HNI Corp (HNI) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of HNI Corp stock $13.39, price $47.26, that is 71.7% below the price, quality 32 out of 100. Rating: strongly overvalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $22.21 – $54.32 · fair‑value band $10.04 – $16.74 · the $47.26 price screens above the $13.39 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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HNI Corporation, together with its subsidiaries, engages in the manufacture, sale, and marketing of workplace furnishings and residential building products primarily in the United States and Canada. It operates through two segments, Workplace Furnishings and Residential Building Products.
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The Workplace Furnishings segment offers panel-based and freestanding office furniture systems, seating, storage, benching, tables, architectural products, storage, and ancillary and hospitality products, as well as social collaborative items.
This segment sells its products through independent dealers, wholesalers, office product distributors, e-commerce focused resellers, and wholesalers, as well as directly to end-user customers and governments.
The Residential Building Products segment provides various gas, wood, electric, and pellet-fueled prefabricated fireplaces; and inserts, hearth stoves, facings, outdoor fire pits and fire tables, and accessories. This segment sells its products primarily for home use.
It serves its products under the Allsteel, AMQ, Beyond, Coalesse, D'style, David Edward, Designtex, Gunlocke, HALCON, HBF, HBF Textiles, HON, Interwoven, Kimball, Kimball Hospitality, National, Orangebox, Smith System, Steelcase, Viccarbe brand names through independent dealers and distributors, and corporation-owned distribution and retail outlets.
The company was incorporated in 1944 and is headquartered in Muscatine, Iowa.
Stock analysis
HNI Corp (HNI) currently trades at $47.26, while our model-based Fair Value estimate is $13.39, 72% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $31.03 per share, and 0 of the 25 models we run sit above the $47.26 price.
Bear case: the Dividend Discount group reads lowest at $11.55, and 25 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: $10.04 (bear) to $16.74 (bull), the price of $47.26 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 32/100 (below-average quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
HNI Corp reported revenue of $2.8B in FY2025 versus $2.2B in FY2021, a compound +6.8%/yr. Reported net income was $54.2M in FY2025, compounding −2.4%/yr from FY2021.
Key figures
Market cap $3.4B Mid · P/E ratio 157.5 · P/S ratio 0.64 · EPS (TTM) $0.3000 · Dividend yield 0.7% · Net margin 1.0% · Return on equity 3.9% · Return on assets (EBIT) 8.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 34 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 65% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −24% fair-value upside, at −72%, HNI screens richer than that median.
Fair Value models
Bear$10.04Fair Value $13.39Bull$16.74
Price $47.26 · Downside -71.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF$18.45$31.75$49.6779
Growth DCF$19.32$31.65$47.5777
Residual Income$18.03$17.84$18.2276
All 25 models by family
DCF Models
FCF DCF$18.45$31.75$49.6779
Owner Earnings$6.15$14.53$25.8273
5Y Revenue Exit$15.42$29.96$47.7171
5Y EBITDA Exit$23.24$43.79$66.6074
5Y P/E Exit$4.25$10.21$15.9368
10Y Revenue Exit$15.48$28.41$44.1165
10Y EBITDA Exit$21.05$37.49$57.4467
10Y P/E Exit$9.51$15.44$21.6763
Earnings-Based
Graham-Dodd$5.10$11.57$14.8265
PEG = 1.0$1.91$2.73$3.5557
EPV$10.71$14.70$18.1374
Dividend Discount
Gordon GGM$7.61$12.16$17.0968
DDM Multi-Stage$7.61$10.94$14.4767
Multiples
P/E Multiple$11.81$15.75$19.6963
P/S Multiple$9.56$12.75$15.9458
P/B Multiple$6.21$8.28$10.3555
EV/EBIT$22.76$36.91$51.0664
EV/EBITDA$27.22$42.86$58.4966
EV/Revenue$10.61$23.59$36.5851
Asset-Based
NCAV (Graham)$0.9200$1.23$1.8454
Growth DCF
Growth DCF$19.32$31.65$47.5777
Rev-Margin DCF$15.42$30.40$46.3871
Economic Profit
Residual Income$18.03$17.84$18.2276
ROIC Compounder$10.71$14.70$18.1372
Growth Earnings
Growth-Adj P/E$8.85$12.65$16.4467
The fair value above starts from this blend and is adjusted for dilution from new shares.
