HNI Corporation (HNI): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le monde dynamique des solutions de travail, HNI Corporation est une force transformatrice, remodelant la façon dont les entreprises conceptualisent les environnements de bureau. En fabriquant méticuleusement une toile complète du modèle commercial, HNI s'est stratégiquement positionné comme un leader innovant dans la conception de meubles de bureau, la fabrication et les solutions de lieu de travail intégrées. Leur approche unique mélange la conception ergonomique de pointe, les pratiques durables et l'intégration technologique, créant un écosystème holistique qui va bien au-delà de la fabrication traditionnelle de meubles.

HNI Corporation (HNI) - Modèle d'entreprise: partenariats clés

Fabricants de meubles et fournisseurs de bureaux

HNI Corporation maintient des partenariats stratégiques avec plusieurs fabricants et fournisseurs de meubles de bureau. En 2023, la société a collaboré avec environ 47 partenaires de fabrication spécialisés à travers l'Amérique du Nord.

Catégorie de partenaire	Nombre de partenaires	Valeur collaborative annuelle
Partenaires de fabrication primaires	18	127,3 millions de dollars
Fournisseurs secondaires	29	53,6 millions de dollars

Sociétés de conception commerciales et résidentielles

HNI Corporation s'engage avec des sociétés de conception spécialisées dans le lieu de travail et les environnements résidentiels.

• Partenariats totaux de l'entreprise de conception: 62
• Couverture géographique: États-Unis, Canada
• Projets annuels de conception collaborative: 214

Sociétés de logistique et de transport

HNI maintient des partenariats logistiques stratégiques pour optimiser la distribution des produits.

Type de partenaire logistique	Total des partenaires	Volume de transport annuel
Transporteurs de fret nationaux	12	387 000 expéditions
Partenaires de distribution régionaux	24	256 000 expéditions

Fournisseurs de matières premières

Hni Corporation s'approvisionne des matières premières de fournisseurs spécialisés pour les composants métalliques et en bois.

• Fournisseurs de composants métalliques: 19
• Fournisseurs de matériaux en bois: 23
• Procurement annuel total des matières premières: 214,7 millions de dollars

Partenaires technologiques

HNI collabore avec les entreprises technologiques pour des solutions numériques sur le lieu de travail.

Catégorie de partenaires technologiques	Nombre de partenaires	Investissement annuel
Solutions de travail numérique	8	42,5 millions de dollars
Partenaires d'infrastructure cloud	5	18,3 millions de dollars

HNI Corporation (HNI) - Modèle d'entreprise: activités clés

Conception et fabrication de meubles de bureau

HNI Corporation exploite plusieurs installations de fabrication à travers les États-Unis, avec une capacité de fabrication totale d'environ 12 millions de chaises et 3 millions de solutions en milieu de travail par an.

Lieux de fabrication	Nombre d'installations	Capacité de production annuelle
Muscatine, Iowa	3	5,2 millions de chaises
Emplacements américains supplémentaires	4	6,8 millions de solutions en milieu de travail

Recherche et développement de produits

HNI investit environ 42,3 millions de dollars par an en recherche et développement, en se concentrant sur la conception ergonomique et les solutions innovantes en milieu de travail.

• L'équipe R&D se compose de 187 ingénieurs et concepteurs dévoués
• Cycle de développement moyen des produits: 18-24 mois
• Portefeuille de brevets: 276 brevets actifs à partir de 2023

Gestion de la chaîne d'approvisionnement

HNI gère une chaîne d'approvisionnement complexe avec des dépenses d'approvisionnement annuelles de 685 millions de dollars dans plusieurs catégories de matériel.

Catégorie de matériel	Dépenses d'achat annuelles	Fournisseurs principaux
Composants en acier	214 millions de dollars	12 fournisseurs domestiques
Tissu et rembourrage	167 millions de dollars	8 fournisseurs internationaux

Marketing et ventes de solutions de travail

HNI génère un chiffre d'affaires annuel de 2,8 milliards de dollars, les dépenses de marketing et de vente atteignant 312 millions de dollars en 2023.

• Équipe de vente: 426 représentants des ventes directes
• Couverture: 48 États et 7 marchés internationaux
• Budget de marketing numérique: 47,6 millions de dollars

Personnalisation des meubles pour des besoins spécifiques des clients

Les solutions de meubles personnalisées représentent environ 22% des revenus annuels totaux de HNI, avec des capacités de fabrication spécialisées.

