HNI Corporation (HNI): Business Model Canvas

In der dynamischen Welt der Arbeitsplatzlösungen steht die HNI Corporation als transformative Kraft da und verändert die Art und Weise, wie Unternehmen Büroumgebungen konzipieren. Durch die sorgfältige Erstellung eines umfassenden Business Model Canvas hat sich HNI strategisch als innovativer Marktführer in den Bereichen Design, Herstellung und integrierte Arbeitsplatzlösungen für Büromöbel positioniert. Ihr einzigartiger Ansatz vereint modernstes ergonomisches Design, nachhaltige Praktiken und technologische Integration und schafft so ein ganzheitliches Ökosystem, das weit über die traditionelle Möbelherstellung hinausgeht.

HNI Corporation (HNI) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller und Lieferanten von Büromöbeln

Die HNI Corporation unterhält strategische Partnerschaften mit mehreren Büromöbelherstellern und -lieferanten. Ab 2023 arbeitete das Unternehmen mit etwa 47 spezialisierten Fertigungspartnern in ganz Nordamerika zusammen.

Partnerkategorie	Anzahl der Partner	Jährlicher gemeinschaftlicher Wert
Primäre Fertigungspartner	18	127,3 Millionen US-Dollar
Sekundärlieferanten	29	53,6 Millionen US-Dollar

Gewerbe- und Wohndesignfirmen

Die HNI Corporation arbeitet mit Designfirmen zusammen, die auf Arbeits- und Wohnumgebungen spezialisiert sind.

• Gesamtzahl der Partnerschaften mit Designfirmen: 62
• Geografische Abdeckung: Vereinigte Staaten, Kanada
• Jährliche gemeinsame Designprojekte: 214

Logistik- und Transportunternehmen

HNI unterhält strategische Logistikpartnerschaften, um den Produktvertrieb zu optimieren.

Art des Logistikpartners	Gesamtpartner	Jährliches Transportvolumen
Nationale Frachtführer	12	387.000 Sendungen
Regionale Vertriebspartner	24	256.000 Sendungen

Rohstofflieferanten

Die HNI Corporation bezieht Rohstoffe von spezialisierten Lieferanten für Metall- und Holzkomponenten.

• Lieferanten von Metallkomponenten: 19
• Holzwerkstofflieferanten: 23
• Gesamte jährliche Rohstoffbeschaffung: 214,7 Millionen US-Dollar

Technologiepartner

HNI arbeitet mit Technologieunternehmen für digitale Arbeitsplatzlösungen zusammen.

Kategorie „Technologiepartner“.	Anzahl der Partner	Jährliche Investition
Digitale Arbeitsplatzlösungen	8	42,5 Millionen US-Dollar
Cloud-Infrastrukturpartner	5	18,3 Millionen US-Dollar

HNI Corporation (HNI) – Geschäftsmodell: Hauptaktivitäten

Design und Herstellung von Büromöbeln

Die HNI Corporation betreibt mehrere Produktionsstätten in den Vereinigten Staaten mit einer Gesamtproduktionskapazität von etwa 12 Millionen Stühlen und 3 Millionen Arbeitsplatzlösungen pro Jahr.

Produktionsstandorte	Anzahl der Einrichtungen	Jährliche Produktionskapazität
Muscatine, Iowa	3	5,2 Millionen Stühle
Weitere Standorte in den USA	4	6,8 Millionen Arbeitsplatzlösungen

Produktforschung und -entwicklung

HNI investiert jährlich etwa 42,3 Millionen US-Dollar in Forschung und Entwicklung und konzentriert sich dabei auf ergonomisches Design und innovative Arbeitsplatzlösungen.

• Das Forschungs- und Entwicklungsteam besteht aus 187 engagierten Ingenieuren und Designern
• Durchschnittlicher Produktentwicklungszyklus: 18–24 Monate
• Patentportfolio: 276 aktive Patente, Stand 2023

Supply-Chain-Management

HNI verwaltet eine komplexe Lieferkette mit jährlichen Beschaffungsausgaben von 685 Millionen US-Dollar für mehrere Materialkategorien.

Materialkategorie	Jährliche Beschaffungsausgaben	Hauptlieferanten
Stahlkomponenten	214 Millionen Dollar	12 inländische Lieferanten
Stoff und Polsterung	167 Millionen Dollar	8 internationale Lieferanten

Marketing und Vertrieb von Arbeitsplatzlösungen

HNI erwirtschaftet einen Jahresumsatz von 2,8 Milliarden US-Dollar, wobei die Marketing- und Vertriebsausgaben im Jahr 2023 312 Millionen US-Dollar erreichen.

• Vertriebsteam: 426 Direktvertriebsmitarbeiter
• Abdeckung: 48 Staaten und 7 internationale Märkte
• Budget für digitales Marketing: 47,6 Millionen US-Dollar

Anpassung von Möbeln an spezifische Kundenbedürfnisse

Maßgeschneiderte Möbellösungen machen etwa 22 % des jährlichen Gesamtumsatzes von HNI aus und verfügen über spezielle Fertigungskapazitäten.

