Friday, June 27, 2025
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Mixed Environment. Steelcase continues to face a mixed environment, both on a vertical basis and a geographical basis. The key large corporate customer cohort is doing well, driven by a number of factors such as return to office, but education and government have been hit by funding uncertainties. Germany and France remain sluggish in the key small-to-mid-sized business, but India and China are doing better.
International Actions. Steelcase is taking steps to implement additional cost reduction efforts in Europe, given the weak macroeconomic factors and lower demand in France and Germany. A goal of these actions is to get the International segment back to profitability.
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