MillerKnoll, Inc. (MLKN) 10-Year Financial Performance & Capital Metrics

MLKN • • Industrial / General

Consumer CyclicalHome FurnishingsSpecialized & Commercial FurnitureCommercial & Laboratory Furniture

AboutMillerKnoll, Inc. researches, designs, manufactures, and distributes interior furnishings worldwide. The company operates in four segments: Americas Contract, International Contract, Global Retail, and Knoll. It offers office furniture products under the Aeron, Mirra, Sayl, Embody, Layout Studio, Imagine Desking System, Ratio, Cosm, Tone, and Generation by Knoll names; and other seating and storage products and ergonomic accessories under the About A Chair, Palissade, Eero Saarinen designs, Barcelona, and the Flo monitor arm names. The company also offers office seating, office furniture systems, other freestanding furniture elements, textiles, leather, felt, home furnishings and related services, casegoods, storage products, as well as residential, education, and healthcare furniture solutions. As of May 28, 2022, the company operated 70 retail studios including 35 operates under the DWR brand, 7 under the HAY brand, 22 Herman Miller stores, 2 Muuto stores, 3 Knoll stores, and a multi-brand Chicago store. Its products are used in institutional, health/science, and residential and other environments; transportation terminals; and industrial and educational settings. The company markets its products through its sales staff, and independent dealers and retailers, as well as e-commerce websites. The company was formerly known as Herman Miller, Inc. and changed its name to MillerKnoll, Inc. in November 2021. MillerKnoll, Inc. was incorporated in 1905 and is headquartered in Zeeland, Michigan.Show more

Revenue $3.67B +1.1%
EBITDA $191M -40.7%
Net Income -$37M -144.8%
EPS (Diluted) -0.53 -147.7%
Gross Margin 38.76% -0.9%
EBITDA Margin 5.2% -41.4%
Operating Margin 1.38% -70.1%
Net Margin -1.01% -144.3%
ROE -2.64% -148.1%
ROIC 1.27% -68.6%
Debt/Equity 1.36 +12.3%
Interest Coverage 0.66 -70.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Healthy dividend yield of 3.8%
✓Share count reduced 6.7% through buybacks
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak 3Y average ROE of 1.9%
✗Thin 5Y average net margin of 1.7%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.53%

5Y8.1%

3Y-2.39%

TTM4.34%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-139.08%

EPS CAGR

10Y-

5Y-

3Y-

TTM-121.05%

ROCE

10Y Avg13.56%

5Y Avg5.26%

3Y Avg3.25%

Latest1.53%

Peer Comparison

Commercial & Laboratory Furniture

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KEQUKewaunee Scientific Corporation	108.92M	38.00	9.92	18.02%	4.11%	16.37%	11.58%	0.76
VIRCVirco Mfg. Corporation	100.4M	6.37	4.83	-1.07%	5.74%	11.78%	26.73%	0.38
ALHAlliance Laundry Holdings Inc.	4.51B	22.22	0.28	10.5%	7.08%	71.87%	2.26%
EFOIEnergy Focus, Inc.	14M	2.44	-7.63	-14.99%	-24.98%	-30.73%		0.13
MLKNMillerKnoll, Inc.	1.33B	19.50	-36.79	1.14%	-0.68%	-1.78%	7.64%	1.36