In the last 6 months, one officer or director sold shares worth $4.6M and none bought.
SaleJeffrey D LorengerPresident & CEO, Director4× since Aug 3, 2026: 95,138 shares, avg. $48.86$4.6MAug 28, 202610b5-1 plan
SaleBrian Scott SmithPresident, Hearth & Home Tech2,000 shares at $52.20$104,400Feb 9, 202610b5-1 plan
Plus 15 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.70/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+12.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.7%
Start year 2020 (pandemic). Over 10 years: +2.1% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+16.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.0%
Dividend (yield on the price)0.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−4.0% vs −5.2%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5% → 9%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes about as much growth as the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+10.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+19.3%
Yearly sales growth analysts expect, extended to five years.
The revenue jump in 2026 (+110.7%) comes with 48% more shares (acquisition or merger paid in stock). Per share it is about +42.6%. The comparison above is unreliable in such a year.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +7.8% a year for the price and +16.5% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (93 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: The business gains from revenue doubling via Steelcase integration and rising order momentum yet shows persistently low ROE and margins with thin evidence of durable advantages.
Main risk: Risks of integration execution and cyclical demand in residential products could undermine cost savings and market share gains, hitting margins and revenue stability.
HNI more than doubled its revenue in the most recent quarter through the Steelcase integration, with order momentum building and full-year guidance raised on the back of expected synergies. Our models still see the stock as overvalued despite those tailwinds. Will the cost savings and market share gains in residential products outweigh the risks of integration execution and cyclical demand, or will they fall short?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Furnishings, Fixtures & Appliances · 297 stocks
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Cite: Fair Value Calculator (2026). "HNI Corp Fair Value". https://www.fairvalue-calculator.com/stock/HNI
Frequently asked questions
Is HNI Corp (HNI) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $13.39 versus a price of $47.26, about 72% lower (overvalued).
What is the fair value of HNI?
Our model-based fair value for HNI Corp is $13.39 (as of Nov 6, 2026), built from audited fundamentals. The current price: $47.26.
What is the quality score of HNI?
HNI Corp has a Quality Score of 32/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for HNI Corp (HNI)?
Our model-based price target is the fair value of $13.39 (as of Nov 6, 2026) from 25 valuation models. Cautious scenario $10.04, optimistic scenario $16.74. It is a calculation from audited fundamentals, not an analyst target.
What is the HNI Corp stock forecast for 2026?
Our models put fair value at $13.39, about 72% lower versus a price of $47.26 (overvalued). Cautious scenario $10.04, optimistic scenario $16.74. The calculation is refreshed regularly with new filings.
What is the revenue of HNI Corp (HNI)?
HNI Corp reported trailing-twelve-month revenue of about $5.3B (latest available figure, as of Nov 6, 2026).
Does HNI Corp pay a dividend?
HNI Corp currently shows a dividend yield of 0.72% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of HNI Corp (HNI) and when is the ex-dividend date?
HNI Corp pays a dividend of $0.34 per share a year, a dividend yield of 0.7%. The last ex-dividend date was Aug 28, 2026. A dividend has been paid every year since at least 1985. The payout ratio is 113% of earnings. Free cash flow covers the dividend 8.56 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into HNI Corp (HNI)?
For today's price to be fair in a discounted-cash-flow model, HNI Corp would have to grow free cash flow by +10.4 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.7 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of HNI use?
Our models discount HNI Corp at 9.6 %: a base by market capitalisation (mid), damped by beta 0.94, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For HNI Corp that is +10.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has HNI Corp (HNI) delivered so far?
