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Side-by-side financial comparison of HNI CORP (HNI) and Worthington Steel, Inc. (WS). Click either name above to swap in a different company.
Worthington Steel, Inc. is the larger business by last-quarter revenue ($871.9M vs $683.8M, roughly 1.3× HNI CORP). HNI CORP runs the higher net margin — 6.0% vs 2.2%, a 3.9% gap on every dollar of revenue. On growth, Worthington Steel, Inc. posted the faster year-over-year revenue change (18.0% vs 1.7%). HNI CORP produced more free cash flow last quarter ($135.6M vs $74.6M). Over the past eight quarters, Worthington Steel, Inc.'s revenue compounded faster (3.9% CAGR vs 0.3%).
HNI Corporation is one of the largest office furniture manufacturers in the world in regard to revenues resulting from office segment sales. HNI is also the world's leading hearth products company, manufacturing and marketing gas, electric, wood and biomass burning fireplaces, inserts, stoves, facings and accessories. The company was founded in 1944 by engineer C. Maxwell Stanley, advertising executive Clem Hanson, and industrial designer H. Wood Miller. Its headquarters are in Muscatine, Iow...
Worthington Enterprises, Inc. is an American industrial manufacturing company headquartered in Columbus, Ohio. The company is composed of two business segments, consumer products and building products. Within these segments, the company designs and manufactures pressure vessels such as propane, oxygen and helium tanks, refrigerant and industrial cylinders, camping and residential use cylinders, water system tanks for storage, treatment, heating, expansion and flow control, as well as a variet...
HNI vs WS — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $683.8M | $871.9M |
| Net Profit | $41.2M | $18.8M |
| Gross Margin | 42.1% | 10.7% |
| Operating Margin | 9.4% | 2.5% |
| Net Margin | 6.0% | 2.2% |
| Revenue YoY | 1.7% | 18.0% |
| Net Profit YoY | -13.3% | 46.9% |
| EPS (diluted) | $0.88 | $0.37 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $871.9M | ||
| Q3 25 | $683.8M | $872.9M | ||
| Q2 25 | $667.1M | $832.9M | ||
| Q1 25 | $599.8M | $687.4M | ||
| Q4 24 | $642.5M | $739.0M | ||
| Q3 24 | $672.2M | $834.0M | ||
| Q2 24 | $623.7M | — | ||
| Q1 24 | $588.0M | $805.8M |
| Q4 25 | — | $18.8M | ||
| Q3 25 | $41.2M | $36.8M | ||
| Q2 25 | $48.2M | $55.7M | ||
| Q1 25 | $13.9M | $13.8M | ||
| Q4 24 | $38.3M | $12.8M | ||
| Q3 24 | $47.5M | $28.4M | ||
| Q2 24 | $36.0M | — | ||
| Q1 24 | $17.7M | $49.0M |
| Q4 25 | — | 10.7% | ||
| Q3 25 | 42.1% | 13.2% | ||
| Q2 25 | 42.9% | 15.2% | ||
| Q1 25 | 39.7% | 11.8% | ||
| Q4 24 | 40.5% | 10.8% | ||
| Q3 24 | 41.5% | 12.0% | ||
| Q2 24 | 41.9% | — | ||
| Q1 24 | 39.6% | 14.9% |
| Q4 25 | — | 2.5% | ||
| Q3 25 | 9.4% | 5.5% | ||
| Q2 25 | 10.2% | 8.0% | ||
| Q1 25 | 4.1% | 2.7% | ||
| Q4 24 | 8.5% | 2.6% | ||
| Q3 24 | 10.2% | 5.2% | ||
| Q2 24 | 8.6% | — | ||
| Q1 24 | 5.1% | 8.2% |
| Q4 25 | — | 2.2% | ||
| Q3 25 | 6.0% | 4.2% | ||
| Q2 25 | 7.2% | 6.7% | ||
| Q1 25 | 2.3% | 2.0% | ||
| Q4 24 | 6.0% | 1.7% | ||
| Q3 24 | 7.1% | 3.4% | ||
| Q2 24 | 5.8% | — | ||
| Q1 24 | 3.0% | 6.1% |
| Q4 25 | — | $0.37 | ||
| Q3 25 | $0.88 | $0.72 | ||
| Q2 25 | $1.02 | $1.11 | ||
| Q1 25 | $0.29 | $0.27 | ||
| Q4 24 | $0.78 | $0.25 | ||
