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HNI

NYSE:HNI
Snowflake Description

Established dividend payer and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HNI
NYSE
$2B
Market Cap
  1. Home
  2. US
  3. Commercial Services
Company description

HNI Corporation manufactures and sells office furniture and hearth products in the United States, Canada, China, Hong Kong, India, Mexico, Dubai, Singapore, and Taiwan. The last earnings update was 48 days ago. More info.


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HNI Share Price and Events
7 Day Returns
-1.3%
NYSE:HNI
0.5%
US Commercial Services
0.3%
US Market
1 Year Returns
-9%
NYSE:HNI
11.7%
US Commercial Services
0.7%
US Market
HNI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
HNI (HNI) -1.3% -2% -8.8% -9% -25.1% -8.7%
US Commercial Services 0.5% 3.8% 8.8% 11.7% 58.6% 74.9%
US Market 0.3% 0.4% 0.6% 0.7% 37.2% 37.4%
1 Year Return vs Industry and Market
  • HNI underperformed the Commercial Services industry which returned 11.7% over the past year.
  • HNI underperformed the Market in United States of America which returned 0.7% over the past year.
Price Volatility
HNI
Industry
5yr Volatility vs Market

Value

 Is HNI undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of HNI to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for HNI.

NYSE:HNI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:HNI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Commercial Services Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.685 (1 + (1- 21%) (24.79%))
0.879
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.88
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.879 * 5.96%)
7.97%

Discounted Cash Flow Calculation for NYSE:HNI using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for HNI is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:HNI DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.97%)
2019 127.08 Analyst x3 117.70
2020 138.23 Analyst x3 118.58
2021 135.90 Analyst x1 107.98
2022 142.90 Analyst x1 105.16
2023 153.00 Analyst x1 104.28
2024 158.11 Est @ 3.34% 99.81
2025 163.10 Est @ 3.16% 95.37
2026 168.04 Est @ 3.03% 91.00
2027 172.98 Est @ 2.94% 86.77
2028 177.96 Est @ 2.88% 82.67
Present value of next 10 years cash flows $1,009.33
NYSE:HNI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $177.96 × (1 + 2.73%) ÷ (7.97% – 2.73%)
$3,490.21
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $3,490.21 ÷ (1 + 7.97%)10
$1,621.44
NYSE:HNI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,009.33 + $1,621.44
$2,630.77
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $2,630.77 / 43.34
$60.7
NYSE:HNI Discount to Share Price
Calculation Result
Value per share (USD) From above. $60.70
Current discount Discount to share price of $35.16
= -1 x ($35.16 - $60.70) / $60.70
42.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price HNI is available for.
Intrinsic value
42%
Share price is $35.16 vs Future cash flow value of $60.7
Current Discount Checks
For HNI to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • HNI's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • HNI's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for HNI's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are HNI's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:HNI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-30) in USD $2.10
NYSE:HNI Share Price ** NYSE (2019-06-17) in USD $35.16
United States of America Commercial Services Industry PE Ratio Median Figure of 46 Publicly-Listed Commercial Services Companies 25.09x
United States of America Market PE Ratio Median Figure of 3,093 Publicly-Listed Companies 17.68x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of HNI.

NYSE:HNI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:HNI Share Price ÷ EPS (both in USD)

= 35.16 ÷ 2.10

16.71x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • HNI is good value based on earnings compared to the US Commercial Services industry average.
  • HNI is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does HNI's expected growth come at a high price?
Raw Data
NYSE:HNI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.71x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
10%per year
United States of America Commercial Services Industry PEG Ratio Median Figure of 34 Publicly-Listed Commercial Services Companies 1.71x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NYSE:HNI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.71x ÷ 10%

1.67x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • HNI is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on HNI's assets?
Raw Data
NYSE:HNI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-30) in USD $12.57
NYSE:HNI Share Price * NYSE (2019-06-17) in USD $35.16
United States of America Commercial Services Industry PB Ratio Median Figure of 87 Publicly-Listed Commercial Services Companies 1.88x
United States of America Market PB Ratio Median Figure of 5,245 Publicly-Listed Companies 1.79x
NYSE:HNI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:HNI Share Price ÷ Book Value per Share (both in USD)