Over the past 5 years revenue at HNI Corp grew +7.7 % a year. The price currently implies free-cash-flow growth of +10.4 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of HNI Corp (HNI) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into HNI Corp (+10.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of HNI Corp (HNI)?
The free-cash-flow yield on the price is 6.17 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow HNI Corp produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of HNI Corp (HNI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HNI Corp it is $13.39 per share (as of Nov 6, 2026), against a price of $47.26. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is HNI Corp stock overvalued or undervalued in 2026?
As of Nov 6, 2026, HNI trades above its calculated fair value: price $47.26, fair value $13.39, a gap of about −72% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HNI?
No. The price is what the market pays today ($47.26); the fair value is what the company's own numbers justify ($13.39). For HNI Corp the two are $33.87 per share apart. That gap is exactly why we show both numbers side by side.
How much is HNI Corp worth?
The market values HNI Corp at about $3.4B (market capitalisation, as of Nov 6, 2026). Per share that is $47.26; our models calculate a fair value of $13.39 per share.
What do the bullish and bearish scenarios say about HNI?
Our models span a range for HNI Corp: cautious scenario $10.04, base $13.39, optimistic $16.74 per share (as of Nov 6, 2026, price $47.26). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HNI?
HNI Corp trades at a price-to-earnings ratio of 157.5 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $13.39 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 24.5. Other multiples: PEG 0.7, P/B 1.9, P/S 0.6, EV/EBITDA 8.4.
What is the PEG ratio of HNI?
The PEG ratio of HNI Corp is 0.70 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of HNI Corp (HNI)?
Balance-sheet figures for HNI Corp (as of Nov 6, 2026): return on equity 3.9%, debt of 0.70 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is HNI from its 52-week high?
HNI Corp trades at $47.26, about 8% below its 52-week high of $51.22 and 65% above the low of $28.73 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $13.39 is for.
Which stocks are comparable to HNI Corp?
From the same area (Consumer Cyclical) we also value Midea Group, Gree Electric Appliances, Inc, SharkNinja, Inc, Haier Smart Home Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is HNI Corp stock attractive at the current price?
The data as of Nov 6, 2026: price $47.26, calculated fair value $13.39 (−72%), Quality Score 32/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HNI calculated?
We run HNI Corp through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $13.39 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. HNI Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of HNI Corp (HNI)?
The closing price on Nov 6, 2026 was $47.26. Our model-based fair value is $13.39, about 72% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HNI Corp right now?
The price sits above even our optimistic bull case ($16.74). The favourable scenario is already priced in. Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of HNI Corp (HNI) come from?
Earnings per share at HNI Corp grew −0.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.1 %, EBIT margin +0.7 %, tax rate +1.3 %, residual (interest, one-offs) −3.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of HNI Corp
How large is the market capitalisation of HNI Corp (HNI)?
The market capitalisation of HNI Corp is $3.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of HNI Corp (HNI)?
The price-to-sales ratio of HNI Corp is 0.64 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of HNI Corp (HNI)?
Earnings per share at HNI Corp are $0.3000 (price ÷ EPS = P/E 157.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of HNI Corp (HNI)?
The dividend yield of HNI Corp is 0.7% (payout 113%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of HNI Corp (HNI)?
The net margin of HNI Corp is 1.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of HNI Corp (HNI)?
The return on equity (ROE) of HNI Corp is 3.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of HNI Corp (HNI)?
On an EBIT basis the return on assets of HNI Corp is 8.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of HNI Corp (HNI)?
The operating margin of HNI Corp is 9.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HNI Corp (HNI)?
Revenue at HNI Corp is growing +133% versus a year earlier (3y avg +6.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at HNI Corp (HNI)?
Earnings per share at HNI Corp are growing +39.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does HNI Corp (HNI) carry?
The net debt of HNI Corp is $1.4B (fiscal year 2025, ≈ 6.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026