HNI
HNI CORP
Industrials • CIK: 0000048287
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Market Cap
$2.04B
P/E (TTM)
37.4x
Rev Growth (TTM)
+12.4%
Net Margin (TTM)
1.9%
FCF Yield (TTM)
10.2%
FCF Margin (TTM)
7.3%
Cash Flow Health
Free Cash Flow6/8 positive
TTM$208M
Q4 '26
$60M-55%
Q3 '26
$136M+742%
FCF Margin
TTM7.3%
Q4 '266.8%-66%
Sector: 5.4%Above Avg
OCF Margin9.7%
OCF/NI5.11x
CapEx Coverage4.1x
FCF Yield10.2%
FCF Growth (2Y)+44%
Cash Conversion Cycle
52 days
DSO: 0+DIO: 52−DPO: 0
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM7.3%
Div Yield3.2%
+Buyback (TTM)4.1%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)3.2%
FCF Payout Ratio31.0%
Free Cash Flow (TTM)$208.4M
Stock Repurchases (TTM)$83.6M
Capital Return / FCF70.4%
Est. Dividends Paid (TTM)$64.7M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
4.9%
Moderate
-0.1% YoY-8.2%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
2.6%
8Q: 5.4%
Asset Turnover
1.26x
8Q: 1.33x
Leverage (1+D/E)
1.70x
D/E: 0.70x
DuPont: 5.7% ≈ 4.9% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
4.77x
8Q:4.69x
+39.6%
Invested Cap Turn
1.85x
8Q:1.94x
Flat
CapEx Intensity
4.4%
8Q:4.5%
CapEx/Depreciation
0.63x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $2.8B | $888.4M↑29.9% | $683.8M↑2.5% | $667.1M↑11.2% | $599.8M↓6.6% | $642.5M↓4.4% | $672.2M↑7.8% | $623.7M↑6.1% | $588.0M |
Operating Income | $126.0M | $-31.2M↓148.3% | $64.6M↓5.3% | $68.2M↑179.5% | $24.4M↓55.3% | $54.6M | $0↓100.0% | $68.9M↑29.0% | $53.4M |
Net Income | $54.1M | $-49.2M↓219.4% | $41.2M↓14.5% | $48.2M↑246.8% | $13.9M↓63.7% | $38.3M↓19.4% | $47.5M↑31.9% | $36.0M↑103.4% | $17.7M |
Operating Cash Flow | $276.3M | $77.4M↓50.1% | $155.2M↑399.0% | $31.1M↑146.8% | $12.6M↓75.4% | $51.2M↓60.2% | $128.5M↑150.5% | $51.3M↑1293.0% | $-4.3M |
Free Cash Flow | $208.4M | $60.4M↓55.5% | $135.6M↑742.2% | $16.1M↑535.1% | $-3.7M↓108.9% | $41.5M | $0↓100.0% | $114.0M↑237.3% | $33.8M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
37.4x
Volatile
8Q: 55.9x-8923%
High PEG ratio (3.0x) suggests expensive for growth
Valuation Lenses
Earnings
37.4x
vs – sector
Cash Flow
11.9x
EV/FCF vs –
Growth-Adj
3.0xPEG
Expensive for growth
Quality-Adj
7.6P/E per %ROIC
ROIC: 4.9%
Shareholder Returns
Dividend
3.2%
Buyback
4.1%
Total Yield
7.3%
Market Cap$2.04B
EV$2.48B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
58/100
Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
5.7%
8Q:–
Return on Invested Capital (ROIC)Top 25%
4.9%
8Q:–
-8.2%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 2.6%
Asset Turnover: 1.26x
Earnings Quality
Cash Conversion
5.11x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin41.4%
Capital Efficiency
Invested Capital Turnover1.85x
Working Capital
Cash Conversion Cycle52 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
72/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
12.4%
OpInc Growth YoY
-157.1%
EPS Growth YoY
-61.6%
FCF 3Y CAGR
43.9%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
✓Sustainability Index: 7.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
41.4%
Operating
4.4%
Below Avg in sector
Net
1.9%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+5.4 pts
FCF: 7.3% | Net: 1.9%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $1.07B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.70x
Balance sheet risk & solvency analysis