| Q3 24 | $0.98 | $0.56 | ||
| Q2 24 | $0.75 | — | ||
| Q1 24 | $0.37 | $0.98 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $28.1M | $89.8M |
| Total DebtLower is stronger | $324.2M | $72.1M |
| Stockholders' EquityBook value | $835.9M | $1.1B |
| Total Assets | $1.8B | $2.1B |
| Debt / EquityLower = less leverage | 0.39× | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $89.8M | ||
| Q3 25 | $28.1M | $78.3M | ||
| Q2 25 | $38.2M | $38.0M | ||
| Q1 25 | $27.5M | $63.3M | ||
| Q4 24 | $28.9M | $52.0M | ||
| Q3 24 | $40.2M | $36.0M | ||
| Q2 24 | $33.5M | — | ||
| Q1 24 | $32.5M | $60.8M |
| Q4 25 | — | $72.1M | ||
| Q3 25 | $324.2M | $73.4M | ||
| Q2 25 | $444.4M | $151.5M | ||
| Q1 25 | $404.7M | — | ||
| Q4 24 | $344.6M | $115.0M | ||
| Q3 24 | $345.4M | $122.2M | ||
| Q2 24 | $462.3M | — | ||
| Q1 24 | $473.0M | $147.2M |
| Q4 25 | — | $1.1B | ||
| Q3 25 | $835.9M | $1.1B | ||
| Q2 25 | $811.0M | $1.1B | ||
| Q1 25 | $803.6M | $1.0B | ||
| Q4 24 | $840.1M | $1.0B | ||
| Q3 24 | $846.6M | $1.0B | ||
| Q2 24 | $787.8M | — | ||
| Q1 24 | $771.5M | $937.6M |
| Q4 25 | — | $2.1B | ||
| Q3 25 | $1.8B | $2.2B | ||
| Q2 25 | $1.9B | $2.0B | ||
| Q1 25 | $1.9B | $1.8B | ||
| Q4 24 | $1.9B | $1.7B | ||
| Q3 24 | $1.9B | $1.8B | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | $1.8B |
| Q4 25 | — | 0.06× | ||
| Q3 25 | 0.39× | 0.07× | ||
| Q2 25 | 0.55× | 0.14× | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.41× | 0.11× | ||
| Q3 24 | 0.41× | 0.12× | ||
| Q2 24 | 0.59× | — | ||
| Q1 24 | 0.61× | 0.16× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $155.2M | $99.3M |
| Free Cash FlowOCF − Capex | $135.6M | $74.6M |
| FCF MarginFCF / Revenue | 19.8% | 8.6% |
| Capex IntensityCapex / Revenue | 2.9% | 2.8% |
| Cash ConversionOCF / Net Profit | 3.77× | 5.28× |
| TTM Free Cash FlowTrailing 4 quarters | $189.5M | $72.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $99.3M | ||
| Q3 25 | $155.2M | $-6.3M | ||
| Q2 25 | $31.1M | $53.9M | ||
| Q1 25 | $12.6M | $53.8M | ||
| Q4 24 | $51.2M | $68.0M | ||
| Q3 24 | $128.5M | $54.6M | ||
| Q2 24 | $51.3M | — | ||
| Q1 24 | $-4.3M | $44.7M |
| Q4 25 | — | $74.6M | ||
| Q3 25 | $135.6M | $-35.7M | ||
| Q2 25 | $16.1M | $8.4M | ||
| Q1 25 | $-3.7M | $25.2M | ||
| Q4 24 | $41.5M | $33.2M | ||
| Q3 24 | $114.0M | $33.1M | ||
| Q2 24 | $33.8M | — | ||
| Q1 24 | $-15.5M | $22.3M |
| Q4 25 | — | 8.6% | ||
| Q3 25 | 19.8% | -4.1% | ||
| Q2 25 | 2.4% | 1.0% | ||
| Q1 25 | -0.6% | 3.7% | ||
| Q4 24 | 6.5% | 4.5% | ||
| Q3 24 | 17.0% | 4.0% | ||
| Q2 24 | 5.4% | — | ||
| Q1 24 | -2.6% | 2.8% |
| Q4 25 | — | 2.8% | ||
| Q3 25 | 2.9% | 3.4% | ||
| Q2 25 | 2.2% | 5.5% | ||
| Q1 25 | 2.7% | 4.2% | ||
| Q4 24 | 1.5% | 4.7% | ||
| Q3 24 | 2.2% | 2.6% | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | 1.9% | 2.8% |
| Q4 25 | — | 5.28× | ||
| Q3 25 | 3.77× | -0.17× | ||
| Q2 25 | 0.65× | 0.97× | ||
| Q1 25 | 0.91× | 3.90× | ||
| Q4 24 | 1.34× | 5.31× | ||
| Q3 24 | 2.71× | 1.92× | ||
| Q2 24 | 1.43× | — | ||
| Q1 24 | -0.24× | 0.91× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HNI
| Systems Storage And Table | $309.9M | 45% |
| Residential Building Products | $166.9M | 24% |
| Seating Products | $161.1M | 24% |
| Other Products | $45.9M | 7% |
WS
| Direct | $844.1M | 97% |
| Toll | $27.8M | 3% |
