Why Invest

Investment Thesis

Our two differentiated business segments each possess cyclical, secular, and company-specific growth drivers. These diversified revenue streams should be complemented by multiple margin expansion opportunities, strong free cash flow potential, and modest financial leverage.

Enhancing two differentiated business segments
Revenue to benefit from cyclical recovery, secular post-pandemic drivers, and company-specific initiatives.
Improving overall company margin profile
Maintain industry-leading profitability in Residential Building Products; focus on margin expansion in Workplace Furnishings as part of our Strategic Framework.
Continuing to drive strong cash flow
Free cash flow consistently exceeds net income; supporting growth investments and shareholder returns.
Taking advantage of balance sheet flexibility
Cash flow profile and balance sheet strength supports growth investment, dividend growth, M&A, and share repurchase.
Seasoned management team
CEO Jeff Lorenger: 25 years with HNI, CFO Marshall Bridges: 21 years with HNI; top five leaders: total of 90 years of pertinent industry experience.
Attractive valuation and dividend yield
Support from: diversified revenue streams, exposure to faster-growing markets and secular trends, cash flow and dividend consistency, and balance sheet strength.

HNI Corporation At-A-Glance (KPI)

Market cap
(as of Q1 2024)
Enterprise Value
(as of Q1 2024)
TTM Revenue* (as of Q1 2024)
TTM Non-GAAP EBITDA* (as of Q1 2024)
Net Debt (as of Q1 2024)

* Proforma inclusive of synergies and assuming 12 months of Kimball International

*As of Q4:23, proforma inclusive of synergies and assuming 12 months of Kimball International; segment EBITDA excludes General Corporate Expense; adjusted for Lamex sale and eCommerce restructuring in 2022

**Other includes HNI International, HNI India, Design Public Group, and Kimball Hospitality