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MillerKnoll
(NASDAQ:MLKN)
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Rating:56Neutral
Price Target:
$20.00
▲(16.01% Upside)
Action:Reiterated
Date:06/26/26
The score is held back primarily by mixed financial fundamentals—thin and volatile profitability, elevated leverage, and especially weak/inconsistent cash flow in the latest annual data. Technicals are supportive with the stock trading above major moving averages, but overbought momentum signals temper the setup. Valuation is a modest positive with a reasonable P/E and strong dividend yield, while the earnings call offers improving guidance and North America strength but is balanced by order/backlog softness, international and brand-specific challenges, and leverage still above target.
Positive Factors
Stable gross margins
MillerKnoll has sustained gross margins around 38–39% across recent annual periods, which supports core profitability even as net income swings. Durable gross margins reflect pricing power and a favorable product mix across contract and retail channels, cushioning earnings from short-term demand volatility and providing a stable foundation for medium-term margin recovery efforts.
Negative Factors
Elevated leverage
Debt consistently exceeds equity and management reports net debt/EBITDA around 2.8x, above the midterm target. This higher leverage reduces financial flexibility to invest, execute restructuring, or absorb demand shocks; it increases interest-cost sensitivity and constrains strategic options if cash flow underperforms over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable gross margins
MillerKnoll has sustained gross margins around 38–39% across recent annual periods, which supports core profitability even as net income swings. Durable gross margins reflect pricing power and a favorable product mix across contract and retail channels, cushioning earnings from short-term demand volatility and providing a stable foundation for medium-term margin recovery efforts.
Read all positive factors
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 (MLKN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.46B
Dividend Yield4.16%
Average Volume (3M)745.76K
Price to Earnings (P/E)16.2
Beta (1Y)1.29
Revenue Growth4.68%
EPS GrowthN/A
CountryUS
Employees10,200
SectorConsumer Cyclical
Sector Strength84
IndustryFurnishings, Fixtures & Appliances
Share Statistics
EPS (TTM)1.32
Shares Outstanding68,374,730
10 Day Avg. Volume938,311
30 Day Avg. Volume745,760
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)0.79
Price to Sales (P/S)0.29
P/FCF Ratio0.00
Enterprise Value/Market Cap1.83
Enterprise Value/Revenue0.70
Enterprise Value/Gross Profit1.80
Enterprise Value/Ebitda5.77
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2
Revenue Forecast (FY)$3.96B
MillerKnoll Business Overview & Revenue Model
Company Description
MillerKnoll, Inc. is a global entity dedicated to the research, design, manufacturing, and distribution of a comprehensive range of interior furnishings. The company's operations are divided into four primary business segments: Americas Contract, ...
How the Company Makes Money
MillerKnoll makes money primarily by designing, manufacturing, and selling furniture and interior products, generating revenue when products are delivered to customers and recognized as net sales. Its key revenue streams include: (1) contract and ...
MillerKnoll Earnings Call Summary
Earnings Call Date:Jun 24, 2026
(Q4-2026)
| Next Earnings Date:Sep 30, 2026
Earnings Call Sentiment Neutral
The call presented a mix of constructive operating progress and continuing challenges. Positives include steady top-line growth (Q4 +4.4% YoY), North America Contract revenue and margin expansion, Global Retail comparable sales growth, improving price-cost dynamics (e.g., retail price increases and reduced discounting), solid full-year operating cash flow ($200M), and constructive FY2027 guidance (midpoint sales growth ~5% and EPS +7.5%). Offsetting these are notable headwinds: a decline in quarterly adjusted EPS, weaker orders and backlog (though partially explained by a prior-year pull-forward), meaningful weakness and margin compression in International Contract (down double-digits in some order metrics and -470 bps margin), underperformance and restructuring at Holly Hunt, ongoing inflationary pressures and planned incremental investments that will pressure near-term profitability, and leverage (net debt/EBITDA 2.8x) still above target. Overall, the company communicated strategic priorities to improve operating and cost discipline and strengthen the balance sheet, but material international and brand-specific challenges temper the near-term outlook.Positive Updates
Quarterly Revenue Growth
Consolidated net sales of $1.0 billion in Q4, up 4.4% year-over-year (3.7% organic), driven by North America Contract and Global Retail.
Negative Updates
Decline in Q4 Adjusted EPS
Adjusted EPS of $0.55 in Q4 versus $0.60 in the prior-year quarter, indicating a year-over-year decline in quarterly profitability.
