HNI Corporation (HNI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-41.1%

$29.63

vs $50.34 price

Levered DCF

$39.43

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.96

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	37.68×	17.3×	37.68×	9.57×	30.47×	35.16×	14.63×	16.56×
P/B	1.11×	2.87×	2.44×	1.92×	3.1×	2.49×	2.76×	2.75×
P/S	0.72×	0.95×	0.76×	0.5×	0.84×	0.75×	0.72×	0.68×
EV / EBITDA	14.86×	9.19×	13.02×	6.13×	12.22×	11.6×	7.91×	8.49×
Gross margin	40.4%	39.9%	39.0%	34.4%	33.3%	35.6%	36.0%	35.9%
Operating margin	8.5%	8.6%	7.3%	5.1%	4.2%	5.1%	6.8%	6.4%
Net margin	1.9%	5.5%	2.0%	5.2%	2.7%	2.1%	4.9%	4.1%
Current ratio	1.24×	1.1×	1.16×	1.19×	1.03×	1.13×	1.1×	1.22×
Debt / equity	0.89×	0.59×	0.76×	0.49×	0.47×	0.43×	0.44×	0.44×
Interest coverage	6.85×	7.97×	6.95×	13.67×	12.74×	14.37×	17.82×	14.35×
Dividend yield	3.1%	2.6%	3.1%	4.5%	2.9%	3.5%	3.2%	3.3%
Payout ratio	116.4%	45.6%	118.9%	42.9%	89.9%	124.3%	47.3%	54.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.0%	16.6%	6.5%	20.1%	10.1%	7.1%	18.9%	16.6%
Return on invested capital	3.7%	11.4%	9.0%	9.7%	6.9%	7.7%	11.9%	11.7%
Return on assets	1.1%	7.4%	2.6%	8.8%	4.0%	3.0%	7.6%	6.7%
Free cash flow yield	10.3%	7.3%	10.2%	1.8%	4.3%	12.4%	9.8%	8.5%
Earnings yield	2.7%	5.8%	2.6%	10.5%	3.3%	2.8%	6.8%	6.0%
Enterprise value	$3.5B	$2.9B	$2.4B	$1.5B	$2B	$1.6B	$1.8B	$1.7B
Net debt / EBITDA	6.11×	1.51×	2.96×	1.18×	1.33×	1×	0.89×	0.86×
Cash conversion cycle (days)	-43	37	38	37	27	23	28	25