At a glance
HNI Corp is worth $3.38B, about 42 times its fiscal 2025 earnings. Revenue grew 12.4% to $2.84B in fiscal 2025, with 1.9% kept as profit; over 5 years it has grown 7.7% a year. It pays a 2.94% dividend yield, raised every year for at least 9 years, and returned $566.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +8.6% over the past year with dividends reinvested and +8.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 55.1% in the 2020 crash (S&P 500: 33.7%) and 38.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 15 months after the lows.
The business in plain English
HNI Corporation, based in Muscatine, Iowa, makes furniture for workplaces and fireplaces for homes. Its larger segment, Workplace Furnishings, sells seating, tables, storage, panel-based and freestanding furniture systems, and hospitality furniture. Its brands include HON, Allsteel, Kimball and Steelcase. Customers range from multinational companies to small local businesses. Most sales go through independent dealers, company-owned dealers and office-products distributors. Some go directly to end users and to federal, state and local governments.
The Residential Building Products segment makes gas, wood, electric and pellet-fueled fireplaces, inserts, stoves and outdoor fire pits. HNI calls itself the North American leader in these hearth products. Builders buy them for new homes, and homeowners buy them for renovations. Remodel sales are concentrated from September to December. Sales run through independent dealers and distributors, plus company-owned installing and retail outlets.
In fiscal 2025, which ended January 3, 2026, sales totaled $2.84 billion: 76% from workplace furnishings and 24% from residential products. On December 10, 2025, HNI bought Steelcase, a furniture company based in Grand Rapids, Michigan, for cash and stock valued at $1.9 billion. Fiscal 2025 includes less than a month of Steelcase. The deal shows more clearly in the quarter ended July 4, 2026, when revenue more than doubled from a year earlier to $1.47 billion.
Price history
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HNI +8.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Workplace Furnishings | $2.16B | 76.2% |
| Residential Building Products | $674.9M | 23.8% |
Latest results
- In Q2 FY2026 (ended Jul 4, 2026), revenue was $1.47B, up 120.7% from a year earlier, and net income was $51.1M (+6.0%).
- For fiscal 2025, revenue was $2.84B (+12.4% year over year; +7.7% a year from FY2020 to FY2025) with a 1.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.7% good |
|---|---|
| Operating margin | 4.4% weak |
| Free cash flow margin | 7.3% watch |
| Return on equity (FY2025) | 3% weak |
| Return on assets (FY2025) | 1.1% weak |
| Net cash (cash minus debt) | $-1.26B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.96B | $41.9M | $172.7M |
| FY2021 | $2.18B | $59.8M | $65.1M |
| FY2022 | $2.36B | $123.9M | $12.8M |
| FY2023 | $2.43B | $49.2M | $188.4M |
| FY2024 | $2.53B | $139.5M | $173.8M |
| FY2025 | $2.84B | $54.2M | $208.5M |
Valuation snapshot
| Market value | $3.38B |
|---|---|
| P/E ratio | 42.2 |
| Dividend yield | 2.94% |
Rank among 1514 US companies
Market value at each year end
HNI’s market value went from $2.49B at the end of 2016 to $3.38B on Oct 28, 2026, up 36%; since the end of 2025 it is up 76%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.38B | +75.6% |
| 2025 | $1.93B | -20.0% |
| 2024 | $2.41B | +23.6% |
| 2023 | $1.95B | +65.7% |
| 2022 | $1.18B | -35.8% |
| 2021 | $1.83B | +24.4% |
| 2020 | $1.47B | -8.2% |
| 2019 | $1.60B | +3.3% |
| 2018 | $1.55B | -7.3% |
| 2017 | $1.67B | -32.7% |
| 2016 | $2.49B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HNI price data to Oct 28, 2026 | +14.4% | +8.6% | +16.1% | +8.3% | +4.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +14.4% |
| 2025 | -13.9% |
| 2024 | +23.7% |
| 2023 | +53.2% |
| 2022 | -29.9% |
| 2021 | +25.9% |
| 2020 | -4.2% |
| 2019 | +9.3% |
| 2018 | -5.3% |
| 2017 | -28.9% |
| 2016 | +59.1% |
| 2015 | -27.8% |
| 2014 | +35.0% |
| 2013 | +32.7% |
| 2012 | +19.5% |
| 2011 | -13.0% |
| 2010 | +16.8% |
| 2009 | +83.0% |
| 2008 | -52.8% |
| 2007 | -19.6% |
| 2006 | -17.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 76.9% over that stretch · deepest drop along the way 80.8%, back to its old high 48.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42% over that stretch · deepest drop along the way 55.1%, back to its old high 8.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.5% over that stretch · deepest drop along the way 38.7%, back to its old high 14.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 9 sales ($4.6M), 9 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 3, 2026 | Jeffrey D Lorenger President & CEO, Director | sell (plan) | $1.7M |
| Aug 27, 2026 | Jeffrey D Lorenger President & CEO, Director | sell (plan) | $1.4M |
| Aug 27, 2026 | Jeffrey D Lorenger President & CEO, Director | sell (plan) | $623K |
| Aug 3, 2026 | Jeffrey D Lorenger President & CEO, Director | sell (plan) | $507K |
| Aug 26, 2026 | Jeffrey D Lorenger President & CEO, Director | sell (plan) | $234K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 14.8% | Jun 30, 2026 |
| BlackRock, Inc. | 14.4% | Jun 30, 2025 |
| Vanguard Portfolio Management | 6.36% | Mar 31, 2026 |
| Vanguard Capital Management | 5.22% | Jun 30, 2026 |
| State Farm Mutual Automobile Insurance Company | 3.85% | Sep 30, 2025 |
ETFs with the most weight in HNI
| IPDP Dividend Performers ETF | 1.88% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.86% |
| ROSC Hartford Multifactor Small Cap ETF | 0.86% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.75% |
| OASC OneAscent Small Cap Core ETF | 0.59% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.54% |
| AFMC First Trust Active Factor Mid Cap ETF | 0.53% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.45% |
What could go wrong
- The Steelcase merger may disappoint. HNI bought Steelcase in December 2025 for cash and stock valued at $1.9 billion. It may not get the benefits it expects from the deal, and some customers, dealers or suppliers could leave.