Profit & Loss

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Sales/Revenue+	2.26B	2.28B	2.38B	2.57B	2.49B	2.47B	3.95B	4.09B	3.63B	3.67B
Revenue Growth %	0.06%	0.01%	0.05%	0.08%	-0.03%	-0.01%	0.6%	0.04%	-0.11%	0.01%
Cost of Goods Sold+	1.39B	1.41B	1.51B	1.64B	1.58B	1.52B	2.59B	2.66B	2.21B	2.25B
COGS % of Revenue	0.61%	0.62%	0.63%	0.64%	0.63%	0.61%	0.66%	0.65%	0.61%	0.61%
Gross Profit+	874.2M	864.2M	873M	929.9M	910.7M	949.2M	1.35B	1.43B	1.42B	1.42B
Gross Margin %	0.39%	0.38%	0.37%	0.36%	0.37%	0.39%	0.34%	0.35%	0.39%	0.39%
Gross Profit Growth %	0.1%	-0.01%	0.01%	0.07%	-0.02%	0.04%	0.43%	0.06%	-0.01%	0%
Operating Expenses+	662.7M	660.9M	689.8M	716.2M	717.3M	718.6M	1.31B	1.31B	1.25B	1.37B
OpEx % of Revenue	0.29%	0.29%	0.29%	0.28%	0.29%	0.29%	0.33%	0.32%	0.35%	0.37%
Selling, General & Admin	585.6M	587.8M	616.7M	639.3M	643.3M	643.8M	1.2B	1.11B	1.11B	1.13B
SG&A % of Revenue	0.26%	0.26%	0.26%	0.25%	0.26%	0.26%	0.31%	0.27%	0.31%	0.31%
Research & Development	77.1M	73.1M	73.1M	76.9M	74M	72.1M	108.7M	105.7M	92.6M	93.8M
R&D % of Revenue	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
Other Operating Expenses	0	0	0	0	0	2.7M	0	93.6M	47.6M	144.8M
Operating Income+	211.5M	190.8M	177.5M	203.7M	345.7M	232.5M	39.8M	122.3M	167.2M	50.5M
Operating Margin %	0.09%	0.08%	0.07%	0.08%	0.14%	0.09%	0.01%	0.03%	0.05%	0.01%
Operating Income Growth %	0.29%	-0.1%	-0.07%	0.15%	0.7%	-0.33%	-0.83%	2.07%	0.37%	-0.7%
EBITDA+	264.5M	249.7M	244.4M	275.8M	425.2M	319.7M	230.4M	277.4M	322.3M	191M
EBITDA Margin %	0.12%	0.11%	0.1%	0.11%	0.17%	0.13%	0.06%	0.07%	0.09%	0.05%
EBITDA Growth %	0.24%	-0.06%	-0.02%	0.13%	0.54%	-0.25%	-0.28%	0.2%	0.16%	-0.41%
D&A (Non-Cash Add-back)	53M	58.9M	66.9M	72.1M	79.5M	87.2M	190.6M	155.1M	155.1M	140.5M
EBIT	211.5M	203.3M	180.4M	211.1M	-400K	242.2M	29.2M	215.9M	175.9M	54.8M
Net Interest Income+	-14.6M	-13M	-9.1M	-10M	-10.2M	-11.8M	-36.2M	-71.2M	-70.1M	-71.3M
Interest Income	800K	2.2M	4.4M	2.1M	2.3M	2.1M	1.6M	2.8M	6.1M	5.4M
Interest Expense	15.4M	15.2M	13.5M	12.1M	12.5M	13.9M	37.8M	74M	76.2M	76.7M
Other Income/Expense	-14.9M	-13.5M	-10.8M	-8.4M	0	-3.9M	-48.4M	-71.7M	-67.9M	-72.4M
Pretax Income+	196.6M	177.6M	168.1M	195.1M	-13.4M	228.6M	-8.6M	50.6M	99.3M	-21.6M
Pretax Margin %	0.09%	0.08%	0.07%	0.08%	-0.01%	0.09%	-0%	0.01%	0.03%	-0.01%
Income Tax+	59.5M	55.1M	42.4M	39.6M	6M	48.3M	11.1M	4.5M	14.7M	11.6M
Effective Tax Rate %	0.7%	0.7%	0.76%	0.82%	1.07%	0.76%	3.15%	0.83%	0.83%	1.71%
Net Income+	136.7M	123.9M	128.1M	160.5M	-14.4M	174.6M	-27.1M	42.1M	82.3M	-36.9M
Net Margin %	0.06%	0.05%	0.05%	0.06%	-0.01%	0.07%	-0.01%	0.01%	0.02%	-0.01%
Net Income Growth %	0.4%	-0.09%	0.03%	0.25%	-1.09%	13.13%	-1.16%	2.55%	0.95%	-1.45%
Net Income (Continuing)	137.5M	124.1M	128.7M	160.5M	-19.4M	180.3M	-19.7M	46.1M	84.6M	-33.2M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	27.3M	24.7M	30.7M	20.6M	50.4M	77M	106.9M	107.6M	73.9M	59.3M
EPS (Diluted)+	2.26	2.05	2.12	2.70	-0.33	2.94	-0.37	0.55	1.11	-0.53
EPS Growth %	0.4%	-0.09%	0.03%	0.27%	-1.12%	9.91%	-1.13%	2.49%	1.02%	-1.48%
EPS (Basic)	2.29	2.07	2.15	2.72	-0.33	2.96	-0.37	0.56	1.12	-0.53
Diluted Shares Outstanding	60.53M	60.55M	60.31M	59.38M	58.92M	59.39M	73.16M	76.02M	73.95M	68.98M
Basic Shares Outstanding	59.84M	59.87M	59.68M	59.01M	58.92M	58.93M	73.16M	75.48M	73.29M	68.98M
Dividend Payout Ratio	0.26%	0.32%	0.33%	0.28%	-	0.2%	-	1.36%	0.68%	-