= 35.16 ÷ 12.57

2.8x

* Primary Listing of HNI.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • HNI is overvalued based on assets compared to the US Commercial Services industry average.
X
Value checks
We assess HNI's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Commercial Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Commercial Services industry average (and greater than 0)? (1 check)
  5. HNI has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is HNI expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is HNI expected to grow at an attractive rate?
  • HNI's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • HNI's earnings growth is positive but not above the United States of America market average.
  • HNI's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:HNI Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:HNI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 10%
NYSE:HNI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 2.5%
United States of America Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 15.3%
United States of America Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 5.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.8%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:HNI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:HNI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 2,533 233 160 1
2022-12-31 2,482 223 150 1
2021-12-31 2,432 214 139 1
2020-12-31 2,391 211 133 3
2019-12-31 2,313 198 112 3
NYSE:HNI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-30 2,232 189 92
2018-12-29 2,258 186 93
2018-09-29 2,244 191 95
2018-06-30 2,232 190 92
2018-03-31 2,203 134 87
2017-12-30 2,176 133 90
2017-09-30 2,173 167 67
2017-07-01 2,158 164 63
2017-04-01 2,180 212 79
2016-12-31 2,203 223 86
2016-10-01 2,219 229 107
2016-07-02 2,250 237 114
2016-04-02 2,282 202 109

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • HNI's earnings are expected to grow by 10% yearly, however this is not considered high growth (20% yearly).
  • HNI's revenue is expected to grow by 2.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:HNI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from HNI Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:HNI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 3.62 3.62 3.62 1.00
2022-12-31 3.39 3.39 3.39 1.00
2021-12-31 3.16 3.16 3.16 1.00
2020-12-31 3.03 3.09 2.96 2.00
2019-12-31 2.55 2.64 2.46 2.00
NYSE:HNI Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-30 2.10
2018-12-29 2.14
2018-09-29 2.18
2018-06-30 2.12
2018-03-31 2.00
2017-12-30 2.05
2017-09-30 1.52
2017-07-01 1.43
2017-04-01 1.77
2016-12-31 1.93
2016-10-01 2.41
2016-07-02 2.57
2016-04-02 2.46

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • HNI is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess HNI's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
HNI has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has HNI performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare HNI's growth in the last year to its industry (Commercial Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • HNI's year on year earnings growth rate has been positive over the past 5 years.
  • HNI's 1-year earnings growth exceeds its 5-year average (5% vs 4.5%)
  • HNI's earnings growth has not exceeded the US Commercial Services industry average in the past year (5% vs 5%).
Earnings and Revenue History
HNI's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from HNI Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:HNI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-30 2,232.28 91.89 627.72 33.42
2018-12-29 2,257.90 93.38 634.00 33.42
2018-09-29 2,244.08 94.85 644.94 31.85
2018-06-30 2,232.41 92.22 636.44 31.85
2018-03-31 2,203.28 87.47 629.10 31.85
2017-12-30 2,175.88 89.80 623.61 31.85
2017-09-30 2,172.89 66.85 613.56 28.09
2017-07-01 2,158.07 63.39 616.32 28.09
2017-04-01 2,180.12 78.57 620.92 28.09
2016-12-31 2,203.49 85.58 625.48 28.09
2016-10-01 2,219.07 106.92 620.32 31.10
2016-07-02 2,250.29 113.95 622.11 31.10
2016-04-02 2,281.98 108.80 623.77 31.10
2016-01-02 2,304.42 105.44 627.41 31.10
2015-10-03 2,354.21 80.29 646.48 29.70
2015-07-04 2,353.05 73.03 642.89 29.70
2015-04-04 2,293.97 58.85 632.35 29.70
2015-01-03 2,222.70 61.47 608.86 29.70
2014-09-27 2,117.30 77.15 584.02 27.30
2014-06-28 2,068.31 71.66 572.07 27.30
2014-03-29 2,069.87 73.37 569.23 27.30
2013-12-28 2,059.96 63.68 568.91 27.30
2013-09-28 2,046.24 58.52 570.09 26.90
2013-06-29 2,031.39 54.91 565.98 26.90
2013-03-30 2,001.09 50.52 564.42 26.90
2012-12-29 2,004.00 48.97 563.86 26.90
2012-09-29 1,976.74 49.51 562.25 23.10
2012-06-30 1,930.10 49.97 550.14 23.10

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • HNI has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • HNI used its assets more efficiently than the US Commercial Services industry average last year based on Return on Assets.
  • HNI's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess HNI's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Commercial Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
HNI has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is HNI's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up HNI's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • HNI is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • HNI's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of HNI's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from HNI Company Filings, last reported 2 months ago.

