Steelcase Inc. (SCS) 10-Year Financial Performance & Capital Metrics

SCS • • Industrial / General

IndustrialsBusiness EquipmentOffice Furniture & EquipmentOffice Furniture Systems

AboutSteelcase Inc. provides a portfolio of furniture and architectural products in the United States and internationally. It operates through Americas, EMEA, and Other segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, and mobile power and screens. Its seating products comprise task chairs; seating for collaborative environments and casual settings; and specialty seating for specific vertical markets, including education and healthcare. The company's interior architectural products comprise full and partial height walls and architectural pods. It also provides textiles, wall coverings, and surface imaging solutions for architects and designers; and workplace strategy consulting, lease origination, and furniture and asset management services. The company markets and sells its products to corporate, government, healthcare, education, and retail customers under the Steelcase, Designtex, Coalesse, AMQ, Smith System, Orangebox, and Viccarbe brands. It distributes its products and services through a network of independent and company-owned dealers, as well as directly to end-use customers. The company was founded in 1912 and is headquartered in Grand Rapids, Michigan.Show more

Revenue $3.17B +0.2%
EBITDA $239M +18.6%
Net Income $121M +48.8%
EPS (Diluted) 1.02 +50.0%
Gross Margin 33.05% +3.2%
EBITDA Margin 7.55% +18.4%
Operating Margin 4.99% +33.9%
Net Margin 3.81% +48.5%
ROE 13.13% +38.7%
ROIC 9.86% +46.8%
Debt/Equity 0.63 -11.1%
Interest Coverage 6.15 +35.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.6%
✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

✗Thin 5Y average net margin of 1.7%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.34%

