Latest Ratios: P/E Ratio 64.5x · EV/EBITDA 8.9x · ROE 4.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.4B | $2.1B | $2.5B | $1.9B | $1.2B | $1.8B | $1.5B | $1.6B | $1.6B | $1.7B | $2.5B |
| Enterprise Value | $4.8B | $3.5B | $2.9B | $2.4B | $1.5B | $2.1B | $1.6B | $1.8B | $1.7B | $2.0B | $2.7B |
| P/E Ratio → | 64.53 | 38.36 | 17.66 | 38.73 | 9.67 | 30.92 | 35.16 | 14.75 | 16.79 | 19.29 | 29.74 |
| P/S Ratio | 0.65 | 0.73 | 0.98 | 0.78 | 0.51 | 0.85 | 0.76 | 0.73 | 0.70 | 0.79 | 1.15 |
| P/B Ratio | 1.26 | 1.13 | 2.94 | 2.49 | 1.95 | 3.14 | 2.51 | 2.79 | 2.79 | 3.36 | 5.08 |
| P/FCF | — | 9.90 | 14.01 | 10.03 | 56.59 | 23.65 | 8.13 | 10.28 | 12.01 | 72.34 | 19.58 |
| P/OCF | 12.41 | 7.54 | 10.88 | 7.10 | 14.78 | 14.04 | 6.90 | 7.43 | 8.42 | 12.99 | 11.39 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.23 | 1.16 | 1.01 | 0.63 | 0.95 | 0.83 | 0.82 | 0.77 | 0.91 | 1.24 |
| EV / EBITDA | 8.88 | 10.08 | 9.06 | 9.00 | 7.25 | 11.84 | 9.08 | 7.94 | 7.97 | 10.72 | 10.22 |
| EV / EBIT | 20.15 | 27.84 | 14.28 | 27.11 | 9.55 | 24.52 | 26.50 | 12.01 | 13.65 | 25.87 | 20.47 |
| EV / FCF | — | 16.66 | 16.70 | 12.93 | 69.95 | 26.49 | 8.89 | 11.57 | 13.33 | 82.94 | 20.95 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.4% | 40.4% | 39.9% | 39.0% | 34.4% | 33.3% | 35.6% | 36.0% | 35.9% | 35.3% | 38.0% |
| Operating Margin | 8.5% | 8.5% | 8.6% | 7.3% | 5.1% | 4.2% | 5.1% | 6.8% | 6.4% | 5.2% | 9.0% |
| Net Profit Margin | 1.9% | 1.9% | 5.5% | 2.0% | 5.2% | 2.7% | 2.1% | 4.9% | 4.1% | 4.1% | 3.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.1% | 4.1% | 17.4% | 7.1% | 20.5% | 10.1% | 7.1% | 19.3% | 17.3% | 17.7% | 17.5% |
| ROA | 1.6% | 1.6% | 7.3% | 2.9% | 8.5% | 4.1% | 2.9% | 7.7% | 6.7% | 6.6% | 6.6% |
| ROIC | 7.9% | 7.9% | 12.4% | 12.0% | 10.5% | 8.9% | 9.9% | 15.1% | 14.3% | 11.6% | 22.5% |
| ROCE | 9.4% | 9.4% | 15.1% | 14.3% | 12.0% | 9.3% | 10.3% | 15.8% | 15.4% | 12.7% | 23.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.89 | 0.89 | 0.59 | 0.76 | 0.49 | 0.47 | 0.43 | 0.44 | 0.44 | 0.54 | 0.43 |
| Debt / EBITDA | 4.69 | 4.69 | 1.53 | 2.12 | 1.47 | 1.57 | 1.43 | 1.12 | 1.14 | 1.50 | 0.80 |
| Net Debt / Equity | — | 0.78 | 0.56 | 0.72 | 0.46 | 0.38 | 0.23 | 0.35 | 0.31 | 0.49 | 0.35 |
| Net Debt / EBITDA | 4.09 | 4.09 | 1.46 | 2.02 | 1.39 | 1.27 | 0.78 | 0.89 | 0.79 | 1.37 | 0.67 |
| Debt / FCF | — | 6.76 | 2.69 | 2.90 | 13.36 | 2.84 | 0.76 | 1.30 | 1.32 | 10.60 | 1.37 |
| Interest Coverage | 3.59 | 3.59 | 7.57 | 3.54 | 17.65 | 11.73 | 8.73 | 17.70 | 12.74 | 12.02 | 26.15 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.24 | 1.24 | 1.10 | 1.16 | 1.19 | 1.03 | 1.13 | 1.10 | 1.22 | 1.00 | 0.93 |
| Quick Ratio | 0.82 | 0.82 | 0.69 | 0.73 | 0.73 | 0.68 | 0.82 | 0.76 | 0.86 | 0.68 | 0.68 |
| Cash Ratio | 0.19 | 0.19 | 0.06 | 0.07 | 0.05 | 0.11 | 0.27 | 0.11 | 0.18 | 0.05 | 0.08 |
| Asset Turnover | — | 0.58 | 1.35 | 1.26 | 1.67 | 1.46 | 1.38 | 1.55 | 1.61 | 1.56 | 1.66 |
| Inventory Turnover | 3.56 | 3.56 | 7.82 | 7.55 | 8.60 | 8.02 | 9.13 | 8.79 | 9.20 | 9.05 | 11.53 |
| Days Sales Outstanding | — | 73.42 | 36.06 | 36.99 | 33.71 | 39.63 | 37.93 | 44.74 | 41.34 | 43.37 | 38.01 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.7% | 3.0% | 2.6% | 3.1% | 4.4% | 2.9% | 3.5% | 3.2% | 3.3% | 2.9% | 1.9% |
| Payout Ratio | 116.4% | 116.4% | 45.6% | 118.9% | 42.9% | 89.9% | 124.3% | 47.3% | 54.7% | 55.2% | 56.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.5% | 2.6% | 5.7% | 2.6% | 10.3% | 3.2% | 2.8% | 6.8% | 6.0% | 5.2% | 3.4% |
| FCF Yield | — | 10.1% | 7.1% | 10.0% | 1.8% | 4.2% | 12.3% | 9.7% | 8.3% | 1.4% | 5.1% |
| Buyback Yield | 2.4% | 4.0% | 2.7% | 0.0% | 5.4% | 3.2% | 0.5% | 5.1% | 1.9% | 3.3% | 2.2% |
| Total Shareholder Yield | 5.2% | 7.0% | 5.2% | 3.1% | 9.9% | 6.1% | 4.0% | 8.4% | 5.2% | 6.2% | 4.1% |
| Shares Outstanding | — | $49M | $49M | $45M | $42M | $44M | $43M | $43M | $44M | $45M | $46M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HNI stock.
