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HNI Corp key statistics and ratios

In fiscal 2025, HNI Corp had return on equity of 4.1%, an operating margin of 4.4%, debt equal to 70.4% of equity and a current ratio of 1.24. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Jan 20102010Jan 20112011Dec 20112012Dec 20122013Dec 20132014Jan 20152015Jan 20162016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Jan 20212021Jan 20222022Dec 20222023Dec 20232024Dec 20242025Jan 2026LTMJul 2026
Gross margin34.7%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%
Operating margin0.5%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 margin10.9%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%—
Return on equity−1.5%6.5%11.1%11.7%14.9%14.4%23.7%17.5%17.7%17.3%19.3%7.1%10.1%20.5%7.1%17.4%4.1%0.2%
Return on assets−0.6%2.7%4.5%4.6%5.8%5.2%8.4%6.6%6.6%6.7%7.7%2.9%4.1%8.5%2.9%7.3%1.6%0.1%
Asset turnover1.631.691.791.881.861.871.841.701.601.621.571.361.501.621.461.330.840.91
Current ratio1.201.131.131.031.051.001.010.931.001.221.101.131.031.191.161.091.241.36
Debt to equity47.7%49.0%43.1%36.8%34.5%47.7%39.9%42.8%53.8%44.4%30.0%29.7%30.2%30.8%57.2%41.0%70.4%76.2%
Interest cover (operating income ÷ interest)0.7x4.9x6.8x8.1x10.7x13.5x23.7x26.3x12.6x13.6x17.5x8.8x11.9x—————
Effective tax rate—36.1%34.8%37.7%34.5%41.7%32.9%33.6%−27.3%21.4%22.6%23.0%23.6%15.4%24.1%22.2%40.2%82.7%
R&D as % of revenue1.3%1.3%1.3%1.3%1.3%1.3%1.3%1.3%1.5%1.5%1.5%1.8%1.8%2.0%1.9%2.1%2.0%—
SG&A as % of revenue31.6%30.7%30.2%29.9%29.4%29.2%29.2%30.3%30.9%30.6%30.3%31.8%30.5%30.6%31.7%32.5%33.0%35.6%
Capital spending as % of revenue1.0%1.5%1.5%2.0%3.0%3.3%3.6%4.2%5.0%2.8%3.0%2.1%3.0%2.9%3.2%2.1%2.4%—
Free cash flow ÷ net income—255.0%231.6%215.1%163.3%152.1%86.1%151.8%26.6%131.4%138.0%412.2%108.9%10.3%382.9%124.6%384.7%—
Dividends ÷ net income—143.8%89.7%87.9%68.3%72.1%43.9%56.7%55.2%54.7%47.3%124.3%90.0%42.9%118.9%45.6%116.4%>999%
Dividends and buybacks ÷ free cash flow21.8%82.3%48.1%60.8%68.2%120.1%80.4%80.3%447.8%66.4%89.3%34.1%173.6%925.0%31.2%74.5%70.4%—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: HNI vs MLKNHNI vs PBIBRC vs HNI

More: Office Services & Supplies stocks compared, Industrials sector, rankings of US companies

Figures from HNI Corp's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to HNI Corp.