NYSE:HNI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-30 545.25 377.76 49.58
2018-12-29 563.26 250.03 78.15
2018-09-29 553.07 250.05 45.62
2018-06-30 525.29 296.83 33.33
2018-03-31 514.24 328.96 30.64
2017-12-30 514.58 276.65 25.36
2017-09-30 495.88 312.27 24.11
2017-07-01 494.35 333.32 29.40
2017-04-01 501.46 291.67 30.39
2016-12-31 501.01 214.02 38.56
2016-10-01 524.34 236.89 34.74
2016-07-02 505.89 276.24 31.24
2016-04-02 488.57 300.29 43.52
2016-01-02 477.30 190.48 32.80
2015-10-03 455.81 257.24 30.97
2015-07-04 435.14 304.34 38.69
2015-04-04 427.58 272.68 26.62
2015-01-03 414.50 197.90 37.20
2014-09-27 439.55 167.33 35.33
2014-06-28 437.00 185.81 32.13
2014-03-29 442.86 189.33 52.94
2013-12-28 436.42 150.68 72.28
2013-09-28 431.75 159.12 44.14
2013-06-29 418.87 219.46 41.00
2013-03-30 422.00 199.50 38.16
2012-12-29 420.66 154.93 49.03
2012-09-29 420.68 194.30 56.52
2012-06-30 408.81 210.80 62.31
  • HNI's level of debt (54.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (42.7% vs 54.4% today).
  • Debt is well covered by operating cash flow (63.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 15.4x coverage).
X
Financial health checks
We assess HNI's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. HNI has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is HNI's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.47%
Current annual income from HNI dividends. Estimated to be 3.78% next year.
If you bought $2,000 of HNI shares you are expected to receive $69 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • HNI's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • HNI's dividend is below the markets top 25% of dividend payers in United States of America (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:HNI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 1.6%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:HNI Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.45 1.00
2022-12-31 1.39 1.00
2021-12-31 1.33 1.00
2020-12-31 1.27 1.00
2019-12-31 1.21 1.00
NYSE:HNI Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-07 1.220 3.450
2019-02-13 1.180 3.133
2018-11-07 1.180 3.147
2018-08-07 1.180 2.835
2018-05-08 1.180 3.061
2018-02-14 1.140 3.099
2017-11-09 1.140 3.138
2017-08-08 1.140 3.036
2017-05-09 1.140 2.826
2017-02-15 1.100 2.389
2016-11-10 1.100 2.126
2016-08-09 1.100 2.438
2016-05-10 1.100 2.327
2016-02-17 1.060 2.766
2015-11-12 1.060 2.956
2015-08-04 1.060 2.333
2015-05-05 1.060 2.112
2015-02-18 1.000 1.898
2014-11-06 1.000 2.027
2014-08-05 1.000 2.593
2014-05-06 1.000 2.683
2014-02-12 0.960 2.725
2013-11-07 0.960 2.572
2013-08-06 0.960 2.646
2013-05-07 0.960 2.581
2013-02-13 0.960 2.888
2012-11-08 0.960 3.219
2012-08-07 0.960 3.526
2012-05-08 0.960 3.910
2012-02-15 0.920 3.551
2011-11-10 0.920 3.589
2011-08-09 0.920 4.647
2011-05-10 0.920 3.932
2011-02-16 0.920 3.075
2010-11-11 0.860 2.863
2010-08-10 0.860 3.276
2010-05-11 0.860 3.069
2010-02-17 0.860 3.175
2009-11-18 0.860 3.232
2009-08-19 0.860 3.598

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of HNI's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.4x coverage).
X
Income/ dividend checks
We assess HNI's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can HNI afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. HNI has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of HNI's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jeff Lorenger
COMPENSATION $2,720,377
AGE 52
TENURE AS CEO 1 years
CEO Bio

Mr. Jeffrey D. Lorenger, also known as Jeff, has been President of HNI Corporation since April 20, 2018 and also has been its Director since 2018. He has been Chief Executive Officer of HNI Corporation since June 28, 2018. He was President of Office Furniture at HNI Corporation since June 7, 2017 until April 20, 2018. Mr. Lorenger served as President of HNI Contract Furniture Group at HNI Corp. since 2014. Mr. Lorenger served as an Executive Vice President of HNI Corp. since 2010. He joined HNI Corporation in 1998 and has since held multiple executive level positions, including Vice President of Sales and Marketing for The HON Company. He served as President of Allsteel, Inc. from November 2008 to 2015. He served as Vice President, General Counsel and Secretary of HNI Corp. since 2005. He served as Vice President of Seating of Allsteel Inc. from 2003 to 2005 and its Vice President of Marketing from 2001 to 2003. Mr. Lorenger holds a Bachelor of Business Administration, MBA and Juris Doctorate degrees from the University of Iowa.

