MillerKnoll, Inc. (MLKN)
NASDAQ:MLKN
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MillerKnoll
(NASDAQ:MLKN)
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Rating:50Neutral
Price Target:
$15.00
▼(-21.51% Downside)
Action:ReiteratedDate:03/27/26
The score is held back primarily by weak financial performance (thin/volatile earnings, high leverage, and notably weaker recent free cash flow) and bearish technical trend signals. Valuation is supportive via a moderate P/E and high dividend yield, while the latest earnings call was mixed—solid orders and deleveraging progress, but meaningful near-term cost/geopolitical and margin headwinds embedded in guidance.
Positive Factors
Diversified revenue scale & stable gross margin
A ~$3.8B revenue base with a stable ~39% gross margin provides structural resilience versus smaller niche peers. Steady gross margins give the company room to absorb cost inflation or promotional activity while preserving core product profitability and dealer relationships over the medium term.
Negative Factors
Elevated leverage constrains flexibility
Debt around $1.78B and a ~1.27x debt/equity ratio leave the company more sensitive to earnings and cash-flow swings. Elevated leverage limits ability to fund growth, absorb margin shocks, or accelerate buybacks/deleveraging without stronger cash generation or stricter cost control.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified revenue scale & stable gross margin
A ~$3.8B revenue base with a stable ~39% gross margin provides structural resilience versus smaller niche peers. Steady gross margins give the company room to absorb cost inflation or promotional activity while preserving core product profitability and dealer relationships over the medium term.
Read all positive factors
MillerKnoll (MLKN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$988.01M
Dividend Yield4.16%
Average Volume (3M)915.62K
Price to Earnings (P/E)14.7
Beta (1Y)1.22
Revenue Growth4.34%
EPS Growth-141.36%
CountryUS
Employees10,200
SectorConsumer Cyclical
Sector Strength84
IndustryFurnishings, Fixtures & Appliances
Share Statistics
EPS (TTM)0.43
Shares Outstanding68,374,730
10 Day Avg. Volume1,648,551
30 Day Avg. Volume915,620
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)0.91
Price to Sales (P/S)0.32
P/FCF Ratio11.44
Enterprise Value/Market Cap2.63
Enterprise Value/Revenue0.68
Enterprise Value/Gross Profit1.77
Enterprise Value/Ebitda8.05
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.94
Revenue Forecast (FY)$3.85B
MillerKnoll Business Overview & Revenue Model
Company Description
MillerKnoll, Inc. researches, designs, manufactures, and distributes interior furnishings worldwide. The company operates in four segments: Americas Contract, International Contract, Global Retail, and Knoll. It offers office furniture products un...
How the Company Makes Money
MillerKnoll makes money primarily by designing, manufacturing, and selling furniture and related interior products. Revenue is generated from (1) contract/commercial sales, where the company sells furnishing solutions to businesses and institution...
MillerKnoll Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Reveals profitability across different business units, highlighting which segments are driving earnings and which may need strategic adjustments.
Reveals profitability across different business units, highlighting which segments are driving earnings and which may need strategic adjustments.
Data provided by:
The Fly
The FlyMillerKnoll Earnings Call Summary
Earnings Call Date:Mar 25, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jul 01, 2026
Earnings Call Sentiment Positive
The call showed multiple clear strengths — solid top-line growth, strong order momentum, gross margin expansion, healthy cash generation, debt reduction, and continued retail expansion — alongside notable near-term headwinds: weather-driven retail softness, margin pressure in Retail and International, and an explicit short-term impact from the Middle East conflict (including ~$12M of unshipped orders and an $8–9M quarterly profit drag). Management emphasized disciplined execution, scenario planning, and the capacity to offset some tariff/transport impacts, and provided guidance that incorporates current geopolitical risks.Positive Updates
Consolidated Revenue and Orders Growth
Consolidated net sales of $927 million, up 5.8% year-over-year (3.8% organic). Consolidated orders of $932 million, up 9.2% year-over-year (7.2% organic). Consolidated backlog of $712 million, up 3.7% year-over-year.
Negative Updates
Adjusted EPS Slight Decline
Adjusted earnings per share of $0.43 in Q3 versus $0.44 in the prior-year quarter (a decline of approximately 2.3%).
Read all updates
Q3-2026 Updates
Positive
Negative
Consolidated Revenue and Orders Growth
Consolidated net sales of $927 million, up 5.8% year-over-year (3.8% organic). Consolidated orders of $932 million, up 9.2% year-over-year (7.2% organic). Consolidated backlog of $712 million, up 3.7% year-over-year.
