MillerKnoll

MLKN

Furnishings, Fixtures & Appliances · Consumer Cyclical

Price

$23.03

+0.27 (+1.19%)

Market Cap

$1.57B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through May 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Strong

Dividends

Mixed

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Share count falling — buybacks

−5.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 73.2M (2022) → 69.4M (2026)

Winston Score History

The full picture

MillerKnoll makes office furniture, home furniture, and workplace accessories. Its most famous brands include Herman Miller and Knoll, which are known for iconic chairs like the Aeron and Eames designs. The company sells to businesses setting up offices, designers, architects, and individual consumers who want high-quality furniture.

MillerKnoll earns money by selling furniture directly to corporate clients, through its own retail stores, and via third-party dealers and designers. It operates mainly in North America but also has a presence in Europe and Asia. Its competitive edge comes from its strong brand heritage and design reputation, which lets it charge premium prices. The biggest risk the company faces is that corporate customers have been slow to invest in office furniture as hybrid work arrangements reduce demand for traditional office space, which has kept revenue growth under pressure.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+140.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

2.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$184M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

MillerKnoll is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

39.5%

Modest — 39.5% gross margin

Profit after running costs

Operating Margin

6.3%

Modest — 6.3% operating margin

Return on the money invested

ROCE

8.1%

Below par — 8.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+4.7%

Slow sales growth (+4.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

218%

Turns 218% of profit into real cash

Spare cash per sale

FCF Margin

2.0%

Thin free cash flow (2.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.96

Moderate — manageable debt (0.96)

Covers its interest

Interest Cover

4.08x

Adequate interest coverage (4.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

17.4x

Fair value — P/E 17.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+5.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.4 → 11.9)

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Dividends

Dividend

Dividend Yield

3.15%

Moderate income — 3.15% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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