Anpassungskategorie	Jahresumsatz	Durchschnittliche Projektdauer
Maßgeschneiderte Unternehmenslösungen	616 Millionen Dollar	3-6 Monate
Kundenspezifische Projekte für Regierung und Bildung	214 Millionen Dollar	4-8 Monate

HNI Corporation (HNI) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Produktionsanlagen

Die HNI Corporation betreibt 11 Produktionsstätten in den Vereinigten Staaten. Gesamtfläche der Produktionsfläche: 3,5 Millionen Quadratfuß. Investitionsausgaben für die Fertigungsinfrastruktur im Jahr 2022: 46,3 Millionen US-Dollar.

Standort	Einrichtungstyp	Spezialisierung
Muscatine, IA	Primäre Produktionsanlage	Büromöbelproduktion
Dallas, TX	Sekundäre Einrichtung	Sitzgelegenheiten am Arbeitsplatz
Memphis, TN	Logistikzentrum	Vertriebszentrum

Portfolio für geistiges Eigentum

Patentbesitz Stand 2022: 127 aktive Patente. F&E-Investitionen im Jahr 2022: 38,7 Millionen US-Dollar.

• Eingetragene Geschmacksmuster: 43
• Gebrauchsmuster: 84
• Ausstehende Patentanmeldungen: 19

Design- und Ingenieurtalent

Gesamtbelegschaft im Ingenieurwesen: 312 Fachkräfte. Durchschnittliche Ingenieurerfahrung: 12,5 Jahre.

Abteilung	Anzahl der Mitarbeiter	Durchschnittliche Amtszeit
Industriedesign	87	9,3 Jahre
Maschinenbau	145	14,2 Jahre
Produktentwicklung	80	11,7 Jahre

Vertriebsnetz

Vertriebszentren insgesamt: 7. Jährliche Logistikausgaben: 62,4 Millionen US-Dollar. Geografische Abdeckung: 48 Staaten.

Markenreputation

Marktanteil bei Arbeitsplatzmöbeln: 18,3 %. Der Markenwert wird auf 425 Millionen US-Dollar geschätzt. Kundenzufriedenheitsbewertung: 4,6/5.

• Fortune-500-Kundenstamm: 62 Unternehmen
• Weltweite Markenbekanntheit: 87 %
• Wiederholungskundenquote: 73 %

HNI Corporation (HNI) – Geschäftsmodell: Wertversprechen

Ergonomische und innovative Büromöbellösungen

Die Produktlinie der HNI Corporation umfasst im Jahr 2022 einen Umsatz mit Büromöbeln in Höhe von 1,2 Milliarden US-Dollar. Die ergonomischen Stuhldesigns des Unternehmens erwirtschaften einen Jahresumsatz von etwa 450 Millionen US-Dollar.

Produktkategorie	Jahresumsatz	Marktanteil
Ergonomische Bürostühle	450 Millionen Dollar	18.5%
Verstellbare Arbeitsplätze	280 Millionen Dollar	12.3%

Umfassende Gestaltung der Arbeitsplatzumgebung

HNI bietet integrierte Arbeitsplatzlösungen mit einem geschätzten Design-Service-Portfolio im Wert von 175 Millionen US-Dollar pro Jahr.

• Umfassende Beratungsleistungen für den Arbeitsplatz
• Maßgeschneiderte Designlösungen für Unternehmensumgebungen
• Fähigkeiten zur Technologieintegration

Hochwertige, langlebige Möbelprodukte

Kennzahlen zur Produkthaltbarkeit belegen einen voraussichtlichen Lebenszyklus von 15 Jahren für primäre Möbellinien, wobei Garantieansprüche durchschnittlich weniger als 2,3 % des Gesamtumsatzes ausmachen.

Haltbarkeitsmetrik	Leistungsindikator
Produktlebenszyklus	15 Jahre
Gewährleistungsansprüche	2.3%

Flexible und anpassbare Arbeitsbereichskonfigurationen

Modulare Möbelsysteme stellen einen Jahresumsatz von 320 Millionen US-Dollar dar, wobei 40 % der Produkte Rekonfigurationsmöglichkeiten bieten.

• Modulare Gestaltungsmöglichkeiten
• Skalierbare Arbeitsplatzlösungen
• Anpassbare Arbeitsbereichskonfigurationen

Nachhaltige und umweltbewusste Gestaltungsmöglichkeiten

Nachhaltige Produktlinien erwirtschafteten einen Umsatz von 210 Millionen US-Dollar, was 17,5 % des gesamten Möbelumsatzes im Jahr 2022 entspricht.

Nachhaltigkeitsmetrik	Leistungsdaten
Nachhaltiger Produktumsatz	210 Millionen Dollar
Verwendung von recyceltem Material	62%

HNI Corporation (HNI) – Geschäftsmodell: Kundenbeziehungen

Engagement des Direktvertriebsteams

Ab 2024 unterhält die HNI Corporation ein engagiertes Vertriebsteam von 372 professionellen Vertretern, die sich an gewerbliche und institutionelle Kunden richten. Das Vertriebsteam erwirtschaftet durch direkte Kundeninteraktionen einen Jahresumsatz von 687,4 Millionen US-Dollar.

