (TTM), FY26 Q1: 0.1% FCF margin (TTM), FY26 Q2: 0.1% 0.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 5.5%
FY23 Q4 7.7%
FY24 Q1 6.9%
FY24 Q2 8.0%
FY24 Q3 8.6%
FY24 Q4 6.9%
FY25 Q1 7.3%
FY25 Q2 6.5%
FY25 Q3 7.3%
FY25 Q4 7.3%
FY26 Q1 0.1%
FY26 Q2 0.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar HNI took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $2.8B
  2. Cost of revenue $1.7B · 58.6%
  3. Gross profit $1.2B · 41.4%
  4. Research and development $56.6M · 2.0%
  5. Selling, general and admin $937M · 33.0%
  6. Other operating costs $56.5M · 2.0%
  7. Operating income $126M · 4.4%
  8. Income tax $36.5M · 1.3%
  9. Interest and other $35.3M · 1.2%
  10. Net income $54.2M · 1.9%

Shares of revenue. Source: HNI's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Jan 2010 2010 Jan 2011 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Jan 2015 2015 Jan 2016 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Jan 2021 2021 Jan 2022 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Jan 2026 LTM Jul 2026
Income
Revenue 1,623 1,687 1,833 2,004 2,060 2,223 2,304 2,203 2,176 2,258 2,247 1,955 2,184 2,362 2,434 2,526 2,839 4,392
Gross profit 563 586 639 689 715 784 847 835 784 835 834 721 757 835 948 1,033 1,176 1,799
EBITDA 83 117 128 131 153 170 221 203 150 203 229 139 169 239 185 314 233 287
Operating income 9 58 81 88 106 113 164 134 77 128 151 61 85 155 90 207 126 89
Net income −6 27 46 49 64 61 105 86 90 93 111 42 60 124 49 140 54 4
Diluted EPS −$0.14 $0.59 $1.01 $1.07 $1.39 $1.35 $2.32 $1.88 $2.00 $2.11 $2.54 $0.98 $1.36 $2.94 $1.09 $2.88 $1.11 $0.07
Growth (year on year)
Revenue −33.2% +3.9% +8.7% +9.3% +2.8% +7.9% +3.7% −4.4% −1.3% +3.8% −0.5% −13.0% +11.7% +8.1% +3.1% +3.8% +12.4% +70.1%
EBITDA −48.7% +39.7% +9.6% +2.5% +16.5% +11.1% +30.5% −8.4% −26.2% +35.7% +12.7% −39.2% +21.1% +42.1% −22.6% +69.7% −25.8% −10.7%
Operating income −90.7% — +40.7% +7.5% +21.0% +6.5% +45.0% −18.3% −42.6% +67.1% +18.1% −59.4% +39.1% +81.7% −41.8% +128.7% −39.0% −58.8%
Net income — — — +6.5% +30.1% −3.5% +71.5% −18.8% +4.9% +4.0% +18.3% −62.1% +42.7% +107.2% −60.3% +183.5% −61.1% −97.1%
Diluted EPS — — — +5.9% +29.9% −2.9% +71.9% −19.0% +6.4% +5.5% +20.4% −61.4% +38.8% +116.2% −62.9% +164.2% −61.5% −97.7%
Margins
Gross margin 34.7% 34.7% 34.9% 34.4% 34.7% 35.3% 36.8% 37.9% 36.0% 37.0% 37.1% 36.9% 34.7% 35.4% 39.0% 40.9% 41.4% 41.0%
EBITDA margin 5.1% 6.9% 7.0% 6.5% 7.4% 7.6% 9.6% 9.2% 6.9% 9.0% 10.2% 7.1% 7.7% 10.1% 7.6% 12.4% 8.2% 6.5%
Operating margin 0.5% 3.4% 4.4% 4.4% 5.1% 5.1% 7.1% 6.1% 3.5% 5.7% 6.7% 3.1% 3.9% 6.6% 3.7% 8.2% 4.4% 2.0%
Net margin −0.4% 1.6% 2.5% 2.4% 3.1% 2.8% 4.6% 3.9% 4.1% 4.1% 4.9% 2.1% 2.7% 5.2% 2.0% 5.5% 1.9% 0.1%
Free-cash-flow margin 10.9% 4.1% 5.8% 5.3% 5.0% 4.2% 3.9% 5.9% 1.1% 5.4% 6.8% 8.8% 3.0% 0.5% 7.7% 6.9% 7.3% —
Cash flow
Cash from operations 193 94 134 145 165 168 173 223 133 186 219 215 132 81 268 227 276 201
Capital spending 16 26 28 39 61 74 83 93 109 64 67 42 67 68 79 53 68 —
Free cash flow 177 69 106 105 104 93 91 130 24 123 152 173 65 13 188 174 209 —
Stock-based pay 4 7 7 6 7 9 9 8 8 7 7 8 13 9 17 17 25 42
Free cash flow after stock pay 173 62 99 99 97 85 82 122 16 115 146 165 52 4 172 156 184 —
Balance sheet
Cash 87 99 73 42 65 34 29 36 23 77 52 116 52 17 29 23 209 105
Total debt 200 200 181 155 151 198 190 214 277 250 175 175 178 190 436 — 1,293 1,375
Net debt (negative = net cash) 113 101 108 113 86 164 162 178 253 173 123 59 126 173 407 −23 1,084 1,270
Diluted shares 45m 46m 46m 46m 46m 46m 45m 46m 45m 44m 43m 43m 44m 42m 45m 49m 49m 61m
Returned to shareholders
Dividends 39 39 41 43 43 44 46 48 50 51 52 52 54 53 59 64 63 83
Buybacks 0 18 10 21 27 68 27 56 58 30 84 7 59 65 0 66 84 4
Total returned 39 57 51 64 71 112 73 104 107 82 136 59 113 118 59 129 147 87