Balance Sheet

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Total Current Assets+	480.5M	491.9M	645.4M	661.3M	918.5M	891.5M	1.32B	1.18B	1.07B	1.11B
Cash & Short-Term Investments	92.4M	104.8M	212.5M	168M	461M	404.1M	230.3M	223.5M	230.4M	193.7M
Cash Only	84.9M	96.2M	203.9M	159.2M	454M	396.4M	230.3M	223.5M	230.4M	193.7M
Short-Term Investments	7.5M	8.6M	8.6M	8.8M	7M	7.7M	0	0	0	0
Accounts Receivable	211M	186.6M	219.3M	252.3M	199.5M	221.1M	380.9M	363.5M	330.5M	377.1M
Days Sales Outstanding	34	29.9	33.62	35.87	29.28	32.74	35.23	32.46	33.25	37.51
Inventory	128.2M	152.4M	162.4M	184.2M	197.3M	213.6M	587.3M	487.4M	428.6M	447.5M
Days Inventory Outstanding	33.65	39.34	39.3	41.06	45.7	51.43	82.66	66.95	70.82	72.68
Other Current Assets	28.5M	30.4M	41.3M	11M	17.4M	7.6M	7.3M	9.1M	13.6M	15.8M
Total Non-Current Assets+	754.7M	814.4M	834.1M	908M	1.12B	1.17B	3.2B	3.1B	2.97B	2.84B
Property, Plant & Equipment	280.1M	314.6M	331.4M	348.6M	524.7M	541.9M	1.01B	952.2M	867.6M	907.3M
Fixed Asset Turnover	8.09x	7.24x	7.19x	7.36x	4.74x	4.55x	3.92x	4.29x	4.18x	4.04x
Goodwill	305.3M	304.5M	304.1M	303.8M	346M	364.2M	1.23B	1.22B	1.23B	1.15B
Intangible Assets	136M	123.5M	119.4M	119.2M	205.2M	202.8M	863.4M	793.8M	744.8M	680M
Long-Term Investments	4.2M	16.2M	31.8M	90M	12.2M	11.7M	41.8M	68.4M	63.9M	30.6M
Other Non-Current Assets	33.3M	71.8M	79.2M	136.4M	48.7M	61.5M	57.4M	130.9M	71.4M	71.2M
Total Assets+	1.24B	1.31B	1.48B	1.57B	2.04B	2.06B	4.51B	4.27B	4.04B	3.95B
Asset Turnover	1.83x	1.74x	1.61x	1.64x	1.22x	1.20x	0.87x	0.96x	0.90x	0.93x
Asset Growth %	0.04%	0.06%	0.13%	0.06%	0.3%	0.01%	1.19%	-0.05%	-0.05%	-0.02%
Total Current Liabilities+	390M	385.7M	413.8M	446.1M	509.4M	500.8M	877.4M	702.8M	697.7M	703.8M
Accounts Payable	165.6M	148.4M	171.4M	177.7M	128.8M	178.4M	355.1M	269.5M	241.4M	271.3M
Days Payables Outstanding	43.46	38.31	41.48	39.61	29.83	42.96	49.98	37.02	39.89	44.06
Short-Term Debt	0	0	3.8M	3.1M	51.4M	2.2M	109.2M	33.4M	43.5M	16M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	103.8M	124.4M	86.4M	149.1M	110.3M	142.1M	79.3M	167.3M	140.9M	92.5M
Current Ratio	1.23x	1.28x	1.56x	1.48x	1.80x	1.78x	1.50x	1.67x	1.53x	1.58x
Quick Ratio	0.90x	0.88x	1.17x	1.07x	1.42x	1.35x	0.83x	0.98x	0.92x	0.94x
Cash Conversion Cycle	24.19	30.93	31.44	37.32	45.15	41.21	67.91	62.39	64.18	66.12
Total Non-Current Liabilities+	293.5M	308.3M	370.4M	383.4M	840.3M	634.5M	2.1B	2.03B	1.89B	1.91B
Long-Term Debt	221.9M	199.9M	275M	281.9M	564.9M	274.9M	1.38B	1.37B	1.29B	1.31B
Capital Lease Obligations	0	0	0	6.9M	178.8M	196.9M	398.2M	393.7M	360.4M	413.4M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	71.6M	108.4M	95.4M	94.6M	103.5M	162.7M	325.2M	273M	234.8M	187.3M
Total Liabilities	683.5M	694M	784.2M	829.5M	1.35B	1.14B	2.98B	2.73B	2.58B	2.62B
Total Debt+	221.9M	199.9M	275M	281.9M	770.1M	518.8M	1.97B	1.87B	1.76B	1.81B
Net Debt	137M	103.7M	71.1M	122.7M	316.1M	122.4M	1.74B	1.65B	1.53B	1.62B
Debt / Equity	0.40x	0.33x	0.40x	0.38x	1.11x	0.56x	1.28x	1.21x	1.21x	1.36x
Debt / EBITDA	0.84x	0.80x	1.13x	1.02x	1.81x	1.62x	8.54x	6.74x	5.47x	9.49x
Net Debt / EBITDA	0.52x	0.42x	0.29x	0.44x	0.74x	0.38x	7.54x	5.93x	4.75x	8.47x
Interest Coverage	13.73x	12.55x	13.15x	16.83x	27.66x	16.73x	1.05x	1.65x	2.19x	0.66x
Total Equity+	551.7M	612.3M	695.3M	739.8M	693.4M	926.6M	1.53B	1.54B	1.46B	1.34B
Equity Growth %	0.2%	0.11%	0.14%	0.06%	-0.06%	0.34%	0.66%	0%	-0.05%	-0.08%
Book Value per Share	9.11	10.11	11.53	12.46	11.77	15.60	20.97	20.26	19.73	19.36
Total Shareholders' Equity	524.4M	587.6M	664.6M	719.2M	643M	849.6M	1.43B	1.43B	1.39B	1.28B
Common Stock	12M	11.9M	11.7M	11.7M	11.8M	11.8M	15.2M	15.1M	14.1M	13.6M
Retained Earnings	435.3M	519.5M	598.3M	712.7M	683.9M	808.4M	693.3M	676.1M	738.4M	665.1M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-65.6M	-83.2M	-62M	-95M	-134.3M	-65.3M	-107.1M	-95.1M	-92.7M	-82M
Minority Interest	27.3M	24.7M	30.7M	20.6M	50.4M	77M	106.9M	107.6M	73.9M	59.3M

