At a glance
MillerKnoll Inc is worth $1.43B, about 16 times its fiscal 2026 earnings. Revenue grew 4.7% to $3.84B in fiscal 2026, with 2.4% kept as profit; over 5 years it has grown 9.3% a year. It pays a 3.66% dividend yield, and returned $525.3M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +27.7% over the past year with dividends reinvested, against +11.5% for the S&P 500. At its worst it fell 61.5% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The business in plain English
MillerKnoll designs, makes and sells furniture and furnishings for offices, hospitals, schools and homes. Its lineup includes seating, workstation systems, storage, textiles, leather, felt and acoustic products. Its brands include Herman Miller and Knoll, plus Design Within Reach, HAY, Muuto, Holly Hunt, Maharam and Geiger. Well-known designs include the Aeron chair and the Eames Lounge Chair and Ottoman. The company is based in Zeeland, Michigan.
Customers order in two main ways. Businesses, governments, hospitals and schools usually purchase through independent dealers or the company's own sales staff. Dealers handled about 53.6% of sales in the fiscal year ended May 30, 2026. No single dealer topped 2% of sales, and the largest customer was about 5%. Households shop through its own stores, independent retailers, websites and catalogs. Its main office-furniture rivals are Haworth and HNI. In home furnishings it competes with retailers such as RH and Williams-Sonoma.
Revenue for fiscal 2026 totaled $3.84 billion. The North America Contract segment brought in 53.7%, Global Retail 28.8% and International Contract 17.5%. By product, Workplace made up 39.3%, Lifestyle 32.9% and Performance Seating 22.1%. About 72% of sales were domestic and 28% international. Unfilled orders, or backlog, were $678.8 million at May 30, 2026, down from $761.3 million a year earlier.
Price history
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MLKN +27.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Workplace | $1.51B | 39.3% |
| Lifestyle | $1.26B | 32.9% |
| Performance Seating | $849.0M | 22.1% |
| Other Products | $218.5M | 5.7% |
By business segment
| North America Contract: | $2.06B | 53.7% |
| Global Retail: | $1.11B | 28.8% |
| International Contract: | $674.0M | 17.5% |
By geography
| Domestic | $2.75B | 71.6% |
| International | $1.09B | 28.4% |
Latest results
- In Q1 FY2027 (ended Aug 29, 2026), revenue was $923.4M, down 3.4% from a year earlier, and net income was $26.6M (+31.7%).
- For fiscal 2026, revenue was $3.84B (+4.7% year over year; +9.3% a year from FY2021 to FY2026) with a 2.4% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +9.3% good |
|---|---|
| Operating margin | 5.2% watch |
| Free cash flow margin | 2% watch |
| Return on equity (FY2026) | 6.8% weak |
| Return on assets (FY2026) | 2.3% weak |
| Net cash (cash minus debt) | $-1.12B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.47B | $174.6M | $272.5M |
| FY2022 | $3.95B | $-27.1M | $-106.6M |
| FY2023 | $4.09B | $42.1M | $79.6M |
| FY2024 | $3.63B | $82.3M | $273.9M |
| FY2025 | $3.67B | $-36.9M | $101.7M |
| FY2026 | $3.84B | $91.5M | $77.6M |
Valuation snapshot
| Market value | $1.43B |
|---|---|
| P/E ratio | 15.7 |
| Dividend yield | 3.66% |
Rank among 1514 US companies
Market value at each year end
MillerKnoll’s market value went from $2.97B at the end of 2021 to $1.43B on Oct 28, 2026, down 52%; since the end of 2025 it is up 14%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.43B | +13.9% |
| 2025 | $1.25B | -19.8% |
| 2024 | $1.56B | -20.3% |
| 2023 | $1.96B | +23.5% |
| 2022 | $1.59B | -46.5% |
| 2021 | $2.97B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MLKN price data to Oct 28, 2026 | +16.8% | +27.7% | +0.8% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +16.8% |
| 2025 | -15.7% |
| 2024 | -12.4% |
| 2023 | +32.0% |
| 2022 | -44.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 55.8% over that stretch · deepest drop along the way 61.5%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.1% | Mar 31, 2025 |
| Vanguard Portfolio Management | 7.58% | Mar 31, 2026 |
| Vanguard Capital Management | 5.26% | Mar 31, 2026 |
| FMR LLC | 3.1% | Jun 30, 2026 |
| AllianceBernstein L.P. | 0.1% | Dec 31, 2025 |
ETFs with the most weight in MLKN
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 1% |
| SYLD Cambria Shareholder Yield ETF | 0.82% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.61% |
| WCEO Hypatia Women CEO ETF | 0.56% |
| PSCI Invesco S&P SmallCap Industrials ETF | 0.55% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.52% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.37% |
| SVAL iShares US Small Cap Value Factor ETF | 0.29% |
What could go wrong
- CEO exit and search for a successor. In June 2026, MillerKnoll said its CEO was leaving and named its chief operating officer interim CEO while the board seeks a permanent successor. Transitions can slow decisions and unsettle dealers and customers.
