HNI
HNI Corporation
HNI's fundamentals are mixed, but it looks expensive: trading at 161x earnings, about eight times its usual 20x. Analysts expect strong earnings growth.
HNI Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Stable | |
| Stable | |
| Under pressure |
HNI's revenue is currently strong, and its profitability and cash flow are stable, but its balance sheet is under pressure.
HNI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 11x | $48.20 | — |
| Cheap | 14x | $4.07 | -92% |
| Fair | 20x | $5.92 | -88% |
| Expensive | 32x | $9.54 | -80% |
| Current | 161x | $48.20 | — |
Historical ranges are pointers, not guarantees.
HNI's PE is in its expensive range at 161x. If earnings grow as analysts expect, today's price would be 11x next year's earnings, in its cheap range.
HNI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for HNI, with profitability holding steady.
HNI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.41 | +1369% |
| Q3 2026 | $0.30 | -90% |
| Q2 2026 | -$0.05 | -102% |
| Q1 2026 | $0.27 | -90% |
| Q4 2025 | $1.11 | -61% |
| Q3 2025 | $2.97 | +12% |
| Q2 2025 | $3.07 | +24% |
| Q1 2025 | $2.80 | +97% |
| Q4 2024 | $2.88 | +164% |
HNI's earnings per share have fallen from their peak: $0.30 over the past year, against $3.07 in mid-2025.
HNI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.6B | +133% |
| Q2 2026 | $1.5B | +121% |
| Q1 2026 | $1.3B | +125% |
| Q4 2025 | $888.4M | +38% |
| Q3 2025 | $683.8M | +1.7% |
| Q2 2025 | $667.1M | +7% |
| Q1 2025 | $599.8M | +2% |
| Q4 2024 | $642.5M | -5.5% |
HNI's revenue has grown year over year for seven quarters in a row: $1.6B last quarter, up 133% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.6% | -0.9 points |
| Q2 2026 | 6.3% | -4 points |
| Q1 2026 | -2.7% | -6.8 points |
| Q4 2025 | -3.5% | -12 points |
| Q3 2025 | 9.4% | -0.8 points |
| Q2 2025 | 10% | +1.7 points |
| Q1 2025 | 4.1% | -1 points |
| Q4 2024 | 8.5% | +4 points |
HNI's operating margin was 8.6% last quarter, down 0.9 points from the same quarter a year ago.
HNI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $195.3M | +44% |
| Q2 2026 | $139.8M | +768% |
| Q1 2026 | -$207.5M | -$203.8M |
| Q4 2025 | $60.4M | +46% |
| Q3 2025 | $135.6M | +19% |
| Q2 2025 | $16.1M | -52% |
| Q1 2025 | -$3.7M | +$11.8M |
| Q4 2024 | $41.5M | -53% |
HNI generated $188M in free cash flow over the past year, about the same as the year before.
HNI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +400K shares |
| 1 year | +54% | +25.4M shares |
| 3 years | +67% | +29.2M shares |
| 5 years | +63% | +28M shares |
| Available history | +67% | +29M shares |
HNI has 73M diluted shares, up 54% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $5.6M |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $3.8M |
| Q2 2025 | $39.4M |
| Q1 2025 | $40.4M |
| Q4 2024 | $41M |
HNI spent $6M buying back its own shares over the past year, down 96% from the year before.
HNI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.1x | Elevated |
| Q2 2026 | 4.4x | High |
| Q1 2026 | 6.2x | High |
| Q4 2025 | 4.7x | High |
| Q3 2025 | 1.0x | Very low |
| Q2 2025 | 1.3x | Healthy |
| Q1 2025 | 1.2x | Healthy |
| Q4 2024 | 1.0x | Healthy |
HNI's net debt is about 3.1 years of its operating earnings (EBITDA), up from a year a year ago.
HNI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.5 | Neutral |
| Stochastic | 57.2 | Neutral |
HNI's weekly RSI is 60 (neutral) and its Stochastic is 57 (neutral).
HNI PE vs Industrials Sector
| Metric | HNI | Sector median | Relative |
|---|---|---|---|
| PE | 161x | 24x | 569% above |
| PE % | 100 | 58 | 42 pts above |
HNI is trading at 161x earnings, a 569% premium to the Industrials sector's median of 24x.
HNI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $47.5 | 1.5% above |
| 20 week MA | $46.5 | 3.8% above |
| 50 week MA | $42.4 | 14% above |
| 100 week MA | $44.2 | 9% above |
| 200 week MA | $41.9 | 15% above |
HNI is in an uptrend: it's above all five of its weekly moving averages, and 15% above its 200-week average.
HNI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $37.4 | $35.8 | -4.1% |
| 2021 | $35.8 | $41.1 | +15% |
| 2022 | $41.1 | $28.2 | -32% |
| 2023 | $28.2 | $41.8 | +49% |
| 2024 | $41.8 | $50.9 | +22% |
| 2025 | $50.9 | $42.3 | -17% |
| 2026 YTD | $42.3 | $48.2 | +14% |
HNI has finished lower in three of the last six years. It's up 14% so far in 2026.