MillerKnoll (MLKN)
Market Price (7/26/2026): $22.065 | Market Cap: $1.5 BilSector: Industrials | Industry: Office Services & Supplies
MillerKnoll (MLKN)
Market Price (7/26/2026): $22.065Market Cap: $1.5 BilSector: IndustrialsIndustry: Office Services & Supplies
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldDividend Yield is 3.4%, FCF Yield is 5.5% Low stock price volatilityVol 12M is 49% Megatrend and thematic driversMegatrends include Future of Work & Living Spaces, and Sustainable Design & Manufacturing. Themes include Flexible Workspaces, Ergonomics & Wellness Design, Show more. | Trading close to highsDist 52W High is -1.4% Weak multi-year price returns2Y Excs Rtn is -51%, 3Y Excs Rtn is -25% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 107% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 140x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.2% Key risksMLKN key risks include [1] tariffs and trade policies impacting gross margins and [2] production disruptions stemming from labor shortages. |
| Attractive yieldDividend Yield is 3.4%, FCF Yield is 5.5% |
| Low stock price volatilityVol 12M is 49% |
| Megatrend and thematic driversMegatrends include Future of Work & Living Spaces, and Sustainable Design & Manufacturing. Themes include Flexible Workspaces, Ergonomics & Wellness Design, Show more. |
| Trading close to highsDist 52W High is -1.4% |
| Weak multi-year price returns2Y Excs Rtn is -51%, 3Y Excs Rtn is -25% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 107% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 140x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.2% |
| Key risksMLKN key risks include [1] tariffs and trade policies impacting gross margins and [2] production disruptions stemming from labor shortages. |
Qualitative Assessment
AI Analysis | Feedback
MillerKnoll (MLKN) stock has gained about 55% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q4 2026 Earnings Beat.
MillerKnoll significantly outperformed analyst expectations for both revenue and adjusted earnings per share (EPS) for its fiscal fourth quarter, which concluded on May 30, 2026. The company reported adjusted EPS of $0.55, exceeding the consensus estimate by $0.02 to $0.04, and generated revenue of $1.004 billion, surpassing analysts' projections by over $30 million.
2. Positive Fiscal Year 2027 Outlook.
The company provided an optimistic forecast for fiscal year 2027, projecting net sales between $3.93 billion and $4.13 billion, representing approximately 5% growth at the midpoint. Additionally, MillerKnoll guided for adjusted EPS in the range of $1.85 to $2.15, indicating an estimated 7.5% growth at the midpoint, which bolstered investor confidence in future performance.
Show more
MillerKnoll (MLKN) stock has gained about 55% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q4 2026 Earnings Beat.
MillerKnoll significantly outperformed analyst expectations for both revenue and adjusted earnings per share (EPS) for its fiscal fourth quarter, which concluded on May 30, 2026. The company reported adjusted EPS of $0.55, exceeding the consensus estimate by $0.02 to $0.04, and generated revenue of $1.004 billion, surpassing analysts' projections by over $30 million.
2. Positive Fiscal Year 2027 Outlook.
The company provided an optimistic forecast for fiscal year 2027, projecting net sales between $3.93 billion and $4.13 billion, representing approximately 5% growth at the midpoint. Additionally, MillerKnoll guided for adjusted EPS in the range of $1.85 to $2.15, indicating an estimated 7.5% growth at the midpoint, which bolstered investor confidence in future performance.
3. Improved Analyst Sentiment and Elevated Price Targets.
Analyst coverage for MillerKnoll shifted to a more favorable outlook, evidenced by an improved average brokerage recommendation and a consensus "Buy" rating from 8 analysts. The average stock price forecast for MLKN was set at $35.70, suggesting a significant potential upside of 66.67% from current levels.
4. Solid Operational Performance in Key Segments and Debt Reduction.
MillerKnoll demonstrated robust sales growth within its North America Contract and Global Retail segments. Furthermore, the company generated $200 million in operating cash flow for the full fiscal year 2026 and successfully reduced its total debt by $41 million year-over-year, contributing to a stronger financial position.