HNI Corporation's current P/E ratio is 64.5x. The historical average is 24.0x. This places it at the 100th percentile of its historical range.
HNI Corporation's current EV/EBITDA is 8.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.3x.
HNI Corporation's return on equity (ROE) is 4.1%. The historical average is 15.9%.
Based on historical data, HNI Corporation is trading at a P/E of 64.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
HNI Corporation's current dividend yield is 2.73% with a payout ratio of 116.4%.
HNI Corporation has 40.4% gross margin and 8.5% operating margin.
HNI Corporation's Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Kimball integration leverage risk
Metrics are mathematically derived from official filings.
Trailing Multiples Overstate Earnings Power
HNI trades at a 42.58 trailing P/E against an 11.39 forward P/E, a gap that according to reported figures reflects depressed trailing earnings rather than an expensive stock at current run-rate profitability. Peer P/E multiples cluster near 16, so the forward discount appears meaningful but depends on integration delivery.
The spread between trailing and forward P/E suggests the market is pricing recovery in earnings tied to the Kimball International acquisition rather than the reported trailing figures. Based on reported figures, the EV/EBITDA of 13.95 compared with a forward 11.67 indicates similar expectations of EBITDA normalization. Investors should monitor whether margin recovery materializes, since the current PEG of 16.88 offers little support for a growth-at-reasonable-price argument on trailing data.
Net Margin Obscured by Acquisition Charges
Based on HNI's reported figures, the quarterly net margin swung from negative 5.5 percent in 2025Q4 to 5.7 percent in 2026Q3, while gross margin of 42.6 percent sits above the 2024 peer-relevant range. Operating margin of 8.6 percent versus a 2024 peak near 10.7 percent points to persistent SG&A pressure.
The volatility in net margin appears to reflect acquisition accounting and restructuring items more than a change in core pricing power, which warrants further investigation through the 10-K reconciliation. Operating margin, rather than net margin, may better represent underlying earning power until the Kimball cost base is fully integrated. The gap between gross and operating margin suggests selling and administrative costs remain heavy relative to the residential hearth business that carries the higher unit economics.
Debt Load Stabilizing After Acquisition Step-Up
As reported in financial statements, debt-to-equity rose from 0.55 in 2024Q3 to 0.97 in 2026Q1 before easing to 0.88, while interest coverage of 7.25 in 2026Q3 recovered from a negative reading in 2026Q1. Debt-to-EBITDA of 8.00 remains elevated against typical industrial norms.
The leverage ratios suggest debt service has become more comfortable on a quarterly basis, but a debt-to-EBITDA near 8 times indicates limited cushion if operating earnings weaken again. Interest coverage recovery appears dependent on the sustained positive operating income of recent quarters. Investors should monitor refinancing timing and any covenant headroom, as the disclosed data does not allow a definitive assessment of covenant terms.
Current Ratio Holds but Cash Buffer Thin
Based on the supplied data, the current ratio held between 1.24 and 1.39 across the last four quarters and the quick ratio stood at 0.88 in 2026Q3, while cash reserves of $110.3M sit against roughly $1.7B of total debt. Working capital appears adequate for near-term obligations but thin relative to leverage.
The current ratio stability suggests working capital has been managed through the integration period, yet the quick ratio below 1.0 indicates dependence on inventory conversion. Under severe stress, the limited cash balance relative to debt would leave HNI reliant on operating cash flow or external financing, neither of which is guaranteed given recent negative quarters. This warrants monitoring of cash generation rather than reliance on the current ratio alone.
Forward P/E May Rely on Unproven Synergies
The most commonly misapplied metric here is the forward P/E, which based on the supplied data sits at 11.39 and appears to make the stock look inexpensive. This metric obscures the fact that forward estimates depend on Kimball synergies not yet visible in reported margins.
Forward P/E is frequently applied to cyclical industrials as if forward earnings were a reliable anchor, yet HNI's trailing net income turned negative in 2026Q1 and the margin path has been volatile. An analyst might instead use EV-to-operating-cash-flow or a sum-of-the-parts approach separating the hearth business from workplace furnishings. Those alternatives would better reflect the cash cost of integration and the differing economics of the two segments.