HNI Corporation (HNI) 10-Year Financial Performance & Capital Metrics

HNI • • Industrial / General

IndustrialsBusiness EquipmentOffice Furniture & EquipmentOffice Furniture Systems

AboutHNI Corporation, together with its subsidiaries, manufactures and sells workplace furnishings and residential building products primarily in the United States. The company operates through two segments, Workplace Furnishings and Residential Building Products. The Workplace Furnishings segment offers a range of commercial and home office furniture, including panel-based and freestanding furniture systems, seating, storage, tables, and architectural products under the HON, Allsteel, Beyond, Gunlocke, Maxon, HBF, OFM, Respawn, Lamex, and HNI India brands. This segment sells its products through independent dealers, wholesalers, office product distributors, e-commerce retailers, and wholesalers, as well as directly to end-user customers; and federal, state, and local governments. The Residential Building Products segment provides various gas, wood, electric, and pellet-fueled fireplaces; inserts; stoves; facings; and accessories primarily for home use under the Heatilator, Heat & Glo, Majestic, Monessen, Quadra-Fire, Harman, Vermont Castings, PelPro, SimpliFire, The Outdoor GreatRoom Company, and Stellar brand names. This segment markets its products through independent dealers and distributors, and corporation-owned distribution and retail outlets. The company was incorporated in 1944 and is headquartered in Muscatine, Iowa.Show more

Revenue $2.53B +3.8%
EBITDA $325M +19.3%
Net Income $140M +183.5%
EPS (Diluted) 2.88 +166.7%
Gross Margin 39.88% +2.3%
EBITDA Margin 12.85% +14.9%
Operating Margin 8.58% +17.9%
Net Margin 5.52% +173.2%
ROE 17.41% +144.0%
ROIC 12.39% +3.0%
Debt/Equity 0.59 -22.1%
Interest Coverage 7.97 +14.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓14 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 15.0%
✓Healthy dividend yield of 2.8%
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.29%

5Y2.37%

3Y4.97%

TTM1.15%

Profit (Net Income) CAGR

10Y8.54%

5Y4.77%

3Y32.62%

TTM14.29%

EPS CAGR

10Y7.87%

5Y2.54%

3Y28.42%

TTM15.12%

ROCE

10Y Avg15.04%

5Y Avg12.2%

3Y Avg13.79%

Latest15.15%

Peer Comparison

Office Furniture Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HNIHNI Corporation	2.11B	46.12	16.01	3.8%	5.46%	16.94%	8.33%	0.59
SCSSteelcase Inc.	1.85B	16.14	15.82	0.2%	2.92%	9.38%	5.47%	0.63