5Y-3.19%

3Y4.52%

TTM3.92%

Profit (Net Income) CAGR

10Y3.44%

5Y-9.58%

3Y211.33%

TTM-24.43%

EPS CAGR

10Y4.14%

5Y-9.28%

3Y210.12%

TTM-22.47%

ROCE

10Y Avg9.47%

5Y Avg4.87%

3Y Avg6.96%

Latest9.61%

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

	Feb 2016	Feb 2017	Feb 2018	Feb 2019	Feb 2020	Feb 2021	Feb 2022	Feb 2023	Feb 2024	Feb 2025
Sales/Revenue+	3.06B	3.03B	3.06B	3.44B	3.72B	2.6B	2.77B	3.23B	3.16B	3.17B
Revenue Growth %	0%	-0.01%	0.01%	0.13%	0.08%	-0.3%	0.07%	0.17%	-0.02%	0%
Cost of Goods Sold+	2.09B	2.02B	2.05B	2.36B	2.51B	1.83B	2.01B	2.31B	2.15B	2.12B
COGS % of Revenue	0.68%	0.67%	0.67%	0.68%	0.67%	0.71%	0.73%	0.72%	0.68%	0.67%
Gross Profit+	971.2M	1.01B	1.01B	1.09B	1.22B	762.8M	761.5M	919.4M	1.01B	1.05B
Gross Margin %	0.32%	0.33%	0.33%	0.32%	0.33%	0.29%	0.27%	0.28%	0.32%	0.33%
Gross Profit Growth %	0.06%	0.04%	-0%	0.08%	0.12%	-0.37%	-0%	0.21%	0.1%	0.03%
Operating Expenses+	790M	809.3M	850.1M	904.3M	958.2M	684.2M	741.4M	853.9M	894.6M	888M
OpEx % of Revenue	0.26%	0.27%	0.28%	0.26%	0.26%	0.26%	0.27%	0.26%	0.28%	0.28%
Selling, General & Admin	0	0	0	0	0	0	711.7M	806.3M	600K	878.1M
SG&A % of Revenue	-	-	-	-	-	-	0.26%	0.25%	0%	0.28%
Research & Development	33M	35.8M	0	0	0	0	0	0	48.2M	50.4M
R&D % of Revenue	0.01%	0.01%	-	-	-	-	-	-	0.02%	0.02%
Other Operating Expenses	16.3M	11.9M	850M	904.3M	958.2M	684.2M	0	3.8M	845.8M	-40.5M
Operating Income+	174.6M	200.2M	156M	183.6M	257M	43M	20.1M	65.5M	117.8M	158.1M
Operating Margin %	0.06%	0.07%	0.05%	0.05%	0.07%	0.02%	0.01%	0.02%	0.04%	0.05%
Operating Income Growth %	0.2%	0.15%	-0.22%	0.18%	0.4%	-0.83%	-0.53%	2.26%	0.8%	0.34%
EBITDA+	240.3M	260.5M	221.8M	265.2M	342.6M	128.2M	103.3M	155.5M	201.4M	238.9M
EBITDA Margin %	0.08%	0.09%	0.07%	0.08%	0.09%	0.05%	0.04%	0.05%	0.06%	0.08%
EBITDA Growth %	0.17%	0.08%	-0.15%	0.2%	0.29%	-0.63%	-0.19%	0.51%	0.3%	0.19%
D&A (Non-Cash Add-back)	65.7M	60.3M	65.8M	81.6M	85.6M	85.2M	83.2M	90M	83.6M	80.8M
EBIT	194.5M	204.5M	179M	187M	272.5M	53M	27.3M	78.7M	133M	159.9M
Net Interest Income+	-17.6M	-17.2M	-17.5M	-37.5M	-27.3M	-27.1M	-25.7M	-28.4M	-25.9M	-25.7M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	17.6M	17.2M	17.5M	37.5M	27.3M	27.1M	25.7M	28.4M	25.9M	25.7M
Other Income/Expense	200K	100K	6.3M	-19.7M	-11.8M	-17.1M	-18.5M	-13.9M	-10.7M	-23.9M
Pretax Income+	174.8M	196.3M	161.5M	163.9M	245.2M	25.9M	1.6M	51.6M	107.1M	134.2M
Pretax Margin %	0.06%	0.06%	0.05%	0.05%	0.07%	0.01%	0%	0.02%	0.03%	0.04%
Income Tax+	4.5M	71.7M	80.8M	37.9M	45.5M	-200K	-2.4M	16.3M	26M	13.5M
Effective Tax Rate %	0.97%	0.63%	0.5%	0.77%	0.81%	1.01%	2.5%	0.68%	0.76%	0.9%
Net Income+	170.3M	124.6M	80.7M	126M	199.7M	26.1M	4M	35.3M	81.1M	120.7M
Net Margin %	0.06%	0.04%	0.03%	0.04%	0.05%	0.01%	0%	0.01%	0.03%	0.04%
Net Income Growth %	0.98%	-0.27%	-0.35%	0.56%	0.58%	-0.87%	-0.85%	7.83%	1.3%	0.49%
Net Income (Continuing)	170.3M	124.6M	80.7M	126M	199.7M	26.1M	4M	35.3M	81.1M	120.7M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.36	1.03	0.68	1.05	1.66	0.22	0.03	0.30	0.68	1.02
EPS Growth %	1%	-0.24%	-0.34%	0.54%	0.58%	-0.87%	-0.84%	7.77%	1.27%	0.5%
EPS (Basic)	1.37	1.03	0.68	1.06	1.67	0.22	0.03	0.30	0.68	1.02
Diluted Shares Outstanding	122.8M	118.9M	117.1M	119.5M	117.9M	115.2M	114.2M	113.2M	114.5M	115M
Basic Shares Outstanding	124.3M	120.7M	119.2M	119.1M	117.3M	114.9M	113.8M	112.8M	114M	114M
Dividend Payout Ratio	0.33%	0.47%	0.76%	0.51%	0.35%	1.67%	15.65%	1.62%	0.59%	0.39%