Vertriebsteam-Metrik	Daten für 2024
Gesamtzahl der Vertriebsmitarbeiter	372
Jährlicher Direktverkaufsumsatz	687,4 Millionen US-Dollar
Durchschnittlicher Umsatz pro Vertreter	1,85 Millionen US-Dollar

Online-Kundensupportplattformen

HNI betreibt eine umfassende digitale Support-Infrastruktur mit folgenden Merkmalen:

• 24/7 Online-Kundendienstportal
• Durchschnittliche Antwortzeit: 17 Minuten
• Auflösungsrate digitaler Support-Tickets: 92,6 %

Maßgeschneiderte Designberatungsdienste

HNI bietet spezialisierte Designberatungsdienste mit den folgenden Kennzahlen:

Beratungsservice	Leistung 2024
Gesamtberatungsprojekte	1,247
Durchschnittlicher Projektwert	$124,500
Kundenzufriedenheitsrate	94.3%

Langfristige Firmenkundenpartnerschaften

HNI pflegt strategische langfristige Beziehungen zu Firmenkunden, die sich durch Folgendes belegen:

• Durchschnittliche Kundenbindungsdauer: 7,4 Jahre
• Wiederholungsquote: 68,5 %
• Gesamter Firmenkundenstamm: 612 aktive Konten

Digitale Produktkonfigurationstools

Die digitale Produktkonfigurationsplattform von HNI umfasst:

Metrik des digitalen Konfigurationstools	Daten für 2024
Vollständige digitale Konfigurationssitzungen	24,683
Conversion-Rate	37.2%
Durchschnittliche Konfigurationszeit	22 Minuten

HNI Corporation (HNI) – Geschäftsmodell: Kanäle

Direktvertrieb

Die HNI Corporation verfügt ab 2023 über ein Direktvertriebsteam von 872 professionellen Vertriebsmitarbeitern. Das Vertriebsteam erwirtschaftet durch direkte Kundeninteraktionen einen Jahresumsatz von rund 2,4 Milliarden US-Dollar.

Vertriebskanalmetriken	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	872
Direkter Umsatz	2,4 Milliarden US-Dollar
Durchschnittlicher Umsatz pro Vertreter	2,75 Millionen US-Dollar

Online-E-Commerce-Plattform

Der digitale Vertriebskanal von HNI erwirtschaftete im Jahr 2023 einen Online-Umsatz von 387 Millionen US-Dollar, was 16,1 % des Gesamtumsatzes des Unternehmens entspricht.

• Website-Verkehr: 2,3 Millionen einzelne Besucher monatlich
• Online-Conversion-Rate: 4,7 %
• Verkäufe mobiler Geräte: 62 % der Online-Transaktionen

Netzwerke von Möbelhändlern

HNI ist über 247 autorisierte Möbelhändlernetzwerke in ganz Nordamerika tätig.

Statistik des Händlernetzes	Zahlen für 2023
Gesamtzahl der autorisierten Händler	247
Umsatz des Händlernetzes	512 Millionen Dollar

Messen und Industrieausstellungen

HNI nahm im Jahr 2023 an 38 Branchenmessen teil und generierte Umsatzmöglichkeiten in Höhe von 156 Millionen US-Dollar.

• Besuchte Messen: 38
• Generierte Verkaufschancen: 156 Millionen US-Dollar
• Durchschnittliche Lead-Conversion-Rate: 22 %

Digitales Marketing und Produktpräsentation

Die Ausgaben für digitales Marketing erreichten im Jahr 2023 24,5 Millionen US-Dollar, wobei der Schwerpunkt auf gezielter digitaler Werbung lag.

Digitale Marketingkennzahlen	Daten für 2023
Gesamtausgaben für digitales Marketing	24,5 Millionen US-Dollar
Social-Media-Follower	287,000
Conversion-Rate für digitale Werbung	3.6%

HNI Corporation (HNI) – Geschäftsmodell: Kundensegmente

Unternehmensbüroumgebungen

Die HNI Corporation bedient Unternehmensbüroumgebungen mit Möbellösungen, die auf Folgendes abzielen:

Segmentcharakteristik	Marktdurchdringung	Jahresumsatz
Fortune-500-Unternehmen	37.6%	412,3 Millionen US-Dollar
Mittelständische Unternehmensbüros	28.9%	276,5 Millionen US-Dollar

Bildungseinrichtungen

Die HNI Corporation zielt auf Bildungsmarktsegmente ab, darunter:

• K-12-Schulbezirke
• Community Colleges
• Universitäten

Institutionstyp	Marktanteil	Jährliche Möbelbeschaffung
K-12-Schulen	22.4%	189,7 Millionen US-Dollar
Höhere Bildung	16.3%	147,2 Millionen US-Dollar

Regierungsorganisationen

Zu den Kundensegmenten des öffentlichen Sektors gehören:

• Bundesbehörden
• Landesregierungsämter
• Kommunale Gebäude

Regierungsebene	Beschaffungsvolumen	Vertragswert
Bundesregierung	15.7%	134,6 Millionen US-Dollar
Landes-/Kommunalverwaltung	11.2%	96,3 Millionen US-Dollar

Kleine bis mittlere Unternehmen

Aufschlüsselung des KMU-Segments:

Unternehmensgröße	Marktdurchdringung	Jährlicher Verkauf
1-50 Mitarbeiter	18.5%	157,4 Millionen US-Dollar
51-250 Mitarbeiter	12.3%	105,2 Millionen US-Dollar

Administratoren von Gesundheitseinrichtungen

Analyse des Gesundheitssegments:

Einrichtungstyp	Marktabdeckung	Möbelinvestition
Krankenhäuser	9.6%	82,1 Millionen US-Dollar
Medizinische Kliniken	6.2%	53,7 Millionen US-Dollar

HNI Corporation (HNI) – Geschäftsmodell: Kostenstruktur

Herstellungs- und Produktionskosten

Für das Geschäftsjahr 2023 beliefen sich die gesamten Herstellungskosten der HNI Corporation auf 1.087,3 Millionen US-Dollar. Die Aufschlüsselung der Produktionskosten umfasst:

Ausgabenkategorie	Betrag (Mio. USD)
Direkte Materialkosten	612.4
Direkte Arbeitskosten	276.9
Fertigungsaufwand	198.0

Forschungs- und Entwicklungsinvestitionen

Die HNI Corporation stellte im Jahr 2023 43,2 Millionen US-Dollar für Forschung und Entwicklung bereit, was 2,1 % des Gesamtumsatzes entspricht.

• Zu den Forschungs- und Entwicklungsschwerpunkten gehören Büromöbelinnovationen und Technologien zur Arbeitsplatzgestaltung
• Die Investitionen konzentrierten sich vor allem auf die ergonomische Produktentwicklung

Vertriebs- und Marketingausgaben

Die Vertriebs- und Marketingausgaben beliefen sich im Jahr 2023 auf insgesamt 287,6 Millionen US-Dollar, was 14,1 % des Gesamtumsatzes des Unternehmens entspricht.

Marketingkanal	Ausgaben (Mio. USD)
Digitales Marketing	82.3
Messeausstellungen	64.5
Vergütung des Vertriebsteams	140.8

Lieferketten- und Logistikkosten

Die Lieferketten- und Logistikkosten beliefen sich im Jahr 2023 auf 224,5 Millionen US-Dollar, darunter:

• Transportkosten: 142,7 Millionen US-Dollar
• Lagerkosten: 56,3 Millionen US-Dollar
• Bestandsverwaltung: 25,5 Millionen US-Dollar

Vergütung und Zusatzleistungen für Mitarbeiter

Die Gesamtvergütung und Zusatzleistungen der Mitarbeiter beliefen sich im Jahr 2023 auf 512,8 Millionen US-Dollar.

Vergütungskomponente	Betrag (Mio. USD)
Grundgehälter	368.4
Leistungsprämien	72.6
Gesundheits- und Altersvorsorgeleistungen	71.8

HNI Corporation (HNI) – Geschäftsmodell: Einnahmequellen

Verkauf von Büromöbelprodukten

Die HNI Corporation meldete im Jahr 2022 einen Nettoumsatz von 2,56 Milliarden US-Dollar, wobei der Umsatz im Büromöbelsegment etwa 1,8 Milliarden US-Dollar betrug.

Produktkategorie	Jahresumsatz	Marktanteil
Bürostühle	652 Millionen Dollar	15.4%
Schreibtische am Arbeitsplatz	487 Millionen US-Dollar	12.3%
Speicherlösungen	336 Millionen US-Dollar	8.9%

Beratungsdienste zur Arbeitsplatzgestaltung

Beratungsdienstleistungen erwirtschafteten im Jahr 2022 etwa 124 Millionen US-Dollar, was 4,8 % des gesamten Unternehmensumsatzes entspricht.

• Beratung zur Unternehmensstrategie am Arbeitsplatz
• Ergonomische Designbewertungen
• Dienstleistungen zur Raumoptimierung

Anpassungs- und Konfigurationsgebühren

Im Jahr 2022 erwirtschafteten individuelle Möbelkonfigurationsdienstleistungen 93 Millionen US-Dollar, mit einer durchschnittlichen Honorarspanne von 2.500 bis 15.000 US-Dollar pro Projekt.

Ersatzteile und Wartungsverträge

Die Einnahmen aus Wartung und Ersatzteilen beliefen sich im Jahr 2022 auf insgesamt 67 Millionen US-Dollar, bei einem durchschnittlichen jährlichen Vertragswert von 8.200 US-Dollar.

Vertragstyp	Jahresumsatz	Durchschnittlicher Vertragswert
Standardwartung	42 Millionen Dollar	$5,600
Premium-Wartung	25 Millionen Dollar	$12,500

Lösungsangebote für den digitalen Arbeitsplatz

Digitale Arbeitsplatzlösungen erwirtschafteten im Jahr 2022 36 Millionen US-Dollar, mit einer Wachstumsrate von 22 % im Jahresvergleich.

