HNI Consumer Cyclical

HNI Corporation

$48.31-2.74%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Consumer Cyclical
Industry: Furnishings, Fixtures & Appliances
Country: United States
Market cap: 3.5B USD
Enterprise value: 4.6B USD
Full-time employees: 18,500

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 0.92 vs a peer median of 0.63), though less than the overall marketbigger price swings (beta 0.92 vs peers 0.63)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,056 of 1,502 consumer cyclical companies (bottom 30%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 74% from December 2022 to July 2026.
HNI had 74% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.HNI had 74% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Borrowing rising faster than profit. Since 2022 (an unusually strong year for operating profit): debt +580%, operating profit −19%.Since 2022: debt +580%, operating profit −19%.
HNI's debt grew 580% since 2022 while operating profit changed −19%.
Profit below an unusually strong 2022. Since 2022 (an unusually strong year for operating profit): revenue +20%, operating profit −19%.Since 2022: revenue +20%, operating profit −19%.
Since 2022, HNI's revenue changed +20% while operating profit fell 19%: costs rose faster than sales.
Cash flow well above reported profit. Free cash flow is 26.4× reported profit.
Free cash flow is 26.4× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

StockQuotient Score

41/ 100

Oct 5 41 → Nov 4 41

Valuation

Is the price right?

24/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ FCF yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield0.1%

SEC filings · 12 months to Jul 2026Reported value30% base weight · Z-score -1.30Sector median: 0.0439 · MAD: 0.0329

EBITDA yield6.0%

SEC filings · 12 months to Jul 2026Reported value50% base weight · Z-score -0.59Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield3.3%

SEC filings · 12 months to Jul 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.53Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield51.8%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

84/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 22.5%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-98.2%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -2.86Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth25.7%

SEC filings · 3 years to Jul 2026Reported value33% base weight · Z-score 3.38Sector median: 0.0425 · MAD: 0.0636

Revenue growth70.1%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.60Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

21/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin2.0%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score -0.94Sector median: 0.0638 · MAD: 0.0461

Return on assets0.1%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score -1.27Sector median: 0.0331 · MAD: 0.0254

Return on invested capital2.3%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score -0.84Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin41.0%

SEC filings · 12 months to Jul 2026Reported valueInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equity0.2%

SEC filings · 12 months to Jul 2026Reported valueInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Held back by:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.92

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.96Sector median: 0.6345 · MAD: 0.2980

Current ratio1.36×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.21Sector median: 1.4800 · MAD: 0.5570

Debt / equity0.76×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.84Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about HNI

Is HNI getting weaker?: Its latest SEC filing (Aug 4, 2026) showed no major changes. Its overall score is unchanged at 41/100 since Oct 28, 2026.
How is HNI valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 24/100 against 1,612 consumer cyclical peers. Earnings yield 0.1% vs a peer median of 4.4% (weaker than 79% of peers).Earnings yield 0.1% vs peers 4.4% (weaker than 79% of peers).
Is HNI growing?: Yes, faster than most of its peers. Growth scores 84/100 against 1,612 consumer cyclical peers. Revenue growth 70.1% vs a peer median of 3.7% (stronger than 95% of peers).Revenue growth 70.1% vs peers 3.7% (stronger than 95% of peers). Earnings per share growth -98.2% vs a peer median of 4.2% (weaker than 100% of peers).Earnings per share growth -98.2% vs peers 4.2% (weaker than 100% of peers).
How profitable is HNI?: Less profitable than most of its peers. Profitability scores 21/100 against 1,612 consumer cyclical peers. Return on assets 0.1% vs a peer median of 3.3% (weaker than 81% of peers).Return on assets 0.1% vs peers 3.3% (weaker than 81% of peers).
How risky is HNI?: Moderate risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Beta 0.92 vs a peer median of 0.63 (weaker than 70% of peers).Beta 0.92 vs peers 0.63 (weaker than 70% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jul 4, 2026 · filed Aug 4, 2026 · compared with the quarter ended Apr 4, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	3.6B USD	4.4B USD	+22.5%
Net income (12 months)	1.5M USD	4.3M USD	+186.7%
Operating margin	1.8%	2.0%	+0.2 pts
Free cash flow (12 months)	4.7M USD	113.4M USD	+2312.8%
Debt	1.4B USD	1.4B USD	−4.8%
Cash	71.4M USD	105.0M USD	+47.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Consumer Cyclical · 182 companies

Valuations in Consumer Cyclical are within their usual range since 2016.

36% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +0% and earnings +10% (medians): prices and earnings moved broadly together.
Median price-to-sales is −55% vs the whole market, against a usual −41%.