Show less
Stock Movement Drivers
Fundamental Drivers
The 54.5% change in MLKN stock from 3/31/2026 to 7/25/2026 was primarily driven by a 54.5% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7252026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.30 | 22.08 | 54.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,799 | 3,799 | 0.0% |
| Net Income Margin (%) | 0.3% | 0.3% | 0.0% |
| P/E Multiple | 90.5 | 139.7 | 54.5% |
| Shares Outstanding (Mil) | 68 | 68 | 0.0% |
| Cumulative Contribution | 54.5% |
Market Drivers
3/31/2026 to 7/25/2026| Return | Correlation | |
|---|---|---|
| MLKN | 54.5% | |
| Market (SPY) | 13.6% | 26.4% |
| Sector (XLI) | 12.9% | 38.0% |
Fundamental Drivers
The 23.3% change in MLKN stock from 12/31/2025 to 7/25/2026 was primarily driven by a 21.9% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7252026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.91 | 22.08 | 23.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,764 | 3,799 | 0.9% |
| P/S Multiple | 0.3 | 0.4 | 21.9% |
| Shares Outstanding (Mil) | 69 | 68 | 0.2% |
| Cumulative Contribution | 23.3% |
Market Drivers
12/31/2025 to 7/25/2026| Return | Correlation | |
|---|---|---|
| MLKN | 23.3% | |
| Market (SPY) | 8.7% | 34.4% |
| Sector (XLI) | 18.1% | 42.8% |
Fundamental Drivers
The 18.5% change in MLKN stock from 6/30/2025 to 7/25/2026 was primarily driven by a 230.2% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7252026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.64 | 22.08 | 18.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,597 | 3,799 | 5.6% |
| Net Income Margin (%) | 0.8% | 0.3% | -66.0% |
| P/E Multiple | 42.3 | 139.7 | 230.2% |
| Shares Outstanding (Mil) | 68 | 68 | 0.0% |
| Cumulative Contribution | 18.5% |
Market Drivers
6/30/2025 to 7/25/2026| Return | Correlation | |
|---|---|---|
| MLKN | 18.5% | |
| Market (SPY) | 20.6% | 34.6% |
| Sector (XLI) | 25.1% | 41.7% |
Fundamental Drivers
The 65.9% change in MLKN stock from 6/30/2023 to 7/25/2026 was primarily driven by a 787.9% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7252026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.31 | 22.08 | 65.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,231 | 3,799 | -10.2% |
| Net Income Margin (%) | 1.5% | 0.3% | -81.1% |
| P/E Multiple | 15.7 | 139.7 | 787.9% |
| Shares Outstanding (Mil) | 75 | 68 | 10.4% |
| Cumulative Contribution | 65.9% |
Market Drivers
6/30/2023 to 7/25/2026| Return | Correlation | |
|---|---|---|
| MLKN | 65.9% | |
| Market (SPY) | 72.6% | 38.1% |
| Sector (XLI) | 77.3% | 44.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MLKN Return | 18% | -45% | 32% | -13% | -16% | 20% | -25% |
| Peers Return | 4% | -11% | 39% | -3% | -5% | 9% | 28% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| MLKN Win Rate | 58% | 33% | 50% | 42% | 42% | 86% | |
| Peers Win Rate | 48% | 42% | 60% | 47% | 50% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| MLKN Max Drawdown | -32% | -62% | -46% | -28% | -39% | -38% | |
| Peers Max Drawdown | -36% | -36% | -26% | -24% | -32% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HNI, LZB, ETD, HOFT, BSET. See MLKN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/24/2026 (YTD)
How Low Can It Go
| Event | MLKN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.5% | -18.8% |
| % Gain to Breakeven | 46.1% | 23.1% |
| Time to Breakeven | 291 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.9% | -9.5% |
| % Gain to Breakeven | 13.6% | 10.5% |
| Time to Breakeven | 8 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -41.7% | -6.7% |
| % Gain to Breakeven | 71.6% | 7.1% |
| Time to Breakeven | 119 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -62.0% | -33.7% |
| % Gain to Breakeven | 163.0% | 50.9% |
| Time to Breakeven | 272 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.9% | -19.2% |
| % Gain to Breakeven | 28.0% | 23.8% |
| Time to Breakeven | 113 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.3% | -12.2% |
| % Gain to Breakeven | 27.1% | 13.9% |
| Time to Breakeven | 35 days | 62 days |
In The Past
MillerKnoll's stock fell -31.5% during the 2025 US Tariff Shock. Such a loss loss requires a 46.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | MLKN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.5% | -18.8% |
| % Gain to Breakeven | 46.1% | 23.1% |
| Time to Breakeven | 291 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -41.7% | -6.7% |
| % Gain to Breakeven | 71.6% | 7.1% |
| Time to Breakeven | 119 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -62.0% | -33.7% |
| % Gain to Breakeven | 163.0% | 50.9% |
| Time to Breakeven | 272 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.9% | -19.2% |
| % Gain to Breakeven | 28.0% | 23.8% |
| Time to Breakeven | 113 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.3% | -12.2% |
| % Gain to Breakeven | 27.1% | 13.9% |
| Time to Breakeven | 35 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -21.0% | -6.8% |
| % Gain to Breakeven | 26.5% | 7.3% |
| Time to Breakeven | 35 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -38.9% | -17.9% |
| % Gain to Breakeven | 63.6% | 21.8% |
| Time to Breakeven | 546 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -21.0% | -15.4% |
| % Gain to Breakeven | 26.7% | 18.2% |
| Time to Breakeven | 124 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -75.0% | -53.4% |
| % Gain to Breakeven | 300.4% | 114.4% |
| Time to Breakeven | 1714 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -21.2% | -8.6% |
| % Gain to Breakeven | 26.8% | 9.5% |
| Time to Breakeven | 137 days | 47 days |
In The Past
MillerKnoll's stock fell -31.5% during the 2025 US Tariff Shock. Such a loss loss requires a 46.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About MillerKnoll (MLKN)
MillerKnoll, Inc. (MLKN) is a global leader in the manufacture and distribution of high-quality interior furnishings. The company designs and produces a comprehensive range of products catering to diverse environments, operating through North America Contract, International Contract, and Retail segments. Its extensive portfolio includes various seating solutions such as the iconic Embody, Aeron, and Mirra2 lines, along with modular office systems like Canvas Office Landscape and Action Office, storage products, wood case goods, and freestanding furniture.