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.3B	2.2B	2.18B	2.26B	2.25B	1.96B	2.18B	2.36B	2.43B	2.53B
Revenue Growth %	0.04%	-0.04%	-0.01%	0.04%	-0%	-0.13%	0.12%	0.08%	0.03%	0.04%
Cost of Goods Sold+	1.47B	1.37B	1.41B	1.45B	1.44B	1.26B	1.46B	1.55B	1.48B	1.52B
COGS % of Revenue	0.64%	0.62%	0.65%	0.64%	0.64%	0.64%	0.67%	0.66%	0.61%	0.6%
Gross Profit+	837.1M	837.81M	767.61M	811.31M	809.36M	696.86M	727.2M	812.8M	949.2M	1.01B
Gross Margin %	0.36%	0.38%	0.35%	0.36%	0.36%	0.36%	0.33%	0.34%	0.39%	0.4%
Gross Profit Growth %	0.07%	0%	-0.08%	0.06%	-0%	-0.14%	0.04%	0.12%	0.17%	0.06%
Operating Expenses+	658.46M	640.51M	655.45M	667.42M	655.64M	596.26M	635.49M	692.5M	772M	790.7M
OpEx % of Revenue	0.29%	0.29%	0.3%	0.3%	0.29%	0.3%	0.29%	0.29%	0.32%	0.31%
Selling, General & Admin	627.36M	612.41M	623.61M	634M	620.95M	560.94M	596.07M	644.7M	724.8M	737.1M
SG&A % of Revenue	0.27%	0.28%	0.29%	0.28%	0.28%	0.29%	0.27%	0.27%	0.3%	0.29%
Research & Development	31.1M	28.1M	31.85M	33.42M	34.7M	35.32M	39.41M	47.8M	47.2M	53.6M
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	178.63M	197.3M	112.16M	143.9M	153.71M	100.59M	91.72M	120.3M	177.2M	216.8M
Operating Margin %	0.08%	0.09%	0.05%	0.06%	0.07%	0.05%	0.04%	0.05%	0.07%	0.09%
Operating Income Growth %	0.27%	0.1%	-0.43%	0.28%	0.07%	-0.35%	-0.09%	0.31%	0.47%	0.22%
EBITDA+	236.2M	266.25M	185.03M	218.69M	231.14M	178.28M	174.87M	204.5M	272.1M	324.6M
EBITDA Margin %	0.1%	0.12%	0.09%	0.1%	0.1%	0.09%	0.08%	0.09%	0.11%	0.13%
EBITDA Growth %	0.2%	0.13%	-0.31%	0.18%	0.06%	-0.23%	-0.02%	0.17%	0.33%	0.19%
D&A (Non-Cash Add-back)	57.56M	68.95M	72.87M	74.79M	77.43M	77.68M	83.15M	84.2M	94.9M	107.8M
EBIT	164.07M	133M	76.66M	127.71M	152.73M	61.1M	84.45M	155.3M	90.3M	206M
Net Interest Income+	-6.51M	-4.78M	-6.08M	-9.45M	-8.63M	-7M	-7.2M	-8.8M	-25.5M	-27.2M
Interest Income	395K	305K	297K	579K	0	0	0	0	0	0
Interest Expense	6.9M	5.09M	6.38M	10.03M	8.63M	7M	7.2M	8.8M	25.5M	27.2M
Other Income/Expense	-21.46M	-68.39M	-41.55M	-25.17M	-11M	-46.21M	-13.45M	26.1M	-112.4M	-37.5M
Pretax Income+	157.17M	128.91M	70.61M	118.72M	142.71M	54.38M	78.27M	146.4M	64.8M	179.3M
Pretax Margin %	0.07%	0.06%	0.03%	0.05%	0.06%	0.03%	0.04%	0.06%	0.03%	0.07%
Income Tax+	51.76M	43.27M	-19.29M	25.4M	32.21M	12.47M	18.46M	22.5M	15.6M	39.8M
Effective Tax Rate %	0.67%	0.66%	1.27%	0.79%	0.77%	0.77%	0.76%	0.85%	0.76%	0.78%
Net Income+	105.44M	85.58M	89.8M	93.38M	110.5M	41.9M	59.8M	123.9M	49.2M	139.5M