Cash Flow

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Cash from Operations+	210.4M	202.1M	166.5M	216.4M	221.8M	332.3M	-11.9M	162.9M	352.3M	209.3M
Operating CF Margin %	0.09%	0.09%	0.07%	0.08%	0.09%	0.13%	-0%	0.04%	0.1%	0.06%
Operating CF Growth %	0.25%	-0.04%	-0.18%	0.3%	0.02%	0.5%	-1.04%	14.69%	1.16%	-0.41%
Net Income	137.5M	124.1M	128.7M	160.5M	-14.4M	178.8M	-19.7M	46.1M	82.3M	0
Depreciation & Amortization	53M	58.9M	66.9M	72.1M	79.5M	87.2M	190.6M	115.3M	155.1M	0
Stock-Based Compensation	11.9M	8.7M	7.7M	7.3M	2.7M	9M	31.4M	20.2M	20.7M	0
Deferred Taxes	10.4M	14.8M	-800K	800K	-25.2M	6.7M	-21.7M	-45.3M	-38.8M	0
Other Non-Cash Items	-3.1M	12.9M	-6.6M	8.2M	192.5M	3.5M	7.2M	124.6M	49.6M	249.9M
Working Capital Changes	700K	-17.3M	-29.4M	-32.5M	-13.3M	47.1M	-199.7M	-98M	83.4M	-40.6M
Change in Receivables	-30.5M	17.3M	-33.1M	-24.8M	68.6M	-14.8M	-92.4M	15.6M	35.2M	-41.9M
Change in Inventory	-6M	-29.9M	-12.4M	-31.9M	6M	-8.5M	-166.4M	81.5M	59M	-16.9M
Change in Payables	8.7M	-11.2M	16M	500K	-59.5M	43.2M	51.5M	-82.5M	-28.9M	26.7M
Cash from Investing+	-80.8M	-116.3M	-62.7M	-165M	-168.1M	-59.9M	-1.17B	-76.5M	-86.3M	-100.9M
Capital Expenditures	-85.1M	-87.3M	-70.6M	-90.6M	-69M	-59.8M	-94.7M	-83.3M	-78.4M	0
CapEx % of Revenue	0.04%	0.04%	0.03%	0.04%	0.03%	0.02%	0.02%	0.02%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	9.6M	-14.8M	5.8M	-600K	13.5M	-59.3M	3.1M	6.5M	-14.9M	-100.9M
Cash from Financing+	-106.5M	-74.6M	2.5M	-91.9M	244M	-347.7M	1.04B	-86.8M	-258.8M	-150.3M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-34.9M	-39.4M	-42.4M	-45.6M	-36.4M	-34.5M	-54.5M	-57.1M	-55.6M	-51.7M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.3M	10.5M	-600K	-10.7M	-8M	-2.3M	1.01B	-1.1M	-2.9M	-5.4M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	125.3M	114.8M	95.9M	125.8M	152.8M	272.5M	-106.6M	79.6M	273.9M	101.7M
FCF Margin %	0.06%	0.05%	0.04%	0.05%	0.06%	0.11%	-0.03%	0.02%	0.08%	0.03%
FCF Growth %	0.2%	-0.08%	-0.16%	0.31%	0.21%	0.78%	-1.39%	1.75%	2.44%	-0.63%
FCF per Share	2.07	1.90	1.59	2.12	2.59	4.59	-1.46	1.05	3.70	1.47
FCF Conversion (FCF/Net Income)	1.54x	1.63x	1.30x	1.35x	-15.40x	1.90x	0.44x	3.87x	4.28x	-5.67x
Interest Paid	13.4M	13.4M	16.4M	11.5M	11.4M	12.5M	28.8M	70.6M	70.6M	69.1M
