Start here if you're new
what it is
MillerKnoll designs and sells office and home furniture, plus related services, through contract buyers and its own stores.
how it gets paid
Last year Millerknoll made $3.7B in revenue. American contract was the main engine at $2.0B, or 54% of sales.
why it's growing
Revenue grew 1.1% last year. The company filing and the market snapshot do not line up cleanly.
what just happened
MillerKnoll filed $1.9B of revenue and $0.64 EPS, while Yahoo shows $0.35 versus $0.40 expected.
At a glance
B+ balance sheet — decent shape, but not bulletproof
75/100 earnings predictability — reasonably predictable
10.3x trailing p/e — the market's not buying it — or you found a deal
3.7% dividend yield — cash in your pocket every quarter
8.0% return on capital — nothing to write home about
xvary composite: 56/100 — below average
What they do
MillerKnoll designs and sells office and home furniture, plus related services, through contract buyers and its own stores.
American contract is 54% of sales, and Global Retail is 28%. That mix gives you 75 stores and a $3.7B business built on repeat workplace buying, not one-off impulse sales.
How they make money
$3.7B
annual revenue · their business grew +1.1% last year
American contract
$2.0B
International contract
$0.7B
Global retail
$1.0B
The products that matter
designs and sells workplace furniture
Office Furniture
$1.9B revenue
It is effectively the whole $1.9B business. The snapshot points to 4.2% growth from here, but that sits on top of a business that just posted a 47.9% annual revenue drop.
core
Key numbers
$3.7B
annual revenue
That is the size of the business. The number is big, but the 1.4% operating margin says most of each dollar goes out the door.
1.4%
operating margin
This is the slice left after costs. A 1-point drop would cut roughly $37M from operating profit.
3.7%
dividend yield
You get paid to wait. The yield is higher than the 10.3x trailing P/E suggests the stock is priced for caution, not excitement.
$1.3B
long-term debt
That is a real bill. A 1-point rate increase would add about $13M a year in interest.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- long-term debt $1.3B (49% of capital)
- net profit margin 4.8% — keeps 5 cents of every dollar in revenue
- return on equity 12% — $0.12 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in MLKN 3 years ago → it's now worth $9,230.
The index would have given you $14,540.
source: institutional data · total return
What just happened
missed estimates
MillerKnoll filed $1.9B of revenue and $0.64 EPS, while Yahoo shows $0.35 versus $0.40 expected.
The company filing and the market snapshot do not line up cleanly. Use both numbers carefully: the filing shows strong top-line scale, while Yahoo's last-earnings view shows a small EPS miss.
$925M
revenue
$0.64
eps
38.7%
gross margin
the number that mattered
The $1.9B revenue figure matters most because it shows the company still moves a lot of product even when profits are thin.
-
millerknoll got off to a bumpy start in the first half of fiscal 2026.
-
although the first quarter was solid, the november period was less exciting.
-
second-quarter sales dipped, while earnings fell to $0.43 per share from $0.55 a year earlier.
-
however, it appears that the weakness was largely mechanical rather than fundamental.roughly $55 million to $60 million in tariff driven pull forward activity had shifted north america contract revenue into the fiscal first quarter, which created a tough comparison that obscured genuine underlying momentum.
-
after accounting for that timing distortion, the first-half performance is a bit more encouraging.
source: company earnings report, 2026
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What could go wrong
the #1 risk is a weaker-than-expected office furniture recovery.
med
commercial demand stays soft
This is still an office-furniture company. If customers keep delaying workplace spending, the rebound from $1.9B toward the Street’s $4B revenue estimate gets hard to defend.
The snapshot already shows a 47.9% annual revenue drop. Another weak demand stretch would hit the core story directly.
med
thin margins meet heavy debt
A 3.9% net margin means there is not much cushion. Add $1.3B in long-term debt, equal to 49% of capital, and small operational misses matter more than they would at a stronger business.
When margins are measured in pennies, cost inflation or lost volume can do outsized damage to earnings and dividend flexibility.
med
tariffs and input costs
Management already flagged $55M–$60M of tariff-driven pull-forward activity. That tells you trade friction is not theoretical here — it is already shaping order timing and comparisons.
Higher sourcing costs or another timing distortion would pressure a business earning just 4 cents on each revenue dollar.
med
estimate risk
The jump from $1.9B of reported revenue to a $4B fy2026 estimate is large enough that you should treat forecasts carefully. This is where value traps hide.
If the rebound does not show up fast enough, the stock can stay cheap for a long time. Cheap is not the same thing as mispriced.
With a 3.9% net margin and $1.3B of long-term debt, MillerKnoll does not have much room for a demand miss, a tariff shock, or another forecast reset.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next quarterly print
You want to see whether revenue starts closing the gap between the reported $1.9B base and the $4B fy2026 expectation.
metric
net margin
At 3.9%, margin is the fragility point. Even modest improvement would matter more than a flashy top-line headline.
risk
tariff and sourcing noise
The last quarter already had $55M–$60M of tariff-related pull-forward. If that keeps happening, the income statement stays harder to read.
trend
office demand recovery
This is the quiet part. If commercial customers are not refreshing spaces, the rest of the thesis becomes accounting around a weak market.
Analyst rankings
short-term outlook
average
Momentum score 3. In human-speak, analysts do not see a strong near-term edge either way.
risk profile
average
Stability score 3 — this sits near the middle of the pack, not in the bunker-stock category.
chart momentum
average
Technical score 3 — the chart is not screaming breakout or breakdown.
earnings predictability
75 / 100
Results are usually understandable. That helps when you are judging whether weak quarters are timing noise or a real deterioration.
source: institutional data
Institutional activity
86 buyers vs. 69 sellers in 4q2025. total institutional holdings: 65.5M shares.
source: institutional data
Price targets
3-5 year target range
$9
$25
$20
current price
$17
target midpoint · 15% from current · 3-5yr high: $40 (+100% · 21% ann'l return)
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