Does HNI Corporation have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores HNI Corporation (HNI) 46.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 61, returns on capital 53, balance-sheet safety 40, capital discipline 21.

Is HNI stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $23.60 per share versus a recent price of $41.73 — 77% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has HNI's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 46.4 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

HNI Corporation

HNI · Materials · $3.0B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power61

Median gross margin 37.0% over 10y, very stable.

Returns on capital53

Median ROIC 11.5%, above the 9% hurdle in 70% of years.

Balance-sheet safety40

Net debt/EBITDA 4.6x, no material interest expense disclosed.

Capital discipline21

Owner earnings +1.0%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

77% above value

Owner earnings (normalized): $93.5M
Est. intrinsic value / share: $23.60
Recent price: $41.73
Discount to value: 77% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

HNI Corporation booked $2.8B of revenue in FY2025 in the Materials sector and kept 41.4% of it as gross profit — a solid-margin business by that measure. After every other cost, 1.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $2.4B (FY2008) to $2.8B (FY2025) — about 0.9% a year compounded over 17 years.

It earned 2.8% on invested capital in FY2025, with a median of 10.4% across 18 filed years. The Returns on Capital filter above scores it 53/100.

The balance sheet carried $1.3B of total debt in FY2025 against $93.5M of owner earnings — roughly 13.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 40/100.

The share count rose 60.9% between FY2008 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 21/100.

Put together: Pricing Power is the strongest of the four filters (61/100) and Capital Discipline the weakest (21/100), which is how HNI lands at 46/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$2.8B FY2025

Gross marginRevenue kept after cost of goods41.4% FY2025

Return on invested capitalOperating profit on the capital employed2.8% FY2025

Owner earningsCash an owner could take out$93.5M FY2025

Gaps in a line mean that item isn’t in HNI’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale46.4 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — HNI has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#80 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#78FMC FMC CORPORATION46.9 out of 100, Shallow moatShallow moat
#79ENTG Entegris, Inc.46.8 out of 100, Shallow moatShallow moat
#81LUVU Luvu Brands, Inc.45.9 out of 100, Shallow moatShallow moat
#82EPM EVOLUTION PETROLEUM CORP45.7 out of 100, Shallow moatShallow moat

Compare HNI with its nearest peers →All Materials companies on the Index →

Common questions about HNI

Does HNI Corporation have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores HNI Corporation (HNI) 46.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 61, returns on capital 53, balance-sheet safety 40, capital discipline 21.
Is HNI stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $23.60 per share versus a recent price of $41.73 — 77% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has HNI's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 46.4 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell HNI. See the disclaimer.