MillerKnoll (MLKN) AI Stock Analysis

• Market Cap: $1.37B
• Dividend Yield: 4.16%
• Average Volume (3M): 513.31K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.11
• Revenue Growth: 4.34%
• EPS Growth: -141.36%
• Country: US
• Employees: 10,200
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Furnishings, Fixtures & Appliances
• EPS (TTM): 0.43
• Shares Outstanding: 68,249,980
• 10 Day Avg. Volume: 445,406
• 30 Day Avg. Volume: 513,308
• PEG Ratio: 0.21
• Price to Book (P/B): 0.91
• Price to Sales (P/S): 0.32
• P/FCF Ratio: 11.44
• Enterprise Value/Market Cap: 2.20
• Enterprise Value/Revenue: 0.80
• Enterprise Value/Gross Profit: 2.08
• Enterprise Value/Ebitda: 36.22
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 1.82
• Revenue Forecast (FY): $3.79B

• Rating: 61 Neutral
• Price Target: $20.50 ▲(8.35% Upside)

MLKN scores in the low-60s primarily due to weak financial performance (revenue decline, losses, and high leverage) partially offset by improving technical momentum and a generally positive earnings-call outlook centered on order growth, retail expansion, and tariff mitigation. Valuation is held back by negative earnings despite a supportive dividend yield.

Positive Factors

Retail Growth

The strong growth in retail orders indicates robust demand and effective market strategies, supporting long-term revenue stability and expansion.

Leadership Stability

The appointment of a seasoned CFO with a strategic growth focus enhances leadership stability, potentially improving financial management and strategic execution.

Healthcare Sector Demand

Increased orders in the healthcare sector highlight resilience and growth potential in a stable market, contributing to long-term revenue diversification.

Negative Factors

High Leverage

High leverage poses financial risks, potentially limiting financial flexibility and increasing vulnerability to economic downturns.

Declining Revenue

Significant revenue decline indicates operational challenges and market pressures, necessitating strategic adjustments to regain growth momentum.

Operating Margin Pressure

Margin pressure due to costs and tariffs can affect profitability, requiring cost management and efficiency improvements for long-term sustainability.

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 under the Aeron, Mirra, Sayl, Embody, Layout Studio, Imagine Desking System, Ratio, Cosm, Tone, and Generation by Knoll names; and other seating and storage products and ergonomic accessories under the About A Chair, Palissade, Eero Saarinen designs, Barcelona, and the Flo monitor arm names. The company also offers office seating, office furniture systems, other freestanding furniture elements, textiles, leather, felt, home furnishings and related services, casegoods, storage products, as well as residential, education, and healthcare furniture solutions. As of May 28, 2022, the company operated 70 retail studios including 35 operates under the DWR brand, 7 under the HAY brand, 22 Herman Miller stores, 2 Muuto stores, 3 Knoll stores, and a multi-brand Chicago store. Its products are used in institutional, health/science, and residential and other environments; transportation terminals; and industrial and educational settings. The company markets its products through its sales staff, and independent dealers and retailers, as well as e-commerce websites. The company was formerly known as Herman Miller, Inc. and changed its name to MillerKnoll, Inc. in November 2021. MillerKnoll, Inc. was incorporated in 1905 and is headquartered in Zeeland, Michigan.

How the Company Makes Money

MillerKnoll generates revenue primarily through the sale of its furniture and design solutions. The company has multiple key revenue streams, including direct sales to businesses and consumers, partnerships with architects and designers, and distribution through a network of dealers and retailers. Additionally, MillerKnoll benefits from ongoing contracts and repeat business in the commercial sector, where companies frequently require updates and expansions to their office spaces. The company's focus on sustainability and innovative design also attracts premium pricing, enhancing profit margins. Strategic partnerships with interior design firms and other stakeholders in the architecture and design community further bolster its market presence and revenue potential.

MillerKnoll Financial Statement Overview

Summary

Weak fundamentals overall: the income statement reflects sharp TTM revenue decline and negative net profitability, cash flow shows declining free cash flow, and the balance sheet carries elevated leverage (debt-to-equity 1.34). Some stability exists (reasonable equity ratio and positive operating cash flow vs. net income), but profitability and debt remain key constraints.

