HNI Corporation is at a pivotal moment, poised to complete a game-changing $2.2 billion acquisition of Steelcase, blending two titans in office furnishings and hearth products into a $5.8 billion annual revenue powerhouse. Despite delivering all-time high operating margins and positioning for mid-teen EPS growth in 2025, HNI’s shares are trading at 52-week lows. This disconnect stems from investor skepticism about the Steelcase transaction, pricing in likely integration struggles, leverage risks, and doubts about the realization of projected synergies. Management’s past success in acquisition integration (notably Kimball International), strong core profitability, and visible signs of market recovery argue for a more optimistic outlook if the Steelcase deal is competently executed.