HNI Corporation (HNI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico das soluções no local de trabalho, a HNI Corporation permanece como uma força transformadora, reformulando como as empresas conceituam ambientes de escritório. Ao elaborar meticulosamente uma tela abrangente do modelo de negócios, a HNI se posicionou estrategicamente como líder inovador em design de mobiliário de escritório, fabricação e soluções integradas no local de trabalho. Sua abordagem única combina design ergonômico de ponta, práticas sustentáveis ​​e integração tecnológica, criando um ecossistema holístico que vai muito além da fabricação tradicional de móveis.

HNI Corporation (HNI) - Modelo de negócios: Parcerias -chave

Fabricantes e fornecedores de móveis de escritório

A HNI Corporation mantém parcerias estratégicas com vários fabricantes e fornecedores de móveis de escritório. Em 2023, a empresa colaborou com aproximadamente 47 parceiros de fabricação especializados em toda a América do Norte.

Categoria de parceiro	Número de parceiros	Valor colaborativo anual
Parceiros de fabricação primários	18	US $ 127,3 milhões
Fornecedores secundários	29	US $ 53,6 milhões

Empresas de design comercial e residencial

A HNI Corporation se envolve com empresas de design especializadas em ambientes residenciais e no local de trabalho.

• Total Design Firm Partnerships: 62
• Cobertura geográfica: Estados Unidos, Canadá
• Projetos anuais de design colaborativo: 214

Empresas de logística e transporte

A HNI mantém parcerias de logística estratégica para otimizar a distribuição de produtos.

Tipo de parceiro de logística	Total Partners	Volume anual de transporte
Transportadoras nacionais de carga	12	387.000 remessas
Parceiros de distribuição regional	24	256.000 remessas

Fornecedores de matéria -prima

A HNI Corporation obtém matérias -primas de fornecedores especializados para componentes de metal e madeira.

• Fornecedores de componentes metálicos: 19
• Fornecedores de materiais de madeira: 23
• Aquisição anual total de matéria -prima: US $ 214,7 milhões

Parceiros de tecnologia

A HNI colabora com empresas de tecnologia para soluções digitais de local de trabalho.

Categoria de parceiro de tecnologia	Número de parceiros	Investimento anual
Soluções de local de trabalho digital	8	US $ 42,5 milhões
Parceiros de infraestrutura em nuvem	5	US $ 18,3 milhões

HNI Corporation (HNI) - Modelo de negócios: Atividades -chave

Projeto e fabricação de móveis de escritório

A HNI Corporation opera várias instalações de fabricação nos Estados Unidos, com uma capacidade total de fabricação de aproximadamente 12 milhões de cadeiras e 3 milhões de soluções no local de trabalho anualmente.

Locais de fabricação	Número de instalações	Capacidade de produção anual
Muscatine, Iowa	3	5,2 milhões de cadeiras
Locais adicionais dos EUA	4	6,8 milhões de soluções no local de trabalho

Pesquisa e desenvolvimento de produtos

A HNI investe aproximadamente US $ 42,3 milhões anualmente em pesquisa e desenvolvimento, com foco no design ergonômico e nas soluções inovadoras do local de trabalho.

• A equipe de P&D é composta por 187 engenheiros e designers dedicados
• Ciclo médio de desenvolvimento de produtos: 18-24 meses
• Portfólio de patentes: 276 patentes ativas a partir de 2023

Gestão da cadeia de abastecimento

A HNI gerencia uma cadeia de suprimentos complexa com os gastos anuais de compras de US $ 685 milhões em várias categorias de materiais.

Categoria de material	Gastos anuais de compras	Fornecedores primários
Componentes de aço	US $ 214 milhões	12 fornecedores domésticos
Tecido e estofamento	US $ 167 milhões	8 Fornecedores Internacionais

Marketing e vendas de soluções no local de trabalho

O HNI gera receita anual de US $ 2,8 bilhões, com despesas de marketing e vendas atingindo US $ 312 milhões em 2023.

• Equipe de vendas: 426 representantes de vendas diretas
• Cobertura: 48 estados e 7 mercados internacionais
• Orçamento de marketing digital: US $ 47,6 milhões

Personalização de móveis para necessidades específicas do cliente

As soluções de móveis personalizadas representam aproximadamente 22% da receita anual total da HNI, com recursos especializados de fabricação.