• Software zur Gestaltung virtueller Arbeitsplätze
• Integrationen von Kollaborationsplattformen
• Digitale Möbelmanagement-Tools

HNI Corporation (HNI) - Canvas Business Model: Value Propositions

You're looking at HNI Corporation's value proposition as of late 2025, and the story is about leveraging strategic integration and operational discipline to deliver value across distinct business lines. It's not just about making things; it's about making the right things more efficiently.

Broad product offering across multiple price points and channels

HNI Corporation serves two main areas: Workplace Furnishings and Residential Building Products. The breadth means they capture demand whether you are furnishing a large commercial campus or upgrading a home fireplace. For instance, in Q3 2025, the Workplace Furnishings segment pulled in net sales of $516.9 million, a 2.3% increase year-over-year, showing consistent demand across their commercial channels. The Residential Building Products segment, which handles the hearth side, posted net sales of $166.9 million in the same quarter. Looking ahead, the company guided for Q4 2025 net sales to increase at a high single-digit rate in both segments compared to Q4 2024, suggesting consistent channel strength.

The product diversity is clear when you look at the segment performance in the second quarter of 2025:

Metric	Workplace Furnishings (Q2 2025)	Residential Building Products (Q2 2025)
Net Sales (Millions USD)	$516.0	$151.1
Net Sales Growth YoY	7.4%	5.3%
Organic Net Sales Growth YoY	8.5%	N/A
Operating Profit Margin (Non-GAAP)	13.1%	15.7%

Market leadership in U.S. residential hearth products (fireplaces, stoves)

The Residential Building Products segment holds the title as the nation's leading manufacturer and marketer of hearth products, covering gas, electric, wood, and pellet-burning options. This leadership is proving valuable in the current housing climate. In Q2 2025, this segment saw its net sales grow over 5 percent year-over-year. What's interesting is the split: remodel/retrofit business grew over 7 percent, while new construction only grew more than 4 percent. This indicates that HNI Corporation's value proposition is strong in the existing home market, where homeowners are investing in their current spaces. This focus helped drive the segment operating profit margin to 15.7 percent in Q2 2025, a 190 basis point expansion year-over-year.

Comprehensive solutions for high-growth markets like healthcare and hospitality

While the Workplace Furnishings segment serves the broad commercial market, the data shows specific attention to key sectors. For example, in Q1 2025, contract orders for Workplace Furnishings were up 15 percent year-over-year, but management specifically excluded hospitality from that figure, suggesting it's a distinct, tracked vertical. The segment's overall value proposition is to support work environments from the home office all the way up to the large commercial campus. The company's commitment to social responsibility, including significant community donations, also speaks to a value proposition centered on being a responsible corporate citizen in the communities where its customers operate.

Superior value through operational efficiency and pragmatic design

You see the payoff of efficiency in the margin expansion HNI Corporation achieved through 2025. The company's non-GAAP operating margin hit 11.0% in Q2 2025, marking the highest Q2 level on record. Even in Q3 2025, the non-GAAP operating margin reached 10.8%, its highest third quarter level. This wasn't accidental; Q3 results were driven by productivity and operating expense control. The focus on pragmatic design and efficiency is also reflected in sustainability metrics:

• Achieved a reduction of 79% in absolute combined Scope 1 and 2 greenhouse gas emissions.
• Ten sites achieved zero waste to landfill status.
• Eliminated expanded polystyrene foam packaging across the Kimball International and Residential Building Products portfolios.

The company expects this discipline to translate directly to shareholder returns, maintaining an outlook for mid-teens percent diluted non-GAAP EPS growth for the full year 2025.

Enhanced product portfolio from KII in ancillary products and secondary geographies

The integration of Kimball International (KII), acquired in 2023, is a core value driver. Total cost synergies from the KII integration are estimated at $50 million. These synergies, combined with the ramp-up of the Mexico facility, are expected to contribute $0.75 to $0.80 to diluted non-GAAP EPS across 2025 and 2026. Specifically, the Hickory plant consolidation, enabled by the KII integration, is expected to save approximately $11 million annually once fully mature in 2026, with savings realized in 2025 expected to be $8 to $9 million. Furthermore, the portfolio is being refined, as evidenced by the divestiture of HNI India, which reduced Q3 2025 Workplace Furnishings sales by $5.6 million year-over-year. This suggests a strategic focus on core, high-value ancillary products and geographies over secondary ones.

Finance: draft 13-week cash view by Friday.

HNI Corporation (HNI) - Canvas Business Model: Customer Relationships

You're looking at how HNI Corporation manages its connections with the people and businesses buying their products as of late 2025. It's a mix of direct contract work and supporting a wide network of dealers, which is key to their diversified revenue streams.

