Credit and interest ratesmixed · 4 filings
“The increase was driven by higher average outstanding borrowings incurred to fund the acquisition of Steelcase.”10-Q · Aug 4, 2026 ↗
HNI Corporation
HNI
Market read
HNI Corporation's current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 41 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
What changed
- Revenue increased 120.7% versus the comparable filing period.
- Operating margin fell 4.0 percentage points.
Company+1.2% todayVolume comparison unavailable
Market group0 of 41 activeHomebuilding & Building Products · unavailable
Disclosed network0 of 2 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- HNI's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if HNI's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 41 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 120.7% versus the comparable filing period.
Evidence that challenges
- Operating margin fell 4.0 percentage points.
- Net margin fell 3.8 percentage points.
What would clarify the read
- HNI's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements98
Verified relationships2
Evidence supporting the case
- Latest annual revenue changed +12.4% year over year.
- Operating cash flow covered net income at 5.10x in the latest annual period.
Evidence challenging the case
- Operating margin changed -3.7 percentage points in the latest annual period.
- Net margin changed -3.6 percentage points in the latest annual period.
Questions before a position
- P/E is 164% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 117% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
46.886m+15.9%12m+4.5%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2022-01-01$2.2B+11.7%$1.36+2.3%
2022-12-31$2.4B+8.1%$2.94-4.1%
2023-12-30$2.4B+3.1%$1.09+7.6%
2024-12-28$2.5B+3.8%$2.88+6.8%
2026-01-03$2.8B+12.4%$1.11+0.8%
What management says matters
Persistent and emerging business drivers
Restructuring and cost reductionsmixed · 4 filings
“Gross Profit Gross profit as a percentage of net sales increased 110 basis points in the second quarter of 2026 compared to the same quarter last year, driven by 240 basis points of tariff refunds along with improved net productivity, which were partially off…”10-Q · Aug 4, 2026 ↗
Input and raw-material costsmixed · 2 filings
“The increase was driven by $8.3 million in charges associated with the pending acquisition of Steelcase and higher input costs, partially offset by higher net sales.”10-Q · Nov 5, 2025 ↗
Macroeconomic conditionsmixed · 2 filings
“The driver of the impairment was a reduction in the short-to mid-term financial forecast for this business as a result of softening market demand tied to macroeconomic conditions.”10-K · Mar 3, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 0.8× · EV/sales 1.2×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
46.88+1.2% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for HNI. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
The latest filing presents a mixed picture
10-Q filed 2026-08-04 against the comparable filing from 2025-07-29.
OperationsmixedEvidence score +1
liquidityneutralEvidence score 0
valuationmixed
Capital and cash conversion
Inventory built faster than revenue
Inventory growth exceeded revenue growth and inventory intensity increased.
- Stock compensation / revenue
- +0.7%
- Inventory intensity change
- +1.4 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 120.7% versus the comparable filing period.
What weakened
- Operating margin fell 4.0 percentage points.
- Net margin fell 3.8 percentage points.
Filing receipts
“This decrease was driven by impacts from the acquisition of Steelcase, including $86.1 million of purchase accounting with respect to inventory step-up and intangible amortization related to the preliminary valuation of Steelcase, $44.3 million of restructuring and impairment charges inclusive of restructuring amounts recorded to cost of sales, and lower net sales in the legacy HNI business, the effects of which were partially offset by net impact of tariffs and improved net productivity.”
“This decrease was driven by impacts from the acquisition of Steelcase, including $21.9 million of purchase accounting with respect to intangible amortization related to the preliminary valuation of Steelcase, $23.8 million of restructuring and impairment charges inclusive of restructuring amounts recorded to cost of sales, and higher variable compensation, the effects of which were partially offset by 150 basis points of favorable net tariff impacts and improved net productivity.”
“The decrease was driven by impacts from the acquisition of Steelcase, including $21.9 million of purchase accounting with respect to intangible amortization related to the preliminary valuation of Steelcase, $16.6 million of restructuring and impairment costs, and $1.9 million of acquisition and related costs, as well as lower net sales in the legacy HNI business, partially offset by 170 basis points of favorable net tariff impacts and improved net productivity.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind HNI
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
MLKNMillerKnoll, Inc.competitorMar 3, 2026 ▾
“These competitors include manufacturers such as MillerKnoll, Inc., Haworth, Inc., The Global Group, Krueger International, Inc., and Teknion Corporation, as well as global importers.”
JPMJPMorgan Chase & Co.lenderNov 5, 2025 ▾
“On August 3, 2025, the Corporation entered into a debt financing commitment letter (the "Commitment Letter") with JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and Wells Fargo Securities, LLC (the “Commitment Parties”), pursuant to which t…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
HNI is currently a Follower in the organic co-movement group Homebuilding & Building Products. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.