| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 86 | 14.9x | 17.3x | Top tier | |
Growth | 62 | 1.2% | 7.1% | Around median | |
Quality | 55 | 5.2% | 4.5% | Around median | |
Safety | 43 | 4.4x | 2.6x | Around median | |
Capital Return | 77 | 3.56% | 0.06% | Top tier | |
Momentum | 76 | 16.6% | -1.6% | Top tier | |
Sentiment | 64 | 3 | 3 | Around median |
The floor: what the company is worth if growth stopped today
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
MillerKnoll operates through three interconnected segments: North America Contract, International Contract, and Global Retail. Its portfolio includes brands such as Herman Miller, Knoll, Design Within Reach, and Holly Hunt, and it generates revenue from selling office and home furniture, executing institutional projects, and operating stores and digital channels. This model gives it exposure to spending on offices and private-sector, government, and healthcare projects, alongside consumer demand for premium furniture.
In Q1 fiscal 2027 (ending 2026-08), MillerKnoll recorded revenue of $923.4 million, down 3.4% year over year from $955.7 million in Q1 fiscal 2026 (ending 2025-08). Net income was $26.6 million and diluted earnings per share were 0.38, while gross margin reached 41.7% and operating margin reached 5.6%. The business mix was uneven: North America Contract weakened, retail orders increased, and international orders accelerated despite a decline in reported sales in that segment.
Operating cash flow was $49.1 million in Q1 fiscal 2027 and $239.6 million over the last 12 months through 2026-08-29, compared with net income of $97.9 million and free cash flow of $180.5 million. Meanwhile, the balance sheet carried total debt of $1.8 billion versus cash and investments of $178.6 million in the same quarter. The picture therefore combines improving margins and strong cash generation on one hand, with contracting revenue and high financial leverage on the other.
Q1 FY2027 (2026-08)
Last 12 months to 2026-08-29
When: Q2 fiscal 2027
Second-quarter revenue at the lower end of guidance of $972 million
Second-quarter gross margin at the lower end of guidance of 38.3%
Second-quarter adjusted earnings per share at the lower end of guidance of $0.43
The industry-multiple value is $29 within a range of $22 to $38, pricing MillerKnoll like its peers based on next year's earnings and a median multiple of 13.6 derived from 21 companies. The discounted cash flow model provides an indicative value of $9.44 within a range of $4.46 to $16 and at a discount rate of 11.3%, but it is classified as low confidence because it measures the cash the company can generate under sensitive assumptions. The two methods do not agree; the industry-multiple value is clearly higher because it reflects peer-company pricing and next year's earnings, while the discounted cash flow model is more conservative and focuses on cash flows and the discount burden. Analyst targets are inherently optimistic and the discounted cash flow model tends to be conservative, while the analyst consensus on MLKN is Neutral.
Figures in the text are as of 2026-09-29; the live price is shown at the top of the page.
Revenue in Q1 fiscal 2027 (ending 2026-08) was $923.4 million, down 3.4% year over year, but gross margin increased 3.2 percentage points to 41.7%. The company recorded net income of $26.6 million and diluted earnings per share of 0.38. Management attributed the improvement in adjusted profitability to pricing and cost controls, in addition to a $16.5 million tariff refund, while operating margin remained at 5.6%.
International Contract orders rose 17.3% on a reported basis and 17.9% organically in Q1 fiscal 2027 (ending 2026-08), including a notable win in South Korea. Knoll's Concert collection is achieving early wins in European private offices, a category where the company previously had a limited presence. In retail, North America orders grew 7.5% for the eighth consecutive quarter, and the company plans to open approximately 14 to 18 stores during fiscal 2027.
Automated analysis for informational purposes only — not investment advice.
North America Contract sales fell 5.3% and orders declined 1.7% in Q1 fiscal 2027 (ending 2026-08). Management pointed to weakness in healthcare and government customers and to awarded projects taking longer to convert into orders, along with a comparison impact resulting from bringing forward $55 million to $60 million of orders into fiscal 2025. By contrast, companywide orders increased 9% during the first three weeks of September 2026, making the continuation of this improvement an important test of the nature of the weakness.
Total debt was $1.8 billion versus cash and investments of $178.6 million in Q1 fiscal 2027 (ending 2026-08). The company generated operating cash flow of $239.6 million and free cash flow of $180.5 million over the last 12 months through 2026-08-29. However, the financial safety pillar in the EL7 score is 28 out of 100 within the industry, ranking 35 out of 48, while management's priorities combine investment in stores, debt reduction, and maintaining dividends.
The company expects revenue of $972 million to $1.012 billion in Q2 fiscal 2027 and a gross margin of 38.3% to 39.3%. It expects adjusted earnings per share of $0.43 to $0.49 in that quarter. For fiscal 2027, it lowered its revenue range to $3.88 billion to $4.03 billion, while maintaining adjusted earnings per share at $1.85 to $2.15 and incorporating a negative impact of $0.07 per share from United States-Canada tariffs.