Net Margin %	0.05%	0.04%	0.04%	0.04%	0.05%	0.02%	0.03%	0.05%	0.02%	0.06%
Net Income Growth %	0.72%	-0.19%	0.05%	0.04%	0.18%	-0.62%	0.43%	1.07%	-0.6%	1.84%
Net Income (Continuing)	105.41M	85.64M	89.9M	93.33M	110.5M	41.92M	59.81M	123.9M	49.2M	139.5M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	345K	406K	509K	326K	324K	326K	300K	300K	300K	300K
EPS (Diluted)+	2.32	1.88	2.00	2.11	2.54	0.98	1.36	2.94	1.08	2.88
EPS Growth %	0.72%	-0.19%	0.06%	0.06%	0.2%	-0.61%	0.39%	1.16%	-0.63%	1.67%
EPS (Basic)	2.38	1.93	2.05	2.14	2.56	0.98	1.38	2.97	1.11	2.94
Diluted Shares Outstanding	45.44M	45.5M	44.84M	44.33M	43.49M	42.96M	43.96M	42.2M	45.4M	48.5M
Basic Shares Outstanding	44.29M	44.41M	43.84M	43.64M	43.1M	42.69M	43.44M	41.7M	44.5M	47.4M
Dividend Payout Ratio	0.44%	0.57%	0.55%	0.55%	0.47%	1.24%	0.9%	0.43%	1.19%	0.46%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	438.37M	433.04M	488.48M	531.88M	528.83M	495.74M	523.5M	469.2M	535.9M	524.5M
Cash & Short-Term Investments	32.8M	38.56M	25.36M	78.15M	53.17M	117.81M	53.7M	19.4M	34.5M	28.9M
Cash Only	28.55M	36.31M	23.35M	76.82M	52.07M	116.12M	52.3M	17.4M	28.9M	22.5M
Short-Term Investments	4.25M	2.25M	2.02M	1.33M	1.1M	1.69M	1.4M	2M	5.6M	6.4M
Accounts Receivable	243.41M	229.44M	258.55M	255.74M	275.42M	203.22M	237.2M	218.1M	246.7M	249.6M
Days Sales Outstanding	38.55	38.01	43.37	41.34	44.74	37.93	39.63	33.71	36.99	36.06
Inventory	125.23M	118.44M	155.68M	157.18M	163.47M	137.81M	181.6M	180.1M	196.6M	194.3M
Days Inventory Outstanding	31.15	31.65	40.35	39.66	41.5	39.97	45.49	42.44	48.33	46.69
Other Current Assets	36.93M	46.6M	48.88M	40.82M	36.78M	36.9M	-99K	51.6M	58.1M	51.7M
Total Non-Current Assets+	825.55M	887.19M	902.67M	869.96M	923.68M	922.3M	974.4M	945.5M	1.39B	1.35B
Property, Plant & Equipment	341.16M	356.44M	390.32M	384.93M	456.52M	442.27M	459.9M	452.3M	682.6M	665.7M
Fixed Asset Turnover	6.75x	6.18x	5.57x	5.87x	4.92x	4.42x	4.75x	5.22x	3.57x	3.80x
Goodwill	277.65M	290.7M	279.5M	270.79M	270.82M	292.43M	297.3M	305.9M	441M	442.1M
Intangible Assets	153.06M	182.67M	211.39M	192.5M	174.89M	166.46M	174.1M	133.9M	210.9M	182.2M
Long-Term Investments	0	0	3.4M	3.8M	13.34M	13.41M	0	12.3M	19.3M	45.3M
Other Non-Current Assets	53.68M	66.66M	18.26M	16.37M	7.93M	7.11M	43.1M	40.9M	39.1M	15.3M
Total Assets+	1.26B	1.33B	1.39B	1.4B	1.45B	1.42B	1.5B	1.41B	1.93B	1.88B
Asset Turnover	1.82x	1.66x	1.56x	1.61x	1.55x	1.38x	1.46x	1.67x	1.26x	1.35x
Asset Growth %	0.02%	0.05%	0.05%	0.01%	0.04%	-0.02%	0.06%	-0.06%	0.36%	-0.03%