Categoria de personalização	Receita anual	Duração média do projeto
Soluções personalizadas corporativas	US $ 616 milhões	3-6 meses
Projetos personalizados do governo e educação	US $ 214 milhões	4-8 meses

HNI Corporation (HNI) - Modelo de negócios: Recursos -chave

Instalações de fabricação avançadas

A HNI Corporation opera 11 instalações de fabricação nos Estados Unidos. Manferação quadrada total de fabricação: 3,5 milhões de pés quadrados. Despesas de capital para infraestrutura de fabricação em 2022: US $ 46,3 milhões.

Localização	Tipo de instalação	Especialização
Muscatine, IA	Fábrica primária	Produção de móveis de escritório
Dallas, TX	Instalação secundária	Assentos no local de trabalho
Memphis, TN	Centro de logística	Hub de distribuição

Portfólio de propriedade intelectual

Holdings de patentes a partir de 2022: 127 patentes ativas. Investimento de P&D em 2022: US $ 38,7 milhões.

• Patentes de design registrado: 43
• Patentes de utilidade: 84
• Aplicações de patentes pendentes: 19

Design e Talento de Engenharia

Força de trabalho total de engenharia: 312 profissionais. Experiência média de engenharia: 12,5 anos.

Departamento	Número de funcionários	Posse média
Design Industrial	87	9,3 anos
Engenharia Mecânica	145	14,2 anos
Desenvolvimento de produtos	80	11,7 anos

Rede de distribuição

Centros de distribuição total: 7. Despesas anuais de logística: US $ 62,4 milhões. Cobertura geográfica: 48 estados.

Reputação da marca

Participação de mercado nos móveis do local de trabalho: 18,3%. Valor da marca estimado em US $ 425 milhões. Classificação de satisfação do cliente: 4.6/5.

• FORTUNE 500 Base de clientes: 62 empresas
• Reconhecimento global da marca: 87%
• Taxa repetida do cliente: 73%

HNI Corporation (HNI) - Modelo de Negócios: Proposições de Valor

Soluções de móveis de escritório ergonômico e inovador

A linha de produtos da HNI Corporation inclui US $ 1,2 bilhão em receita de móveis de escritório para 2022. Os projetos de cadeira ergonômica da empresa geram aproximadamente US $ 450 milhões em vendas anuais.

Categoria de produto	Receita anual	Quota de mercado
Cadeiras de escritório ergonômico	US $ 450 milhões	18.5%
Estações de trabalho ajustáveis	US $ 280 milhões	12.3%

Design abrangente do ambiente no local de trabalho

A HNI fornece soluções integradas no local de trabalho com um portfólio de serviços de design estimado, avaliado em US $ 175 milhões anualmente.

• Serviços abrangentes de consultoria de espaço de trabalho
• Soluções de design personalizadas para ambientes corporativos
• Capacidades de integração de tecnologia

Produtos de mobília durável de alta qualidade

As métricas de durabilidade do produto demonstram ciclo de vida esperado de 15 anos para linhas de móveis primárias, com reivindicações de garantia com média de menos de 2,3% do total de vendas.

Métrica de durabilidade	Indicador de desempenho
Ciclo de vida do produto	15 anos
Reivindicações de garantia	2.3%

Configurações de espaço de trabalho flexíveis e adaptáveis

Os sistemas de móveis modulares representam US $ 320 milhões em receita anual, com 40% dos produtos oferecendo recursos de reconfiguração.

• Opções de design modular
• Soluções escaláveis ​​no local de trabalho
• Configurações de espaço de trabalho personalizáveis

Opções de design sustentáveis ​​e ambientalmente conscientes

As linhas de produtos sustentáveis ​​geraram US $ 210 milhões em receita, representando 17,5% do total de vendas de móveis em 2022.