- Office spending swings with the economy. North America Contract, sales to organizations, brought in 53.7% of fiscal 2026 revenue. Furniture budgets shrink in downturns, and the strategy's bets on changing office layouts and remote work may not pay off.
- Retail sales depend on household spending. Global Retail, 28.8% of fiscal 2026 revenue, sells to households through stores, websites and catalogs. Housing slumps or high interest rates can cut demand, and opening or closing stores carries lease risks.
- Heavy reliance on independent dealers. About 53.6% of fiscal 2026 sales went through independent dealers, which also carry some other makers' lines. If dealers struggle financially or shift focus, MillerKnoll's sales could suffer.
- Tariffs and material prices pressure profits. The company expects U.S. tariff and trade-rule changes, including uncertain tariff refunds, to keep affecting results. Prices for steel, aluminum, plastic and particleboard also swing with commodity markets and can cut profits.
- Sizable debt and lender covenants. As of August 29, 2026, debt totaled about $1.3 billion against $178.6 million in cash and investments. Covenants, or lender rules, could limit flexibility, and a long downturn could make borrowing harder.
Recent events
- Executive or board change; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Bylaws or fiscal year changed
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Quarterly results released
For income and retirement investors
MillerKnoll paid $0.75 per share in dividends in every fiscal year from 2022 through 2026, up from $0.56 in fiscal 2021, with no increase over those five years. The dividend yield was 3.66% as of October 28, 2026. In fiscal 2026, dividends used 55.8% of earnings and 65.9% of free cash flow (cash left after running and investing in the business). The $0.75 held even in fiscal 2022 and 2025, when the company posted net losses. It also spent $255.3 million repurchasing shares over fiscal 2022–2026, and the share count fell 9.2% from October 2021 to September 2026.
In the 2022 bear market (a broad market slide), the stock fell 61.5% from its February 16, 2022 peak to its September 30, 2022 low, and it had not regained that peak as of October 28, 2026. Price history here starts too late to show the 2008 or 2020 crashes. A single stock carries more risk than a diversified fund.
Questions investors ask
How does MillerKnoll make money?
MillerKnoll makes money by designing, manufacturing and selling furniture, seating, textiles and home furnishings under brands such as Herman Miller, Knoll, Design Within Reach, HAY and Muuto. In the fiscal year ended May 30, 2026, revenue was about $3.84 billion. Its North America Contract segment, which sells to businesses and institutions, brought in 53.7%. Global Retail, which sells to households, contributed 28.8%, and International Contract 17.5%. About 53.6% of sales went through independent dealers.
Is Herman Miller owned by MillerKnoll?
Yes. Herman Miller is one of MillerKnoll's brands, and the company itself was formerly named Herman Miller Inc. Its other brands include Knoll, Design Within Reach, HAY, Muuto, Holly Hunt, Maharam, Geiger and NaughtOne. The company counts trademarks on designs such as the Aeron and Embody chairs and the Eames Lounge Chair and Ottoman among its most important. Its shares trade on the Nasdaq under the symbol MLKN, and it is based in Zeeland, Michigan.
Does MillerKnoll raise its dividend every year?
No. MillerKnoll paid $0.75 per share in dividends in each fiscal year from 2022 through 2026, with no increase in that span. It had paid $0.56 in fiscal 2021, so the five-year growth rate of about 6% a year came entirely from the step up in fiscal 2022. The dividend yield was 3.66% as of October 28, 2026, and dividends used 55.8% of fiscal 2026 earnings and 65.9% of free cash flow.
Is MillerKnoll profitable?
Yes, MillerKnoll was profitable in the fiscal year ended May 30, 2026, but margins were thin. It earned $91.5 million on $3.84 billion of revenue, a net margin (profit as a share of sales) of 2.4%, or $1.32 per share. Results have been uneven: the company posted net losses in fiscal 2022 and fiscal 2025. In the quarter ended August 29, 2026, net income rose 31.7% from a year earlier to $26.6 million, while revenue fell 3.4%.
How much debt does MillerKnoll have?
MillerKnoll had about $1.3 billion of total debt as of August 29, 2026, against $178.6 million in cash and investments. That left net debt (debt minus cash) of about $1.12 billion, compared with shareholders' equity of about $1.36 billion. The company lists its debt and loan covenants (rules set by lenders) as a risk because they could limit financial flexibility, and it warns that a long downturn could make borrowing harder.