MillerKnoll, Inc.
- Open
- 21.86
- Day high
- 22.09
- Day low
- 21.51
- Prev close
- 21.82
- Volume
- 618K
- Mkt cap
- $1.5B
- P/E (TTM)
- 16.1
- EPS (TTM)
- $1.33
- P/B
- 1.1
- P/S
- 0.4
- Yield
- 3.52%
- Per share
- $0.75
MillerKnoll, Inc. (MLKN) is a Consumer Cyclical company listed on NASDAQ. The stock is up 13% over the past year.
MillerKnoll, Inc. (MLKN) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MLKN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 24, 2026 | $0.52 | $0.55 | +5.8% | $1.0B | +3.1% |
| Mar 25, 2026 | $0.45 | $0.43 | -4.4% | $927M | -1.6% |
| Dec 17, 2025 | $0.41 | $0.43 | +5.7% | $955M | +1.3% |
| Sep 23, 2025 | $0.34 | $0.45 | +31.1% | $956M | +4.9% |
| Jun 25, 2025 | $0.35 | $0.60 | +71.4% | $962M | +8.0% |
| Mar 26, 2025 | $0.44 | $0.44 | +0.0% | $876M | -4.6% |
| Dec 18, 2024 | $0.53 | $0.55 | +3.8% | $970M | +1.1% |
| Sep 19, 2024 | $0.40 | $0.36 | -10.6% | $862M | -3.1% |
| Dec 20, 2023 | $0.52 | $0.59 | +13.5% | $950M | -2.3% |
| Jul 12, 2023 | $0.39 | $0.41 | +5.1% | $957M | +1.2% |
| Mar 22, 2023 | $0.39 | $0.54 | +38.5% | $985M | -0.9% |
| Dec 21, 2022 | $0.42 | $0.46 | +9.5% | $1.1B | +2.6% |
MLKN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 16, 2026 | Michael John Pofficer: President North America Contra | Grant | 39,746 | — |
| Jul 16, 2026 | Jacqueline Hourigan Riceofficer: Chief Legal Officer and Corpor | Grant | 26,663 | — |
| Jul 16, 2026 | Propst Debbie Fofficer: President Global Retail | Grant | 39,746 | — |
| Jul 16, 2026 | Stutz Jeffrey Mofficer: Interim CEO | Grant | 77,504 | — |
| Jul 16, 2026 | Watson Bruce Benedictofficer: Chief Creative Officer | Grant | 33,121 | — |
| Jul 16, 2026 | Veltman Kevin J.officer: Chief Financial Officer | Grant | 28,617 | — |
| Feb 17, 2026 | Spofford Clairedirector | Grant | 5,509 | $21.78 |
| Jan 16, 2026 | Manheimer Heidi Jdirector | Grant | 6,666 | $19.50 |
| Jan 16, 2026 | Edekar Edmundson Tinadirector | Option | 616 | $19.50 |
| Jan 16, 2026 | FRENCH DOUGLAS Ddirector | Grant | 6,153 | $19.50 |
| Jan 16, 2026 | Gang Jeanne Kaydirector | Grant | 6,153 | $19.50 |
| Jan 16, 2026 | Hoke John R IIIdirector | Grant | 9,230 | $19.50 |
| Jan 16, 2026 | KRO LISA Adirector | Grant | 6,794 | $19.50 |
| Jan 16, 2026 | FRENCH DOUGLAS Ddirector | Option | 5,583 | $19.50 |
| Jan 16, 2026 | Smith Michael Rdirector | Option | 526 | — |
Source: MLKN SEC Form 4 filings, latest Jul 16, 2026. For informational purposes only — not investment advice.
See the full MLKN insider & 13F page →MillerKnoll, Inc. company profile
Overview
MillerKnoll, Inc. (NASDAQ:MLKN) is a leading designer and manufacturer of premium office furniture and home furnishings. Founded in 1905 as Herman Miller, the company underwent a significant transformation in 2021 when it merged with Knoll, Inc., a renowned furniture manufacturer, and subsequently rebranded as MillerKnoll. The company is headquartered in Zeeland, Michigan, and operates globally with a portfolio of iconic design brands including Herman Miller, Knoll, Design Within Reach (DWR), HAY, and Muuto. MillerKnoll serves both commercial contract markets and retail consumers through a network of dealers, retail stores, and e-commerce platforms.
