Is HNI Corp. overvalued or undervalued?

As of 17 October 2025, HNI Corp. moved from very expensive to fair. The company is currently fairly valued. Key valuation ratios include a P/E ratio of 15, an EV to EBITDA of 7.96, and a Price to Book Value of 2.71. In comparison, MasterBrand, Inc. is very expensive with a P/E of 15.79, while Leggett & Platt, Inc. is considered expensive with a P/E of 12.32.
Despite the recent valuation adjustment, HNI Corp. has underperformed relative to the S&P 500, with a year-to-date return of -12.57% compared to the index's 13.30%. This underperformance over the past year, where HNI Corp. returned -20.71% against the S&P 500's 14.08%, suggests that while the company is fairly valued, it may face challenges in improving its market position.