HNI Corporation (HNI) Financial Ratios
30 years of historical data (1996–2025) · Industrials · Business Equipment & Supplies
EV/EBITDA
↓
9.01
-5% vs avg
5yr avg: 9.46
30Y Low5.5·High12.6
P/FCF
↓
8.06
↓-65% vs avg
5yr avg: 22.83
30Y Low6.7·High72.3
P/B Ratio
↓
0.92
↓-60% vs avg
5yr avg: 2.33
30Y Low1.1·High5.6
ROE
↓
4.1%
↑-66% vs avg
5yr avg: 11.9%
30Y Low-1%·High29%
Debt/EBITDA
↑
4.71
↑+107% vs avg
5yr avg: 2.28
30Y Low0.0·High4.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
HNI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
HNI Corporation trades at 31.3x earnings, 15% above its 5-year average of 27.1x, sitting at the 79th percentile of its historical range. Compared to the Industrials sector median P/E of 25.5x, the stock trades at a premium of 22%. On a free-cash-flow basis, the stock trades at 8.1x P/FCF, 65% below the 5-year average of 22.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.7B | $2.1B | $2.5B | $1.9B | $1.2B | $1.8B | $1.5B | $1.6B | $1.6B | $1.7B | $2.5B |
| Enterprise Value | $3.1B | $3.5B | $2.9B | $2.4B | $1.5B | $2.1B | $1.6B | $1.8B | $1.7B | $2.0B | $2.7B |
| P/E Ratio → | 31.26 | 38.36 | 17.66 | 38.73 | 9.67 | 30.92 | 35.16 | 14.75 | 16.79 | 19.29 | 29.74 |
| P/S Ratio | 0.60 | 0.73 | 0.98 | 0.78 | 0.51 | 0.85 | 0.76 | 0.73 | 0.70 | 0.79 | 1.15 |
| P/B Ratio | 0.92 | 1.13 | 2.94 | 2.49 | 1.95 | 3.14 | 2.51 | 2.79 | 2.79 | 3.36 | 5.08 |
| P/FCF | 8.06 | 9.90 | 14.01 | 10.03 | 56.59 | 23.65 | 8.13 | 10.28 | 12.01 | 72.34 | 19.58 |
| P/OCF | 6.14 | 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
HNI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
HNI Corporation's enterprise value stands at 9.0x EBITDA, roughly in line with its 5-year average of 9.5x. The Industrials sector median is 13.8x, placing the stock at a 34% discount on an enterprise-value basis.
| 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 | 9.01 | 10.12 | 9.06 | 9.00 | 7.25 | 11.84 | 9.08 | 7.94 | 7.97 | 10.72 | 10.22 |
| EV / EBIT | 13.05 | 27.73 | 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 |
HNI Profitability
Margins and return-on-capital ratios measuring operating efficiency
HNI Corporation earns an operating margin of 8.4%, above the Industrials sector average of 4.9%. Operating margins have expanded from 7.3% to 8.4% over the past 3 years, signaling improving operational efficiency. ROE of 4.1% is modest, trailing the sector median of 8.2%. ROIC of 7.8% represents adequate returns on invested capital versus a sector median of 6.3%.
Margins
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 | 41.4% | 41.4% | 39.9% | 39.0% | 34.4% | 33.3% | 35.6% | 36.0% | 35.9% | 35.3% | 38.0% |
| Operating Margin | 8.4% | 8.4% | 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% |
Return on Capital
| 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 | 7.8% | 7.8% | 12.4% | 12.0% | 10.5% | 8.9% | 9.9% | 15.1% | 14.3% | 11.6% | 22.5% |
| ROCE | 9.3% | 9.3% | 15.1% | 14.3% | 12.0% | 9.3% | 10.3% | 15.8% | 15.4% | 12.7% | 23.3% |
HNI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
HNI Corporation carries a Debt/EBITDA ratio of 4.7x, which is highly leveraged (48% above the sector average of 3.2x). Net debt stands at $1.4B ($1.6B total debt minus $209M cash). Interest coverage of 3.6x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 | 4.71 | 4.71 | 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 | 4.11 | 4.11 | 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 | 3.55 | 3.55 | 7.57 | 3.54 | 17.65 | 11.73 | 8.73 | 17.70 | 12.74 | 12.02 | 26.15 |
HNI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.24x means HNI Corporation can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.82x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 1.16x to 1.24x over the past 3 years.
