One-glance verdict
Overvalued
$-0.90 our estimate vs market $23.62
Wall Street consensus: $35.00 (-3,976.0% lower than our fair-value estimate)
2716% below our estimate, beyond the bull case
Fundamentals snapshot
MillerKnoll, Inc.
MLKN · NMS · Consumer Cyclical · Furnishings, Fixtures & Appliances
Current price
$23.62
52-week range
$13.77 - $23.77
Market cap
$1.61B
Balance sheet
Stretched
2.55x Stretched
Net debt $1.63B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 4.7% last year.
- Reward Returns 7.0% on equity, ahead of 25% of its peers.
- Reward Free cash flow was positive in 9/10 years.
- Risk Insider ownership is only 1.7% (peer median: 2.7%).
What this company does
MillerKnoll, Inc.
MillerKnoll designs and sells high-end furniture for both offices and homes, owning famous brands like Herman Miller and Knoll. The company makes most of its money from large "contract" sales to businesses furnishing their workspaces, so its health is often linked to how much companies are spending on their offices. It also sells furniture directly to individual customers through retail stores and online.
How the company got here
MillerKnoll was formed in 2021 when Herman Miller, a furniture company with roots dating back to 1905, purchased its longtime rival, Knoll, for $1.8 billion. Both companies were giants in the world of modern design, famous for iconic pieces like Herman Miller's Eames Lounge Chair and Knoll's Barcelona Chair. For decades, they were competitors, but they also shared designers and a similar approach to making high-quality furniture. The merger created one of the largest and most influential design companies in the world, bringing a huge collection of famous brands under one roof.
What it actually does
MillerKnoll is a collective of brands that design and sell a wide variety of interior furnishings for offices, homes, and public spaces like hospitals and schools. You might recognize their famous high-end office chairs, desks, and furniture systems, but they also sell everything from textiles (fabrics and leather) to lighting and home accessories. The company sells its products through various channels, including independent dealers who work with businesses, its own retail stores like Design Within Reach, and e-commerce (selling directly to customers online). Their products are known for high-quality design and are sold worldwide under many different brand names.
Americas Contract
This is MillerKnoll's largest business segment, making up more than half of the company's sales. It focuses on selling furniture, textiles, and related services to business and institutional customers in North and South America. These customers are typically large corporations, healthcare facilities, government agencies, and universities that are outfitting entire offices or buildings. The sales are often made through a network of independent dealers who manage large, complex orders for these big clients.
International Contract
This segment operates just like the Americas Contract business but serves customers outside of the Americas, primarily in Europe, the Middle East, Africa, and the Asia Pacific region. It sells office and institutional furniture to businesses and organizations, tailoring its approach to different international markets. While smaller than the North American business, it represents a key area for growth by expanding the reach of brands like Herman Miller and Knoll globally. This part of the company helps MillerKnoll serve multinational corporations and tap into design trends around the world.
Global Retail
This segment sells premium home furnishings and accessories directly to individual consumers rather than big organizations. It makes up a significant portion of the company's revenue, around 29%. This business operates through its own retail stores, such as Design Within Reach and HAY, as well as through e-commerce websites (online stores) and mail-order catalogs. This allows the company to reach everyday shoppers who want high-end, modern design for their homes.
What management is betting on now
Management's current focus is on fully integrating the Herman Miller and Knoll businesses to run more efficiently and save costs on things like purchasing and logistics (the process of moving goods). They are also focused on improving profitability, particularly as demand for office furniture has been weak. A key part of their strategy is to grow their retail business by opening more stores and expanding their online sales capabilities. Additionally, the company is emphasizing sustainability, with goals to reduce its carbon footprint (the total greenhouse gas emissions caused by its operations) and use more recycled and bio-based materials in its products.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q1
$56.50M
FY2025 Q2
$33.00M
FY2025 Q4
$38.80M
FY2026 Q1
$-21.30M
FY2026 Q2
$34.00M
FY2026 Q3
$39.00M
FY2026 Q4
$25.90M
Revenue
$1.00B
Net income
$23.60M
Diluted EPS
0.34
Operating cash flow
$64.80M
Free cash flow
$25.90M
Fetching…
Sources
Revenue
$926.60M
Net income
$23.50M
Diluted EPS
0.34
Operating cash flow
$61.10M
Free cash flow
$39.00M
Fetching…
Sources
Revenue
$955.20M
Net income
$24.20M
Diluted EPS
0.35
Operating cash flow
$64.60M
Free cash flow
$34.00M
Fetching…
Sources
Revenue
$955.70M
Net income
$20.20M
Diluted EPS
0.29
Operating cash flow
$9.40M
Free cash flow
$-21.30M
Fetching…
Sources
Revenue
$876.20M
Net income
$-12.70M
Diluted EPS
-0.19
Operating cash flow
$62.00M
Free cash flow
$38.80M
Fetching…
Sources
Revenue
$970.40M
Net income
$34.10M
Diluted EPS
0.49
Operating cash flow
$55.30M
Free cash flow
$33.00M
Fetching…
Sources
Revenue
$888.90M
Net income
$9.90M
Diluted EPS
0.14
Operating cash flow
$78.40M
Free cash flow
$56.50M
Fetching…
Sources
Is it cheap or expensive?
Fair value $-0.90 vs current price $23.62
Wall Street consensus is the average analyst price target: $35.00 (-3,976.0% lower than our fair-value estimate).
Our most-likely fair value is $-0.90 a share — about 103.8% below today's price of $23.62, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Stretched
Net debt $1.6B. Interest coverage 2.5x.
Net debt
$1.63B
Interest coverage
2.55x
MillerKnoll, Inc.'s profit covers its interest bill about 2.5 times over. which is weaker than most peers shown here.
Stretched
Worse cushion
Baseline
Better cushion
MLKN
BASELINE
MillerKnoll, Inc.
Total debt $1.80B Interest coverage 2.55x This is the baseline the peer rows are being compared against.
Total debt $1.73B Interest coverage 6.72x +164% vs MLKN Carries about 2.6x more debt cushion than MLKN.
Total debt $564.29M Interest coverage 284.68x +11,080% vs MLKN Carries about 111.8x more debt cushion than MLKN.
Total debt $53.90M Interest coverage 446.40x +17,431% vs MLKN Carries about 175.3x more debt cushion than MLKN.
What you should know
The case for and against MLKN
3 Rewards
1 Risk
Rewards
-
Revenue grew 4.7% last year.
-
Returns 7.0% on equity, ahead of 25% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
-
Insider ownership is only 1.7% (peer median: 2.7%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
17.88x
Forward P/E
9.93x
P/B
1.20x
P/S
0.42x
EV/EBITDA
9.10x
PEG ratio
0.92x
Profitability
How much profit each dollar creates
Gross margin
38.8%
Operating margin
6.1%
Net margin
2.4%
ROE
7.0%
ROA
3.3%
Health
Liquidity and balance-sheet strength
Debt / equity
1.28x
Current ratio
1.58x
Quick ratio
0.75x
Total debt
$1.80B
Total cash
$167.70M
Growth
How the business has been compounding
Revenue TTM
$3.84B
Revenue 5Y CAGR
-0.7%
EPS TTM
1.32
EPS 5Y CAGR
33.9%
Cash flow
How much cash the business throws off
Operating CF TTM
$199.90M
Free CF TTM
$77.60M
FCF margin
2.0%
Dividend
Shareholder payout
Yield
3.3%
Payout ratio
56.8%
Last ex-div date
2026-05-29