Beyond general office and residential furniture, MillerKnoll offers specialized solutions. This includes healthcare products under names like Nala, Ava, and Nemschoff, ergonomic solutions and technology support through the Colebrook Bosson Saunders brand, and textiles from Maharam. The company also innovates with cloud-connected furnishings and applications via its Live Platform system. For residential settings, MillerKnoll distributes renowned products under brands such as Eames, HAY, Nelson, and Bubble Lamps, alongside other residential and ancillary collections.
MillerKnoll serves a broad spectrum of customers, providing furnishings for institutional, health/science, residential, transportation, industrial, and educational environments. The company distributes its products globally through a multi-channel approach, leveraging its dedicated sales staff, a network of independent dealers and retailers, and e-commerce websites to reach its diverse clientele.
AI Analysis | Feedback
The Apple of office and designer furniture.
Like LVMH, but for high-end office and home furnishings.
AI Analysis | Feedback
- Seating Solutions: MillerKnoll offers a diverse range of ergonomic chairs for various professional and residential settings.
- Modular Systems: The company provides flexible and reconfigurable office furniture systems designed for collaborative and dynamic workspaces.
- Storage & Case Goods: This includes various storage units, cabinets, and wood case goods for organizational and aesthetic purposes.
- Freestanding Furniture: MillerKnoll manufactures independent furniture pieces like desks and tables, designed for versatile use.
- Healthcare Furnishings: Specialized products for institutional and health/science environments, focusing on patient comfort and clinical efficiency.
- Ergonomic & Technology Support Products: This category includes solutions that enhance comfort and integrate technology into the workspace.
- Textiles: MillerKnoll offers high-quality textiles for furnishings and interior applications under the Maharam brand.
- Live Platform System: A cloud-connected system of furnishings, applications, and dashboards designed to optimize work environments.
- Residential & Ancillary Furnishings: A broad selection of furniture and decorative items designed for residential settings and supplementary spaces.
AI Analysis | Feedback
MillerKnoll (MLKN) primarily sells its products to a diverse range of businesses and institutions globally, as well as to individual consumers.
The company does not publicly identify specific major customer companies by name. Instead, its products are utilized across various sectors and environments, indicating that its major customers fall into broad categories of organizations. These categories include:
- Institutional Clients: This broad category encompasses a wide array of non-corporate organizations and public sector entities that purchase furnishings for various needs.
- Healthcare and Science Facilities: Including hospitals, clinics, laboratories, and other health/science environments requiring specialized furnishings.
- Educational Institutions: Such as schools, colleges, and universities, outfitting classrooms, libraries, dormitories, and administrative spaces.
- Commercial Businesses: Companies of various sizes furnishing their offices, corporate spaces, and other business environments.
- Transportation and Industrial Settings: Including transportation terminals (e.g., airports, train stations) and industrial facilities.
In addition to these organizational customers, MillerKnoll also serves:
- Residential Consumers: Individuals purchasing furnishings for their homes through its Retail segment, independent retailers, and e-commerce websites.
AI Analysis | Feedback
AI Analysis | Feedback
Andi Owen, Chief Executive Officer
Andi Owen joined Herman Miller as President and CEO in 2018 and was instrumental in guiding the merger of Herman Miller and Knoll to create MillerKnoll. Prior to her time at MillerKnoll, she had a 25-year career with Gap, Inc., where she held executive roles at leading brands such as Banana Republic and Bloomingdale's. Owen is passionate about using design-based thinking to solve complex problems, innovating to improve people's lives, and using business as a force for good. She also serves on the boards of Taylor Morrison, the National Association of Manufacturers, and is Chairperson of HAY ApS.
Kevin Veltman, Chief Financial Officer
Kevin Veltman was appointed Chief Financial Officer of MillerKnoll on October 16, 2025, having previously served as interim CFO since September 2025. He has been with MillerKnoll for 11 years, holding various leadership roles including Senior Vice President of Finance for the North America Contract business segment and Senior Vice President, Integration Lead for the acquisition of Knoll, Inc. His responsibilities have also included investor relations, treasury, corporate financial planning and analysis, operations finance, product finance, tax, and shareholder services. Before joining the company, Veltman held positions with BISSEL Homecare, Inc. and Ernst & Young. He holds an undergraduate degree in accounting from Calvin University and an MBA from the University of Michigan.