| 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 | 3.50 | 3.50 | 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 |
HNI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
HNI Corporation returns 8.6% to shareholders annually — split between a 3.7% dividend yield and 4.9% buyback yield. The payout ratio exceeds 100% at 116.4%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 3.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 3.7% | 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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 2.6% | 5.7% | 2.6% | 10.3% | 3.2% | 2.8% | 6.8% | 6.0% | 5.2% | 3.4% |
| FCF Yield | 12.4% | 10.1% | 7.1% | 10.0% | 1.8% | 4.2% | 12.3% | 9.7% | 8.3% | 1.4% | 5.1% |
| Buyback Yield | 4.9% | 4.0% | 2.7% | 0.0% | 5.4% | 3.2% | 0.5% | 5.1% | 1.9% | 3.3% | 2.2% |
| Total Shareholder Yield | 8.6% | 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 |
Peer Comparison
Compare HNI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 HNIYou | $2B | 31.3 | 9.0 | 8.1 | 41.4% | 8.4% | 4.1% | 7.8% | 4.7 |
 MLKN | $1B | -30.9 | 14.3 | 10.9 | 38.8% | 1.4% | -2.6% | 1.3% | 9.5 |
 SCS | $2B | 15.8 | 8.8 | 18.3 | 33.1% | 5.0% | 13.1% | 9.9% | 2.5 |
 UFI | $75M | -3.6 | 10.7 | — | 1.5% | -1.7% | -8.2% | -2.1% | 7.4 |
 HOFT | $138M | -10.7 | — | — | 22.3% | -4.6% | -5.8% | -5.1% | — |
 ETH | $554M | 10.8 | 9.7 | 9999.0 | 60.5% | 10.1% | 10.7% | 7.6% | 2.0 |
 FLXS | $295M | 15.5 | 10.4 | 8.7 | 22.2% | 6.0% | 12.7% | 9.9% | 2.0 |
 MHK | $6B | 17.3 | 7.0 | 10.2 | 23.9% | 4.7% | 4.6% | 3.9% | 2.4 |
 LESL | $13M | -0.1 | 20.3 | — | 35.4% | 1.1% | — | 1.6% | 21.3 |
 TILE | $2B | 14.1 | 8.7 | 13.1 | 38.7% | 11.8% | 13.7% | 11.3% | 1.3 |
 AMWD | $576M | 6.1 | 5.3 | 8.8 | 17.9% | 8.2% | 10.9% | 7.8% | 2.6 |
| Industrials Median | — | 25.5 | 13.8 | 20.7 | 32.7% | 4.9% | 8.2% | 6.3% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonHNI — Frequently Asked Questions
Quick answers to the most common questions about buying HNI stock.
What is HNI Corporation's P/E ratio?
HNI Corporation's current P/E ratio is 31.3x. The historical average is 24.0x. This places it at the 79th percentile of its historical range.
What is HNI Corporation's EV/EBITDA?
HNI Corporation's current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.3x.
What is HNI Corporation's ROE?
HNI Corporation's return on equity (ROE) is 4.1%. The historical average is 15.9%.
Is HNI stock overvalued?
Based on historical data, HNI Corporation is trading at a P/E of 31.3x. This is at the 79th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is HNI Corporation's dividend yield?
HNI Corporation's current dividend yield is 3.72% with a payout ratio of 116.4%.
What are HNI Corporation's profit margins?
HNI Corporation has 41.4% gross margin and 8.4% operating margin.
How much debt does HNI Corporation have?
HNI Corporation's Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.