MLKN
MillerKnoll, Inc.
MLKN's fundamentals are mixed, but it looks cheap: trading at 15x earnings, below its usual 26x. Analysts expect earnings growth, though they disagree widely on how much.
MLKN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Under pressure |
MLKN's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is under pressure.
MLKN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 11x | $21.33 | — |
| Cheap | 15x | $21.02 | -1.5% |
| Current | 15x | $21.33 | — |
| Fair | 26x | $37.13 | +74% |
| Expensive | 52x | $73.38 | +244% |
Historical ranges are pointers, not guarantees.
MLKN's PE is in its cheap range at 15x. If earnings grow as analysts expect, today's price would be 11x next year's earnings.
MLKN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Stable | |
| Limited | |
| Low |
Analysts expect MLKN's earnings to grow, with its revenue and profitability holding steady. However, they disagree widely on these estimates.
MLKN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.93 | +37% |
| Q3 2026 | $1.41 | +$1.64 |
| Q2 2026 | $1.32 | +$1.86 |
| Q1 2026 | $0.16 | -62% |
| Q4 2025 | -$0.37 | -141% |
| Q3 2025 | -$0.23 | -126% |
| Q2 2025 | -$0.54 | -149% |
| Q1 2025 | $0.42 | -56% |
| Q4 2024 | $0.91 | +36% |
MLKN has returned to profit: it earned $1.41 per share over the past year, after losing money the year before.
MLKN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $923.4M | -3.4% |
| Q2 2026 | $1B | +4.4% |
| Q1 2026 | $926.6M | +5.8% |
| Q4 2025 | $955.2M | -1.6% |
| Q3 2025 | $955.7M | +11% |
| Q2 2025 | $961.8M | +8.2% |
| Q1 2025 | $876.2M | +0.4% |
| Q4 2024 | $970.4M | +2.2% |
MLKN's revenue fell from its 2022 peak and has held roughly level since: $923M last quarter, down 3.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.6% | 0 points |
| Q2 2026 | 5.1% | -0.6 points |
| Q1 2026 | 4.8% | +14 points |
| Q4 2025 | 5.1% | -1.4 points |
| Q3 2025 | 5.6% | +3.8 points |
| Q2 2025 | 5.7% | +3 points |
| Q1 2025 | -9.4% | -14 points |
| Q4 2024 | 6.4% | +0.1 points |
MLKN's operating margin was 5.6% last quarter, about level with the same quarter a year ago.
MLKN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $16.6M | +$37.9M |
| Q2 2026 | $25.9M | -18% |
| Q1 2026 | $39M | +0.5% |
| Q4 2025 | $34M | +3% |
| Q3 2025 | -$21.3M | -$19.8M |
| Q2 2025 | $31.4M | -44% |
| Q1 2025 | $38.8M | -12% |
| Q4 2024 | $33M | -47% |
MLKN still generates free cash flow, though less than at its 2023 peak: $116M over the past year.
MLKN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1% | +719K shares |
| 1 year | +1.2% | +846K shares |
| 3 years | -7.5% | -5.7M shares |
| 5 years | +5.6% | +3.7M shares |
| Available history | +18% | +10.6M shares |
MLKN has 70M diluted shares, up 1.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2025 | $100,000 |
| Q1 2025 | $17.9M |
| Q4 2024 | $23.2M |
| Q3 2024 | $43.7M |
| Q2 2024 | $37.2M |
| Q1 2024 | $41M |
| Q4 2023 | $28M |
| Q3 2023 | $32M |
MLKN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.3x | Elevated |
| Q2 2026 | 3.2x | Elevated |
| Q1 2026 | 3.2x | Elevated |
| Q4 2025 | 5.4x | High |
| Q3 2025 | 5.1x | High |
| Q2 2025 | 5.9x | High |
| Q1 2025 | 7.0x | High |
| Q4 2024 | 4.0x | Elevated |
MLKN's net debt is about 3.3 years of its operating earnings (EBITDA), down from 5.1 years a year ago.
MLKN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.3 | Neutral |
| Stochastic | 40.8 | Neutral |
MLKN's weekly RSI is 54 (neutral) and its Stochastic is 41 (neutral).
MLKN PE vs Consumer Cyclical Sector
| Metric | MLKN | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 18x | 16% below |
| PE % | 18 | 47 | 29 pts below |
MLKN is trading at 15x earnings, a 16% discount to the Consumer Cyclical sector's median of 18x.
MLKN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $21.0 | 1.8% above |
| 20 week MA | $21.8 | 1.9% below |
| 50 week MA | $19.4 | 10% above |
| 100 week MA | $19.2 | 11% above |
| 200 week MA | $21.4 | 0.5% below |
MLKN's trend is mixed: it's above three of its five weekly moving averages, and 0.5% below its 200-week average.
MLKN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $41.6 | $34.6 | -17% |
| 2021 | $34.6 | $37.6 | +8.6% |
| 2022 | $37.6 | $21.1 | -44% |
| 2023 | $21.1 | $26.7 | +26% |
| 2024 | $26.7 | $22.4 | -16% |
| 2025 | $22.4 | $18.1 | -19% |
| 2026 YTD | $18.1 | $21.3 | +18% |
MLKN has finished lower in four of the last six years. It's up 18% so far in 2026.