Taxes Paid	57.6M	35.6M	34.2M	41M	39.6M	15.8M	36.9M	34.8M	28.1M	51.3M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	27.06%	21.29%	19.59%	22.37%	-2.01%	21.56%	-2.2%	2.74%	5.49%	-2.64%
Return on Invested Capital (ROIC)	23.1%	20.37%	17.96%	18.76%	27.7%	16.94%	1.38%	2.84%	4.06%	1.27%
Gross Margin	38.6%	37.93%	36.66%	36.22%	36.62%	38.51%	34.28%	34.99%	39.12%	38.76%
Net Margin	6.04%	5.44%	5.38%	6.25%	-0.58%	7.08%	-0.69%	1.03%	2.27%	-1.01%
Debt / Equity	0.40x	0.33x	0.40x	0.38x	1.11x	0.56x	1.28x	1.21x	1.21x	1.36x
Interest Coverage	13.73x	12.55x	13.15x	16.83x	27.66x	16.73x	1.05x	1.65x	2.19x	0.66x
FCF Conversion	1.54x	1.63x	1.30x	1.35x	-15.40x	1.90x	0.44x	3.87x	4.28x	-5.67x
Revenue Growth	5.73%	0.59%	4.52%	7.81%	-3.14%	-0.86%	60.07%	3.58%	-11.22%	1.14%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Product	-	-	-	-	-	-	-	3.82B	-	3.38B
Product Growth	-	-	-	-	-	-	-	-	-	-
Service	-	-	-	-	-	-	-	3.4M	-	4.3M
Service Growth	-	-	-	-	-	-	-	-	-	-
Workplace Products	-	-	-	-	-	854.7M	1.48B	-	1.34B	-
Workplace Products Growth	-	-	-	-	-	-	73.67%	-	-	-
Lifestyle Products	-	-	-	-	-	689.9M	1.31B	-	1.24B	-
Lifestyle Products Growth	-	-	-	-	-	-	90.46%	-	-	-
Performance Seating Products	-	-	-	-	-	784.6M	942.8M	-	835M	-
Performance Seating Products Growth	-	-	-	-	-	-	20.16%	-	-	-
Other Products	295.7M	315.6M	254.4M	266.5M	220M	135.9M	232.2M	-	216.8M	-
Other Products Growth	-	6.73%	-19.39%	4.76%	-17.45%	-38.23%	70.86%	-	-	-
Seating Products	855.5M	894.8M	965.9M	1.01B	1.04B	-	-	-	-	-
Seating Products Growth	-	4.59%	7.95%	4.93%	2.77%	-	-	-	-	-
Systems Products	656.8M	639M	601.5M	668M	589.3M	-	-	-	-	-
Systems Products Growth	-	-2.71%	-5.87%	11.06%	-11.78%	-	-	-	-	-
Freestanding and Storage Products	456.9M	428.8M	465.1M	505.4M	496.9M	-	-	-	-	-
Freestanding and Storage Products Growth	-	-6.15%	8.47%	8.66%	-1.68%	-	-	-	-	-
Textiles	-	-	94.3M	113.8M	138.8M	-	-	-	-	-
Textiles Growth	-	-	-	20.68%	21.97%	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	1.76B	1.69B	1.74B	1.87B	1.8B	1.73B	2.82B	2.92B	2.57B	2.61B
UNITED STATES Growth	-	-3.81%	2.83%	7.36%	-3.75%	-3.73%	63.02%	3.53%	-11.93%	1.49%
Non-US	507.9M	588.1M	643.3M	701.4M	690.8M	736.2M	1.13B	1.17B	1.06B	1.06B
Non-US Growth	-	15.79%	9.39%	9.03%	-1.51%	6.57%	53.16%	3.68%	-9.47%	0.29%

