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MLKN

MillerKnoll, Inc.

MLKN

MillerKnoll, Inc. • NASDAQ
$15.83 ▼ -0.57% (-0.09)
Market Cap $1.08 B
52w High $25.96
52w Low $13.77
Dividend Yield 0.75%
P/E -68.83
Volume 243.46K
Outstanding Shares 68.51M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $955.7M ▼ $314.6M ▼ $20.2M ▲ 2.114% ▲ $0.29 ▲ $64.1M ▼
Q4-2025 $961.8M ▲ $321.9M ▼ $-57.1M ▼ -5.937% ▼ $-0.84 ▼ $88.9M ▲
Q3-2025 $876.2M ▼ $414.6M ▲ $-12.7M ▼ -1.449% ▼ $-0.19 ▼ $-47.4M ▼
Q2-2025 $970.4M ▲ $314.5M ▼ $34.1M ▲ 3.514% ▲ $1.44 ▲ $101M ▲
Q1-2025 $861.5M $321.1M $-1.2M -0.139% $-0.017 $52.8M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $167.2M ▼ $3.941B ▼ $2.579B ▼ $1.362B ▲
Q4-2025 $193.7M ▲ $3.95B ▲ $2.615B ▲ $1.276B ▲
Q3-2025 $169.8M ▼ $3.895B ▼ $2.573B ▼ $1.254B ▼
Q2-2025 $221.1M ▲ $4.036B ▲ $2.652B ▲ $1.311B ▼
Q1-2025 $209.7M $4.019B $2.61B $1.333B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $20.2M ▲ $9.4M ▼ $-30.5M ▲ $-9.2M ▲ $-26.5M ▼ $-21.3M ▼
Q4-2025 $-56.2M ▼ $70.9M ▲ $-40.6M ▼ $-22.7M ▲ $23.9M ▲ $31.4M ▼
Q3-2025 $-11.7M ▼ $62M ▲ $-15.5M ▲ $-93.7M ▼ $-51.3M ▼ $38.8M ▲
Q2-2025 $35.2M ▲ $55.3M ▲ $-22.5M ▼ $-13.6M ▲ $11.4M ▲ $33M ▲
Q1-2025 $-500K $21.1M $-22.3M $-20.3M $-20.7M $-1.5M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
Lifestyle
Lifestyle
 $0 ▲$0 ▲$0 ▲$300.00M ▲
Other Products
Other Products
 $0 ▲$0 ▲$0 ▲$60.00M ▲
Product
Product
 $900.00M ▲$810.00M ▼$870.00M ▲$0 ▼
Service
Service
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement MillerKnoll’s sales sit at a solid level and have generally held up since the big step-up after the Herman Miller–Knoll merger, though growth has flattened more recently. Profitability is the main pressure point: gross profit has been fairly healthy, but operating and net income are thin and somewhat volatile, swinging between modest profits and small losses. This pattern suggests a company that is successfully selling product but still working through cost structure, integration, and demand cycle challenges. Overall, earnings quality looks mixed: not distressed, but not yet consistently robust either.

Balance Sheet

Balance Sheet The balance sheet reflects a scaled-up, post‑merger company with more assets but also meaningfully more debt than a few years ago. Equity has grown compared with pre‑merger levels, but has dipped slightly more recently, which fits with the choppy profitability. Cash on hand is relatively modest, so the company relies on ongoing cash generation and access to financing rather than a large cash cushion. The key balance‑sheet theme is leverage: debt looks significant but is slowly being worked down, making debt management and interest costs important items to watch.

Cash Flow

Cash Flow Underlying cash generation is a relative strength. Even in years when accounting profit was weak, the business mostly produced positive operating cash flow, and free cash flow has been positive in most recent periods after routine spending on facilities and equipment. Capital spending has been steady and disciplined rather than aggressive. This pattern signals a business that converts a fair portion of its sales into cash, providing some flexibility to service debt and invest, even if reported earnings move around.

Competitive Edge

Competitive Edge MillerKnoll has a strong competitive position built on famous design brands, deep relationships with architects and designers, and a wide global distribution and dealer network. Its products are often viewed as aspirational and design‑leading, which supports pricing power versus more generic office and home furniture. At the same time, the company operates in a cyclical category tied to office investment, corporate capex, and housing trends, so demand can swing with the broader economy. Competition from lower‑priced and online‑only players remains a constant challenge, but MillerKnoll competes more on design, ergonomics, and brand than on price alone, which provides some protection.

Innovation and R&D

Innovation and R&D Innovation is a clear pillar of the strategy. The company leans heavily into ergonomic research, iconic design, and sustainability, using those themes to differentiate its products rather than simply following trends. It is pushing to remove harmful chemicals, increase recycled content, and cut its environmental footprint, which can resonate with corporate and design clients. Digital tools such as 3D configurators and unified e‑commerce platforms improve the buying experience and may help win projects. Looking ahead, areas like hybrid‑work solutions and potential “smart furniture” give MillerKnoll room to introduce new, higher‑value offerings, although the commercial payoff and timing of these bets are naturally uncertain.

Summary

MillerKnoll today looks like a scaled, brand‑rich design company balancing three realities: a strong franchise, a leveraged balance sheet, and an uneven earnings profile. Revenue is steady but not surging, margins are still being refined, and net income has been inconsistent. Debt taken on around the merger is meaningful but slowly coming down, with generally solid cash flow providing support. Strategically, the firm benefits from powerful brands, deep ties to the design community, and a visible commitment to sustainability and digital tools, all of which can underpin long‑term relevance. The main variables to watch are how well it can translate those advantages into more stable, higher‑quality profits while navigating cyclical demand in office and residential furnishings and steadily reducing financial risk from leverage.

NEWS

November 19, 2025 · 4:05 PM UTC

MillerKnoll Schedules Second Quarter Fiscal Year 2026 Conference Call and Webcast

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September 23, 2025 · 4:05 PM UTC

MillerKnoll, Inc. Reports First Quarter Fiscal 2026 Results

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September 5, 2025 · 4:06 PM UTC

MillerKnoll Strengthens Leadership for Next Era of Growth; Appoints John Hoke as Board Chair and Names Jeff Stutz Chief Operating Officer

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