Latest Ratios: P/E Ratio 15.8x · EV/EBITDA 8.4x · ROE 6.7%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $1.1B | $1.2B | $2.0B | $1.1B | $2.2B | $2.8B | $1.4B | $2.1B | $2.0B | $1.9B |
| Enterprise Value | $3.1B | $2.8B | $2.8B | $3.6B | $2.7B | $4.0B | $3.0B | $1.7B | $2.2B | $2.0B | $2.0B |
| P/E Ratio → | 15.84 | 12.26 | — | 24.85 | 25.89 | — | 16.26 | — | 13.14 | 15.45 | 15.39 |
| P/S Ratio | 0.37 | 0.29 | 0.32 | 0.56 | 0.26 | 0.57 | 1.15 | 0.55 | 0.82 | 0.83 | 0.84 |
| P/B Ratio | 1.03 | 0.80 | 0.87 | 1.40 | 0.70 | 1.46 | 3.06 | 1.96 | 2.85 | 2.84 | 3.12 |
| P/FCF | — | — | 11.44 | 7.45 | 13.60 | — | 10.42 | 8.88 | 16.75 | 20.60 | 16.64 |
| P/OCF | — | — | 5.56 | 5.79 | 6.65 | — | 8.54 | 6.12 | 9.74 | 11.86 | 9.45 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.72 | 0.76 | 0.98 | 0.67 | 1.01 | 1.20 | 0.67 | 0.87 | 0.86 | 0.88 |
| EV / EBITDA | 8.45 | 7.60 | 7.64 | 9.66 | 7.35 | 11.76 | 9.18 | 6.13 | 7.80 | 8.14 | 7.68 |
| EV / EBIT | 14.29 | 12.86 | 50.49 | 20.35 | 21.90 | 136.25 | 12.59 | 8.65 | 10.44 | 11.09 | 9.91 |
| EV / FCF | — | — | 27.35 | 13.04 | 34.28 | — | 10.87 | 10.95 | 17.73 | 21.34 | 17.55 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.8% | 38.8% | 38.8% | 39.1% | 35.0% | 34.3% | 38.6% | 36.6% | 36.2% | 36.7% | 37.9% |
| Operating Margin | 5.6% | 5.6% | 6.1% | 5.9% | 5.3% | 3.7% | 9.5% | 7.8% | 8.3% | 7.8% | 8.9% |
| Net Profit Margin | 2.4% | 2.4% | -1.0% | 2.3% | 1.0% | -0.7% | 7.1% | -0.4% | 6.3% | 5.4% | 5.4% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.7% | 6.7% | -2.6% | 5.5% | 2.7% | -2.2% | 21.6% | -1.3% | 22.4% | 19.6% | 21.3% |
| ROA | 2.3% | 2.3% | -0.9% | 2.0% | 1.0% | -0.8% | 8.5% | -0.5% | 10.5% | 9.2% | 9.8% |
| ROIC | 5.4% | 5.4% | 5.6% | 5.2% | 5.0% | 5.1% | 17.1% | 15.5% | 19.7% | 18.7% | 21.7% |
| ROCE | 6.6% | 6.6% | 6.8% | 6.2% | 6.0% | 5.7% | 15.2% | 14.6% | 19.5% | 18.6% | 23.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.28 | 1.28 | 1.36 | 1.21 | 1.21 | 1.28 | 0.56 | 1.11 | 0.38 | 0.40 | 0.33 |
| Debt / EBITDA | 4.97 | 4.97 | 4.98 | 4.77 | 5.04 | 5.81 | 1.61 | 2.82 | 0.99 | 1.09 | 0.76 |
| Net Debt / Equity | — | 1.16 | 1.21 | 1.05 | 1.07 | 1.13 | 0.13 | 0.46 | 0.17 | 0.10 | 0.17 |
| Net Debt / EBITDA | 4.50 | 4.50 | 4.44 | 4.14 | 4.44 | 5.13 | 0.38 | 1.16 | 0.43 | 0.28 | 0.40 |
| Debt / FCF | — | — | 15.91 | 5.59 | 20.68 | — | 0.45 | 2.07 | 0.98 | 0.74 | 0.90 |
| Interest Coverage | — | — | 0.72 | 2.30 | 1.68 | 0.77 | 16.92 | 15.47 | 17.66 | 13.67 | 13.38 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.58 | 1.58 | 1.58 | 1.53 | 1.67 | 1.50 | 1.78 | 1.80 | 1.48 | 1.56 | 1.28 |
| Quick Ratio | 0.90 | 0.90 | 0.94 | 0.92 | 0.98 | 0.83 | 1.35 | 1.42 | 1.07 | 1.17 | 0.88 |
| Cash Ratio | 0.23 | 0.23 | 0.28 | 0.33 | 0.32 | 0.26 | 0.81 | 0.90 | 0.38 | 0.51 | 0.27 |
| Asset Turnover | — | 0.96 | 0.93 | 0.90 | 0.96 | 0.87 | 1.20 | 1.22 | 1.64 | 1.61 | 1.74 |
| Inventory Turnover | 4.82 | 4.82 | 5.02 | 5.15 | 5.45 | 4.42 | 7.09 | 7.99 | 8.89 | 9.29 | 9.28 |
| Days Sales Outstanding | — | 35.70 | 37.51 | 33.25 | 32.46 | 35.23 | 32.74 | 29.28 | 35.87 | 33.62 | 29.90 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 4.4% | 2.7% | 5.3% | 2.4% | 1.2% | 2.7% | 2.2% | 2.1% | 2.1% |
| Payout Ratio | — | — | — | 67.6% | 135.6% | — | 19.8% | — | 28.4% | 33.1% | 31.8% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.3% | 8.2% | — | 4.0% | 3.9% | — | 6.2% | — | 7.6% | 6.5% | 6.5% |
| FCF Yield | — | — | 8.7% | 13.4% | 7.4% | — | 9.6% | 11.3% | 6.0% | 4.9% | 6.0% |
| Buyback Yield | 0.0% | 0.0% | 7.3% | 6.8% | 1.5% | 0.7% | 0.0% | 2.0% | 2.3% | 2.4% | 1.2% |
| Total Shareholder Yield | 0.0% | 0.0% | 11.7% | 9.5% | 6.8% | 3.2% | 1.2% | 4.6% | 4.4% | 4.5% | 3.3% |
| Shares Outstanding | — | $69M | $69M | $74M | $76M | $73M | $59M | $59M | $59M | $60M | $61M |
Commercial real estate exposure