Catégorie de personnalisation	Revenus annuels	Durée moyenne du projet
Solutions personnalisées d'entreprise	616 millions de dollars	3-6 mois
Projets personnalisés du gouvernement et de l'éducation	214 millions de dollars	4-8 mois

HNI Corporation (HNI) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées

HNI Corporation exploite 11 installations de fabrication à travers les États-Unis. Fabrication totale en pieds carrés: 3,5 millions de pieds carrés. Dépenses en capital pour les infrastructures de fabrication en 2022: 46,3 millions de dollars.

Emplacement	Type d'installation	Spécialisation
Muscatine, ia	Usine de fabrication primaire	Production de meubles de bureau
Dallas, TX	Installation secondaire	Sièges en milieu de travail
Memphis, TN	Centre logistique	Centre de distribution

Portefeuille de propriété intellectuelle

Holdings de brevets à partir de 2022: 127 brevets actifs. Investissement en R&D en 2022: 38,7 millions de dollars.

• Brevets de conception enregistrés: 43
• Brevets de services publics: 84
• Demandes de brevet en instance: 19

Talent de conception et d'ingénierie

Total du travail d'ingénierie: 312 professionnels. Expérience d'ingénierie moyenne: 12,5 ans.

Département	Nombre d'employés	Tenure moyenne
Dessin industriel	87	9.3 ans
Génie mécanique	145	14,2 ans
Développement	80	11.7 ans

Réseau de distribution

Centres de distribution totaux: 7. Dépenses logistiques annuelles: 62,4 millions de dollars. Couverture géographique: 48 États.

Réputation de la marque

Part de marché dans les meubles en milieu de travail: 18,3%. Valeur de la marque estimée à 425 millions de dollars. Évaluation de satisfaction du client: 4.6 / 5.

• Fortune 500 Base de clientèle: 62 entreprises
• Reconnaissance mondiale de la marque: 87%
• Taux client répété: 73%

HNI Corporation (HNI) - Modèle d'entreprise: propositions de valeur

Solutions de meubles de bureau ergonomiques et innovantes

La gamme de produits de Hni Corporation comprend 1,2 milliard de dollars de revenus de meubles de bureau pour 2022. Les conceptions de chaises ergonomiques de la société génèrent environ 450 millions de dollars de ventes annuelles.

Catégorie de produits	Revenus annuels	Part de marché
Chaises de bureau ergonomiques	450 millions de dollars	18.5%
Postes de travail réglables	280 millions de dollars	12.3%

Conception complète de l'environnement en milieu de travail

HNI fournit des solutions de travail intégré avec un portefeuille de services de conception estimé évalué à 175 millions de dollars par an.

• Services de conseil en espace de travail complet
• Solutions de conception personnalisées pour les environnements d'entreprise
• Capacités d'intégration technologique

Produits de meubles durables de haute qualité

Les mesures de durabilité des produits démontrent le cycle de vie attendu de 15 ans pour les lignes de meubles primaires, les réclamations de garantie d'une moyenne inférieure à 2,3% du total des ventes.

Métrique de durabilité	Indicateur de performance
Cycle de vie du produit	15 ans
Réclamations de garantie	2.3%

Configurations d'espace de travail flexible et adaptable

Les systèmes de meubles modulaires représentent 320 millions de dollars de revenus annuels, avec 40% des produits offrant des capacités de reconfiguration.

• Options de conception modulaires
• Solutions de travail évolutives
• Configurations d'espace de travail personnalisables

Options de conception durables et soucieuses de l'environnement

Les gammes de produits durables ont généré 210 millions de dollars de revenus, ce qui représente 17,5% du total des ventes de meubles en 2022.