Total Current Liabilities+	435.9M	463.47M	489.7M	434.31M	478.7M	439.03M	506.4M	395.1M	463.7M	477.5M
Accounts Payable	197.58M	201.81M	235.58M	221.4M	227.56M	190.53M	233.8M	165.3M	193.7M	190.4M
Days Payables Outstanding	49.15	53.94	61.06	55.86	57.78	55.26	58.56	38.95	47.62	45.75
Short-Term Debt	5.48M	34.02M	36.65M	679K	23.57M	22.4M	3.2M	25.3M	37.8M	84M
Deferred Revenue (Current)	0	0	0	1000K	1000K	1000K	1000K	1000K	0	0
Other Current Liabilities	160.38M	148.03M	154.01M	86.35M	91.19M	95.69M	82.1M	114M	156.6M	143.2M
Current Ratio	1.01x	0.93x	1.00x	1.22x	1.10x	1.13x	1.03x	1.19x	1.16x	1.10x
Quick Ratio	0.72x	0.68x	0.68x	0.86x	0.76x	0.82x	0.68x	0.73x	0.73x	0.69x
Cash Conversion Cycle	20.56	15.72	22.66	25.14	28.47	22.64	26.56	37.19	37.71	37
Total Non-Current Liabilities+	350.73M	365.75M	387.27M	404.28M	389.44M	388.26M	401.5M	402.6M	703.4M	557.2M
Long-Term Debt	185M	180M	240M	249.35M	174.44M	174.52M	174.6M	188.8M	428.3M	294.3M
Capital Lease Obligations	0	0	0	0	59.81M	57.77M	71.2M	86.6M	111.9M	118.5M
Deferred Tax Liabilities	88.93M	110.71M	76.86M	82.16M	87.2M	74.71M	75M	61M	85.1M	71.6M
Other Non-Current Liabilities	76.79M	75.04M	70.41M	68.57M	67.99M	81.26M	80.7M	66.2M	78.1M	72.9M
Total Liabilities	786.63M	829.23M	876.97M	838.59M	868.14M	827.29M	907.9M	797.7M	1.17B	1.03B
Total Debt+	190.48M	214.02M	276.65M	250.03M	257.82M	254.69M	274.6M	300.7M	578M	496.8M
Net Debt	161.93M	177.71M	253.3M	173.22M	205.75M	138.57M	222.3M	283.3M	549.1M	474.3M
Debt / Equity	0.40x	0.43x	0.54x	0.44x	0.44x	0.43x	0.47x	0.49x	0.76x	0.59x
Debt / EBITDA	0.81x	0.80x	1.50x	1.14x	1.12x	1.43x	1.57x	1.47x	2.12x	1.53x
Net Debt / EBITDA	0.69x	0.67x	1.37x	0.79x	0.89x	0.78x	1.27x	1.39x	2.02x	1.46x
Interest Coverage	25.89x	38.79x	17.59x	14.35x	17.82x	14.37x	12.74x	13.67x	6.95x	7.97x
Total Equity+	477.3M	501.01M	514.58M	563.26M	584.37M	590.75M	589.6M	616.8M	761.7M	840.4M
Equity Growth %	0.15%	0.05%	0.03%	0.09%	0.04%	0.01%	-0%	0.05%	0.23%	0.1%
Book Value per Share	10.50	11.01	11.48	12.71	13.44	13.75	13.41	14.62	16.78	17.33
Total Shareholders' Equity	476.95M	500.6M	514.07M	562.93M	584.04M	590.42M	589.6M	616.5M	761.4M	840.1M
Common Stock	44.16M	44.08M	43.35M	43.58M	42.59M	42.92M	42.6M	41.4M	46.9M	47.2M
Retained Earnings	433.57M	461.52M	467.3M	504.91M	529.72M	517.99M	514.6M	534M	523.6M	599.6M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-5.19M	-5M	-3.61M	-3.6M	-8.07M	-9.15M	-6.8M	-8M	-10.6M	-8.3M
Minority Interest	345K	406K	509K	326K	324K	326K	300K	300K	300K	300K