Jeff Stutz, Chief Operating Officer
Jeff Stutz was named Chief Operating Officer, effective September 8, 2025, reporting directly to Andi Owen. Prior to this, he served as Chief Financial Officer since 2015 and was pivotal in guiding the company through macroeconomic challenges and growth opportunities, including Herman Miller's acquisition of Knoll, Inc. in 2020. Stutz joined Herman Miller in 2001, holding leadership roles such as Treasurer, Chief Accounting Officer, Head of Investor Relations, and Corporate Controller.
John Hoke, Board Chair
John Hoke will become Board Chair of MillerKnoll, effective October 13, 2025. He has been a member of MillerKnoll's board since 2005. Hoke brings over 30 years of experience from Nike Inc., where he most recently held the position of Chief Innovation Officer.
Debbie Propst, President, Global Retail
Debbie Propst serves as the President of Global Retail for MillerKnoll.
AI Analysis | Feedback
The key risks to MillerKnoll's business are:
- Sustained Profitability Challenges and High Debt Burden: MillerKnoll is facing sustained profitability challenges, marked by flat revenue over the past two years, declining earnings per share, and low cash flow margins. The company reported a diluted net loss for fiscal year 2025, a significant reversal from the prior year's earnings. Additionally, analysts have flagged that MillerKnoll's debt is not well covered by operating cash flow, and its liabilities outweigh the sum of its cash and near-term receivables, indicating a meaningful debt burden that poses a risk to shareholders.
- Macroeconomic Uncertainty and Lagging Demand: The company is exposed to macroeconomic headwinds, including broader economic uncertainty, which has led to sluggish demand in its North America Contract segment. A slowdown in the U.S. housing market and reduced consumer discretionary spending have also negatively impacted its retail business.
- Persistent Tariff-Related Costs and Supply Chain Disruptions: MillerKnoll faces persistent tariff-related costs, which erode gross margins and require continuous mitigation efforts such as strategic sourcing and pricing adjustments. The company also faces potential supply chain disruptions and policy fluidity related to trade policies and tariff announcements, creating uncertainty and impacting profitability and cost structures.
AI Analysis | Feedback
AI Analysis | Feedback
MillerKnoll, Inc. operates in various addressable markets related to interior furnishings across its North America Contract, International Contract, and Retail segments. The key addressable markets for its main products and services are outlined below:
Global Furniture Market
- The global furniture market size was estimated at USD 786.13 billion in 2025 and is expected to reach USD 1,334.08 billion by 2033, growing at a CAGR of 7.0% from 2026 to 2033.
Contract Furniture Market (Global)
MillerKnoll's contract segment encompasses a significant portion of its offerings, including office, healthcare, and institutional furnishings. The global contract furniture market has varying estimates across sources:
- The global contract furniture market size was estimated at USD 74.55 billion in 2024 and is projected to reach USD 119.75 billion by 2033, growing at a CAGR of 5.5% from 2025 to 2033.
- Another estimate places the global contract furniture market size at USD 144.07 billion in 2025, projected to grow from USD 153.02 billion in 2026 to USD 203.04 billion by 2034, exhibiting a CAGR of 3.60%.
- North America is a significant region in this market, holding approximately 40% of the global share, with the U.S. alone accounting for about 35% of the market share. The U.S. contract furniture market size reached USD 28.57 billion in 2025.
Office Furniture Market (Global)
MillerKnoll offers a wide range of office furniture, including seating and modular systems.
- The global office furniture market size was valued at USD 107.26 billion in 2024 and is expected to reach USD 180.20 billion by 2032, with a CAGR of 6.70% from 2025 to 2032.
- Another source estimates the global office furniture market size at USD 67.8 billion in 2025, projected to reach USD 90.0 billion by 2034.
- Asia Pacific currently dominates the office furniture market, holding over 36% of the market share in 2025.
Office Chairs Market (Global)
- The global office chairs market size was valued at USD 17.63 billion in 2024 and is projected to reach USD 24.85 billion by 2032, exhibiting a CAGR of 4.51%.
- The global ergonomic chair market, a sub-segment, was estimated at USD 9.80 billion in 2022 and is projected to reach USD 16.88 billion by 2030, growing at a CAGR of 7.0%. North America held the largest revenue share of 31.6% in the ergonomic chair market in 2022.
Modular Office Furniture Market (Global)
MillerKnoll provides modular systems for office environments.
- The global modular furniture market was valued at USD 81.3 billion in 2023 and is expected to grow to USD 117.6 billion in 2032, with a CAGR of 4.3% from 2024 to 2032.
- Another estimate for the global modular office furniture market size was approximately USD 30 billion in 2023 and is projected to reach USD 58 billion by 2032, growing at a CAGR of 8%.
- North America and Europe currently dominate the modular office furniture market.
Healthcare Furniture Market (Global)
MillerKnoll offers healthcare products under names like Palisade, Compass, Nala, Ava, and Nemschoff.
- The global healthcare furniture market size was valued at USD 8.3 billion in 2025 and is estimated to reach USD 12.0 billion by 2034, exhibiting a CAGR of 4.03% from 2026 to 2034.
- The global hospital furniture market (a closely related segment) was estimated at USD 9.72 billion in 2023 and is projected to reach USD 15.39 billion by 2030, growing at a CAGR of 6.8%.