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · July 4, 2026
What it owns · $4.8bn
Short-term assets $1.4bnLonger-term assets $3.4bn
What it owes, and who funded it · $4.8bn
Short-term liabilities $1.0bnLonger-term liabilities $2.0bnShareholders' equity $1.8bn
  • Short-term assets cover short-term liabilities $1.4bn of assets due within a year against $1.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.4bn short-term assets against $2.0bn of longer-dated liabilities.
  • More cash than debt $105m of cash against $1.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 76% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 30% to 76% over five years.
  • A year's operating cash flow covers at least 20% of debt $201m of operating cash flow against $1.4bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From HNI Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$3.8M
Dividends (TTM)
$83.3M
Returned to shareholders
3350%
of free cash flow
Buybacks, last 3 fiscal years
$150M
Diluted share count
+26.7%
year over year
Total shareholder yield
2.5%
dividends 2.4% + buybacks 0.1% of market value
Dividend payout ratio
1937%
of net income paid out
Sales & admin spending
35.6%
of revenue

Competitors: side by side with peers

Closest by revenue in office services & supplies
Last 12 months unless stated HNI MLKN PBI BRC ACCO EHGO Median
Revenue, last 12 months $4.4bn $3.8bn $1.9bn $1.7bn $1.6bn $16m $1.8bn
Revenue growth, last 12 months 70.1% 1.2% −3.5% 9.8% 1.5% 21.1% 5.7%
Revenue growth, 3-year average 25.7% −1.0% 9.8% 7.7% −5.3% — 7.7%
Revenue growth, latest quarter 120.7% −3.4% −0.8% 10.0% −0.9% — −0.8%
Gross margin 41.0% 39.5% 52.4% 51.7% 33.2% 15.1% 40.2%
Operating margin 2.0% 5.2% — 15.9% 5.8% −73.5% 5.2%
Operating margin, 3-year average 5.7% 3.8% — 16.5% 1.4% — 4.7%
Net margin 0.1% 2.6% 10.1% 12.4% 4.2% −69.4% 3.4%
Cash from operations / revenue 4.6% 6.3% 30.6% 14.7% 8.3% −34.8% 7.3%
Free-cash-flow margin 0.1% 3.0% 27.1% 11.6% 7.0% −35.6% 5.0%
Free-cash-flow margin, 3-year average 4.9% 3.2% 14.8% 11.6% 6.1% — 6.1%
Stock pay / revenue 1.0% 0.7% 0.9% 1.4% 0.8% 9.2% 0.9%
Change in share count 26.7% 1.2% −19.2% −0.7% 3.0% 52.0% 2.1%

Median of all 6 companies we cover in office services & supplies. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

6 office services & supplies companies
Measure Company Peer median Rank
Revenue growth Growth 70.1% 9.8% 1 of 6
Change in growth rate Growth +28.8pp +2.2pp 2 of 6
Gross margin Profitability 41.0% 39.5% 2 of 5
Operating margin Profitability 2.0% 5.2% 4 of 5
Net margin Profitability 0.1% 4.2% 5 of 6
Free-cash-flow margin Cash generation 0.1% 7.0% 5 of 6
Stock pay as % of revenue Cash generation 1.0% 1.0% 4 of 6
Long-term debt as % of assets Balance sheet 28.2% 31.7% 3 of 6
Change in share count Balance sheet 26.7% 3.0% 5 of 6

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 3, 2026
Segments
Line of business Revenue Share YoY
Workplace Furnishings Americas $2.2B 76.2% ▲ 14.6%
Residential Building Products $675M 23.8% ▲ 5.7%

From HNI Corp's 10-K filed March 3, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.6B
Institutions reporting
274
Shares held vs prior quarter
▲ 5.6%
Positions opened / closed
47 / 57

