HNIHNI CORP
Office Furniture (no Wood)
- Revenue
- $2.8B
- 12% YoY
- Operating margin
- 4.4%
- 46% YoY
- EBITDA
- $233M
- 26% YoY
- Market cap
- $3.5B
- Employees
- —
- Net debt / EBITDA
- 5.4×
- $1.3B net debt
- AI in 10-K
- 1.6
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo510% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo53% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo17% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo1.6 per 10K words · 47th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo5.4× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$3.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$5M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2026 | YoY |
|---|---|---|---|---|---|
| Revenue | $2.4B | $2.4B | $2.5B | $2.8B | 12% |
| Operating income | $155M | $90M | $207M | $126M | 39% |
| Net income | $124M | $49M | $140M | $54M | 61% |
| Operating cash flow | $81M | $268M | $227M | $276M | 22% |
| Capex | $68M | $79M | $53M | $68M | 28% |
| Stock-based comp | $9M | $17M | $17M | $25M | 42% |
| Buybacks | $65M | $300K | $66M | $84M | 27% |
| Dividends | $53M | $59M | $64M | $63M | 0.8% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $5M · 10
- Net
- −$5M
Pay vs performance
No pay-versus-performance disclosure yet.