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	173.35M	223.36M	133.15M	186.43M	219.38M	214.47M	131.63M	81.2M	267.5M	226.7M
Operating CF Margin %	0.08%	0.1%	0.06%	0.08%	0.1%	0.11%	0.06%	0.03%	0.11%	0.09%
Operating CF Growth %	0.03%	0.29%	-0.4%	0.4%	0.18%	-0.02%	-0.39%	-0.38%	2.29%	-0.15%
Net Income	105.41M	85.64M	89.9M	93.33M	110.5M	41.92M	59.81M	123.9M	49.2M	139.5M
Depreciation & Amortization	57.56M	68.95M	72.87M	74.79M	77.43M	77.68M	83.15M	84.2M	94.9M	107.8M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	15.26M	20.5M	-33.61M	3.2M	6.75M	-12.01M	-372K	-15.3M	-600K	-14.1M
Other Non-Cash Items	20.59M	40.52M	38.39M	23.56M	36.85M	74.94M	49.21M	-31.2M	54.2M	24M
Working Capital Changes	-25.49M	7.82M	-34.3M	-8.49M	-12.15M	31.93M	-60.16M	-80.4M	69.8M	-30.5M
Change in Receivables	-3.59M	0	0	0	0	0	0	0	0	0
Change in Inventory	-4.22M	0	0	0	0	0	0	0	0	0
Change in Payables	-21.12M	0	0	0	0	0	0	0	0	0
Cash from Investing+	-112.88M	-153.03M	-118.02M	-41.22M	-62.9M	-100.37M	-111.01M	-10.7M	-444.8M	-51M
Capital Expenditures	-114.97M	-119.58M	-127.39M	-63.7M	-66.89M	-41.8M	-66.55M	-68.4M	-79.1M	-52.9M
CapEx % of Revenue	0.05%	0.05%	0.06%	0.03%	0.03%	0.02%	0.03%	0.03%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.09M	965K	10.52M	24.9M	-61.04M	299K	210K	100K	1.6M	400K
Cash from Financing+	-66.07M	-62.57M	-28.09M	-91.74M	-181.23M	-50.05M	-84.48M	-105.4M	188.8M	-182.2M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-46.33M	-48.49M	-49.56M	-51.09M	-52.23M	-52.1M	-53.75M	-53.2M	-58.5M	-63.6M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.41M	2.71M	2.15M	-156K	-686K	646K	-5.05M	-4M	-2.7M	-11.6M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	90.74M	129.94M	23.91M	130.78M	158.55M	182.17M	78.17M	21.2M	189.4M	176.1M
FCF Margin %	0.04%	0.06%	0.01%	0.06%	0.07%	0.09%	0.04%	0.01%	0.08%	0.07%
FCF Growth %	-0.03%	0.43%	-0.82%	4.47%	0.21%	0.15%	-0.57%	-0.73%	7.93%	-0.07%
FCF per Share	2.00	2.86	0.53	2.95	3.65	4.24	1.78	0.50	4.17	3.63
FCF Conversion (FCF/Net Income)	1.64x	2.61x	1.48x	2.00x	1.99x	5.12x	2.20x	0.66x	5.44x	1.63x
Interest Paid	0	6.64M	6.24M	9.88M	0	7.5M	7.6M	9.2M	26.5M	28.7M
Taxes Paid	0	23.12M	13.73M	11.46M	0	31.4M	26.4M	31.1M	25M	46.5M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	23.65%	17.49%	17.68%	17.33%	19.26%	7.13%	10.13%	20.54%	7.14%	17.41%
Return on Invested Capital (ROIC)	22.01%	22.46%	11.63%	14.35%	15.1%	9.93%	8.93%	10.54%	12.02%	12.39%
Gross Margin	36.33%	38.02%	35.28%	35.93%	36.02%	35.64%	33.29%	34.41%	39%	39.88%
Net Margin	4.58%	3.88%	4.13%	4.14%	4.92%	2.14%	2.74%	5.25%	2.02%	5.52%
Debt / Equity	0.40x	0.43x	0.54x	0.44x	0.44x	0.43x	0.47x	0.49x	0.76x	0.59x
Interest Coverage	25.89x	38.79x	17.59x	14.35x	17.82x	14.37x	12.74x	13.67x	6.95x	7.97x
FCF Conversion	1.64x	2.61x	1.48x	2.00x	1.99x	5.12x	2.20x	0.66x	5.44x	1.63x
Revenue Growth	3.68%	-4.38%	-1.25%	3.77%	-0.48%	-12.98%	11.71%	8.12%	3.06%	3.8%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Workplace Furnishings	-	-	-	-	-	1.37B	1.43B	1.49B	1.74B	1.89B
Workplace Furnishings Growth	-	-	-	-	-	-	5.00%	3.64%	17.10%	8.49%
Residential Building Products	-	-	-	-	-	589.65M	750.42M	875.6M	693.7M	638.4M
Residential Building Products Growth	-	-	-	-	-	-	27.27%	16.68%	-20.77%	-7.97%
Systems and Storage Products	1.14B	904.75M	1.07B	1.02B	951.97M	-	-	-	-	-
Systems and Storage Products Growth	-	-20.66%	18.21%	-5.01%	-6.29%	-	-	-	-	-
Seating Products	561.39M	707.61M	536.5M	598.72M	583.25M	-	-	-	-	-
Seating Products Growth	-	26.05%	-24.18%	11.60%	-2.59%	-	-	-	-	-
Product and Service, Other	-	-	-	91.47M	161.98M	-	-	-	-	-
Product and Service, Other Growth	-	-	-	-	77.08%	-	-	-	-	-
Other Product Category	76.04M	91.53M	54.7M	-	-	-	-	-	-	-
Other Product Category Growth	-	20.36%	-40.23%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

HNI Corporation (HNI) has a price-to-earnings (P/E) ratio of 16.0x. This is roughly in line with market averages.

Growth & Financials

HNI Corporation (HNI) reported $2.59B in revenue for fiscal year 2024. This represents a 41% increase from $1.83B in 2011.

HNI Corporation (HNI) grew revenue by 3.8% over the past year. Growth has been modest.

Yes, HNI Corporation (HNI) is profitable, generating $141.6M in net income for fiscal year 2024 (5.5% net margin).

Dividend & Returns

Yes, HNI Corporation (HNI) pays a dividend with a yield of 2.84%. This makes it attractive for income-focused investors.

HNI Corporation (HNI) has a return on equity (ROE) of 17.4%. This is reasonable for most industries.

HNI Corporation (HNI) generated $191.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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