Business
MillerKnoll operates in the commercial and residential furniture industry, designing and manufacturing premium interior furnishings for workplaces, homes, and institutional settings. The company's business is organized into three primary segments: North America Contract (approximately 53% of revenue): This segment focuses on commercial office furniture solutions for businesses, including iconic seating products like the Aeron chair, Mirra, Sayl, and Embody ergonomic office chairs. The segment also offers complete workplace solutions including desking systems like Layout Studio and Ratio, storage solutions, and ergonomic accessories. These products are primarily sold through a network of independent dealers to corporate clients, government agencies, and educational institutions. International Contract (approximately 17% of revenue): This segment extends the company's commercial furniture offerings to global markets outside North America. It includes the same product categories as the domestic contract business but serves international corporate clients, with particular strength in Europe, Asia, and the Middle East. The segment has been expanding its dealer network internationally and cross-selling products across the merged Herman Miller and Knoll brands. Global Retail (approximately 30% of revenue): This consumer-facing segment operates through multiple channels including 70+ retail studios under brands like Design Within Reach, Herman Miller stores, HAY, Muuto, and Knoll retail locations. The segment offers both office furniture for home offices and residential furniture including dining tables, lounge seating, lighting, and home accessories. Products are sold through physical retail stores, e-commerce websites, and design services. The company's products are used across various environments including corporate offices, healthcare facilities, educational institutions, government buildings, and residential spaces. MillerKnoll emphasizes sustainable design, ergonomic innovation, and collaborations with renowned designers to create furniture that combines functionality with aesthetic appeal.
Revenue model
MillerKnoll generates revenue primarily through product sales across its three business segments, with different customer bases and sales channels for each. The Contract segments (both North America and International) operate on a business-to-business model, selling furniture solutions to corporate clients, government agencies, educational institutions, and healthcare organizations. Revenue is generated through direct sales to end-users and through a network of independent furniture dealers who receive commissions. Projects typically involve larger order values and longer sales cycles, with customers often requiring customized solutions and extended delivery timelines. The company also generates revenue from related services including space planning, design consultation, and installation services. The Global Retail segment operates on a business-to-consumer model, generating revenue through multiple channels: physical retail stores, e-commerce platforms, and design services. Retail customers pay directly for furniture purchases, and the company also offers design consultation services for an additional fee. This segment benefits from higher gross margins compared to contract sales due to the elimination of dealer commissions and the premium nature of the retail brands. Several factors influence MillerKnoll's profitability margins. Positive margin drivers include the company's premium brand positioning allowing for higher pricing, operational synergies from the Herman Miller-Knoll merger (targeting $160 million in annual run-rate synergies), economies of scale in manufacturing, and the ability to implement regular price increases to offset cost inflation. The company's focus on ergonomic innovation and sustainable design also supports premium pricing. Negative margin pressures include raw material cost inflation (steel, plastics, textiles), labor cost increases, supply chain disruptions, foreign exchange fluctuations for international operations, and competitive pricing pressure in the commercial furniture market. Economic downturns significantly impact demand as businesses defer capital expenditures on office furniture, while the shift toward remote work has created uncertainty around long-term office space requirements. Additionally, the retail segment faces pressure from macroeconomic conditions affecting consumer discretionary spending on home furnishings.
