HNI Corporation
HNI Consumer Cyclical Furnishings Fixtures & Appliances
HNI Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.8 billion, up 12.4% from fiscal 2024. In the quarter to June 2026, revenue grew 120.7%, EPS fell 32.7%, free cash flow grew 688.3% and total debt rose 210.8%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years, revenue growth for five.
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HNI Corporation (HNI) Altman Z-score
HNI Corporation's Altman Z-score for fiscal 2025 is 1.30, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.30 | (2.27) |
| FY2024 | 3.57 | 0.77 |
| FY2023 | 2.80 | (0.72) |
| FY2022 | 3.51 | 0.17 |
| FY2021 | 3.35 | 0.20 |
| FY2020 | 3.15 | (0.41) |
| FY2019 | 3.56 | (0.05) |
| FY2018 | 3.61 | 0.23 |
| FY2017 | 3.37 | (0.87) |
| FY2016 | 4.24 | 0.29 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.06 | — | 0.07 | |
| Retained earnings / total assets | 0.12 | — | 0.17 | |
| EBIT / total assets | 0.03 | — | 0.09 | |
| Market value of equity / total liabilities | 0.66 | — | 0.40 | |
| Sales / total assets | 0.58 | — | 0.58 | |
| Altman Z-score | Distress zone | 1.30 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.57 | ||
Z and Z″ put HNI Corporation in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| TILE Interface, Inc. compare | 4.2× |
| LZB La-Z-Boy Incorporated compare | 2.7× |
| MHK Mohawk Industries, Inc. compare | 2.7× |
| SGI Somnigroup International Inc. compare | 2.6× |
| MBC MasterBrand, Inc. compare | 2.2× |
| ALH Alliance Laundry Holdings Inc. compare | 1.8× |
| MLKN MillerKnoll, Inc. compare | 1.7× |
| WHR Whirlpool Corporation compare | 1.3× |
| HNI HNI Corporation | 1.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets