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Makes office furniture (HON, Allsteel brands) and residential fireplaces/hearth products in North America.
Makes office furniture (HON, Allsteel brands) and residential fireplaces/hearth products in North America.
Sells office furniture mainly through independent dealers that serve businesses, while hearth products reach homeowners through dealers and builders. The two businesses move on different cycles, one with office refits and the other with home building and remodelling. Its 2023 purchase of Kimball International added brands and scale in workplace furniture.
Moat: narrow (brand, distribution, scale). Established dealer network and brand recognition in a mature, competitive furniture market.
Headquarters: Muscatine, Iowa, United States · Founded: 1944 · Employees: 19,500
Size HNI (HNI) is a United States Industrials company (Office Equipment/Supplies) with a market value of $3.42B, the 1453rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $47.26 on 6 Nov 2026.
Performance Over six months the shares gained 40.6%, against +8.8% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 8 in its peer set.
Growth Revenue grew 104.4% over the last twelve months (peer median +1.2%); the operating margin is 6.0% (peer median 7.3%).
Valuation It trades at 10.7× forward earnings against a peer median of 12.9× (2nd cheapest of 7).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.8 points below its cost of capital (8.2% WACC).
Credit HNI has 1 bond outstanding ($350M), rated BBB- by the agencies and trading like BB at a weighted spread of 168 bp.
Short interest Short interest is 5.6% of the free float (15 Oct 2026).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.30B | $2.84B | $2.53B | $2.43B | $2.36B |
| Revenue growth | — | +12% | +4% | +3% | — |
| Gross profit | $2.10B | $1.15B | $1.01B | $949M | $813M |
| EBITDA | $564M | $348M | $325M | $272M | $204M |
| Net income | $53.1M | $54.2M | $140M | $49.2M | $124M |
| Free cash flow | $138M | $210M | $176M | $189M | $21.2M |
| Capital expenditure | $108M | $67.8M | $52.9M | $79.1M | $68.4M |
| Total debt | $1.66B | $1.59B | $497M | $578M | $301M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| HNI HNI | $3.42B | +41% | +104% | 6% | 10.7× | 8.4% |
| MillerKnoll MLKN | $1.48B | +32% | +1% | 6% | 11.2× | 7.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HNI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.8% | -0.2% | 3rd highest of 8 |
| 6-month return | +40.6% | +8.8% | highest of 8 |
| Distance from 52-week high | -10.5% | -21.4% | 2nd highest of 8 |
| Revenue growth (TTM) | +104.4% | +1.2% | highest of 8 |
| Operating margin | 6.0% | 7.3% | 3rd lowest of 8 |
| Forward P/E | 10.7× | 12.9× | 2nd cheapest of 7 |
| Growth the price implies (Req g, 7 yrs) | 8.4% | -1.8% | 2nd most demanding of 7 |
| Growth delivered (Del g) | +7.7% | +6.2% | 3rd highest of 7 |
| Hurdle (Req g minus delivered) | +0.6 pp | -9.4 pp | 2nd most demanding of 7 |
| ROIC minus cost of capital | -0.8 pp | +0.6 pp | 4th lowest of 8 |
| EV / EBITDA | 8.8× | 8.8× | 3rd most expensive of 6 |
| Net debt / EBITDA | 2.7× | 0.6× | 2nd most indebted of 6 |
| Bond spread | 168 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HNI HNI | United States | $3.42B | +41% | +104% | 6% | 10.7× | 8.4% | +7.7% |
| Ningbo Huaxiang Electronic 002048.SZ | China | $2.60B | -27% | -19% | 7% | 11.3× | 0.1% | +9.1% |
| Kokuyo 7984.T | Japan | $2.23B | +9% | +9% | 7% | 16.9× | -6.2% | +3.7% |
| Konica Minolta 4902.T | Japan | $1.79B | +14% | 0% | 5% | 9.7× | -5.6% | +4.7% |
| PILOT 7846.T | Japan | $1.62B | +33% | +7% | 14% | 14.6× | -3.8% | +7.7% |
| MillerKnoll MLKN | United States | $1.48B | +32% | +1% | 6% | 11.2× | 7.3% | +9.3% |
| MCC Meili Cloud Computing Industry Investment 000815.SZ | China | $1.41B | -29% | -25% | 10% | n/a | 51.4% | -21.7% |
| DOMS Industries DOMS.NS | India | $1.32B | -13% | +18% | 11% | 56.1× | n/a | n/a |
HNI has 1 bond outstanding with $350M face value. The agencies rate it BBB-; its bonds trade like BB. Weighted yield 6.16%, a spread of 168 bp over government bonds.