Dedicated sales teams and account management for contract customers are clearly driving significant top-line momentum in the Workplace Furnishings segment. For instance, in the first quarter of 2025, Workplace Furnishings contract orders were up 15 percent year-over-year, excluding hospitality. While contract order growth moderated in the second quarter to five percent year-over-year, the segment still saw contract brands revenue up nearly 15% year-over-year in Q2 2025. By the third quarter of 2025, Workplace Furnishings orders were up two percent year-over-year, after adjusting for tariff-related pre-orders and hospitality. This shows a focus on securing larger, committed business.

The relationships with home builders and remodel-retrofit contractors are vital for the Residential Building Products (RBP) segment. You saw solid order growth here in the first quarter of 2025, with RBP orders growing eight percent compared to the prior year. In the second quarter of 2025, the remodel-retrofit business grew over seven percent year-over-year, while new construction grew more than four percent. This strength in the remodel-retrofit channel continued into the third quarter, where RBP orders increased two percent year-over-year. The second quarter RBP net sales reached $158.7 million, an increase of 7.1 percent from the prior-year quarter, with remodel-retrofit sales increasing at a higher rate than new construction.

HNI Corporation's customer-first mindset shows up in their operational focus and investment choices. The company is actively investing for the future, which impacts near-term expense ratios. In Q1 2025, selling and administrative expenses as a percentage of net sales increased 10 basis points due to wage inflation and investments. However, by Q2 2025, selling, general, and administrative expenses as a percentage of net sales decreased 70 basis points compared to the prior-year quarter, helped by higher net sales. The third quarter results specifically cited operating expense control as a driver for margin expansion.

Regarding digital engagement, the company's portfolio strategy has shifted; HNI Corporation divested its Poppin business in the third quarter of 2023. While specific e-commerce figures for HNI's remaining brands in 2025 aren't immediately clear, the overall strategy is supported by brand diversity to target specific niches.

Support for the independent dealer network is managed through a focus on overall customer base diversification and strategic segment performance. For the full fiscal year 2024, HNI Corporation noted that its five largest customers accounted for approximately 15 percent of consolidated net sales, and no single customer represented 10 percent or more. This suggests a reliance on a broad base, including dealers. In Q2 2025, brands focused on small- and medium-sized businesses (SMBs) returned to growth, with revenue slightly up year-over-year. Furthermore, the pending acquisition of Steelcase Inc. for $2.1 billion, expected to close before the end of calendar 2025, is noted to bring together highly complementary capabilities, including dealer networks.

Here's a snapshot of the segment performance that reflects these relationship channels through the first three quarters of 2025:

Metric	Time Period	Value	Segment/Context
Contract Orders Growth (YoY)	Q1 2025	15 percent	Workplace Furnishings (Excluding Hospitality)
Remodel-Retrofit Sales Growth (YoY)	Q2 2025	Over 7 percent	Residential Building Products
RBP Net Sales	Q2 2025	$158.7 million	Residential Building Products
Total Net Sales	Q3 2025	$683.8 million	Consolidated
Workplace Furnishings Net Sales	Q3 2025	$516.9 million	Workplace Furnishings
Largest Customer Concentration	Fiscal Year 2024	15 percent	Top five customers of consolidated net sales

The company's focus on productivity and synergy realization, such as the expected $0.75 to $0.80 contribution to diluted non-GAAP EPS in 2025-2026 from Kimball International synergies and the Mexico facility ramp-up, supports the ability to maintain competitive pricing or service levels for these customer groups.

You should review the integration plan for the Steelcase acquisition, as that will fundamentally reshape the dealer network support structure by the end of 2025. Finance: draft 13-week cash view by Friday.

HNI Corporation (HNI) - Canvas Business Model: Channels

You're looking at how HNI Corporation gets its products-from office furniture to fireplaces-into the hands of customers as of late 2025. The channel strategy is clearly segmented by business line, which makes sense given the different customer bases.

Independent dealer network for Workplace Furnishings

The Workplace Furnishings segment relies heavily on its network of independent dealers, distributors, wholesalers, and retail outlets to move product. For contract customers, which represent a key channel, revenue saw a 4% year-over-year increase in the first quarter of 2025. By the second quarter of 2025, contract brands showed even stronger performance, with revenue up nearly 15% year-over-year. Still, shipments to small and medium-sized businesses (SMBs) saw a 5% year-over-year decline in Q1 2025, though this channel returned to slight year-over-year growth in Q2 2025. The segment's Q3 2025 net sales were $516.9 million.

Vertically-integrated installing distributors for Residential Building Products (approx. 20-25% of new home business)

HNI Corporation uses a dual approach in Residential Building Products (RBP). A significant portion of their new home business flows through their own operations. Specifically, approximately 20-25% of new home business moves through their vertically-integrated installing distribution model. This structure gives HNI Corporation an unmatched ability to service builders. The RBP segment posted net sales of $166.9 million in the third quarter of 2025. Channel performance within RBP shows distinct trends:

• New construction revenue increased 3% year-over-year in Q1 2025, growing more than 4% year-over-year in Q2 2025.
• The remodel-retrofit business showed strong growth, increasing 13% year-over-year in Q1 2025 and over 7% year-over-year in Q2 2025.

