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HNI (HNI) Piotroski F-Score : 6 (As of Mar. 15, 2025)


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What is HNI Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

HNI has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for HNI's Piotroski F-Score or its related term are showing as below:

HNI' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 5   Max: 7
Current: 6

During the past 13 years, the highest Piotroski F-Score of HNI was 7. The lowest was 4. And the median was 5.


HNI Piotroski F-Score Historical Data

The historical data trend for HNI's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

HNI Piotroski F-Score Chart

HNI Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 5.00 7.00 5.00 6.00

HNI Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 6.00 6.00 6.00 6.00

Competitive Comparison of HNI's Piotroski F-Score

For the Furnishings, Fixtures & Appliances subindustry, HNI's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


HNI's Piotroski F-Score Distribution in the Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, HNI's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where HNI's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Net Income was 17.7 + 36 + 47.5 + 38.3 = $140 Mil.
Cash Flow from Operations was -4.3 + 51.3 + 128.5 + 51.2 = $227 Mil.
Revenue was 588 + 623.7 + 672.2 + 642.5 = $2,526 Mil.
Gross Profit was 232.8 + 261.3 + 278.8 + 260.4 = $1,033 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was
(1928.8 + 1912.6 + 1940.8 + 1913.4 + 1875.1) / 5 = $1914.14 Mil.
Total Assets at the begining of this year (Dec23) was $1,929 Mil.
Long-Term Debt & Capital Lease Obligation was $413 Mil.
Total Current Assets was $525 Mil.
Total Current Liabilities was $478 Mil.
Net Income was 1.6 + -12.8 + 37.8 + 22.7 = $49 Mil.

Revenue was 479.1 + 563.5 + 711.6 + 679.8 = $2,434 Mil.
Gross Profit was 174.3 + 215.5 + 285.3 + 273.1 = $948 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was
(1414.5 + 1382.8 + 2075.6 + 2017 + 1928.8) / 5 = $1763.74 Mil.
Total Assets at the begining of last year (Dec22) was $1,415 Mil.
Long-Term Debt & Capital Lease Obligation was $540 Mil.
Total Current Assets was $536 Mil.
Total Current Liabilities was $464 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

HNI's current Net Income (TTM) was 140. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

HNI's current Cash Flow from Operations (TTM) was 227. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec23)
=139.5/1928.8
=0.07232476

ROA (Last Year)=Net Income/Total Assets (Dec22)
=49.3/1414.5
=0.03485331

HNI's return on assets of this year was 0.07232476. HNI's return on assets of last year was 0.03485331. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

HNI's current Net Income (TTM) was 140. HNI's current Cash Flow from Operations (TTM) was 227. ==> 227 > 140 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=412.8/1914.14
=0.21565821

Gearing (Last Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=540.2/1763.74
=0.30628097

HNI's gearing of this year was 0.21565821. HNI's gearing of last year was 0.30628097. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec24)=Total Current Assets/Total Current Liabilities
=524.5/477.5
=1.09842932

Current Ratio (Last Year: Dec23)=Total Current Assets/Total Current Liabilities
=535.9/463.7
=1.15570412

HNI's current ratio of this year was 1.09842932. HNI's current ratio of last year was 1.15570412. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

HNI's number of shares in issue this year was 48.8. HNI's number of shares in issue last year was 48.1. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=1033.3/2526.4
=0.40900095

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=948.2/2434
=0.3895645

HNI's gross margin of this year was 0.40900095. HNI's gross margin of last year was 0.3895645. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec23)
=2526.4/1928.8
=1.30982995

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec22)
=2434/1414.5
=1.72074938

HNI's asset turnover of this year was 1.30982995. HNI's asset turnover of last year was 1.72074938. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+0+0+1+0
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

HNI has an F-score of 6 indicating the company's financial situation is typical for a stable company.

HNI  (NYSE:HNI) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


HNI Piotroski F-Score Related Terms

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HNI Business Description

Traded in Other Exchanges
Address
600 East Second Street, P.O. Box 1109, Muscatine, IA, USA, 52761-0071
HNI Corp is a provider of office furniture and hearth products. The company generates the bulk of its revenue from its workplace furnishing, which consists of panel-based and freestanding furniture systems, seating, storage, tables, and architectural products. These products are sold through a national system of dealers, wholesalers, and office product distributors but also directly to end-user customers and federal, state, and local governments. Residential building products include a full array of gas, wood, electric, and pellet-fueled fireplaces, inserts, stoves, facings, and accessories. The company has operations in the United States, Canada, Mainland China, Hong Kong, India, Mexico, and Taiwan.
Executives
Larry B Porcellato director ICI PAINTS, 15885 SPRAGUE ROAD, CLEVELAND OH 44136
Vincent P Berger officer: President, Hearth & Home Tech 7571 215TH STREET WEST, LAKEVILLE MN 55044
Miguel M Calado director 3600 AMHERST, UNIVERSITY PARK, DALLAS TX 75225
Jeffrey D Lorenger officer: VP, Gen. Counsel and Secretary 408 EAST SECOND STREET, PO BOX 1109, MUSCATINE IA 52761
Mary A Bell director 312 BAY DRIVE SOUTH, BRADENTON BEACH FL 34217
Steven M Bradford officer: Sr. VP, Gen. Counsel & Sec. 408 EAST SECOND STREET, MUSCATINE IA 52761
Marshall H Bridges officer: VP and Chief Financial Officer 408 EAST SECOND STREET, MUSCATINE IA 52761
Donna D Meade officer: VP, Member Relations 408 EAST SECOND STREET, MUSCATINE IA 52761
Michael J. Roch officer: CCO, WP & Health, Kimball Intl C/O KIMBALL INTERNATIONAL, INC., 1600 ROYAL STREET, JASPER IN 47546
Gregory A Meunier officer: Ex VP GL Ops, Kimball Intl 1600 ROYAL ST, JASPER IN 47546
Kourtney L Smith officer: COO, Kimball International 1600 ROYAL STREET, JASPER IN 47549
Patrick D Hallinan director FORTUNE BRANDS HOME & SECURITY, INC., 520 LAKE COOK ROAD, DEERFIELD IL 60015
Radhakrishna S Rao officer: Chief Info and Digital Officer 600 EAST SECOND STREET, MUSCTAINE IA 52761
Ronald V Waters director 75 EAST ELM STREET, CHICAGO IL 60611
Kurt A Tjaden officer: SVP HNI; President HNI Intl 408 EAST SECOND STREET, MUSCATINE IA 52761