HNI Corporation — Earnings Quality Grade F
HNI · Consumer Cyclical
Major red flags
Screening Summary
管理层信号
数据来源：SEC EDGAR 8-K Item 5.02，附 Exhibit 99.1 链接
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 38 days (36 → 73)
AR growth 131.3% exceeds revenue growth 12.4%
Revenue 12.4%, CFFO 21.9%. Cash follows revenue
Expense Quality
Inventory growth 144.6% exceeds COGS 11.4%
CapEx growth 28.2% is >2x revenue growth 12.4%
SG&A/Gross Profit = 79.7%, exceeds 70%
Gross margin 41.4%, change +0.5pp. Stable
Cash Flow Quality
CFFO/NI = 5.10. Profits backed by cash
FCF $0.2B, FCF/NI = 3.85
Accruals ratio = -4.5%. Low accruals
Cash $0.2B covers only 14% of debt $1.6B
Balance Sheet Health
Goodwill+Intangibles $1.7B = 93% of equity. Over 50%
Debt/EBITDA = 6.8x (>4x). Financial stress
Other assets grew 451.7% vs revenue 12.4%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles surged 173% YoY
Manipulation Score
M-Score = -1.51 (> -1.78). LIKELY MANIPULATOR
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25