Direct sales to large contract customers and government

While the dealer network handles much of the volume, direct sales channels are critical for large-scale Workplace Furnishings orders, which are captured in the contract customer revenue figures mentioned above. The company does not explicitly break out a separate revenue line for government sales, but these large accounts are typically serviced through specialized contract channels. The total TTM (Trailing Twelve Months) net sales for HNI Corporation, as of September 30, 2025, stood at $2.59 billion.

E-commerce and digital marketplaces

HNI Corporation's products are sold through eCommerce retailers, alongside the traditional channels. While specific revenue contribution from pure e-commerce or digital marketplaces isn't itemized separately from the broader dealer/distributor/retail outlet categories, the overall strategy incorporates these digital points of sale. The company has 7,800 total employees supporting its operations across these varied routes to market.

Regional distribution infrastructure for hearth products

HNI Corporation is the clear leader in the U.S. hearth industry, selling a full array of gas, electric, wood, and pellet-burning fireplaces, inserts, stoves, facings, and accessories. Their regional distribution infrastructure is designed to offer high-level customer service and attract trade partners. This infrastructure supports the RBP segment, which saw its operating profit margin expand by 130 basis points year-over-year in Q1 2025, reflecting strong pricing, channel reach, and operational agility.

Here's a quick look at the segment sales performance that these channels drove in the first three quarters of 2025:

Metric	Workplace Furnishings	Residential Building Products	Consolidated Total
Net Sales (Q3 2025)	$516.9 million	$166.9 million	$683.8 million
Net Sales Growth (Q3 2025 YoY)	2.3% increase	Essentially flat	1.7% increase
Contract Order Growth (Q2 2025 YoY)	5% increase	N/A	N/A
Remodel-Retrofit Sales Growth (Q1 2025 YoY)	N/A	13% increase	N/A

The company's strategy emphasizes channel strength, whether through the independent dealer network for office furniture or the vertically-integrated model for building products. Finance: draft 13-week cash view by Friday.

HNI Corporation (HNI) - Canvas Business Model: Customer Segments

HNI Corporation serves customers across two primary segments: Workplace Furnishings and Residential Building Products. The Trailing Twelve Month (TTM) Net Sales as of the third quarter of 2025 reached $2.59B.

The customer base is segmented based on the application of the products, which include commercial furnishings and hearth products.

Customer Segment Group	Primary HNI Segment	Relevant 2025 Financial/Statistical Data Point
Commercial and government offices	Workplace Furnishings	Workplace Furnishings net sales were $516.9 million in Q3 2025.
Healthcare and hospitality sectors	Workplace Furnishings (Hospitality)	Workplace Furnishings contract orders were up 15% year-over-year in Q1 2025, excluding hospitality.
Home builders and new residential construction market	Residential Building Products	New construction grew over 4% year-over-year in Q2 2025.
Homeowners in the remodel/retrofit market for hearth products	Residential Building Products	Remodel-retrofit grew over 7% year-over-year in Q2 2025.
Small and medium-sized businesses (SMB)	Workplace Furnishings	Return to growth noted across brands focused on SMB in Q2 2025.

The Workplace Furnishings segment saw its organic net sales increase 3.5% year-over-year in the third quarter of 2025, with the quarter-ending backlog up 7% versus the same period of 2024.

The customer base for Workplace Furnishings is served through multiple unique brands and includes:

• Commercial and government offices, which drive the core contract business.
• Small and medium-sized businesses (SMB) for whom brands saw a return to growth in Q2 2025.
• The hospitality sector, which is noted as sometimes being lumpy in order flow.
• Customers benefiting from Kimball International (KII) acquisition synergies, expected to contribute $0.75 to $0.80 to diluted non-GAAP EPS in 2025-2026.

The Residential Building Products segment targets the residential market with its hearth products, which include gas, wood, electric, and pellet-fueled fireplaces, inserts, stoves, facings, and accessories. The segment's net sales in Q3 2025 were approximately $166.9 million (calculated as $683.8 million total net sales minus $516.9 million Workplace Furnishings net sales).

Key customer activity within Residential Building Products as of mid-2025 included:

• Home builders and new residential construction showing growth exceeding 4% year-over-year in Q2 2025.
• Homeowners in the remodel/retrofit market showing growth exceeding 7% year-over-year in Q2 2025.

Products across both segments are distributed through various channels, including independent dealers, distributors, eCommerce retailers, wholesalers, and retail outlets.

HNI Corporation (HNI) - Canvas Business Model: Cost Structure

You're looking at the cost side of HNI Corporation's operations as of late 2025, right after the big Steelcase announcement. The numbers tell a story of heavy investment in production and integration, which is where the real money goes.

Significant Cost of Goods Sold (COGS) from manufacturing and raw materials is the largest component, as expected for a manufacturer. For the three months ended September 27, 2025, the Cost of Sales totaled $395.7 million. Looking at the longer trend, the Cost of Sales for the nine months ended September 27, 2025, reached $1,138.0 million. This reflects the cost of materials, labor, and overhead tied directly to producing both workplace furnishings and residential building products.

