HNI Corporation, together with its subsidiaries, engages in the manufacture, sale, and marketing of workplace furnishings and residential building products primarily in the United States and Canada. It operates through two segments, Workplace Furnishings and Residential Building Products. The Workplace Furnishings segment offers panel-based and freestanding office furniture systems, seating, storage, benching, tables, architectural products, storage, and ancillary and hospitality products, as well as social collaborative items. This segment sells its products through independent dealers, wholesalers, office product distributors, e-commerce focused resellers, and wholesalers, as well as directly to end-user customers and governments. The Residential Building Products segment provides various gas, wood, electric, and pellet-fueled prefabricated fireplaces; and inserts, hearth stoves, facings, outdoor fire pits and fire tables, and accessories. This segment sells its products primarily for home use. It serves its products under the Allsteel, AMQ, Beyond, Coalesse, D'style, David Edward, Designtex, Gunlocke, HALCON, HBF, HBF Textiles, HON, Interwoven, Kimball, Kimball Hospitality, National, Orangebox, Smith System, Steelcase, Viccarbe brand names through independent dealers and distributors, and corporation-owned distribution and retail outlets. The company was incorporated in 1944 and is headquartered in Muscatine, Iowa.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.8B | $234M | $54M | $209M | 3.0% | 12.4% | -61.1% |
| 2024 | $2.5B | $314M | $140M | $174M | 16.6% | 3.8% | 183.5% |
| 2023 | $2.4B | $185M | $49M | $188M | 6.5% | 3.1% | -60.3% |
| 2022 | $2.4B | $239M | $124M | $13M | 20.1% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,361.80 | 2,434 | 2,526.40 | 2,839 |
| Operating Revenue | - | 2,361.80 | 2,434 | 2,526.40 | 2,839 |
| Cost Of Revenue | - | 1,526.90 | 1,485.70 | 1,493 | 1,662.90 |
| Gross Profit | - | 834.90 | 948.30 | 1,033.40 | 1,176.10 |
| Operating Expense | - | 723.40 | 772 | 820.70 | 937 |
| Selling General And Administration | - | 723.40 | 772 | 820.70 | 937 |
| Total Expenses | - | 2,250.30 | 2,257.70 | 2,313.70 | 2,599.90 |
| Operating Income | - | 111.50 | 176.30 | 212.70 | 239.10 |
| Total Operating Income As Reported | - | 155.20 | 90.30 | 206.50 | 126 |
| EBITDA | - | 239.40 | 185.20 | 314.30 | 233.50 |
| Normalized EBITDA | - | 195.70 | 271.20 | 320.50 | 346.60 |
| EBIT | - | 155.20 | 90.30 | 206.50 | 126.40 |
| Interest Expense | - | 8.80 | 25.50 | 27.20 | 35.60 |
| Net Interest Income | - | -8.80 | -25.50 | -27.20 | -35.60 |
| Other Non Operating Income Expenses | - | - | - | - | 0.40 |
| Other Income Expense | - | 43.70 | -86 | -6.20 | -112.70 |
| Interest Expense Non Operating | - | 8.80 | 25.50 | 27.20 | 35.60 |
| Net Non Operating Interest Income Expense | - | -8.80 | -25.50 | -27.20 | -35.60 |
| Pretax Income | - | 146.40 | 64.80 | 179.30 | 90.80 |
| Tax Provision | - | 22.50 | 15.60 | 39.80 | 36.50 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 6.73 | -20.73 | -1.38 | -45.24 |
| Net Income Continuous Operations | - | 123.90 | 49.20 | 139.50 | 54.20 |
| Net Income From Continuing And Discontinued Operation | - | 123.90 | 49.20 | 139.50 | 54.20 |
| Net Income From Continuing Operation Net Minority Interest | - | 123.90 | 49.20 | 139.50 | 54.20 |
| Net Income | - | 123.90 | 49.20 | 139.50 | 54.20 |
| Net Income Common Stockholders | - | 123.90 | 49.20 | 139.50 | 54.20 |
| Net Income Including Noncontrolling Interests | - | 123.90 | 49.20 | 139.50 | 54.20 |
| Normalized Income | - | 86.93 | 114.47 | 144.32 | 122.06 |
| Diluted NI Availto Com Stockholders | - | 123.90 | 49.20 | 139.50 | 54.20 |
| Basic Average Shares | - | 41.70 | 44.50 | 47.40 | 47.90 |
| Diluted Average Shares | - | 42.20 | 45.40 | 48.50 | 48.90 |
| Reconciled Depreciation | - | 84.20 | 94.90 | 107.80 | 107.10 |
| Reconciled Cost Of Revenue | - | 1,526.90 | 1,485.70 | 1,493 | 1,662.90 |
| Total Unusual Items | - | 43.70 | -86 | -6.20 | -113.10 |
| Total Unusual Items Excluding Goodwill | - | 43.70 | -86 | -6.20 | -113.10 |
| Minority Interests | - | 0 | 0 | 0 | 0 |
| Special Income Charges | - | 43.70 | -86 | -6.20 | -113.10 |
| Gain On Sale Of Business | 0 | 50.40 | 0 | 0 | - |
| Restructuring And Mergern Acquisition | - | 6.70 | 86 | 6.20 | 113.10 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| HNI Corporationthis co. | HNI | $2.2B | 39.98β premium | 1.18 | 3.0% | 15.21 |
| OneSpaWorld Holdings Limited | OSW | $2.4B | 34.02 | 4.49 | 13.2% | 23.48 |
| Under Armour, Inc. | UAA | $2.4B | -4.80 | 1.68 | -35.0% | 54.01 |
| Mister Car Wash, Inc. | MCW | $2.3B | 22.65 | 2.06 | 9.1% | 14.16 |
| LCI Industries | LCII | $2.3B | 12.39 |
| - |
| - |
| - |
| - |
| 1.71 |
| 13.8% |
| 8.12 |
| Under Armour, Inc. | UA | $2.3B | -4.65 | 1.63 | -35.0% | 53.04 |
| Shake Shack Inc. | SHAK | $2.3B | 49.93 | 4.35 | 8.7% | 15.39 |
| The Buckle, Inc. | BKE | $2.2B | 10.70 | 5.28 | 49.4% | 8.21 |
| Monarch Casino & Resort, Inc. | MCRI | $2.2B | 21.35 | 4.03 | 18.9% | 11.47 |
| Peer Median | - | 16.87 | 3.04 | 11.1% | 14.77 | |