Hni Corp

Consumer Discretionary
Office Equipment/Supplies/Services
www.hnicorp.com

Earnings Score
Moat Score
Safety Score

Market Cap $2.05B
PE 15
Debt $394.90M
Cash $22.50M
EV $2.42B
FCF $173.80M

Earnings

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Sales & Net Margins

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Earnings	$139.50M
EBIT	$206.50M
ROE	17%
ROA	11%
FCF	$173.80M
Equity	$840.40M
Growth Stability	43%
PE	14.67
PEG	2
PB	2.43
P/FCF	11.77
P/S	0.81
Price/Cash	0.01
Debt/Equity	0.47
Debt/FCF	2.27
Net Margins	6%
Gross Margins	41%
Op. Margins	8%
Earnings CAGR	-1%
Sales Growth YoY	-5%
Sales Growth QoQ	-4%
Sales CAGR	1%
FCF CAGR	3%
Equity CAGR	6%
Earnings Stability	0
Earnings Growth YoY	69%
Earnings Growth QoQ	-19%
Earnings CAGR 5Y	7%

Sales CAGR 5Y	5%
FCF CAGR 5Y	0%
Equity CAGR 5Y	9%
Earnings CAGR 3Y	4%
Sales CAGR 3Y	4%
FCF CAGR 3Y	325%
Equity CAGR 3Y	17%
Market Cap	$2.05B
Revenue	$2.53B
Dividend Yield	3%
Payout Ratio	46%
Assets	$1.88B
Total Debt	$394.90M
Cash	$22.50M
Shares Outstanding	47.2M
EV	2.42B
Earnings Score	6%
Moat Score	89%
Safety Score	66%
Final Score	54%
Working Capital	47M
Current Ratio	1.1
Gross Profit	$1.03B
Shares Growth 3y	6%
Equity Growth QoQ	-1%
Equity Growth YoY	10%

Assets & ROA

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Stockholders Equity & ROE

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HNI Corp is a provider of office furniture and hearth products. The company generates the bulk of its revenue from its workplace furnishing, which consists of panel-based and freestanding furniture systems, seating, storage, tables, and architectural products. These products are sold primarily through a national system of dealers, wholesalers, and office product distributors but also directly to end-user customers and federal, state, and local governments. Residential building products include a full array of gas, wood, electric, and pellet-fueled fireplaces, inserts, stoves, facings, and accessories. The company has operations in the United States, Canada, mainland China, Hong Kong, India, Singapore and Taiwan.

SEC Filings

Direct access to Hni Corp (HNI) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Dec 28
- 10-Q Sep 28
- 10-Q Jun 29
- 10-Q Mar 30
2023
- 10-K Dec 30
- 10-Q Sep 30
- 10-Q Jul 01
- 10-Q Apr 01
2022
- 10-K Dec 31
- 10-Q Oct 01
- 10-Q Jul 02
- 10-Q Apr 02
- 10-K Jan 01

Sector Comparison

How does Hni Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Hni Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -1%

Stability 0%

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Hni Corp Discounted Cash Flow

Fully customizable DCF calculator online for Hni Corp.

Years

Calculation mode

= $2.2B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$174M	$179M	$185M	$191M	$197M	$204M	$210M	$217M	$224M	$231M	$239M	$2.4B
DCF		$163M	$153M	$144M	$135M	$126M	$119M	$111M	$105M	$98M	$92M	$921M
Value	$2.2B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	01/2016	12/2016	12/2017	12/2018	12/2019	01/2021	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	5%	4%	4%	4%	5%	2%	3%	5%	2%	6%	6%
ROA	-	10%	6%	9%	10%	4%	6%	11%	5%	11%	11%
ROE	-	17%	17%	17%	19%	7%	10%	20%	6%	17%	17%

Bad Net Margins (5.52%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	01/2016	12/2016	12/2017	12/2018	12/2019	01/2021	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	2.39	54.41	2.04	1.15	1.02	2.78	14.95	2.35	2.27	2.27
Debt over Equity	0.41	0.5	0.61	0.45	0.3	0.3	0.31	0.31	0.58	0.47	0.47
Growth Stability	-	-	-	100%	100%	43%	73%	100%	65%	100%	43%

Neutral Debt/FCF ratio (2.27)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.47)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (43%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	01/2016	12/2016	12/2017	12/2018	12/2019	01/2021	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	-4%	-1%	4%	-0%	-13%	12%	8%	3%	4%	5%
Earnings YoY growth	-	-19%	5%	4%	18%	-62%	43%	107%	-60%	184%	7%
Equity YoY growth	-	5%	3%	9%	4%	1%	-0%	5%	24%	10%	9%
FCF YoY growth	-	14%	-94%	2K%	24%	13%	-62%	-80%	1K%	-8%	0%