2016Shaded: most expensive fifth of its range2026

Shown for Consumer Cyclical: too few Furnishings, Fixtures & Appliances companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	34.7%	35.4%	39.0%	40.9%	41.4%	▲ 0.5 pts
Operating margin	3.9%	6.6%	3.7%	8.2%	4.4%	▼ 3.7 pts
Net margin	2.7%	5.2%	2.0%	5.5%	1.9%	▼ 3.6 pts
Return on assets (ROA)	4.0%	8.8%	2.6%	7.4%	1.1%	▼ 6.3 pts
Return on equity (ROE)	10.1%	20.1%	6.5%	16.6%	3.0%	▼ 14 pts
Free cash flow margin	3.0%	0.5%	7.7%	6.9%	7.3%	▲ 0.5 pts
Current ratio	1.03×	1.19×	1.16×	1.09×	1.24×	▲ 13%
Quick ratio	0.68×	0.73×	0.73×	0.69×	0.82×	▲ 20%
Debt to equity	0.30×	0.31×	0.57×	0.41×	0.70×	▲ 72%
Interest coverage	11.94×	—	—	—	—	—

HNI price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 0.92 vs a peer median of 0.63), though less than the overall marketbigger price swings (beta 0.92 vs peers 0.63)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,056 of 1,502 consumer cyclical companies (bottom 30%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 74% from December 2022 to July 2026.

HNI had 74% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.HNI had 74% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Borrowing rising faster than profit. Since 2022 (an unusually strong year for operating profit): debt +580%, operating profit −19%.Since 2022: debt +580%, operating profit −19%.

HNI's debt grew 580% since 2022 while operating profit changed −19%.

Profit below an unusually strong 2022. Since 2022 (an unusually strong year for operating profit): revenue +20%, operating profit −19%.Since 2022: revenue +20%, operating profit −19%.

Since 2022, HNI's revenue changed +20% while operating profit fell 19%: costs rose faster than sales.

Cash flow well above reported profit. Free cash flow is 26.4× reported profit.

Free cash flow is 26.4× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Questions investors ask about HNI

Is HNI getting weaker?

Its latest SEC filing (Aug 4, 2026) showed no major changes. Its overall score is unchanged at 41/100 since Oct 28, 2026.

How is HNI valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 24/100 against 1,612 consumer cyclical peers. Earnings yield 0.1% vs a peer median of 4.4% (weaker than 79% of peers).Earnings yield 0.1% vs peers 4.4% (weaker than 79% of peers).

Is HNI growing?

Yes, faster than most of its peers. Growth scores 84/100 against 1,612 consumer cyclical peers. Revenue growth 70.1% vs a peer median of 3.7% (stronger than 95% of peers).Revenue growth 70.1% vs peers 3.7% (stronger than 95% of peers). Earnings per share growth -98.2% vs a peer median of 4.2% (weaker than 100% of peers).Earnings per share growth -98.2% vs peers 4.2% (weaker than 100% of peers).

How profitable is HNI?

Less profitable than most of its peers. Profitability scores 21/100 against 1,612 consumer cyclical peers. Return on assets 0.1% vs a peer median of 3.3% (weaker than 81% of peers).Return on assets 0.1% vs peers 3.3% (weaker than 81% of peers).

How risky is HNI?

Moderate risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Beta 0.92 vs a peer median of 0.63 (weaker than 70% of peers).Beta 0.92 vs peers 0.63 (weaker than 70% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

3.6B USD

4.4B USD

+22.5%

Net income (12 months)

1.5M USD

4.3M USD

+186.7%

Operating margin

1.8%

2.0%

+0.2 pts

Free cash flow (12 months)

4.7M USD

113.4M USD

+2312.8%

Debt

1.4B USD

1.4B USD

−4.8%

Cash

71.4M USD

105.0M USD

+47.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

34.7%

35.4%

39.0%

40.9%

41.4%

▲ 0.5 pts

Operating margin

3.9%

6.6%

3.7%

8.2%

4.4%

▼ 3.7 pts

Net margin

2.7%

5.2%

2.0%

5.5%

1.9%

▼ 3.6 pts

Return on assets (ROA)

4.0%

8.8%

2.6%

7.4%

1.1%

▼ 6.3 pts

Return on equity (ROE)

10.1%

20.1%

6.5%

16.6%

3.0%

▼ 14 pts

Free cash flow margin

3.0%

0.5%

7.7%

6.9%

7.3%

▲ 0.5 pts

Current ratio

1.03×

1.19×

1.16×

1.09×

1.24×

▲ 13%

Quick ratio

0.68×

0.73×

0.69×

0.82×

▲ 20%

Debt to equity

0.30×

0.31×

0.57×

0.41×

0.70×

▲ 72%

Interest coverage

11.94×

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