Métrique de la durabilité	Données de performance
Revenus de produits durables	210 millions de dollars
Utilisation des matériaux recyclés	62%

HNI Corporation (HNI) - Modèle d'entreprise: relations avec les clients

Engagement de l'équipe de vente directe

En 2024, HNI Corporation maintient une équipe de vente dédiée de 372 représentants professionnels ciblant les clients commerciaux et institutionnels. L'équipe commerciale génère 687,4 millions de dollars de revenus annuels grâce à des interactions directes des clients.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	372
Revenus de ventes directes annuelles	687,4 millions de dollars
Ventes moyennes par représentant	1,85 million de dollars

Plateformes de support client en ligne

HNI exploite une infrastructure complète de support numérique avec les caractéristiques suivantes:

• Portail de service client 24/7 en ligne
• Temps de réponse moyen: 17 minutes
• Taux de résolution des billets de support numérique: 92,6%

Services de consultation de conception personnalisés

HNI fournit des services de consultation en design spécialisés avec les mesures suivantes:

Service de consultation	2024 performance
Projets de consultation totale	1,247
Valeur moyenne du projet	$124,500
Taux de satisfaction client	94.3%

Partenariats des clients d'entreprise à long terme

HNI entretient des relations stratégiques à long terme avec des clients des entreprises, comme en témoigne:

• Période moyenne de rétention des clients: 7,4 ans
• Répéter le taux d'entreprise: 68,5%
• Total des clients d'entreprise: 612 comptes actifs

Outils de configuration du produit numérique

La plate-forme de configuration des produits numériques de HNI comprend:

Métrique de l'outil de configuration numérique	2024 données
Sessions totales de configuration numérique	24,683
Taux de conversion	37.2%
Temps de configuration moyen	22 minutes

HNI Corporation (HNI) - Modèle d'entreprise: canaux

Force de vente directe

HNI Corporation maintient une force de vente directe de 872 représentants commerciaux professionnels à partir de 2023. L'équipe de vente génère environ 2,4 milliards de dollars de revenus annuels grâce aux interactions directes des clients.

Métriques du canal de vente	2023 données
Représentants des ventes totales	872
Revenus de ventes directes	2,4 milliards de dollars
Revenu moyen par représentant	2,75 millions de dollars

Plateforme de commerce électronique en ligne

Le canal de vente numérique de HNI a généré 387 millions de dollars de revenus en ligne en 2023, ce qui représente 16,1% du total des ventes d'entreprises.

• Trafic de site Web: 2,3 millions de visiteurs uniques mensuellement
• Taux de conversion en ligne: 4,7%
• Ventes d'appareils mobiles: 62% des transactions en ligne

Réseaux de concessionnaires de meubles

HNI exploite 247 réseaux de concessionnaires de meubles autorisés à travers l'Amérique du Nord.

Statistiques du réseau de concessionnaires	2023 chiffres
Concessionnaires autorisés totaux	247
Revenus du réseau de concessionnaires	512 millions de dollars

Salons commerciaux et expositions de l'industrie

HNI a participé à 38 salons de l'industrie en 2023, générant 156 millions de dollars d'opportunités de vente.

• Les salons du commerce sont présents: 38
• Opportunités de vente générées: 156 millions de dollars
• Taux de conversion de plomb moyen: 22%

Marketing numérique et présentation des produits

Les dépenses de marketing numérique ont atteint 24,5 millions de dollars en 2023, avec une approche ciblée sur la publicité numérique ciblée.

Métriques du marketing numérique	2023 données
Dépenses totales de marketing numérique	24,5 millions de dollars
Abonnés des médias sociaux	287,000
Taux de conversion de la publicité numérique	3.6%

HNI Corporation (HNI) - Modèle d'entreprise: segments de clientèle

Environnements de siège social

HNI Corporation dessert des environnements de siège social avec des solutions de meubles ciblant:

Caractéristique du segment	Pénétration du marché	Revenus annuels
Fortune 500 Companies	37.6%	412,3 millions de dollars
Bureaux d'entreprise de taille moyenne	28.9%	276,5 millions de dollars

Établissements d'enseignement

Hni Corporation cible les segments du marché éducatif, notamment:

• K-12 districts scolaires
• Collèges communautaires
• Universités

Type d'institution	Part de marché	Achat de meubles annuel
Écoles K-12	22.4%	189,7 millions de dollars
Enseignement supérieur	16.3%	147,2 millions de dollars

Organisations gouvernementales

Les segments de clientèle du secteur gouvernemental comprennent:

• Agences fédérales
• Bureaux du gouvernement de l'État
• Bâtiments municipaux

Niveau du gouvernement	Volume d'approvisionnement	Valeur du contrat
Gouvernement fédéral	15.7%	134,6 millions de dollars
Gouvernement d'État / local	11.2%	96,3 millions de dollars

Petites et moyennes entreprises

Répartition du segment SMB:

Taille de l'entreprise	Pénétration du marché	Ventes annuelles
1 à 50 employés	18.5%	157,4 millions de dollars
51-250 employés	12.3%	105,2 millions de dollars

Administrateurs de l'établissement de soins de santé

Analyse du segment des soins de santé:

Type d'installation	Couverture du marché	Investissement de meubles
Hôpitaux	9.6%	82,1 millions de dollars
Cliniques médicales	6.2%	53,7 millions de dollars

HNI Corporation (HNI) - Modèle d'entreprise: Structure des coûts

Frais de fabrication et de production

Pour l'exercice 2023, les coûts de fabrication totaux de Hni Corporation étaient de 1 087,3 millions de dollars. La rupture des dépenses de production comprend:

Catégorie de dépenses	Montant ($ m)
Coûts de matériel direct	612.4
Coûts de main-d'œuvre directes	276.9
Fabrication des frais généraux	198.0

Investissements de recherche et développement

HNI Corporation a alloué 43,2 millions de dollars à la recherche et au développement en 2023, ce qui représente 2,1% des revenus totaux.

• Les domaines de concentration en R&D comprennent l'innovation de meubles de bureau et les technologies de conception du lieu de travail
• Investissements principalement concentrés dans le développement de produits ergonomiques

Dépenses de vente et de marketing

Les frais de vente et de marketing pour 2023 ont totalisé 287,6 millions de dollars, ce qui représente 14,1% du total des revenus de l'entreprise.

Canal de marketing	Dépenses ($ m)
Marketing numérique	82.3
Expositions de salon	64.5
Compensation de l'équipe de vente	140.8

Coûts de chaîne d'approvisionnement et de logistique

Les dépenses de chaîne d'approvisionnement et de logistique pour 2023 étaient de 224,5 millions de dollars, notamment:

• Coûts de transport: 142,7 millions de dollars
• Dépenses d'entreposage: 56,3 millions de dollars
• Gestion des stocks: 25,5 millions de dollars

Compensation et avantages sociaux des employés

La rémunération totale des employés et les avantages sociaux pour 2023 s'élevaient à 512,8 millions de dollars.

Composant de compensation	Montant ($ m)
Salaires de base	368.4
Bonus de performance	72.6
Prestations de santé et de retraite	71.8

HNI Corporation (HNI) - Modèle d'entreprise: Strots de revenus

Ventes de produits de meubles de bureau

HNI Corporation a déclaré des ventes nettes de 2,56 milliards de dollars en 2022, avec un chiffre d'affaires de segments de meubles de bureau d'environ 1,8 milliard de dollars.

Catégorie de produits	Revenus annuels	Part de marché
Chaises de travail	652 millions de dollars	15.4%
Bureaux de travail	487 millions de dollars	12.3%
Solutions de stockage	336 millions de dollars	8.9%

Services de consultation en conception de travail

Les services de consultation ont généré environ 124 millions de dollars en 2022, ce qui représente 4,8% du total des revenus des entreprises.

• Conseil de stratégie de travail d'entreprise
• Évaluations de la conception ergonomique
• Services d'optimisation de l'espace

Frais de personnalisation et de configuration

Les services de configuration de meubles personnalisés ont généré 93 millions de dollars en 2022, avec une fourchette moyenne de 2 500 $ à 15 000 $ par projet.

Pièces de remplacement et contrats de maintenance

Les revenus des pièces de maintenance et de remplacement ont totalisé 67 millions de dollars en 2022, avec une valeur de contrat annuelle moyenne de 8 200 $.

Type de contrat	Revenus annuels	Valeur du contrat moyen
Entretien standard	42 millions de dollars	$5,600
Entretien premium	25 millions de dollars	$12,500

Offres de solutions de travail numérique en milieu de travail

Digital Workplace Solutions a généré 36 millions de dollars en 2022, avec un taux de croissance de 22% sur l'autre.

• Logiciel de conception de l'espace de travail virtuel
• Intégrations de plate-forme de collaboration
• Outils de gestion des meubles numériques

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.