Income Statement

MillerKnoll's income statement shows a challenging period with declining revenue and profitability. The TTM data indicates a significant revenue drop of 40.4%, and the net profit margin is negative, reflecting a net loss. The gross profit margin remains relatively stable, but the EBIT and EBITDA margins are low, indicating operational challenges. The company needs to address its declining revenue and improve cost management to enhance profitability.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 1.34, indicating significant leverage, which could pose financial risks. The return on equity is negative, reflecting recent losses. However, the equity ratio is reasonable, suggesting a balanced asset structure. The company should focus on reducing debt levels and improving profitability to strengthen its financial position.

Cash Flow

Cash flow analysis shows a decrease in free cash flow growth, with a negative growth rate of 14.3% in the TTM. The operating cash flow to net income ratio is positive, indicating some cash generation capability, but the free cash flow to net income ratio suggests challenges in converting earnings to cash. Improving cash flow management and reducing reliance on debt financing are crucial for financial stability.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.67B	3.63B	4.09B	3.95B	2.47B
Gross Profit	1.42B	1.42B	1.43B	1.35B	949.20M
EBITDA	195.30M	331.00M	371.00M	219.80M	327.90M
Net Income	-36.90M	82.30M	42.10M	-27.10M	174.60M
Balance Sheet
Total Assets	3.95B	4.04B	4.27B	4.51B	2.06B
Cash, Cash Equivalents and Short-Term Investments	193.70M	230.40M	223.50M	230.30M	404.10M
Total Debt	1.81B	1.76B	1.87B	1.97B	518.80M
Total Liabilities	2.62B	2.58B	2.73B	2.98B	1.14B
Stockholders Equity	1.28B	1.39B	1.43B	1.43B	849.60M
Cash Flow
Free Cash Flow	101.70M	273.90M	79.60M	-106.60M	272.50M
Operating Cash Flow	209.30M	352.30M	162.90M	-11.90M	332.30M
Investing Cash Flow	-100.90M	-86.30M	-76.50M	-1.17B	-59.90M
Financing Cash Flow	-150.30M	-258.80M	-86.80M	1.04B	-347.70M

MillerKnoll Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 18.92
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MLKN, the sentiment is Positive. The current price of 18.92 is below the 20-day moving average (MA) of 19.22, above the 50-day MA of 17.50, and above the 200-day MA of 17.75, indicating a bullish trend. The MACD of 0.52 indicates Positive momentum. The RSI at 57.73 is Neutral, neither overbought nor oversold. The STOCH value of 48.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MLKN.

MillerKnoll Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LZB	77 Outperform	$1.50B	16.96	8.82%	2.39%	1.78%	-25.36%
TILE	72 Outperform	$1.84B	16.47	20.20%	0.21%	5.11%	34.02%
ETD	70 Outperform	$583.48M	13.11	9.21%	7.86%	-4.61%	-25.66%
BSET	66 Neutral	$137.23M	17.07	4.70%	4.59%	-2.74%	―
LEG	63 Neutral	$1.58B	7.33	26.20%	1.84%	-6.03%	―
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MLKN	61 Neutral	$1.37B	-52.18	-1.95%	4.16%	4.34%	-141.36%

MillerKnoll Corporate Events

MillerKnoll appoints Claire Spofford to board, compensation committee

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 Spofford’s more than 30 years of experience leading and transforming consumer and retail brands, including her record in driving omnichannel growth, digital evolution and brand revitalization at J.Jill, Cornerstone Brands and Garnet Hill, positioning her as a strategic addition to support MillerKnoll’s next phase of growth, innovation and value creation for customers and shareholders.

The most recent analyst rating on (MLKN) stock is a Hold with a $20.00 price target. To see the full list of analyst forecasts on MillerKnoll stock, see the MLKN Stock Forecast page.

MillerKnoll Appoints Kevin Veltman as CFO

On October 16, 2025, MillerKnoll appointed Kevin Veltman as Chief Financial Officer, following his interim role since September 2025. Veltman, who has been with the company for over a decade, will oversee global financial operations and strategy, with a focus on driving the company’s next phase of growth. His appointment includes an increased salary and incentive awards, reflecting his significant contributions, including leading the Knoll integration.

The most recent analyst rating on (MLKN) stock is a Hold with a $18.00 price target. To see the full list of analyst forecasts on MillerKnoll stock, see the MLKN Stock Forecast page.