Top buyers and sellers, Q2 2026: 138 institutions bought and 145 sold ; the biggest buyer was FMR LLC (+2.8M shares) and the biggest seller Boston Partners (−844K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $432M 10.7M 16.9% ▲ 3.3%
FMR LLC $430M 10.6M 16.8% ▲ 35.7%
Vanguard Portfolio Management LLC $193M 4.8M 7.5% ▲ 5.3%
Vanguard Capital Management LLC $130M 3.2M 5.1% ▲ 6.0%
State Farm Mutual Automobile Insurance Co $118M 2.9M 4.6% 0.0%
State Street Corp $113M 2.8M 4.4% ▲ 4.2%
Dimensional Fund Advisors LP $103M 2.5M 4.0% ▼ 14.2%
Northern Trust Corp $94.9M 2.3M 3.7% ▲ 3.1%
Geode Capital Management, LLC $75.9M 1.9M 3.0% ▲ 8.2%
Fifth Third Bancorp $60.6M 1.5M 2.4% ▼ 5.0%
Charles Schwab Investment Management Inc $42.4M 1.0M 1.7% ▼ 7.4%
Bank Of New York Mellon Corp $38M 940K 1.5% ▼ 21.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not HNI Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $4.8M 10 trades by 2 insiders · 100% under pre-set plans
Net ▼ $4.8M net selling
Insider Date Trade Shares Price Value
Lorenger Jeffrey D President & CEO August 28, 2026 Sell pre-set plan 1,504 $50.00 $75,200
Lorenger Jeffrey D President & CEO August 27, 2026 Sell pre-set plan 12,445 $50.09 $623,370
Lorenger Jeffrey D President & CEO August 27, 2026 Sell pre-set plan 27,131 $50.09 $1.4M
Lorenger Jeffrey D President & CEO August 26, 2026 Sell pre-set plan 4,671 $50.05 $233,784
Lorenger Jeffrey D President & CEO August 26, 2026 Sell pre-set plan 2,837 $50.08 $142,077
Lorenger Jeffrey D President & CEO August 24, 2026 Sell pre-set plan 400 $50.01 $20,004
Lorenger Jeffrey D President & CEO August 24, 2026 Sell pre-set plan 300 $50.01 $15,003
Lorenger Jeffrey D President & CEO August 3, 2026 Sell pre-set plan 35,232 $47.48 $1.7M
Lorenger Jeffrey D President & CEO August 3, 2026 Sell pre-set plan 10,618 $47.78 $507,328
Smith Brian Scott President, Hearth & Home Tech February 9, 2026 Sell pre-set plan 2,000 $52.20 $104,400

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in HNI Corp disclosed in the last 12 months; 3 earlier trades on record.

  • Jefferson Shreve(R-IN 6):Sale (full), $15,001 - $50,000, traded May 8, 2025, filed June 22, 2025
  • Jefferson Shreve(R-IN 6):Purchase, $15,001 - $50,000, traded March 31, 2025, filed April 11, 2025
  • Van Taylor(R-TX 3):Sale (full), $1,001 - $15,000, traded March 25, 2019, filed April 15, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 1, 2027 estimated from the company's past filing pattern, not announced

  • November 3, 2026
  • July 30, 2026
  • May 6, 2026
  • February 25, 2026
  • October 28, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on HNI Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

HNI Corp in brief

What does HNI Corp do?
HNI Corp is a US-listed company in the office services & supplies industry. Its financial year ends in December.
What is HNI Corp's stock ticker?
HNI Corp trades under the ticker HNI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is HNI Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, HNI Corp reported revenue of $4.4B, 70.1% higher than a year earlier, according to its SEC filings.
What is HNI Corp's free cash flow?
HNI Corp's free-cash-flow margin is 0.1% of revenue over the trailing twelve months, ranking 5 of the 6 office services & supplies companies we cover.
What is HNI Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of HNI Corp's free cash flow after stock-based pay gives ~$47 per share in the base case, and ~$32–$68 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are HNI Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is HNI Corp buying back stock, and does it pay a dividend?
HNI Corp spent $3.8M on share repurchases over the trailing twelve months, and its diluted share count still rose 26.7% over the year.
What is HNI Corp's market cap?
On November 2, 2026, HNI Corp's market capitalisation was about $3B, with a price-to-earnings ratio of 705.2 and net debt of $1.3B. Market figures come from third-party market data and may be delayed.
Does HNI Corp pay a dividend?
Yes: HNI Corp paid $83.3M in dividends over the trailing twelve months, a dividend yield of 2.35% and a payout ratio of 1937.2%.
How much debt does HNI Corp have?
HNI Corp's debt-to-equity ratio is 76.2%, from its latest balance sheet (29.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are HNI Corp's competitors?
In our Office Services & Supplies peer group, the companies closest to HNI Corp are Millerknoll, Inc., Pitney Bowes Inc, Brady Corp, Acco Brands Corp and Eshallgo Inc. The side-by-side comparison below sets their revenue, margins and growth against HNI Corp's.
Are insiders buying or selling HNI Corp stock?
Over the last 12 months, HNI Corp's directors and officers reported 0 open-market purchases and 10 sales on Form 4. The insider trading page charts every trade.
When is HNI Corp's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — HNI Corp announces its own schedule.