# MillerKnoll, Inc. (MLKN)

> Source: Nexqual · https://nexqual.com/MLKN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, MillerKnoll, Inc. (MLKN), nexqual.com/MLKN" · informational, not investment advice.

**Price:** USD 21.68 (+7.22% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 20.22 · day 20.01–21.7 · 52w 13.77–24.71 · market cap $1.49B · NMS

## Key facts
- Last four reported quarters (through Aug 29, 2026): revenue $3.81B, net income $97.9M (2.6% margin), free cash flow $116M (SEC filings).
- Valuation: P/E 15.2x (avg 18.1x at the last 2 fiscal year-ends), EV/EBITDA 7.6x, net debt $1.12B.
- 3 of 80 tracked superinvestors hold MLKN (13F, Q2 2026): 0 new, 1 added, 2 reduced, 0 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (2 analysts), mean target USD 31.5 (range 30–33).
- Total return with dividends: 1Y +29.7% vs S&P 500 +14.9%; 5Y -34.5% vs S&P 500 +80.3%.
- Next earnings: 2026-12-16, EPS estimate USD 0.46, revenue estimate $987M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.95B | $4.09B | $3.63B | $3.67B | $3.84B | $3.81B |
| Gross profit | $1.35B | $1.43B | $1.42B | $1.42B | $1.49B | — |
| Operating income | $39.8M | $122M | $167M | $50.5M | $198M | $197M |
| Net income | -$27.1M | $42.1M | $82.3M | -$36.9M | $91.5M | $97.9M |
| EPS (diluted) | -$0.37 | $0.55 | $1.11 | -$0.54 | $1.32 | — |
| Free cash flow | -$107M | $79.6M | $274M | $102M | $77.6M | $116M |
| Gross margin | 34.3% | 35.0% | 39.1% | 38.8% | 38.8% | — |
| Operating margin | 1.0% | 3.0% | 4.6% | 1.4% | 5.2% | 5.2% |
| Net margin | -0.7% | 1.0% | 2.3% | -1.0% | 2.4% | 2.6% |
| Revenue growth | +60.1% | +3.6% | -11.2% | +1.1% | +4.7% | — |
| Cash + short-term investments | $230M | — | — | $194M | $168M | — |
| Total debt | $1.41B | $1.40B | $1.35B | $1.34B | $1.29B | — |
Fiscal years end May. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 29, 2026)
P/E 15.2x · P/S 0.4x · EV/EBITDA 7.6x · EV/Sales 0.7x · P/FCF 12.9x · P/B 1.1x · FCF yield 7.74% · Earnings yield 6.56% · Dividend yield (paid, TTM) 3.43% · Net debt $1.12B · EV $2.61B
P/E at fiscal year-ends: May 2026 12.3x, Jun 2024 23.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold MLKN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Vulcan Value Partners |  | 0.52% | $17.1M | Reduced -36.7% |
| Richard Pzena | Pzena Investment Management | 0.18% | $62.0M | Added +52.0% |
| Polen Capital | Polen Capital Management | <0.01% | $255K | Reduced -52.6% |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 2 analysts; mean target USD 31.5 (low 30, high 33).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-06 | StoneX | Upgrade | Hold → Buy | $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +29.7% | -34.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +29.8% | -8.1% |
| Volatility (annualized) | 48.7% | 45.6% |
| Max drawdown | -37.8% (Feb 2026→Mar 2026) | -64.2% (Nov 2021→May 2023) |

## Peers (Furnishings, Fixtures & Appliances)
MBC (MasterBrand, Inc.) USD 7.35 +8.73% · LZB (La-Z-Boy Incorporated) USD 30.4 +6.00% · WHR (Whirlpool Corporation) USD 28.8 +8.56% · TILE (Interface, Inc.) USD 36.51 +4.11% · HNI (HNI Corporation) USD 48.21 +6.99% · XMAX (XMAX, Inc.) USD 8.75 +2.94%

## More
Full page: https://nexqual.com/MLKN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-08-29)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America Contract | $505.6M | 54.8% | -5.3% |
| Global Retail | $261.0M | 28.3% | +2.6% |
| International Contract | $156.8M | 17.0% | -6.4% |
| Total revenue | $923.4M | 100% | — |

## Revenue by product line (quarter ended 2026-08-29)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Workplace | $316.1M | 34.2% | -7.1% |
| Performance Seating | $87.8M | 9.5% | -2.8% |
| Lifestyle | $52.9M | 5.7% | -5.5% |
| Other | $48.8M | 5.3% | +3.2% |
| Total revenue | $923.4M | 100% | — |
The lines above cover 54.8% of total revenue.

## Revenue by region (quarter ended 2026-08-29)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| UNITED STATES | $670.8M | 72.6% | -3.4% |
| International | $252.6M | 27.4% | -3.3% |
| Total revenue | $923.4M | 100% | — |

## Customer concentration

Period ended 2026-05-30: 5% of revenue from unnamed direct customers (10-K, filed 2026-07-20).

## Company outlook (8-K filed 2026-09-22)

- "The Q2 FY2027 outlook excludes an expected $5.7 million in operating expense charges related to amortization of Knoll purchased intangibles and the related tax and earnings per share impact."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $0.46 | $0.50 | -8.5% | $987.4M | 4 |
| Next quarter (ends 2027-02-28) | $0.43 | $0.48 | -10.5% | $963.7M | 4 |
| Current fiscal year (ends 2027-05-31) | $2.02 | $2.02 | +0.1% | $3.93B | 4 |
| Next fiscal year (ends 2028-05-31) | $2.27 | $2.38 | -4.4% | $4.09B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-02-19 (includes earnings 2026-12-16): ±23.9%; last 8 reports averaged ±12.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 51.9% | ±12.5% |
| 2027-02-19 | 119 | 50.8% | ±23.9% |
| 2027-05-21 | 210 | 52.1% | ±31.4% |