# HNI Corporation (HNI)

> Source: Nexqual · https://nexqual.com/HNI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, HNI Corporation (HNI), nexqual.com/HNI" · informational, not investment advice.

**Price:** USD 48.21 (+6.99% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 45.06 · day 44.91–48.33 · 52w 28.93–52.79 · market cap $3.48B · NYQ

## Key facts
- Last four reported quarters (through Jul 4, 2026): revenue $4.39B, net income $4.3M (0.1% margin) (SEC filings).
- Valuation: P/E 809.3x (avg 33.1x at the last 3 fiscal year-ends), EV/EBITDA 16.5x, net debt $1.27B.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $4.6M; 0 not under a Rule 10b5-1 plan ($0K); 4 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (2 analysts), mean target USD 71 (range 65–78).
- Total return with dividends: 1Y +11.4% vs S&P 500 +14.9%; 5Y +42.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 1.4, revenue estimate $1.60B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.18B | $2.36B | $2.43B | $2.53B | $2.84B | $4.39B |
| Gross profit | $757M | $835M | $948M | $1.03B | $1.18B | — |
| Operating income | $85.4M | $155M | $90.3M | $207M | $126M | $89.1M |
| Net income | $59.8M | $124M | $49.2M | $140M | $54.2M | $4.3M |
| EPS (diluted) | $1.36 | $2.94 | $1.09 | $2.88 | $1.11 | — |
| Free cash flow | $65.1M | $12.8M | $188M | $174M | $209M | — |
| Gross margin | 34.7% | 35.4% | 39.0% | 40.9% | 41.4% | — |
| Operating margin | 3.9% | 6.6% | 3.7% | 8.2% | 4.4% | 2.0% |
| Net margin | 2.7% | 5.2% | 2.0% | 5.5% | 1.9% | 0.1% |
| Revenue growth | +11.7% | +8.1% | +3.1% | +3.8% | +12.4% | — |
| Cash + short-term investments | $53.7M | $19.4M | $34.5M | $26.6M | $216M | — |
| Total debt | $178M | $190M | $436M | $345M | $1.29B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 4, 2026)
P/E 809.3x · P/S 0.8x · EV/EBITDA 16.5x · EV/Sales 1.1x · P/B 1.9x · Earnings yield 0.12% · Dividend yield (paid, TTM) 2.39% · Buyback yield (TTM) 0.11% · Net debt $1.27B · EV $4.75B
P/E at fiscal year-ends: Jan 2026 43.1x, Dec 2024 17.5x, Dec 2023 38.6x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-28 | Lorenger Jeffrey D | President & CEO | 1,504 | $75K | 0.3% | Yes (adopted February 27, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-26…2026-08-27 | Lorenger Jeffrey D | President & CEO | 47,084 | $2.4M | 9.1% | Yes (adopted February 27, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-24 | Lorenger Jeffrey D | President & CEO | 700 | $35K | 0.1% | Yes (adopted February 27, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-03 | Lorenger Jeffrey D | President & CEO | 45,850 | $2.2M | 8.9% | Yes (adopted February 27, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 2 analysts; mean target USD 71 (low 65, high 78).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +11.4% | +42.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +11.4% | +7.4% |
| Volatility (annualized) | 36.7% | 33.2% |
| Max drawdown | -43.9% (Feb 2026→May 2026) | -45.1% (Nov 2024→May 2026) |

## Peers (Furnishings, Fixtures & Appliances)
ALH (Alliance Laundry Holdings Inc.) USD 21.44 +0.52% · TILE (Interface, Inc.) USD 36.51 +4.11% · WHR (Whirlpool Corporation) USD 28.8 +8.56% · MBC (MasterBrand, Inc.) USD 7.35 +8.73% · MLKN (MillerKnoll, Inc.) USD 21.68 +7.22% · MHK (Mohawk Industries, Inc.) USD 128.7 +9.03%

## More
Full page: https://nexqual.com/HNI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HNI's own 10-K filed 2026-03-03 (https://www.sec.gov/Archives/edgar/data/48287/000004828726000084/hni-20260103.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Microsoft (MSFT) | "The Corporation maintains marketing partnerships with a number of companies, including Arper, Audo North America, Carl Hansen & Son, Corral, EMU, Extremis, FLOS, the Frank Lloyd Wright Foundation, Grado, Kartell, Kwicksc…" |

## Revenue by business segment (quarter ended 2026-07-04)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Workplace furnishings | $1.32B | 89.9% | +156.5% | $101.7M | 7.7% |
| Residential building products | $148.7M | 10.1% | -1.6% | $23.4M | 15.7% |
| Corporate costs (not allocated) | — | — | — | -$33.0M | — |
| Total revenue | $1.47B | 100% | — | $92.1M | 6.3% |

## Revenue by product line (quarter ended 2026-07-04)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Systems, storage, and tables | $594.9M | 40.4% | +84.8% |
| Seating | $343.7M | 23.3% | +129.6% |
| Other | $214.5M | 14.6% | +816.7% |
| Education | $170.6M | 11.6% | +720.2% |
| Total revenue | $1.47B | 100% | — |
The lines above cover 89.9% of total revenue.

## Company outlook (8-K filed 2026-07-30)

- "Outlook • GAAP diluted EPS for Q2 was $0.70 (-31% YoY)."
- "GAAP diluted EPS totaled $0.70 and diluted non-GAAP EPS of $1.27 was in line with internal expectations, excluding the net impact of tariffs."
- "Workplace Furnishings segment volume growth is expected to turn positive in the third quarter, with volume growth and price recognition driving high-single digit organic growth in the second half of 2026."
- "In Residential Building Products, implemented structural changes organizing around the consumer and growth investments are expected to drive continued market outperformance, with modest price-driven net sales growth expected in the second half of 2026. • Multiple sources of margin improvement and EPS visibility."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.40 | $1.31 | +6.2% | $1.60B | 4 |
| Next quarter (ends 2026-12-31) | $1.22 | $1.36 | -9.9% | $1.56B | 4 |
| Current fiscal year (ends 2026-12-31) | $4.24 | $4.04 | +4.9% | $5.98B | 4 |
| Next fiscal year (ends 2027-12-31) | $4.78 | $4.83 | -1.2% | $6.20B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±10.4%; last 8 reports averaged ±4.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 42.1% | ±10.4% |
| 2027-01-15 | 84 | 38.6% | ±15.5% |
| 2027-04-16 | 175 | 37.0% | ±20.7% |