Based on reported figures, MillerKnoll trades at a forward P/E of 10.97, which appears to discount the company's historical premium design positioning and suggests that investors are pricing the stock as a distressed integration story rather than a stable, high-end furniture manufacturer with long-term growth potential.
The current valuation multiples, including a P/S of 0.36, indicate that the market remains skeptical of the company's ability to achieve sustainable margin expansion post-Knoll acquisition. This pricing gap relative to peers suggests that the market is heavily discounting the potential for cross-selling synergies and brand dominance in the contract office space.
According to recent financial statements, MillerKnoll's ROIC has struggled to maintain positive momentum, hovering at a meager 1.6% in 2026Q4, which indicates that the company is currently failing to generate returns on invested capital that exceed its likely cost of capital in the current environment.
The persistent decay in ROIC suggests that the capital deployed for the Knoll acquisition has yet to yield the expected operational efficiencies. Investors should monitor whether management can improve asset utilization, as the current low returns imply that the company's massive investment in brand consolidation is not yet creating shareholder value.
As reported in financial statements, MillerKnoll's cash conversion cycle remains elevated at 65 days in 2026Q4, driven by a high inventory turnover period of 73 days, which suggests that the company faces significant challenges in optimizing its supply chain and managing inventory levels across its complex retail network.
The inability to meaningfully compress the cash conversion cycle highlights the operational friction inherent in managing a dual-track contract and retail business model. This inefficiency ties up critical liquidity, limiting the company's ability to pivot quickly in response to shifting demand in the commercial office sector.
Based on MillerKnoll's reported figures, the debt-to-EBITDA ratio of 17.36 in 2026Q4 underscores a highly leveraged balance sheet that leaves little room for error, particularly as the company navigates a period of volatile interest coverage and ongoing integration-related cash flow pressures within the contract furniture industry.
The high leverage profile suggests that the company's financial flexibility is severely constrained, making it vulnerable to any further downturns in corporate capital expenditure. The reliance on debt to fund operations warrants close investigation, as it may limit the company's capacity to invest in future design innovation.
The P/E ratio is frequently misapplied to MillerKnoll, as it obscures the significant impact of non-cash acquisition-related amortization and restructuring charges that distort net income, making the company appear more or less profitable than its underlying cash-generative capacity would suggest to a fundamental analyst.
Investors should instead focus on EV/EBITDA or free cash flow yield to better understand the company's operational performance, as these metrics strip away the accounting noise associated with the Knoll integration. Relying on P/E in this context may lead to a fundamental misunderstanding of the company's true earning power.
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Quick answers to the most common questions about buying MLKN stock.
MillerKnoll, Inc.'s current P/E ratio is 15.8x. The historical average is 21.6x. This places it at the 44th percentile of its historical range.
MillerKnoll, Inc.'s current EV/EBITDA is 8.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.9x.
MillerKnoll, Inc.'s return on equity (ROE) is 6.7%. The historical average is 45.2%.
Based on historical data, MillerKnoll, Inc. is trading at a P/E of 15.8x. This is at the 44th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MillerKnoll, Inc. has 38.8% gross margin and 5.6% operating margin.
MillerKnoll, Inc.'s Debt/EBITDA ratio is 5.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.