- North America currently dominates the healthcare furniture market, holding over 36.5% of the market share in 2025.
Residential/Home Furniture Market (Global)
The company also offers products for residential settings under various brand names.
- The global home furniture market size is valued at approximately USD 690.10 billion in 2024 and is projected to reach nearly USD 1024.5 billion by 2032, with an average CAGR of 5.645% for the 2025-2032 forecast window.
- Asia-Pacific accounted for 38.02% of global revenue in 2025 for home furniture.
Smart Furniture Market (Global)
MillerKnoll's Live Platform system of cloud-connected furnishings falls into the smart furniture category.
- The global smart furniture market size was estimated at USD 218.5 million in 2024 and is projected to reach USD 486.2 million by 2030, growing at a CAGR of 14.5%.
- Another report states the global smart furniture market size was valued at USD 960.00 million in 2025 and is projected to grow to USD 3,810.00 million by 2034, exhibiting a CAGR of 16.78%.
- The Smart Office Furniture Market (a sub-segment) was valued at USD 2,011.93 million in 2025 and is expected to increase to USD 3,749.33 million by 2032.
- North America dominated the global smart furniture market, accounting for the largest revenue share of 31.4% in 2024.
Contract Textile Market (Global)
MillerKnoll offers textiles under the Maharam name.
- The global contract textile market size was estimated at USD 14.58 billion in 2022 and is projected to reach USD 20.60 billion by 2030, growing at a CAGR of 4.4%.
- Another estimate for the Contract Textile Market size was USD 15.22 billion in 2024 and is expected to reach USD 22.11 billion by 2032, growing at a CAGR of 4.78%.
- Asia Pacific contract textile market held the largest market share, around 38.73%, in 2024.
AI Analysis | Feedback
Expected Drivers of Future Revenue Growth for MillerKnoll (MLKN)
MillerKnoll (MLKN) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Expanded Retail Footprint and Enhanced Digital Capabilities: The company plans a significant expansion of its physical retail presence, aiming to open 10 to 15 new stores across the United States in fiscal year 2026. The broader strategy is to more than double the store count for its Design Within Reach (DWR) and Herman Miller brands over several years. This expansion is complemented by efforts to bolster its international retail presence and digital capabilities, aiming to expand its customer base and diversify revenue.
- Accelerated Product Innovation and New Product Launches: MillerKnoll is committed to continuous product development, having launched over 30 new products in fiscal year 2024. The company targets an increase of 50% more new product launches in fiscal year 2026 compared to fiscal year 2025. This focus on introducing evolving designs and functionalities is a key part of its growth strategy, targeting evolving workplace and healthcare needs, and has shown an immediate impact on top-line growth.
- Strategic International Expansion, particularly in the Asia-Pacific (APAC) Region: Leveraging its combined brand portfolio, MillerKnoll is focused on enhancing its global reach across both contract and residential markets. A core element of this strategy is an aggressive push into the Asia-Pacific region, with a targeted annual growth rate of 15% through 2026. This includes opening new showrooms and strengthening digital commerce platforms in the rapidly growing corporate and luxury residential sectors within the region.
- Resurgent North America Contract and Healthcare Sector Demand: The company anticipates sustained mid-single-digit growth and strong contract demand in its North America Contract segment. While sales in this segment saw a slight year-over-year decline in Q2 FY2026 due to prior period pull-forward, orders were up, and segment sales for the first half of the fiscal year showed growth. The "return-to-office" trend is expected to positively impact demand for commercial real estate and contract furniture. Additionally, MillerKnoll views the healthcare sector as a significant growth factor, with orders increasing and this growth being characterized as structural rather than cyclical, offering sustained long-term revenue opportunities.
AI Analysis | Feedback
Share Repurchases
- MillerKnoll repurchased $85 million in shares during fiscal year 2025.
- In fiscal year 2024, the company's annual share buybacks amounted to $138.2 million.
- During the third quarter of fiscal 2025, approximately 0.8 million shares were repurchased for a total cash outlay of $17.9 million.
Share Issuance
- In October 2025, shareholders approved the 2025 Long-Term Incentive Plan, which authorizes the future issuance of up to 21,164,945 shares through various equity-based awards.
- The merger with Knoll in the spring of 2021 involved Knoll investors receiving a minority stake, specifically 22% of the pro forma share count, in the combined entity.
- The company has engaged in share buybacks partly to offset dilution incurred from the merger.
Outbound Investments
- In the nine months ended March 2, 2024, MillerKnoll received $3.5 million from the sale of its investment in Maars.
Capital Expenditures
- Capital expenditures for the full fiscal year 2025 were $107.6 million.
- Expected capital expenditures for fiscal year 2026 are projected to range between $120 million and $130 million.