Balance Sheet

	Feb 2016	Feb 2017	Feb 2018	Feb 2019	Feb 2020	Feb 2021	Feb 2022	Feb 2023	Feb 2024	Feb 2025
Total Current Assets+	823.9M	819.2M	853.9M	948.6M	1.19B	1.05B	959.2M	884M	959.4M	1.03B
Cash & Short-Term Investments	266M	270.5M	283.1M	261.3M	541M	489.8M	200.9M	90.4M	318.6M	387.9M
Cash Only	181.9M	197.1M	283.1M	261.3M	541M	489.8M	200.9M	90.4M	318.6M	346.3M
Short-Term Investments	84.1M	73.4M	0	0	0	0	0	0	0	41.6M
Accounts Receivable	322.7M	307.6M	300.3M	390.3M	372.4M	270.3M	382.1M	373.3M	338.3M	323.1M
Days Sales Outstanding	38.49	37.02	35.87	41.37	36.5	38	50.3	42.15	39.08	37.25
Inventory	159.4M	163.1M	184.6M	224.8M	215M	193.5M	326.2M	319.7M	231M	245.7M
Days Inventory Outstanding	27.85	29.44	32.88	34.84	31.28	38.52	59.2	50.45	39.27	42.31
Other Current Assets	56.2M	58.9M	66.7M	52.7M	38.8M	70.9M	26M	71.7M	39.6M	34.8M
Total Non-Current Assets+	984.7M	972.8M	1.01B	1.19B	1.38B	1.31B	1.3B	1.32B	1.28B	1.3B
Property, Plant & Equipment	411.6M	408.1M	435.1M	455.5M	664.2M	636.2M	602.6M	574.8M	521.5M	469.3M
Fixed Asset Turnover	7.43x	7.43x	7.02x	7.56x	5.61x	4.08x	4.60x	5.62x	6.06x	6.75x
Goodwill	106.4M	106.7M	138.2M	240.8M	233.6M	218.1M	242.8M	276.8M	274.8M	273.5M
Intangible Assets	13.7M	16.8M	45.6M	119.3M	102.9M	90.4M	85.5M	111.2M	94.6M	77M
Long-Term Investments	51M	50.5M	48.4M	56.9M	52.3M	51.5M	53.1M	51.1M	55.7M	53.3M
Other Non-Current Assets	190.4M	211.1M	202.6M	185.6M	199M	199.1M	196.6M	187.6M	214.9M	261.5M
Total Assets+	1.81B	1.79B	1.86B	2.14B	2.57B	2.35B	2.26B	2.2B	2.24B	2.33B
Asset Turnover	1.69x	1.69x	1.64x	1.61x	1.45x	1.10x	1.23x	1.47x	1.41x	1.36x
Asset Growth %	0.05%	-0.01%	0.04%	0.15%	0.2%	-0.08%	-0.04%	-0.03%	0.02%	0.04%
Total Current Liabilities+	560.6M	523.4M	554.7M	595.2M	690.9M	515M	567.2M	603.3M	607.1M	669.1M
Accounts Payable	209.6M	216.8M	223.1M	241.2M	244.3M	181.3M	243.6M	203.5M	211.3M	228.2M
Days Payables Outstanding	36.63	39.14	39.73	37.38	35.55	36.09	44.21	32.11	35.92	39.3
Short-Term Debt	2.5M	2.8M	2.8M	4.1M	2.9M	4.7M	5.1M	35.7M	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	206.4M	189.3M	184.2M	205.2M	193.3M	92.7M	73.9M	106.5M	206M	237M
Current Ratio	1.47x	1.57x	1.54x	1.59x	1.72x	2.03x	1.69x	1.47x	1.58x	1.54x
Quick Ratio	1.19x	1.25x	1.21x	1.22x	1.41x	1.65x	1.12x	0.94x	1.20x	1.17x
Cash Conversion Cycle	29.72	27.33	29.02	38.83	32.24	40.43	65.29	60.49	42.43	40.26
Total Non-Current Liabilities+	511.1M	502.1M	491.2M	697.5M	904.1M	878.5M	841.6M	773.3M	742.5M	709.6M
Long-Term Debt	296.6M	294.6M	292.2M	482.9M	481.4M	479.2M	477.4M	445.5M	446.3M	447.1M
Capital Lease Obligations	0	0	200K	0	214M	199.5M	182.2M	169.9M	138.6M	113.9M
Deferred Tax Liabilities	-3.8M	-1.5M	0	0	0	0	10M	8M	0	0
Other Non-Current Liabilities	217.6M	207.5M	198.8M	214.5M	208.7M	199.8M	182M	157.9M	157.6M	148.6M
Total Liabilities	1.07B	1.03B	1.05B	1.29B	1.59B	1.39B	1.41B	1.38B	1.35B	1.38B
Total Debt+	299.1M	297.4M	295M	487M	741.4M	727.2M	708.9M	695.8M	630M	600.7M