Competitive moat
MillerKnoll possesses a moderate competitive moat built primarily on brand strength, design innovation, and customer relationships, though the moat faces some structural challenges. The company's strongest competitive advantage lies in its iconic brand portfolio. Herman Miller's Aeron chair and other ergonomic seating solutions have achieved near-legendary status in corporate environments, while brands like Knoll, Design Within Reach, and HAY carry significant prestige in design circles. This brand equity allows the company to command premium pricing and creates customer loyalty, particularly among design-conscious buyers and corporations that view high-quality office furniture as part of their employee value proposition. Design innovation and intellectual property provide additional protection. The company's collaborations with renowned designers and its focus on ergonomic research create differentiated products that are difficult to replicate. However, furniture designs can eventually be copied or substituted, limiting the durability of this advantage. The company benefits from established dealer relationships and customer switching costs in the contract segment. Once businesses standardize on MillerKnoll furniture systems, replacing entire office environments involves significant cost and disruption, creating some customer stickiness. However, the moat faces several challenges. The furniture industry has relatively low barriers to entry for basic products, and competition from lower-cost manufacturers is intensifying, particularly for price-sensitive customers. The shift toward remote and hybrid work represents a structural threat, potentially reducing long-term demand for traditional office furniture. Additionally, direct-to-consumer furniture companies and online retailers are disrupting traditional distribution channels, particularly in the retail segment. Potential disruption could come from new work models that require entirely different furniture solutions, technological changes in manufacturing (such as 3D printing), or new materials that make traditional furniture obsolete. The company's moat is meaningful but not insurmountable, requiring continuous innovation and brand investment to maintain competitive positioning.
Risks & safety
MillerKnoll presents moderate financial safety with manageable debt levels but some operational challenges affecting profitability. **Liquidity and Debt:** - Cash and short-term investments: $170 million as of Q3 2025 - Current ratio: 1.67, indicating adequate short-term liquidity - Debt-to-equity ratio: 1.43, representing elevated but manageable leverage - Free cash flow: $38.8 million in Q3 2025, though volatile across quarters **Profitability Concerns:** - Recent negative EBITDA of -$47.4 million in Q3 2025 due to impairment charges - Inconsistent profitability with net losses in recent quarters - Operating margins under pressure, particularly in Global Retail segment **Valuation Metrics:** - Trading at 1.17x book value, suggesting reasonable valuation relative to assets - Negative P/E ratio due to recent losses, making traditional valuation difficult - EV/EBITDA not meaningful due to negative EBITDA **Other Considerations:** - Cyclical industry exposure creates earnings volatility - Integration costs from Herman Miller-Knoll merger still impacting margins - Exposure to economic downturns through discretionary business spending - Strong asset base with $3.9 billion in total assets provides some downside protection
Recent development
Over the past few years, MillerKnoll has undergone significant strategic transformation centered around the integration of Herman Miller and Knoll following their 2021 merger. The company successfully rebranded from Herman Miller to MillerKnoll and has been capturing operational synergies, achieving $160 million in annualized run-rate cost savings. Business restructuring has been a major focus, with the company recently reorganizing from four segments to three: North America Contract, International Contract, and Global Retail. This restructuring involved relocating textile businesses and Latin America operations to more appropriate segments, along with workforce reductions targeting $4-4.5 million in annual savings. Retail expansion represents a key growth initiative. The company has been opening new Design Within Reach and Herman Miller stores, with plans for 10-15 new locations in fiscal 2026. Notable openings include flagship locations in London and New York, and the launch of MillerKnoll Archives in Holland, Michigan. The retail strategy focuses on expanding product assortment and improving the customer experience through enhanced design services. Product innovation has accelerated significantly, with new product launches for spring-summer 2025 up 65% compared to the previous year. The company has introduced over 30 new products across its brand portfolio and launched a refreshed Mirra 2 Chair with more sustainable design features. Sustainability initiatives include eliminating PFAS from the product portfolio and achieving Gold Medal rating from EcoVadis. International expansion continues with the company expanding its global dealer network to nearly 150 MillerKnoll dealers and opening a new fulfillment center in Belgium. The company has been successfully cross-selling products across the merged Herman Miller and Knoll brands internationally, with particular strength in the Middle East and parts of Asia. Digital and operational improvements include investments in e-commerce platforms, dealer tools, and supply chain flexibility. The company has been preparing for potential tariff impacts through alternative supply sourcing and advanced purchasing strategies.
MLKN company profile · for informational purposes only — not investment advice.
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