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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.

1
Enhancing two differentiated business segments
Revenue to benefit from cyclical recovery, secular post-pandemic drivers, and company-specific initiatives.
2
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.
3
Continuing to drive strong cash flow
Free cash flow consistently exceeds net income; supporting growth investments and shareholder returns.
4
Taking advantage of balance sheet flexibility
Cash flow profile and balance sheet strength supports growth investment, dividend growth, M&A, and share repurchase.
5
Seasoned management team
CEO Jeff Lorenger: 26 years with HNI, CFO VP Berger: 28 years with HNI; top five leaders: total of over 90 years of pertinent industry experience.
6
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.
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HNI Corporation At-A-Glance (KPI)

$2.2B
Market cap
(as of February 28, 2025)
$2.5B
Enterprise Value
(as of February 28, 2025)
$2.5B
TTM net sales (as of Q4 2024)
$322.7M
TTM Non-GAAP EBITDA (as of Q4 2024)
$321M
Net Debt (as of Q4 2024)
Click here for Non-GAAP measures reconciliation

*As of Q4:24; segment EBITDA excludes General Corporate Expense

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