Net Debt	117.2M	100.3M	11.9M	225.7M	200.4M	237.4M	508M	605.4M	311.4M	254.4M
Debt / Equity	0.41x	0.39x	0.36x	0.58x	0.76x	0.76x	0.83x	0.84x	0.71x	0.63x
Debt / EBITDA	1.24x	1.14x	1.33x	1.84x	2.16x	5.67x	6.86x	4.47x	3.13x	2.51x
Net Debt / EBITDA	0.49x	0.39x	0.05x	0.85x	0.58x	1.85x	4.92x	3.89x	1.55x	1.06x
Interest Coverage	9.92x	11.64x	8.91x	4.90x	9.41x	1.59x	0.78x	2.31x	4.55x	6.15x
Total Equity+	736.9M	766.5M	813.3M	846.5M	970.4M	960.5M	852.2M	826.2M	887.1M	951.7M
Equity Growth %	0.11%	0.04%	0.06%	0.04%	0.15%	-0.01%	-0.11%	-0.03%	0.07%	0.07%
Book Value per Share	6.00	6.45	6.95	7.08	8.23	8.34	7.46	7.30	7.75	8.28
Total Shareholders' Equity	736.9M	766.5M	813.3M	846.5M	970.4M	960.5M	852.2M	826.2M	887.1M	951.7M
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	776.5M	817.1M	819M	880.7M	1.01B	988M	901.3M	879.3M	912.8M	985.9M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-39.6M	-50.6M	-10.3M	-50.6M	-69.3M	-40M	-50.6M	-72.5M	-66.9M	-63.5M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Feb 2016	Feb 2017	Feb 2018	Feb 2019	Feb 2020	Feb 2021	Feb 2022	Feb 2023	Feb 2024	Feb 2025
Cash from Operations+	186.4M	170.7M	227M	131.2M	360.8M	64.8M	-102.6M	89.4M	308.7M	148.5M
Operating CF Margin %	0.06%	0.06%	0.07%	0.04%	0.1%	0.02%	-0.04%	0.03%	0.1%	0.05%
Operating CF Growth %	1.21%	-0.08%	0.33%	-0.42%	1.75%	-0.82%	-2.58%	1.87%	2.45%	-0.52%
Net Income	170.3M	124.6M	80.7M	126M	199.7M	26.1M	4M	35.3M	81.1M	120.7M
Depreciation & Amortization	65.7M	60.3M	65.9M	81.6M	85.6M	85.2M	83.2M	90M	83.6M	80.8M
Stock-Based Compensation	21M	19.8M	19.1M	17.7M	16.7M	20.9M	16.1M	21.8M	26M	24.5M
Deferred Taxes	-68.3M	26.8M	52.9M	-800K	12.1M	15.9M	-14.1M	-1M	0	-56.7M
Other Non-Cash Items	-12M	-8.6M	-26.4M	-30.1M	-19.5M	31.7M	-20.1M	1.5M	-3.4M	-19M
Working Capital Changes	9.7M	-52.2M	34.8M	-63.2M	66.2M	-115M	-171.7M	-58.2M	121.4M	-1.8M
Change in Receivables	700K	11.9M	18.5M	-66.4M	7.2M	120.9M	-74.9M	-43.7M	15.5M	11.8M
Change in Inventory	6.8M	-5.1M	-8.5M	-24M	-6.2M	27.1M	-133.4M	12M	88.3M	-16.3M
Change in Payables	-4.1M	9.5M	-700K	8.5M	10.8M	-69M	62.9M	-39.3M	9.9M	17.1M
Cash from Investing+	-87.8M	-48.4M	-47.5M	-271.6M	4.5M	-30.6M	-65.5M	-134.8M	6.1M	-34.8M
Capital Expenditures	-93.4M	-61.1M	-87.9M	-81.4M	-73.4M	-41.3M	-60.5M	-59.1M	-47.1M	-47.1M
CapEx % of Revenue	0.03%	0.02%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	5.1M	-3.2M	16.2M	36M	-66.6M	14.5M	27.6M	29.6M	53.2M	60.7M
Cash from Financing+	-90.1M	-105.9M	-97.5M	122.3M	-81.9M	-87.8M	-120M	-62.9M	-85.9M	-84M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-57M	-58.5M	-61M	-64.3M	-69.1M	-43.5M	-62.6M	-57.3M	-47.6M	-47.6M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	7M	3.3M	0	-6.5M	-4.1M	-1.6M	400K	1M	-1.9M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	93M	109.6M	139.1M	49.8M	287.4M	23.5M	-163.1M	30.3M	261.6M	101.4M
FCF Margin %	0.03%	0.04%	0.05%	0.01%	0.08%	0.01%	-0.06%	0.01%	0.08%	0.03%
