Is the business good?
How good a business is HNI?
HNI Corporation earns 1.6% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
1.6%
Return on invested capital · cost of capital 9.0% · 7.4 points below what the capital costs: growth destroys value
- Operating margin
- 1.8%
Operating margin · Furnishings, Fixtures & Appliances median 5.7% · 12 months to Q1 2026
- Cash conversion
- 3.29×
Cash conversion · 1.37× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- +49%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 3.1% |
| FY2021 | 3.9% |
| FY2022 | 6.6% |
| FY2023 | 3.7% |
| FY2024 | 8.2% |
| FY2025 | 4.4% |
Details›
- Gross margin12 months to Q1 2026
- 40%
- Operating margin12 months to Q1 2026
- 1.8%
- Net margin12 months to Q1 2026
- 0.04%
- Free cash flow margin
- 0.13%
- Revenue, trailing twelve months
- $3.59B
- Free cash flow, trailing twelve months
- $4.6M
- Net income, trailing twelve months
- $1.4M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 1.6%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Furnishings, Fixtures & Appliances
Ranks #10 of 11 by Smart Score