Métrica de sustentabilidade	Dados de desempenho
Receita sustentável de produtos	US $ 210 milhões
Uso de material reciclado	62%

HNI Corporation (HNI) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento da equipe de vendas direta

A partir de 2024, a HNI Corporation mantém uma equipe de vendas dedicada de 372 representantes profissionais direcionados a clientes comerciais e institucionais. A equipe de vendas gera US $ 687,4 milhões em receita anual por meio de interações diretas dos clientes.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	372
Receita anual de vendas direta	US $ 687,4 milhões
Vendas médias por representante	US $ 1,85 milhão

Plataformas de suporte ao cliente online

A HNI opera uma infraestrutura abrangente de suporte digital com as seguintes características:

• 24/7 portal de atendimento ao cliente on -line
• Tempo médio de resposta: 17 minutos
• Taxa de resolução do ticket de suporte digital: 92,6%

Serviços de consulta de design personalizado

A HNI fornece serviços especializados de consulta de design com as seguintes métricas:

Serviço de consulta	2024 Performance
Projetos totais de consulta	1,247
Valor médio do projeto	$124,500
Taxa de satisfação do cliente	94.3%

Parcerias de clientes corporativos de longo prazo

O HNI mantém relacionamentos estratégicos de longo prazo com clientes corporativos, evidenciados por:

• Período médio de retenção de clientes: 7,4 anos
• Repita a taxa de negócios: 68,5%
• Base total de clientes corporativos: 612 contas ativas

Ferramentas de configuração de produtos digitais

A plataforma de configuração de produtos digitais da HNI inclui:

Métrica da ferramenta de configuração digital	2024 dados
Sessões de configuração digital total	24,683
Taxa de conversão	37.2%
Tempo médio de configuração	22 minutos

HNI Corporation (HNI) - Modelo de Negócios: Canais

Força de vendas direta

A HNI Corporation mantém uma força de vendas direta de 872 representantes de vendas profissionais a partir de 2023. A equipe de vendas gera aproximadamente US $ 2,4 bilhões em receita anual por meio de interações diretas de clientes.

Métricas de canal de vendas	2023 dados
Total de representantes de vendas	872
Receita de vendas direta	US $ 2,4 bilhões
Receita média por representante	US $ 2,75 milhões

Plataforma online de comércio eletrônico

O canal de vendas digital da HNI gerou US $ 387 milhões em receita on -line em 2023, representando 16,1% do total de vendas da empresa.

• Tráfego do site: 2,3 milhões de visitantes únicos mensalmente
• Taxa de conversão online: 4,7%
• Vendas de dispositivos móveis: 62% das transações online

Redes de concessionária de móveis

A HNI opera através de 247 redes de concessionária de móveis autorizadas em toda a América do Norte.

Estatísticas da rede de concessionárias	2023 Figuras
Total de concessionárias autorizadas	247
Receita da rede de concessionárias	US $ 512 milhões

Feiras e exposições da indústria

A HNI participou de 38 feiras do setor em 2023, gerando US $ 156 milhões em oportunidades de vendas.

• Feiras de comércio atendidas: 38
• Oportunidades de vendas geradas: US $ 156 milhões
• Taxa média de conversão de chumbo: 22%

Marketing digital e apresentação de produtos

As despesas de marketing digital atingiram US $ 24,5 milhões em 2023, com uma abordagem focada na publicidade digital direcionada.

Métricas de marketing digital	2023 dados
Gastos de marketing digital total	US $ 24,5 milhões
Seguidores de mídia social	287,000
Taxa de conversão de publicidade digital	3.6%

HNI Corporation (HNI) - Modelo de negócios: segmentos de clientes

Ambientes de escritório corporativo

A HNI Corporation atende ambientes de escritório corporativo com soluções de móveis direcionadas:

Característica do segmento	Penetração de mercado	Receita anual
Fortune 500 empresas	37.6%	US $ 412,3 milhões
Escritórios corporativos de tamanho médio	28.9%	US $ 276,5 milhões

Instituições educacionais

A HNI Corporation sete alvo segmentos de mercado educacional, incluindo:

• Distritos escolares do ensino fundamental e médio
• Faculdades comunitárias
• Universidades

Tipo de instituição	Quota de mercado	Aquisição anual de móveis
Escolas K-12	22.4%	US $ 189,7 milhões
Ensino superior	16.3%	US $ 147,2 milhões

Organizações governamentais

Os segmentos de clientes do setor governamental incluem:

• Agências federais
• Escritórios do governo do estado
• Edifícios Municipais

Nível do governo	Volume de compras	Valor do contrato
Governo federal	15.7%	US $ 134,6 milhões
Governo estadual/local	11.2%	US $ 96,3 milhões

Pequenas e médias empresas

Aparelhamento do segmento SMB:

Tamanho comercial	Penetração de mercado	Vendas anuais
1-50 funcionários	18.5%	US $ 157,4 milhões
51-250 funcionários	12.3%	US $ 105,2 milhões

Administradores de instalações de saúde

Análise do segmento de assistência médica:

Tipo de instalação	Cobertura de mercado	Investimento de móveis
Hospitais	9.6%	US $ 82,1 milhões
Clínicas médicas	6.2%	US $ 53,7 milhões

HNI Corporation (HNI) - Modelo de negócios: estrutura de custos

Despesas de fabricação e produção

Para o ano fiscal de 2023, os custos totais de fabricação da HNI Corporation foram de US $ 1.087,3 milhões. A quebra das despesas de produção inclui:

Categoria de despesa	Valor ($ m)
Custos de material direto	612.4
Custos diretos de mão -de -obra	276.9
Manufatura de sobrecarga	198.0

Investimentos de pesquisa e desenvolvimento

A HNI Corporation alocou US $ 43,2 milhões à pesquisa e desenvolvimento em 2023, representando 2,1% da receita total.

• As áreas de foco de P&D incluem inovação de móveis de escritório e tecnologias de design no local de trabalho
• Investimentos concentrados principalmente no desenvolvimento de produtos ergonômicos

Despesas de vendas e marketing

As despesas de vendas e marketing de 2023 totalizaram US $ 287,6 milhões, o que representa 14,1% da receita total da empresa.

Canal de marketing	Despesas ($ M)
Marketing digital	82.3
Exposições de feiras	64.5
Compensação da equipe de vendas	140.8

Custos de cadeia de suprimentos e logística

A cadeia de suprimentos e as despesas de logística de 2023 foram de US $ 224,5 milhões, incluindo:

• Custos de transporte: US $ 142,7 milhões
• Despesas de armazenamento: US $ 56,3 milhões
• Gerenciamento de inventário: US $ 25,5 milhões

Compensação e benefícios dos funcionários

A compensação total dos funcionários e os benefícios de 2023 totalizaram US $ 512,8 milhões.

Componente de compensação	Valor ($ m)
Salários da base	368.4
Bônus de desempenho	72.6
Benefícios de saúde e aposentadoria	71.8

HNI Corporation (HNI) - Modelo de negócios: fluxos de receita

Vendas de produtos para móveis de escritório

A HNI Corporation registrou vendas líquidas de US $ 2,56 bilhões em 2022, com receita de segmento de móveis de escritório de aproximadamente US $ 1,8 bilhão.

Categoria de produto	Receita anual	Quota de mercado
Cadeiras no local de trabalho	US $ 652 milhões	15.4%
Mesas no local de trabalho	US $ 487 milhões	12.3%
Soluções de armazenamento	US $ 336 milhões	8.9%

Serviços de consulta de design no local de trabalho

Os serviços de consulta geraram aproximadamente US $ 124 milhões em 2022, representando 4,8% do total de receita corporativa.

• Consultoria de estratégia no local de trabalho corporativo
• Avaliações de design ergonômico
• Serviços de otimização de espaço

Taxas de personalização e configuração

Os serviços de configuração de móveis personalizados geraram US $ 93 milhões em 2022, com uma taxa média de US $ 2.500 a US $ 15.000 por projeto.

Peças de reposição e contratos de manutenção

A receita de peças de manutenção e reposição totalizou US $ 67 milhões em 2022, com um valor médio anual do contrato de US $ 8.200.

Tipo de contrato	Receita anual	Valor médio do contrato
Manutenção padrão	US $ 42 milhões	$5,600
Manutenção premium	US $ 25 milhões	$12,500

Ofertas de solução de local de trabalho digital

A Digital Workplace Solutions gerou US $ 36 milhões em 2022, com uma taxa de crescimento de 22% ano a ano.

• Software de design de espaço de trabalho virtual
• Integrações da plataforma de colaboração
• Ferramentas de gerenciamento de móveis digitais

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.