CEO Compensation
  • Jeff's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Jeff's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the HNI management team in years:

3
Average Tenure
47
Average Age
  • The tenure for the HNI management team is about average.
Management Team

Jeff Lorenger

TITLE
President
COMPENSATION
$3M
AGE
52
TENURE
1 yrs

Marshall Bridges

TITLE
Senior VP & CFO
COMPENSATION
$1M
AGE
48
TENURE
2.4 yrs

Kurt Tjaden

TITLE
Senior Vice President
COMPENSATION
$1M
AGE
54
TENURE
10.8 yrs

Vincent Berger

TITLE
Executive Vice President
COMPENSATION
$1M
AGE
45
TENURE
1.3 yrs

Brandon Sieben

TITLE
President of Allsteel
COMPENSATION
$998K
AGE
46
TENURE
3.7 yrs

Jack Herring

TITLE
Director of Finance & Investor Relations and Treasurer

Steven Bradford

TITLE
Senior VP
AGE
60
TENURE
11.4 yrs

Woody Brooks

TITLE
President of maxon

Julie Abramowski

TITLE
VP & Corporate Controller
AGE
42
TENURE
4.4 yrs

Brandon Bullock

TITLE
President of The HON Company
AGE
40
TENURE
1.4 yrs
Board of Directors Tenure

Average tenure and age of the HNI board of directors in years:

13.7
Average Tenure
61
Average Age
  • The average tenure for the HNI board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Larry Porcellato

TITLE
Chairman
COMPENSATION
$197K
AGE
60
TENURE
0.4 yrs

Jeff Lorenger

TITLE
President
COMPENSATION
$3M
AGE
52
TENURE
1.4 yrs

Brian Stern

TITLE
Independent Director
COMPENSATION
$187K
AGE
70
TENURE
21.4 yrs

Cheryl Francis

TITLE
Independent Director
COMPENSATION
$192K
AGE
64
TENURE
20.1 yrs

Ronald Waters

TITLE
Independent Director
COMPENSATION
$193K
AGE
66
TENURE
16.6 yrs

Abbie Smith

TITLE
Independent Director
COMPENSATION
$177K
AGE
65
TENURE
18.9 yrs

Miguel Calado

TITLE
Independent Director
COMPENSATION
$177K
AGE
62
TENURE
14.8 yrs

Mary Bell

TITLE
Independent Director
COMPENSATION
$177K
AGE
57
TENURE
12.6 yrs

Mary K. Jones

TITLE
Independent Director
COMPENSATION
$177K
AGE
50
TENURE
3.3 yrs

John Hartnett

TITLE
Independent Director
COMPENSATION
$177K
AGE
58
TENURE
2.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess HNI's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. HNI has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Imagine Owning HNI (NYSE:HNI) And Wondering If The 23% Share Price Slide Is Justified

But its virtually certain that sometimes you will buy stocks that fall short of the market average returns. … Unfortunately, that's been the case for longer term HNI Corporation (NYSE:HNI) shareholders, since the share price is down 23% in the last three years, falling well short of the market return of around 47%. … When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return.

Simply Wall St -

Brief Commentary On HNI Corporation's (NYSE:HNI) Fundamentals

Established dividend payer and good value HNI's share price is trading at below its true value, meaning that the market sentiment for the stock is currently bearish. … Investors have the opportunity to buy into the stock to reap capital gains, if HNI's projected earnings trajectory does follow analyst consensus growth, which determines my intrinsic value of the company. … NYSE:HNI Intrinsic value, June 5th 2019 Income investors would also be happy to know that HNI is a great dividend company, with a current yield standing at 3.5%.

