MillerKnoll (MLKN) AI Stock Analysis

• Market Cap: $1.20B
• Dividend Yield: 4.43%
• Average Volume (3M): 552.38K
• Price to Earnings (P/E): 45.7
• Beta (1Y): 1.18
• Revenue Growth: 5.37%
• EPS Growth: -127.27%
• Country: US
• Employees: 10,200
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Furnishings, Fixtures & Appliances
• EPS (TTM): 0.45
• Shares Outstanding: 68,514,770
• 10 Day Avg. Volume: 844,345
• 30 Day Avg. Volume: 552,381
• 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: 2.66
• Enterprise Value/Revenue: 0.85
• Enterprise Value/Gross Profit: 2.19
• Enterprise Value/Ebitda: 16.25
• 1Y Price Target: $18.00
• Price Target Upside: 6.32% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 53 Neutral
• Price Target: $18.00 ▲(6.32% Upside)

MillerKnoll's overall stock score reflects mixed financial performance and bearish technical indicators, offset by positive earnings call highlights. The valuation remains a concern due to profitability issues, despite a strong dividend yield.

Positive Factors

Revenue Growth

The significant revenue growth of 10.9% year-over-year demonstrates strong market demand and effective sales strategies, indicating a robust business model and potential for continued expansion.

Innovation and Product Development

Continuous innovation and new product launches, such as the updated Aeron chair, enhance MillerKnoll's competitive edge and appeal to evolving customer needs, supporting long-term growth.

Retail Expansion Strategy

The strategic expansion of retail stores indicates a commitment to increasing market presence and customer accessibility, potentially driving revenue and brand strength in the long term.

Negative Factors

High Leverage

High leverage with a debt-to-equity ratio of 1.34 poses financial risks, potentially limiting the company's ability to invest in growth opportunities and increasing vulnerability to economic downturns.

Profitability Challenges

Struggles with profitability, as indicated by a negative net profit margin, highlight operational inefficiencies and cost management issues, which could hinder long-term financial health.

Cash Flow Concerns

Declining cash generation, as shown by a negative free cash flow growth rate, may impact the company's ability to fund operations and strategic initiatives, affecting future growth prospects.

MillerKnoll Business Overview & Revenue Model

Company Description

MillerKnoll (MLKN) is a global leader in the design and manufacturing of furniture and furnishings for workspaces and home environments. The company operates in the commercial and residential sectors, offering a diverse range of products that include office furniture, ergonomic seating, and collaborative workspace solutions. MillerKnoll brings together a portfolio of iconic brands, including Herman Miller, Knoll, and others, focusing on creating innovative designs that enhance productivity and well-being in various environments.

How the Company Makes Money

MillerKnoll generates revenue through the sale of its furniture and design solutions, primarily targeting commercial clients such as businesses, educational institutions, and healthcare organizations. The company’s revenue model is built on both direct sales and partnerships with dealers and distributors, enabling it to reach a broad customer base. Key revenue streams include the sale of office furniture, seating, and accessories, as well as design and workspace planning services. Additionally, MillerKnoll benefits from strategic partnerships with architects and interior designers, enhancing its market presence and driving sales through collaborative projects. The company's focus on sustainability and innovative product offerings also plays a critical role in attracting customers and increasing its earnings.

MillerKnoll Financial Statement Overview

Summary

MillerKnoll faces challenges in maintaining profitability despite a stable revenue base, reflected in negative net profit and declining EBIT margins. The balance sheet shows moderate leverage and a stable equity position, but profitability issues are impacting return on equity. Cash flow generation is positive, though declining trends in free cash flow raise concerns about future liquidity.

Income Statement

MillerKnoll's TTM revenue shows modest growth of 1.14% compared to the previous year. However, the net profit margin is negative at -1.01%, indicating a loss in profitability. The gross profit margin remains healthy at 38.74%, but a declining EBIT margin of 1.38% and EBITDA margin of 1.38% reflect operational challenges.

Balance Sheet

The company's debt-to-equity ratio stands at 1.36, suggesting moderate leverage. Return on equity has turned negative at -2.76%, highlighting profitability issues. The equity ratio is relatively stable at 33.80%, indicating a solid capital structure despite the decline in equity over time.