Read all updates
Q4-2026 Updates
Positive
Negative
Quarterly Revenue Growth
Consolidated net sales of $1.0 billion in Q4, up 4.4% year-over-year (3.7% organic), driven by North America Contract and Global Retail.
Read all positive updates
Company Guidance
The company guided Q1 FY2027 net sales of $928 million to $968 million, gross margin of 38.7%–39.7%, adjusted operating expense of $316 million–$326 million, and adjusted EPS of $0.33–$0.39; for the full year it expects net sales of $3.93 billion–$4.13 billion (about 5% growth at the midpoint) and adjusted EPS of $1.85–$2.15 (≈7.5% growth at the midpoint). Management expects roughly 40% of FY27 estimated EPS in the first half and 60% in the second half, assumes incremental new-store expense of about $6 million per quarter year‑over‑year, and ~ $25 million of incremental incentive compensation on a full‑year basis; it also plans to open ~9–11 Herman Miller stores and ~5–7 DWR stores and is layering pricing actions (April list increases and an inflation surcharge in June, with a potential international price increase in September) to help mitigate inflation.MillerKnoll Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
46
Neutral
Cash Flow
27
Negative
| Breakdown | May 2026 | May 2025 | May 2024 | May 2023 | May 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.84B | 3.67B | 3.63B | 4.09B | 3.95B |
| Gross Profit | 1.49B | 1.42B | 1.42B | 1.43B | 1.35B |
| EBITDA | 362.70M | 195.60M | 330.60M | 279.70M | 219.80M |
| Net Income | 91.50M | -36.90M | 82.30M | 42.10M | -27.10M |
Balance Sheet | |||||
| Total Assets | 4.00B | 3.95B | 4.04B | 4.27B | 4.51B |
| Cash, Cash Equivalents and Short-Term Investments | 167.70M | 193.70M | 230.40M | 223.50M | 230.30M |
| Total Debt | 1.80B | 1.81B | 1.76B | 1.87B | 1.97B |
| Total Liabilities | 2.59B | 2.62B | 2.58B | 2.73B | 2.98B |
| Stockholders Equity | 1.41B | 1.28B | 1.39B | 1.43B | 1.43B |
Cash Flow | |||||
| Free Cash Flow | 0.00 | 101.70M | 273.90M | 79.60M | -106.60M |
| Operating Cash Flow | 0.00 | 209.30M | 352.30M | 162.90M | -11.90M |
| Investing Cash Flow | -115.60M | -100.90M | -86.30M | -76.50M | -1.17B |
| Financing Cash Flow | -117.00M | -150.30M | -258.80M | -86.80M | 1.04B |
MillerKnoll Technical Analysis
Positive
17.24
Price Trends
16.22
Positive
17.23
Positive
17.11
Positive
Market Momentum
1.43
Negative
79.46
Negative
96.23
Negative
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 17.24 is above the 20-day moving average (MA) of 17.06, above the 50-day MA of 16.22, and above the 200-day MA of 17.11, indicating a bullish trend. The MACD of 1.43 indicates Negative momentum. The RSI at 79.46 is Negative, neither overbought nor oversold. The STOCH value of 96.23 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MLKN.
MillerKnoll Risk Analysis
MillerKnoll disclosed 23 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.07B | 16.44 | 16.69% | 0.21% | 7.34% | 48.24% | |
70 Outperform | $1.59B | 16.03 | 9.83% | 2.39% | 0.83% | 4.17% | |
69 Neutral | $551.93M | 13.73 | 8.46% | 7.86% | -4.79% | -30.21% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $1.63B | 7.37 | 23.12% | 1.84% | -8.33% | ― | |
56 Neutral | $1.46B | 16.23 | 0.83% | 4.16% | 4.68% | ― | |
56 Neutral | $175.16M | 31.48 | 3.24% | 4.59% | 1.96% | 122.75% |
* Consumer Cyclical Sector Average
MLKN
MillerKnoll
21.42
1.07
5.24%
BSET
Bassett Furniture
20.23
4.95
32.39%
ETD
Ethan Allen
21.69
-6.28
-22.44%
TILE
Interface
35.67
13.62
61.78%
LZB
La-Z-Boy Incorporated
39.91
1.33
3.45%
LEG
Leggett & Platt
11.94
2.24
23.07%
MillerKnoll Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
MillerKnoll Announces CEO Retirement and Interim Leadership Transition
Neutral
Jun 3, 2026
MillerKnoll announced on June 1, 2026 that President and Chief Executive Officer Andi Owen will retire effective June 30, 2026, after mutually agreeing with the board to step down and beginning an immediate leave of absence, during which she has a...
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.