Simply Wall St -

HNI Corporation (NYSE:HNI): What We Can Expect From This Growth Stock

Based on HNI Corporation's (NYSE:HNI) earnings update on 30 March 2019, it seems that analyst forecasts are fairly optimistic, as a 32% increase in profits is expected in the upcoming year, compared with the past 5-year average growth rate of 4.5%. … To reduce the year-on-year volatility of analyst earnings forecast, I've inserted a line of best fit through the expected earnings figures to determine the annual growth rate from the slope of the line. … NYSE:HNI Past and Future Earnings, May 28th 2019 This results in an annual growth rate of 9.4% based on the most recent earnings level of US$93m to the final forecast of US$144m by 2022.

Simply Wall St -

HNI Corporation's (NYSE:HNI) Earnings Grew 5.0%, Did It Beat Long-Term Trend?

See our latest analysis for HNI How Did HNI's Recent Performance Stack Up Against Its Past? … Though HNI's past data is helpful, it is only one aspect of my investment thesis. … I suggest you continue to research HNI to get a more holistic view of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for HNI’s future growth?

Simply Wall St -

Is HNI Corporation (NYSE:HNI) Potentially Undervalued?

saw significant share price movement during recent months on the NYSE, rising to highs of $41.86 and falling to the lows of $35.53. … Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price? … Let’s take a look at HNI’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

What To Know Before Buying HNI Corporation (NYSE:HNI) For Its Dividend

Is HNI Corporation (NYSE:HNI) a good dividend stock? How would you know? A dividend paying company with growing earnings can be rewarding in the long term.. … Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments.. … Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1

Simply Wall St -

Does HNI Corporation's (NYSE:HNI) Stock Price Account For Its Growth?

Looking at HNI Corporation’s (NYSE:HNI) fundamentals some investors are wondering if its last closing price of $37.09 represents a good value for money for this high growth stock. … Let’s take a look at some key metrics to determine whether there's any value here for current and potential future investors. … According to the analysts covering the company, the following few years should bring about good growth prospects for HNI

Simply Wall St -

Do Directors Own HNI Corporation (NYSE:HNI) Shares?

Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … It has a market capitalization of US$1.6b, which means it would generally expect to see some institutions on the share registry. … institutions are noticeable on the share registry.

Simply Wall St -

What Are Analysts Saying About HNI Corporation's (NYSE:HNI) Long Term Outlook?

The latest earnings update HNI Corporation (NYSE:HNI) released in December 2018a … revealed … business

Simply Wall St -

Before Investing In HNI Corporation (NYSE:HNI), Consider This

Today we will examine HNI’s ability to generate cash flows, as well as the level of capital expenditure it is expected to incur over the next couple of years, which will result in how much money goes to you. … HNI’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure. … I will be analysing HNI’s FCF by looking at its FCF yield and its operating cash flow growth.

Simply Wall St -

Company Info

Description

HNI Corporation manufactures and sells office furniture and hearth products in the United States, Canada, China, Hong Kong, India, Mexico, Dubai, Singapore, and Taiwan. Its Office Furniture segment offers a range of commercial and home office furniture, which include storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions and panel systems, and other related products under the HON, Allsteel, Maxon, Gunlocke, HBF, OFM, Lamex, and HNI India brands. This segment sells its products through independent dealers, wholesalers, and office product distributors, as well as directly to end-user customers; and federal, state, and local governments. The company’s Hearth Products segment provides various gas, electric, wood, and biomass burning fireplaces; inserts; stoves; facings; and accessories primarily for home use under the Heatilator, Heat & Glo, Majestic, Monessen, Quadra-Fire, Harman, Vermont Castings, Stellar Hearth, and PelPro brands. This segment markets its products through independent dealers and distributors, and corporation-owned distribution and retail outlets. HNI Corporation was incorporated in 1944 and is headquartered in Muscatine, Iowa.

Details
Name: HNI Corporation
HNI
Exchange: NYSE
Founded: 1944
$1,523,800,646
43,339,040
Website: http://www.hnicorp.com
Address: HNI Corporation
600 East Second Street,
PO Box 1109,
Muscatine,
Iowa, 52761,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE HNI Common Stock New York Stock Exchange US USD 02. Jan 1980
DB HO9 Common Stock Deutsche Boerse AG DE EUR 02. Jan 1980
Number of employees
Current staff
Staff numbers
8,700
HNI employees.
Industry
Office Services and Supplies
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/17 23:56
End of day share price update: 2019/06/17 00:00
Last estimates confirmation: 2019/05/31
Last earnings filing: 2019/04/30
Last earnings reported: 2019/03/30
Last annual earnings reported: 2018/12/29


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.