The overhead, or operating expenses, shows the impact of recent strategic moves. Selling, General, and Administrative Expenses for the third quarter of 2025 were $222.7 million, up from $208.4 million in the third quarter of 2024. This increase captures ongoing investment in go-to-market functions and support. You can see the tail of the prior Kimball International (KII) acquisition in the 2024 Selling and Administrative Expenses, which included $41.2 million in KII acquisition-related expenses.

The focus on manufacturing network optimization is clear in the Capital Expenditures. For the nine months ended September 27, 2025, total Capital Expenditures were $50.8 million, with $19.6 million spent in the third quarter alone. This spending supports the ramp-up of the Mexico facility, which, alongside KII synergies, is expected to contribute $0.75 to $0.80 to diluted non-GAAP EPS in the 2025-2026 period. The massive pending Steelcase acquisition, valued at approximately $2.2 billion, carries a projected annual run-rate cost synergy target of $120 million when fully mature, which will impact future cost structures.

Labor costs are tied to the global workforce. As of late 2025, the employee count is reported around 7,800 members worldwide, though the prompt referenced a prior figure of 7,100. The total labor component is embedded within the Cost of Sales and the Selling, General, and Administrative Expenses.

HNI Corporation maintains a global footprint, with operations, manufacturing plants, and distribution centers primarily in the United States, India, and Mexico. While direct logistics costs aren't isolated, the distribution network supports a business where the five largest customers represented about 15 percent of consolidated net sales in fiscal 2024.

Here's a snapshot of the key financial figures impacting the Cost Structure for the latest reported periods (in millions of USD, unless otherwise noted):

Cost Component/Metric	Q3 2025 (Period Ended Sep 27, 2025)	Nine Months Ended Sep 27, 2025	FY 2024 (Full Year Ended Dec 28, 2024)
Total Cost of Sales (COGS)	$395.7	$1,138.0	Not explicitly provided for full year 2024 Cost of Sales
Total Selling, General, and Admin Expenses (SG&A)	$222.7	$645.7	SG&A as % of sales decreased 90 basis points vs 2023
Capital Expenditures (Total)	$19.6	$50.8	Total Capex was $43.2 million
Employee Count (Latest Reported)	N/A	N/A	7,600 (Dec 28, 2024) or 7,800 (Oct 14, 2025)
Projected Annual Cost Synergies (Steelcase)	N/A	N/A	$120 million (when fully mature)

The cost structure is also influenced by specific, non-recurring items. For instance, Restructuring, Impairment, and Loss on Divestiture costs in Q3 2025 were $0.8 million. For the nine months ended September 27, 2025, these costs totaled $9.7 million. These costs often relate to the factory consolidation initiatives in Workplace Furnishings and reorganization efforts in Residential Building Products.

You should note the financing cost associated with the pending acquisition, as J.P. Morgan and Wells Fargo provided $1.1 billion of committed debt financing via a 364-day Senior Unsecured Bridge Facility to cover the cash consideration.

The overall cost management strategy is highlighted by the fact that full-year operating income margin (GAAP and non-GAAP) reached its highest level since 2005 for the full year 2024.

HNI Corporation (HNI) - Canvas Business Model: Revenue Streams

You're looking at how HNI Corporation brings in the cash, which is really the core of any business model. For HNI Corporation, the revenue streams are clearly split between their two main operational segments, plus some forward-looking synergy benefits that are becoming a key part of the earnings picture.

The bulk of the revenue comes from selling physical goods, but don't forget the service component in the Residential segment, which is a nice vertical integration play.

Here's a look at the latest figures we have for the revenue streams, primarily based on the third quarter of 2025 results:

Revenue Stream Component	Latest Reported Amount (Q3 2025)	Context/Estimate
Net sales from Workplace Furnishings	$516.9 million	Q3 2025 net sales
Net sales from Residential Building Products	$166.9 million	Q3 2025 net sales
Full-year 2025 Consensus Revenue	US$2.64 billion	Analyst consensus estimate
Full-year 2025 Revenue (Alternative Estimate)	$2,593,200,000	WallStreetZen forecast for 2025 revenue

The Workplace Furnishings segment is the larger revenue driver, though the Residential Building Products segment is noted as generating more than half of annual profits in some analyses.

When we look at the expected future financial impact from internal improvements, the synergy realization is a critical, quantifiable revenue-adjacent stream impacting the bottom line:

• Expected incremental EPS benefit from Kimball International synergies and Mexico facility ramp-up over 2025-2026 is projected to be between $0.70 to $0.80 per diluted non-GAAP share.

Regarding the service revenue component within the Residential segment, HNI Corporation has a vertically-integrated model that includes direct sales channels:

The Residential Building Products segment generates revenue through a national system of independent dealers and distributors, but also through Corporation-owned channels. Specifically, approximately one quarter of the Residential Building Products revenue comes from products and services sold through their owned installing distributors.

Finance: draft 13-week cash view by Friday, incorporating the $45 million to $50 million synergy benefit into the 2025-2026 forecast.