MillerKnoll (MLKN) AI Stock Analysis

• Market Cap: $1.50B
• Dividend Yield: 4.16%
• Average Volume (3M): 465.35K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.13
• 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: 429,745
• 30 Day Avg. Volume: 465,345
• 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: 2.38
• Enterprise Value/Revenue: 0.95
• Enterprise Value/Gross Profit: 2.46
• Enterprise Value/Ebitda: 18.59
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 1.94
• Revenue Forecast (FY): $3.85B

• Rating: 59 Neutral
• Price Target: $23.00 ▲(4.21% Upside)
• Action: Reiterated Date: 02/12/26
• Date: Action: Reiterated 02/12/26

The score is held back primarily by weak financial performance (sharp TTM revenue decline, net losses, leverage, and softer free-cash-flow trends). Offsetting this, technicals are strong with clear upside trend (though overbought signals add risk), and the earnings call provided a more optimistic near-term outlook via improving orders and guided margins/EPS. Valuation is mixed: an attractive dividend yield, but a negative P/E due to losses.

Positive Factors

Retail order momentum

Sustained retail order growth across channels increases revenue visibility and supports scale economies. Consistent order momentum (holiday strength and double-digit promotional gains) implies stronger customer demand and pricing power that can drive margin recovery and durable topline stabilization.

Store expansion and brand traction

Accelerating store rollout and record retail performance indicate tangible omnichannel growth and deeper brand engagement. New stores expand direct, higher-margin channels, enhance customer experience, and create durable revenue streams once fixed costs are absorbed, supporting long-term unit economics.

Refinanced term loan to improve flexibility

Locking in longer-term debt on better terms lowers interest expense and increases prepayment flexibility, improving cash flow predictability. Enhanced liability management materially supports capital allocation, reduces refinancing risk, and creates headroom to invest in growth or deleveraging over the medium term.

Negative Factors

Large revenue decline and net losses

A severe multi-quarter revenue contraction undermines fixed-cost coverage and erodes competitive positioning. Persistent top-line shrinkage coupled with net losses pressures margins, limits reinvestment ability, and risks permanent share loss unless demand or product mix sustainably recovers.

Elevated leverage

High leverage raises financing costs and reduces strategic flexibility, making the company more vulnerable to cyclical downturns. Even with recent refinancing, elevated debt levels constrain capital allocation choices and increase risk to earnings and liquidity until leverage meaningfully declines.

Weak free cash flow conversion

Declining FCF and subpar cash conversion limit the firm's ability to fund store openings, pay down debt, or sustain dividends without external financing. Structural working-capital or margin issues that depress FCF will impair capacity to self-fund growth and increase reliance on debt markets.

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 dominate: TTM revenue fell 40.4% and profitability is negative, while leverage is elevated (debt-to-equity 1.34) and free cash flow growth is down (TTM -14.3%). Some stability (reasonable equity ratio and positive operating cash flow vs. net income) helps, but overall financial health remains pressured.

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	TTM	May 2025	May 2024	May 2023	May 2022	May 2021
Income Statement
Total Revenue	3.75B	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	192.10M	195.30M	331.00M	371.00M	219.80M	327.90M
Net Income	-25.40M	-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	180.40M	193.70M	230.40M	223.50M	230.30M	404.10M
Total Debt	2.22B	1.81B	1.76B	1.87B	1.97B	518.80M
Total Liabilities	2.59B	2.62B	2.58B	2.73B	2.98B	1.14B
Stockholders Equity	1.30B	1.28B	1.39B	1.43B	1.43B	849.60M
Cash Flow
Free Cash Flow	82.90M	101.70M	273.90M	79.60M	-106.60M	272.50M
Operating Cash Flow	206.90M	209.30M	352.30M	162.90M	-11.90M	332.30M
Investing Cash Flow	-116.40M	-100.90M	-86.30M	-76.50M	-1.17B	-59.90M
Financing Cash Flow	-145.00M	-150.30M	-258.80M	-86.80M	1.04B	-347.70M

MillerKnoll Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 22.07
• 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 22.07 is above the 20-day moving average (MA) of 21.21, above the 50-day MA of 19.48, and above the 200-day MA of 18.21, indicating a bullish trend. The MACD of 0.84 indicates Positive momentum. The RSI at 65.25 is Neutral, neither overbought nor oversold. The STOCH value of 37.51 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
TILE	72 Outperform	$1.96B	17.49	20.20%	0.21%	5.11%	34.02%
ETD	70 Outperform	$595.95M	13.62	9.21%	7.86%	-4.26%	―
LZB	65 Neutral	$1.45B	17.64	8.11%	2.39%	1.78%	-25.36%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MLKN	59 Neutral	$1.50B	―	-1.95%	4.16%	4.34%	-141.36%
BSET	57 Neutral	$129.47M	21.32	4.70%	4.59%	-2.74%	―
LEG	57 Neutral	$1.59B	6.96	27.48%	1.84%	-6.03%	―

MillerKnoll Corporate Events

MillerKnoll Refinances Term Loan B to Enhance Flexibility

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 new facility maintains the same August 7, 2032 maturity but reduces interest rate margins by 25 basis points and allows generally penalty-free prepayments, apart from a 1% premium on certain repricing-related prepayments within the first six months, enhancing the company’s financing flexibility and potentially lowering borrowing costs.

The 2026 Term Loan B Facility offers MillerKnoll a choice between SOFR-based and base-rate loans, aligning its debt structure with current market benchmarks while preserving key terms from the prior arrangement. By locking in extended-term capital on more favorable pricing and flexible prepayment terms, the company appears to be optimizing its liability profile, which may improve interest expense management and support its long-term capital allocation plans.

The most recent analyst rating on (MLKN) stock is a Hold with a $23.50 price target. To see the full list of analyst forecasts on MillerKnoll stock, see the MLKN Stock Forecast page.

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.