- As of the end of the third quarter of fiscal 2025, the company had outstanding commitments for capital purchases totaling $20.6 million.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 22.45 |
| Mkt Cap | 1.0 |
| Rev LTM | 1,360 |
| Op Inc LTM | 98 |
| FCF LTM | 28 |
| FCF 3Y Avg | 85 |
| CFO LTM | 73 |
| CFO 3Y Avg | 125 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.6% |
| Rev Chg 3Y Avg | -6.8% |
| Rev Chg Q | -1.2% |
| QoQ Delta Rev Chg LTM | -0.3% |
| Op Inc Chg LTM | 3.9% |
| Op Inc Chg 3Y Avg | 17.3% |
| Op Mgn LTM | 5.5% |
| Op Mgn 3Y Avg | 6.3% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 5.0% |
| CFO/Rev 3Y Avg | 7.2% |
| FCF/Rev LTM | 2.9% |
| FCF/Rev 3Y Avg | 4.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.0 |
| P/S | 0.6 |
| P/Op Inc | 11.7 |
| P/EBIT | 11.1 |
| P/E | 23.6 |
| P/CFO | 10.7 |
| Total Yield | 5.7% |
| Dividend Yield | 3.8% |
| FCF Yield 3Y Avg | 7.8% |
| D/E | 0.4 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 5.1% |
| 3M Rtn | 12.2% |
| 6M Rtn | 5.9% |
| 12M Rtn | 10.1% |
| 3Y Rtn | 29.3% |
| 1M Excs Rtn | 5.3% |
| 3M Excs Rtn | 7.9% |
| 6M Excs Rtn | -1.9% |
| 12M Excs Rtn | -9.3% |
| 3Y Excs Rtn | -26.7% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| North America Contract | 1,965 | 1,922 | 2,026 | 1,929 | 1,301 |
| Global Retail | 1,045 | 1,060 | 1,044 | 1,088 | 764 |
| International Contract | 660 | 646 | 1,017 | 928 | 400 |
| Total | 3,670 | 3,628 | 4,087 | 3,946 | 2,465 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| North America Contract | 191 | 177 | 100 | -24 | 94 |
| International Contract | 74 | 72 | 99 | 70 | 48 |
| Global Retail | 52 | 65 | -16 | 134 | 143 |
| Other expense (income), net | -1 | -3 | |||
| Restructuring charges | -15 | ||||
| Amortization of Knoll purchased intangibles | -24 | ||||
| Integration charges | -28 | ||||
| Corporate Adjusted operating loss | -68 | -52 | -60 | -141 | -53 |
| Impairment charges | -130 | -17 | |||
| Interest expense | -76 | ||||
| Total | 50 | 167 | 122 | 40 | 232 |
| $ Mil | 2021 | 2020 | 2019 | 2016 | 2015 |
|---|---|---|---|---|---|
| North Americas Contract | 745 | 770 | 734 | ||
| International Contract | 572 | 512 | 357 | ||
| Corporate Adjusted operating loss | 404 | 461 | 169 | 92 | 69 |
| Retail | 340 | 311 | 310 | ||
| Consumer | 245 | 232 | |||
| ELA Furniture Solutions | 218 | 235 | |||
| North American Furniture Solutions | 532 | 500 | |||
| Specialty | 147 | 152 | |||
| Total | 2,062 | 2,054 | 1,569 | 1,235 | 1,188 |
Price Behavior
| Market Price | $22.08 | |
| Market Cap ($ Bil) | 1.5 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -1.4% | |
| 50 Days | 200 Days | |
| DMA Price | $17.67 | $17.35 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 25.0% | 27.3% |
| 3M | 1YR | |
| Volatility | 52.4% | 48.7% |
| Downside Capture | 20.62 | 111.26 |
| Upside Capture | 129.60 | 106.21 |
| Correlation (SPY) | 17.7% | 34.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.39 | 0.71 | 1.02 | 1.40 | 1.38 | 1.17 |
| Up Beta | -0.15 | 0.88 | 1.62 | 1.92 | 2.17 | 1.14 |
| Down Beta | 1.14 | 0.83 | 0.39 | 1.93 | 1.21 | 0.98 |
| Up Capture | 180% | 147% | 145% | 112% | 109% | 194% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 13 | 25 | 37 | 65 | 127 | 371 |
| Down Capture | -103% | -19% | 29% | 101% | 118% | 107% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 7 | 15 | 25 | 59 | 122 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLKN | |
|---|---|---|---|---|
| MLKN | 15.1% | 48.6% | 0.45 | - |
| Sector ETF (XLI) | 20.1% | 16.6% | 0.93 | 41.2% |
| Equity (SPY) | 17.6% | 12.7% | 1.00 | 34.1% |
