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Designs and sells premium office and home furniture under Herman Miller, Knoll and other brands.
Designs and sells premium office and home furniture under Herman Miller, Knoll and other brands.
Sells to companies mainly through independent dealers that handle specification, delivery and installation, so orders follow office-refit budgets, and sells to homes through its own stores, websites and Design Within Reach. Herman Miller's 2021 purchase of Knoll created the current company.
Moat: narrow (brand, IP / patents, distribution). Iconic modern-design brand portfolio (Eames, Aeron) but a discretionary, cyclical furniture market.
Headquarters: Zeeland, Michigan, United States · Founded: 1905 · Employees: 10,544
Size MillerKnoll (MLKN) is a United States Industrials company (Office Equipment/Supplies) with a market value of $1.48B, the 1998th largest of 3,117 United States companies the cockpit tracks. Shares closed at $21.49 on 6 Nov 2026.
Performance Over six months the shares gained 31.7%, against -1.3% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 1.2% over the last twelve months (peer median +8.2%); the operating margin is 5.7% (peer median 6.8%).
Valuation It trades at 11.2× forward earnings against a peer median of 13.0× (6th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.8 points below its cost of capital (8.2% WACC).
Short interest Short interest is 5.8% of the free float (15 Oct 2026).
Next results Next results expected around 23 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.81B | $3.84B | $3.67B | $3.63B | $4.09B |
| Revenue growth | — | +5% | +1% | -11% | — |
| Gross profit | $1.51B | $1.49B | $1.42B | $1.42B | $1.43B |
| EBITDA | $363M | $360M | $364M | $370M | $371M |
| Net income | $97.9M | $91.5M | -$36.9M | $82.3M | $42.1M |
| Free cash flow | $116M | $77.6M | $101M | $274M | $79.6M |
| Capital expenditure | $124M | $122M | $108M | $78.4M | $83.3M |
| Total debt | $1.82B | $1.80B | $1.81B | $1.76B | $1.87B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MillerKnoll MLKN | $1.48B | +32% | +1% | 6% | 11.2× | 7.3% |
| HNI HNI | $3.42B | +41% | +104% | 6% | 10.7× | 8.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MLKN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.5% | -1.0% | 5th highest of 20 |
| 6-month return | +31.7% | -1.3% | 5th highest of 20 |
| Distance from 52-week high | -13.0% | -25.4% | 5th highest of 20 |
| Revenue growth (TTM) | +1.2% | +8.2% | 4th lowest of 20 |
| Operating margin | 5.7% | 6.8% | 6th lowest of 20 |
| Forward P/E | 11.2× | 13.0× | 6th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 7.3% | -2.4% | 5th most demanding of 19 |
| Growth delivered (Del g) | +9.3% | +6.5% | 5th highest of 19 |
| Hurdle (Req g minus delivered) | -2.0 pp | -3.7 pp | 8th most demanding of 19 |
| ROIC minus cost of capital | -2.8 pp | +2.8 pp | 4th lowest of 20 |
| EV / EBITDA | 8.8× | 8.8× | 6th cheapest of 12 |
| Net debt / EBITDA | 4.5× | 0.6× | 2nd most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MillerKnoll MLKN | United States | $1.48B | +32% | +1% | 6% | 11.2× | 7.3% | +9.3% |
| MCC Meili Cloud Computing Industry Investment 000815.SZ | China | $1.41B | -29% | -25% | 10% | n/a | 51.4% | -21.7% |
| PILOT 7846.T | Japan | $1.62B | +33% | +7% | 14% | 14.6× | -3.8% | +7.7% |
| DOMS Industries DOMS.NS | India | $1.32B | -13% | +18% | 11% | 56.1× | n/a | n/a |
| Konica Minolta 4902.T | Japan | $1.79B | +14% | 0% | 5% | 9.7× | -5.6% | +4.7% |
| Kokuyo 7984.T | Japan | $2.23B | +9% | +9% | 7% | 16.9× | -6.2% | +3.7% |
| Ningbo Huaxiang Electronic 002048.SZ | China | $2.60B | -27% | -19% | 7% | 11.3× | 0.1% | +9.1% |
| ITOKI 7972.T | Japan | $784M | -26% | +10% | 9% | 10.3× | 1.7% | +5.7% |
| Shenzhen Comix 002301.SZ | China | $717M | -1% | +13% | 1% | 32.5× | -0.5% | +8.4% |
| Horizon Fixture 6957.TW | Taiwan | $712M | +162% | +15% | 18% | 20.3× | 8.6% | +9.6% |
| Zhejiang Dafeng Industry 603081.SS | China | $679M | -14% | +18% | 0% | 27.5× | -4.3% | -1.0% |
| HNI HNI | United States | $3.42B | +41% | +104% | 6% | 10.7× | 8.4% | +7.7% |
| Jinbei Automotive 600609.SS | China | $618M | -21% | +4% | 7% | n/a | -5.4% | -3.6% |
| UE Furniture 603600.SS | China | $579M | -1% | +13% | 6% | 12.5× | -7.9% | +7.3% |
| Loctek Ergonomic Technology 300729.SZ | China | $552M | -13% | +6% | 6% | 22.4× | -9.4% | +28.2% |
| Henglin Home Furnishings 603661.SS | China | $543M | -13% | +13% | 4% | 12.7× | -11.5% | +19.8% |
| West Coast Paper Mills WSTCSTPAPR.NS | India | $516M | +42% | +8% | 6% | 13.0× | 28.8% | +13.8% |
| F.I.L.A. - Fabbrica Italiana Lapis ed Affini FILA.MI | Italy | $509M | +1% | +1% | 11% | 9.8× | -4.3% | -1.2% |
| Guangbo Group Stock 002103.SZ | China | $507M | -19% | +4% | 5% | 20.8× | 7.0% | +1.1% |
| ACCO Brands ACCO | United States | $467M | +25% | +2% | 7% | 5.5× | -0.9% | -1.6% |