HNI
HNI Corporation
HNI's outlook is improving despite an expensive valuation.
VRT
Vertiv Holdings Co
VRT has the edge over HNI overall, supported by stronger valuation and stronger modeled upside.
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.
VRT Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
VRT's revenue, profitability, cash flow and balance sheet are all currently strong.
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.
VRT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 23x | $210 | — |
| Current | 39x | $210 | — |
| Cheap | 58x | $308 | +47% |
| Fair | 72x | $383 | +83% |
| Expensive | 88x | $472 | +125% |
Historical ranges are pointers, not guarantees.
VRT has the edge over HNI in the historical PE scenario, which offers more potential upside but is not a forecast.
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.
VRT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
VRT has the edge over HNI on the outlook, with more favorable profitability expectations.
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.
VRT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.14 | +71% |
| Q3 2026 | $5.35 | +102% |
| Q2 2026 | $4.42 | +111% |
| Q1 2026 | $3.98 | +131% |
| Q4 2025 | $3.41 | +166% |
| Q3 2025 | $2.65 | +75% |
| Q2 2025 | $2.09 | +62% |
| Q1 2025 | $1.72 | +64% |
| Q4 2024 | $1.28 | +7.6% |
VRT has the edge over HNI on earnings, with more consistent year-over-year improvement.
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.
VRT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.3B | +61% |
| Q2 2026 | $3.3B | +24% |
| Q1 2026 | $2.6B | +30% |
| Q4 2025 | $2.9B | +23% |
| Q3 2025 | $2.7B | +29% |
| Q2 2025 | $2.6B | +35% |
| Q1 2025 | $2B | +24% |
| Q4 2024 | $2.3B | +26% |
VRT has the edge over HNI on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 23% | +3.5 points |
| Q2 2026 | 19% | +2.7 points |
| Q1 2026 | 17% | +2.3 points |
| Q4 2025 | 20% | +0.7 points |
| Q3 2025 | 19% | +1.4 points |
| Q2 2025 | 17% | -0.4 points |
| Q1 2025 | 14% | +1.9 points |
| Q4 2024 | 19% | +4.2 points |
VRT has the edge over HNI on profitability, with a higher operating margin.
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.
VRT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $654.9M | +41% |
| Q2 2026 | $926.5M | +233% |
| Q1 2026 | $654.2M | +145% |
| Q4 2025 | $885.6M | +143% |
| Q3 2025 | $463.5M | +36% |
| Q2 2025 | $277.9M | -19% |
| Q1 2025 | $266.8M | +162% |
| Q4 2024 | $364.5M | +18% |
VRT has the edge over HNI on cash flow, with more consistent year-over-year improvement.
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.
VRT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -64.9K shares |
| 1 year | +0.4% | +1.8M shares |
| 3 years | +1.1% | +4.4M shares |
| 5 years | +10% | +36M shares |
| Available history | +63% | +152M shares |
VRT has the edge over HNI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | $599.9M |
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.
VRT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.2x | Net Cash |
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 0.7x | Very low |
| Q1 2025 | 0.8x | Very low |
| Q4 2024 | 1.0x | Healthy |
VRT has the edge over HNI on leverage, with a lower net debt burden relative to earnings.
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).
VRT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 26.4 | Neutral |
VRT's weekly RSI is 43 (neutral) and its Stochastic is 26 (neutral).
HNI PE vs Industrials Sector
| Metric | HNI | Sector median | Relative |
|---|---|---|---|
| PE | 161x | 24x | 568% above |
| PE % | 100 | 58 | 42 pts above |
HNI is trading at 161x earnings, a 568% premium to the Industrials sector's median of 24x.
VRT PE vs Industrials Sector
| Metric | VRT | Sector median | Relative |
|---|---|---|---|
| PE | 39x | 24x | 63% above |
| PE % | 3 | 58 | 55 pts below |
VRT has the edge over HNI on valuation relative to its sector.
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 has the edge over VRT on trend strength, trading above more of its moving averages.
VRT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $221.8 | 5.5% below |
| 20 week MA | $254.4 | 18% below |
| 50 week MA | $253.9 | 17% below |
| 100 week MA | $189.1 | 11% above |
| 200 week MA | $123.5 | 70% above |
VRT has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 70% 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.
VRT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.9 | $18.9 | +73% |
| 2021 | $18.9 | $24.9 | +31% |
| 2022 | $24.9 | $12.8 | -48% |
| 2023 | $12.8 | $48.0 | +275% |
| 2024 | $48.0 | $115.1 | +140% |
| 2025 | $115.1 | $167.6 | +46% |
| 2026 YTD | $167.6 | $209.6 | +25% |
VRT has the edge over HNI on returns for 2026, with the stronger performance.