Cash Flow

Operating cash flow remains positive, with a decent operating cash flow to net income ratio of 5.67. However, free cash flow has decreased significantly, leading to a negative free cash flow growth rate. The company is generating free cash flow, but declining trends could indicate potential cash flow challenges.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.76B	3.67B	3.63B	4.09B	3.95B	2.47B
Gross Profit	1.45B	1.42B	1.42B	1.43B	1.35B	949.20M
EBITDA	196.00M	195.30M	331.00M	371.00M	219.80M	327.90M
Net Income	-15.50M	-36.90M	82.30M	42.10M	-27.10M	174.60M
Balance Sheet
Total Assets	3.94B	3.95B	4.04B	4.27B	4.51B	2.06B
Cash, Cash Equivalents and Short-Term Investments	167.20M	193.70M	230.40M	223.50M	230.30M	404.10M
Total Debt	1.83B	1.81B	1.76B	1.87B	1.89B	543.00M
Total Liabilities	2.58B	2.62B	2.58B	2.73B	2.98B	1.14B
Stockholders Equity	1.36B	1.28B	1.39B	1.43B	1.43B	849.60M
Cash Flow
Free Cash Flow	81.90M	101.70M	273.90M	79.60M	-106.60M	272.50M
Operating Cash Flow	197.60M	209.30M	352.30M	162.90M	-11.90M	332.30M
Investing Cash Flow	-109.10M	-100.90M	-86.30M	-76.50M	-1.17B	-59.90M
Financing Cash Flow	-139.20M	-150.30M	-258.80M	-86.80M	1.04B	-347.70M

MillerKnoll Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 16.93
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 16.93 is below the 20-day moving average (MA) of 18.99, below the 50-day MA of 19.90, and below the 200-day MA of 19.32, indicating a bearish trend. The MACD of -0.88 indicates Positive momentum. The RSI at 30.63 is Neutral, neither overbought nor oversold. The STOCH value of 15.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MLKN.

MillerKnoll Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TILE	80 Outperform	$1.59B	17.07	18.63%	0.18%	6.26%	44.74%
ETD	74 Outperform	$735.91M	14.37	10.69%	6.81%	-4.89%	-19.26%
LZB	64 Neutral	$1.42B	15.76	9.09%	2.56%	2.18%	-22.35%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
BSET	55 Neutral	$135.56M	54.85	1.46%	5.23%	-7.22%	―
LEG	54 Neutral	$1.22B	8.79	18.68%	2.29%	-6.15%	―
MLKN	53 Neutral	$1.20B	45.68	-1.18%	4.43%	5.37%	-127.27%

MillerKnoll Corporate Events

MillerKnoll Announces New COO for Growth Strategy

MillerKnoll announced significant leadership changes to drive its growth and innovation strategy. Jeffrey M. Stutz has been appointed as Chief Operating Officer, effective September 8, 2025, while John R. Hoke III will become the new non-executive Chair of the Board of Directors, effective October 13, 2025. These appointments aim to enhance the company’s operational capabilities and design-driven brand management, with Stutz focusing on international contract business and global manufacturing, and Hoke bringing extensive design expertise from his tenure at Nike. The changes are expected to support MillerKnoll’s strategy of leveraging its global network and design brands to meet customer needs.

MillerKnoll Amends Credit Agreement with $550M Term Loan

On August 7, 2025, MillerKnoll, Inc. entered into an Amendment No. 4 to its Credit Agreement, which involved refinancing and extending its Existing Term Loan B Facility with a new term loan B facility amounting to $550 million. This amendment also included a change in administrative and collateral agents, and resulted in total Senior Facilities of $1,675 million, impacting the company’s financial structure and potentially its market positioning.

MillerKnoll Chair Michael Volkema Announces Retirement

On July 15, 2025, Michael Volkema, the Chair of the Board of Directors of MillerKnoll, Inc., announced his retirement from the board at the end of his term during the company’s 2025 annual meeting of shareholders. Volkema’s decision to retire stems from personal and family commitments and not from any disagreements with the company. His departure marks the end of a significant tenure, having served as President and CEO for 9 years and as Board Chair for 25 years, during which he contributed greatly to the company’s leadership.