| Gold (GLD) | 19.2% | 28.1% | 0.61 | 10.9% |
| Commodities (DBC) | 34.7% | 19.1% | 1.42 | -29.5% |
| Real Estate (VNQ) | 13.8% | 14.1% | 0.69 | 35.1% |
| Bitcoin (BTCUSD) | -46.2% | 42.9% | -1.32 | 5.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLKN | |
|---|---|---|---|---|
| MLKN | -9.6% | 45.8% | -0.07 | - |
| Sector ETF (XLI) | 14.0% | 17.6% | 0.63 | 50.9% |
| Equity (SPY) | 12.8% | 17.1% | 0.58 | 46.8% |
| Gold (GLD) | 17.0% | 18.4% | 0.75 | 2.7% |
| Commodities (DBC) | 9.6% | 19.5% | 0.38 | 5.3% |
| Real Estate (VNQ) | 3.0% | 18.9% | 0.06 | 43.3% |
| Bitcoin (BTCUSD) | 15.3% | 53.4% | 0.47 | 17.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLKN | |
|---|---|---|---|---|
| MLKN | -1.1% | 44.9% | 0.14 | - |
| Sector ETF (XLI) | 13.9% | 20.0% | 0.61 | 51.7% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 45.4% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 1.1% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | 14.3% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 43.2% |
| Bitcoin (BTCUSD) | 58.1% | 66.2% | 0.98 | 13.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 7/26/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 6/24/2026 | 12.0% | 22.9% | 28.1% |
| 3/25/2026 | -22.4% | -25.1% | -9.1% |
| 12/17/2025 | 7.9% | 3.3% | 8.6% |
| 9/23/2025 | -10.8% | -6.7% | -10.3% |
| 6/25/2025 | 12.5% | 19.6% | 14.8% |
| 3/26/2025 | 10.7% | 4.8% | -10.4% |
| 12/18/2024 | -5.5% | -7.8% | -9.5% |
| 9/19/2024 | -14.5% | -9.6% | -8.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 11 |
| # Negative | 14 | 15 | 13 |
| Median Positive | 11.3% | 15.4% | 14.8% |
| Median Negative | -6.6% | -7.4% | -9.1% |
| Max Positive | 33.5% | 23.5% | 28.1% |
| Max Negative | -22.4% | -25.1% | -15.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 6/24/2026 | 12.0% | 22.9% | 28.1% |
| 3/25/2026 | -22.4% | -25.1% | -9.1% |
| 12/17/2025 | 7.9% | 3.3% | 8.6% |
| 9/23/2025 | -10.8% | -6.7% | -10.3% |
| 6/25/2025 | 12.5% | 19.6% | 14.8% |
| 3/26/2025 | 10.7% | 4.8% | -10.4% |
| 12/18/2024 | -5.5% | -7.8% | -9.5% |
| 9/19/2024 | -14.5% | -9.6% | -8.0% |
| 6/26/2024 | 1.0% | 0.3% | 14.1% |
| 3/27/2024 | -18.9% | -11.9% | -15.7% |
| 12/20/2023 | -3.1% | -7.8% | -6.9% |
| 9/26/2023 | 28.0% | 23.5% | 19.6% |
| 7/12/2023 | 6.2% | 8.5% | 21.9% |
| 3/22/2023 | -4.4% | -3.2% | -15.9% |
| 12/21/2022 | 14.1% | 15.4% | 24.5% |
| 9/28/2022 | -14.6% | -7.8% | 0.5% |
| 6/29/2022 | -6.2% | -1.8% | 7.5% |
| 3/29/2022 | 5.1% | -1.0% | -0.1% |
| 1/4/2022 | -3.8% | -6.9% | -4.7% |
| 9/29/2021 | -6.1% | -7.4% | -3.7% |
| 6/28/2021 | -6.9% | -1.9% | -7.6% |
| 3/17/2021 | -0.3% | -3.2% | 6.4% |
| 12/16/2020 | -13.1% | -16.2% | -12.0% |
| 9/16/2020 | 33.5% | 15.4% | 26.4% |
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 11 |
| # Negative | 14 | 15 | 13 |
| Median Positive | 11.3% | 15.4% | 14.8% |
| Median Negative | -6.6% | -7.4% | -9.1% |
| Max Positive | 33.5% | 23.5% | 28.1% |
| Max Negative | -22.4% | -25.1% | -15.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 02/28/2026 | 03/30/2026 | 10-Q |
| 11/30/2025 | 01/05/2026 | 10-Q |
| 08/31/2025 | 09/29/2025 | 10-Q |
| 05/31/2025 | 07/21/2025 | 10-K |
| 02/28/2025 | 03/31/2025 | 10-Q |
| 11/30/2024 | 01/06/2025 | 10-Q |
| 08/31/2024 | 10/09/2024 | 10-Q |
| 05/31/2024 | 07/30/2024 | 10-K |
| 02/29/2024 | 04/10/2024 | 10-Q |
| 11/30/2023 | 01/10/2024 | 10-Q |
| 08/31/2023 | 10/11/2023 | 10-Q |
| 05/31/2023 | 07/26/2023 | 10-K |
| 02/28/2023 | 04/12/2023 | 10-Q |
| 11/30/2022 | 01/11/2023 | 10-Q |
| 08/31/2022 | 10/12/2022 | 10-Q |
