Operating margin is thin at 5.16%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 4.7%, steady but not accelerating. Free cash flow declined 24% despite revenue growth, conversion is weakening.
Free cash flow declined 24% versus the prior year, cash generation momentum has weakened. Net debt of $1.63B represents 21.1x FCF, leverage limits flexibility.
15.4x earnings, 12.9x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$3.81B
▲ +4.7% YoY
Net Income (TTM)
$98M
▲ +348.0% YoY
Op. Margin
5.16%
▲ +3.8pp YoY
ROIC
5.72%
▲ +4.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$116M
▼ -23.7% YoY
Op. Cash Flow (TTM)
$240M
▼ -4.5% YoY
Net Debt
$1.64B
Cash & Equiv.
$179M
5Y CAGR: +9.3%
5Y CAGR: -22.2%
Continue Research
SourceComputed from the 10-Q filed 25 Sept 2026, covering the period ending 29 Aug 2026, as reported to the SEC. Data last refreshed 3 Oct 2026. How this is calculated.
Price from market data, last close as of 22 Oct 2026. Fiscal year ends May. Sector medians are approximate S&P 500 benchmarks and update periodically.
Is MillerKnoll (MLKN) overvalued?
At a P/E of 15.4 and a price-to-free-cash-flow of 12.9, MillerKnoll (MLKN) trades around a two-stage DCF intrinsic value of about $22.28 per share, so at $21.68 the stock looks around fair value (2.8% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, MillerKnoll scores 57/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 3.4%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is MillerKnoll's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $22.28 per share for MLKN, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $16.71. At today's $21.68, that puts the stock about 2.8% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Is MillerKnoll a high-quality business?+
MillerKnoll scores 57 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 5.2% operating margin and a 5.7% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Does MillerKnoll (MLKN) pay a dividend, and how much?+
Yes, MillerKnoll pays a regular dividend of about $0.73 per share per year (typically in quarterly installments), a yield of roughly 3.4% at the current price. That is a payout ratio of about 52.3% of earnings, so the dividend is well covered. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For MLKN's full payout history, growth streak and dividend-safety score, see the dividends tab.
Is MillerKnoll a good stock to buy right now?+
That depends on valuation and quality together, not either alone. MLKN currently trades around its estimated intrinsic value and scores 57/100 on quality (mixed). It also yields about 3.4%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.
Related stocks: Office Furniture
Spot a number that looks wrong? Check it in MLKN's SEC filings or
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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