Read all positive updates
Company Guidance
For fiscal Q4 the company guided net sales of $955 million to $995 million (midpoint $975M, +1.4% y/y at midpoint), gross margin of 37.5%–38.5%, adjusted operating expense of $311.5 million to $321.5 million, and adjusted diluted EPS of $0.49–$0.55. Management said it expects to ship only a minimal amount—roughly $12 million—of Middle East‑related orders in the quarter and anticipates higher logistics costs from elevated oil prices; they estimate the direct impact of the Middle East conflict at $8–$9 million (about $0.09–$0.10 per share). The outlook also assumes approximately $3.5–$4.5 million of incremental year‑over‑year operating expense for new stores and global initiatives and reflects headwinds from increased compensation, variable selling expense and foreign exchange.MillerKnoll Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
49
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | May 2025 | May 2024 | May 2023 | May 2022 | May 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.80B | 3.67B | 3.63B | 4.09B | 3.95B | 2.47B |
| Gross Profit | 1.47B | 1.42B | 1.42B | 1.43B | 1.35B | 951.10M |
| EBITDA | 322.30M | 364.10M | 369.90M | 371.00M | 338.30M | 322.40M |
| Net Income | 10.80M | -36.90M | 82.30M | 42.10M | -27.10M | 174.60M |
Balance Sheet | ||||||
| Total Assets | 3.95B | 3.95B | 4.04B | 4.27B | 4.51B | 2.06B |
| Cash, Cash Equivalents and Short-Term Investments | 174.60M | 193.70M | 230.40M | 223.50M | 230.30M | 404.10M |
| Total Debt | 1.78B | 1.81B | 1.76B | 1.87B | 1.97B | 518.80M |
| Total Liabilities | 2.55B | 2.62B | 2.58B | 2.73B | 2.98B | 1.14B |
| Stockholders Equity | 1.34B | 1.28B | 1.39B | 1.43B | 1.43B | 849.60M |
Cash Flow | ||||||
| Free Cash Flow | 83.10M | 101.70M | 273.90M | 79.60M | -106.60M | 272.50M |
| Operating Cash Flow | 206.00M | 209.30M | 352.30M | 162.90M | -11.90M | 332.30M |
| Investing Cash Flow | -118.40M | -100.90M | -86.30M | -76.50M | -1.17B | -59.90M |
| Financing Cash Flow | -106.50M | -150.30M | -258.80M | -86.80M | 1.04B | -347.70M |
MillerKnoll Technical Analysis
Negative
19.11
Price Trends
19.50
Negative
18.10
Negative
18.33
Negative
Market Momentum
-1.44
Positive
25.28
Positive
11.33
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MLKN, the sentiment is Negative. The current price of 19.11 is above the 20-day moving average (MA) of 17.53, below the 50-day MA of 19.50, and above the 200-day MA of 18.33, indicating a bearish trend. The MACD of -1.44 indicates Positive momentum. The RSI at 25.28 is Positive, neither overbought nor oversold. The STOCH value of 11.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MLKN.
MillerKnoll Risk Analysis
MillerKnoll disclosed 22 risk factors in its most recent earnings report. MillerKnoll reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
MillerKnoll Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $1.47B | 14.41 | 15.93% | 0.21% | 5.11% | 34.02% | |
70 Outperform | $566.44M | 12.45 | 9.20% | 7.86% | -4.26% | ― | |
65 Neutral | $1.29B | 18.08 | 8.12% | 2.39% | 1.78% | -25.36% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | $1.32B | 6.47 | 26.15% | 1.84% | -6.03% | ― | |
50 Neutral | $988.01M | 14.70 | 0.83% | 4.16% | 4.34% | -141.36% | |
48 Neutral | $121.23M | 29.10 | 3.24% | 4.59% | -2.74% | ― |
* Consumer Cyclical Sector Average
MLKN
MillerKnoll
14.45
-1.65
-10.25%
BSET
Bassett Furniture
14.02
-0.62
-4.26%
ETD
Ethan Allen
22.26
-2.26
-9.22%
TILE
Interface
25.43
7.36
40.71%
LZB
La-Z-Boy Incorporated
31.60
-4.52
-12.50%
LEG
Leggett & Platt
9.69
2.59
36.50%
MillerKnoll Corporate Events
Business Operations and StrategyPrivate Placements and Financing
MillerKnoll Refinances Term Loan B to Enhance Flexibility
Positive
Feb 11, 2026
On February 10, 2026, MillerKnoll, Inc. amended its existing credit agreement to refinance and fully replace its 2025 Term Loan B Facility with a new 2026 Term Loan B Facility totaling about $548.6 million in outstanding borrowings at closing. The...
Business Operations and StrategyExecutive/Board Changes
MillerKnoll appoints Claire Spofford to board, compensation committee
Positive
Jan 16, 2026
On January 13, 2026, MillerKnoll appointed former J.Jill chief executive Claire Spofford to its Board of Directors and to the Compensation Committee, expanding the board from 10 to 11 members, ten of whom are independent. The company highlighted S...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.