| 05/31/2022 | 07/26/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 02/28/2026 | 03/30/2026 | 10-Q |
| 11/30/2025 | 01/05/2026 | 10-Q |
| 08/31/2025 | 09/29/2025 | 10-Q |
| 05/31/2025 | 07/21/2025 | 10-K |
| 02/28/2025 | 03/31/2025 | 10-Q |
| 11/30/2024 | 01/06/2025 | 10-Q |
| 08/31/2024 | 10/09/2024 | 10-Q |
| 05/31/2024 | 07/30/2024 | 10-K |
| 02/29/2024 | 04/10/2024 | 10-Q |
| 11/30/2023 | 01/10/2024 | 10-Q |
| 08/31/2023 | 10/11/2023 | 10-Q |
| 05/31/2023 | 07/26/2023 | 10-K |
| 02/28/2023 | 04/12/2023 | 10-Q |
| 11/30/2022 | 01/11/2023 | 10-Q |
| 08/31/2022 | 10/12/2022 | 10-Q |
| 05/31/2022 | 07/26/2022 | 10-K |
| 02/28/2022 | 04/06/2022 | 10-Q |
| 11/30/2021 | 01/05/2022 | 10-Q |
| 08/31/2021 | 10/06/2021 | 10-Q |
| 05/31/2021 | 07/27/2021 | 10-K |
| 02/28/2021 | 04/06/2021 | 10-Q |
| 11/30/2020 | 01/04/2021 | 10-Q |
| 08/31/2020 | 10/05/2020 | 10-Q |
| 05/31/2020 | 07/28/2020 | 10-K |
| 02/29/2020 | 04/07/2020 | 10-Q |
| 11/30/2019 | 01/06/2020 | 10-Q |
| 08/31/2019 | 10/08/2019 | 10-Q |
| 05/31/2019 | 07/30/2019 | 10-K |
Recent Forward Guidance
Updated 7/12/2026Latest: Q4 2026 Earnings Reported 6/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Revenue | 928.00 Mil | 948.00 Mil | 968.00 Mil | -2.8% | Lower New | Guidance: 975.00 Mil for Q4 2026 | |
| Q1 2027 Gross Margin | 38.7% | 39.2% | 39.7% | 0.2% | Higher New | Guidance: 39.0% for Q4 2026 | |
| Q1 2027 Adjusted Operating Expenses | 316.00 Mil | 321.00 Mil | 326.00 Mil | 1.4% | Higher New | Guidance: 316.50 Mil for Q4 2026 | |
| Q1 2027 Adjusted Earnings per Share - Diluted | 0.33 | 0.36 | 0.39 | -30.8% | Lower New | Guidance: 0.52 for Q4 2026 | |
| 2027 Revenue | 3.93 Bil | 4.03 Bil | 4.13 Bil | ||||
| 2027 Adjusted Earnings per Share - Diluted | 1.85 | 2 | 2.15 | ||||
| 2027 Capital Expenditures | 125.00 Mil | 130.00 Mil | 135.00 Mil | 4.0% | Higher New | Guidance: 125.00 Mil for 2026 | |
Prior: Q3 2026 Earnings Reported 3/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | 955.00 Mil | 975.00 Mil | 995.00 Mil | 3.4% | Higher New | Guidance: 943.00 Mil for Q3 2026 | |
| Q4 2026 Gross Margin | 38.5% | 39.0% | 39.5% | 0.6% | Higher New | Guidance: 38.4% for Q3 2026 | |
| Q4 2026 Adjusted Operating Expenses | 311.50 Mil | 316.50 Mil | 321.50 Mil | 3.8% | Higher New | Guidance: 305.00 Mil for Q3 2026 | |
| Q4 2026 Adjusted EPS | 0.49 | 0.52 | 0.55 | 7.0% | Higher New | Guidance: 0.45 for Q3 2026 | |
| 2026 Capital Expenditures | 120.00 Mil | 125.00 Mil | 130.00 Mil | ||||
Q2 2026 Earnings Reported 12/17/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 923.00 Mil | 943.00 Mil | 963.00 Mil | -0.3% | Lowered | Guidance: 946.00 Mil for Q2 2026 | |
| Q3 2026 Gross Margin | 37.9% | 38.4% | 38.9% | 0.3% | Raised | Guidance: 38.1% for Q2 2026 | |
| Q3 2026 Adjusted Operating Expenses | 300.00 Mil | 305.00 Mil | 310.00 Mil | 0 | Affirmed | Guidance: 305.00 Mil for Q2 2026 | |
| Q3 2026 Interest and other expense, net | 16.30 Mil | 16.80 Mil | 17.30 Mil | 0.6% | Raised | Guidance: 16.70 Mil for Q2 2026 | |
| Q3 2026 Adjusted effective tax rate | 20.5% | 21.5% | 22.5% | -1.5% | Lowered | Guidance: 23.0% for Q2 2026 | |
| Q3 2026 Adjusted earnings per share - diluted | 0.42 | 0.45 | 0.48 | 9.8% | Raised | Guidance: 0.41 for Q2 2026 | |
Investor Activity (13F)
Updated Jul 26, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
MillerKnoll — Investor Video Playlist
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Office Services & Supplies Resources |
| OPI (Office Products International) |
| Workplace Insight |
| Office Products News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.