FCF Growth %	7.99%	0.18%	0.27%	-0.64%	4.77%	-0.92%	-7.94%	1.19%	7.63%	-0.61%
FCF per Share	0.76	0.92	1.19	0.42	2.44	0.20	-1.43	0.27	2.28	0.88
FCF Conversion (FCF/Net Income)	1.09x	1.37x	2.81x	1.04x	1.81x	2.48x	-25.65x	2.53x	3.81x	1.23x
Interest Paid	17.1M	17M	17M	34.5M	24.5M	25.4M	23.2M	26.2M	24M	23.1M
Taxes Paid	57M	67.7M	4.8M	36.2M	26.7M	24.6M	2.5M	16.6M	33.1M	47.2M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	24.32%	16.58%	10.22%	15.18%	21.98%	2.7%	0.44%	4.21%	9.47%	13.13%
Return on Invested Capital (ROIC)	16.11%	17.45%	13.83%	14.51%	17.19%	2.72%	1.18%	3.52%	6.72%	9.86%
Gross Margin	31.74%	33.32%	32.93%	31.6%	32.63%	29.38%	27.46%	28.44%	32.04%	33.05%
Net Margin	5.57%	4.11%	2.64%	3.66%	5.36%	1.01%	0.14%	1.09%	2.57%	3.81%
Debt / Equity	0.41x	0.39x	0.36x	0.58x	0.76x	0.76x	0.83x	0.84x	0.71x	0.63x
Interest Coverage	9.92x	11.64x	8.91x	4.90x	9.41x	1.59x	0.78x	2.31x	4.55x	6.15x
FCF Conversion	1.09x	1.37x	2.81x	1.04x	1.81x	2.48x	-25.65x	2.53x	3.81x	1.23x
Revenue Growth	0.01%	-0.9%	0.76%	12.69%	8.15%	-30.28%	6.8%	16.59%	-2.26%	0.2%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Others	-	-	-	356M	381.2M	236.4M	-	-	-	-
Others Growth	-	-	-	-	7.08%	-37.99%	-	-	-	-
Corporate	-	-	-	-	-	-	-	-	-	-
Corporate Growth	-	-	-	-	-	-	-	-	-	-
Systems and storage	1.53B	1.43B	1.4B	-	-	-	-	-	-	-
Systems and storage Growth	-	-6.86%	-1.83%	-	-	-	-	-	-	-
Seating	938.9M	917.8M	919.2M	-	-	-	-	-	-	-
Seating Growth	-	-2.25%	0.15%	-	-	-	-	-	-	-
Other Product Category	587.7M	686.4M	734.3M	-	-	-	-	-	-	-
Other Product Category Growth	-	16.79%	6.98%	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	2.15B	2.1B	2.04B	2.17B	2.47B	1.74B	1.85B	2.26B	2.25B	2.29B
UNITED STATES Growth	-	-2.24%	-3.08%	6.41%	13.80%	-29.57%	6.25%	22.21%	-0.43%	1.92%
Foreign locations	907.3M	928M	1.02B	1.27B	1.25B	856.7M	924.5M	973.9M	910.6M	873.8M
Foreign locations Growth	-	2.28%	9.47%	25.30%	-1.48%	-31.68%	7.91%	5.34%	-6.50%	-4.04%

Frequently Asked Questions

Valuation & Price

Steelcase Inc. (SCS) has a price-to-earnings (P/E) ratio of 15.8x. This is roughly in line with market averages.

Growth & Financials

Steelcase Inc. (SCS) reported $3.26B in revenue for fiscal year 2025. This represents a 19% increase from $2.75B in 2012.

Steelcase Inc. (SCS) grew revenue by 0.2% over the past year. Growth has been modest.

Yes, Steelcase Inc. (SCS) is profitable, generating $95.3M in net income for fiscal year 2025 (3.8% net margin).

Dividend & Returns

Yes, Steelcase Inc. (SCS) pays a dividend with a yield of 2.56%. This makes it attractive for income-focused investors.

Steelcase Inc. (SCS) has a return on equity (ROE) of 13.1%. This is reasonable for most industries.

Steelcase Inc. (SCS) had negative free cash flow of $37.3M in fiscal year 2025, likely due to heavy capital investments.

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