- Fewer people in offices, fewer orders. HNI's annual report says part-time remote work has kept office occupancy below historic levels, which has hurt furniture demand. Artificial intelligence could further change how and where people work, with unknown effects on orders.
- Fireplace sales depend on housing. Fireplaces and stoves made up 24% of fiscal 2025 sales. Demand for them follows housing starts, home sales, interest rates and remodeling. A housing slowdown could cut demand, especially in the busy fall season.
- Heavy reliance on outside dealers. HNI relies on independent dealers and distributors for sales, installation and service. That channel has been consolidating, and some partners can leave at any time. Larger customers can also push for lower prices.
- Debt load and interest rate exposure. As of July 4, 2026, total debt was $1.38 billion, against $116 million in cash and investments. Higher interest rates would raise borrowing costs, and loan agreements include restrictions that could limit flexibility.
- Tariffs, material costs and cheaper imports. Changing trade policy, rising raw material and shipping costs, and rivals sourcing from lower-cost countries could squeeze profits. In fiscal 2025, operating profit was just 4.4 cents per dollar of sales.
Recent events
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Executive or board change; Shareholder vote results
- Quarterly results released
- Quarterly results released
- Restructuring or exit costs; Asset impairment
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Executive or board change; Other company announcement
- Investor presentation or announcement
- Shareholder vote results; Investor presentation or announcement
For income and retirement investors
HNI has raised its dividend at least 9 years in a row through fiscal 2025. Dividends per share rose from $1.22 in fiscal 2020 to $1.35 in fiscal 2025, about 2% a year. In fiscal 2025, dividends equaled 116% of earnings, so HNI paid out more than it earned. They took just 30% of free cash flow, which is the cash left after running and investing in the business. The yield was 2.94% as of October 28, 2026. Buybacks totaled $274 million over fiscal 2021–2025. Even so, shares outstanding rose 66% from October 2021 to July 2026, a span that includes the Steelcase deal, which was paid partly in stock.
In past downturns the stock fell sharply. It dropped about 81% in the 2008 financial crisis and needed about 49 months from the low to regain its peak. It fell 55% in the 2020 COVID crash and recovered in about 8 months. In the 2022 bear market it fell 39% and took about 15 months to recover. A single stock carries more risk than a diversified fund.
Questions investors ask
How does HNI make money?
HNI makes money by designing, making and selling office furniture and home fireplaces. In fiscal 2025, which ended January 3, 2026, workplace furnishings brought in $2.16 billion, or 76% of $2.84 billion in sales. Residential building products, such as gas, wood, electric and pellet fireplaces and stoves, brought in $675 million, or 24%. Most products reach buyers through independent and company-owned dealers and distributors. Some are sold directly to end users and governments.
Does HNI raise its dividend every year?
Yes. HNI has raised its dividend at least 9 years in a row through fiscal 2025, and the streak may be longer. The raises are small: dividends per share grew from $1.22 in fiscal 2020 to $1.35 in fiscal 2025, about 2% a year. The yield was 2.94% as of October 28, 2026. In fiscal 2025, dividends paid were 116% of earnings, more than the company earned. They used only 30% of free cash flow, the cash left after running and investing in the business.
Why did HNI buy Steelcase?
HNI says the two companies' geographic footprints and dealer networks complement each other, so the combined company can serve more customers in more industries. The merger closed on December 10, 2025, for cash and HNI stock valued at $1.9 billion. Steelcase's results count only from that date. Revenue for the quarter ended July 4, 2026, was $1.47 billion, up 121% from a year earlier. HNI warns that the deal may not deliver the benefits it expects and could cost it some customers or dealers.
Who are HNI's main competitors?
In office furniture, HNI names MillerKnoll, Haworth, The Global Group, Krueger International and Teknion, along with global importers. It says it faces significant price competition. In fireplaces and stoves, its rivals include Travis Industries, Innovative Hearth Products, Napoleon (Wolf Steel) and Regency (FPI Fireplace Products International). HNI says it leads the workplace furnishings market and is the North American leader in hearth products. Both markets are highly competitive, and many rivals offer similar products.
How has HNI stock performed over the long term?
Modestly, with big swings along the way. Based on prices as of October 28, 2026, the stock returned 8.6% over one year, 8.3% a year over five years and 4.9% a year over ten years. It fell about 81% from peak to low in the 2008 financial crisis and lost 14% in calendar 2025. On October 28, 2026, the share price was 42 times fiscal 2025 earnings. That figure is high partly because net income fell 61% in fiscal 2025.