Frequently Asked Questions

Growth & Financials

MillerKnoll, Inc. (MLKN) reported $3.75B in revenue for fiscal year 2025. This represents a 117% increase from $1.72B in 2012.

MillerKnoll, Inc. (MLKN) grew revenue by 1.1% over the past year. Growth has been modest.

MillerKnoll, Inc. (MLKN) reported a net loss of $25.4M for fiscal year 2025.

Dividend & Returns

Yes, MillerKnoll, Inc. (MLKN) pays a dividend with a yield of 3.84%. This makes it attractive for income-focused investors.

MillerKnoll, Inc. (MLKN) has a return on equity (ROE) of -2.6%. Negative ROE indicates the company is unprofitable.

MillerKnoll, Inc. (MLKN) generated $70.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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MillerKnoll, Inc. (MLKN) 10-Year Financial Performance & Capital Metrics

MLKN • • Industrial / General

Consumer CyclicalHome FurnishingsSpecialized & Commercial FurnitureCommercial & Laboratory Furniture

Revenue $3.67B +1.1%
EBITDA $191M -40.7%
Net Income -$37M -144.8%
EPS (Diluted) -0.53 -147.7%
Gross Margin 38.76% -0.9%
EBITDA Margin 5.2% -41.4%
Operating Margin 1.38% -70.1%
Net Margin -1.01% -144.3%
ROE -2.64% -148.1%
ROIC 1.27% -68.6%
Debt/Equity 1.36 +12.3%
Interest Coverage 0.66 -70.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Healthy dividend yield of 3.8%
✓Share count reduced 6.7% through buybacks
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak 3Y average ROE of 1.9%
✗Thin 5Y average net margin of 1.7%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.53%

5Y8.1%

3Y-2.39%

TTM4.34%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-139.08%

EPS CAGR

10Y-

5Y-

3Y-

TTM-121.05%

ROCE

10Y Avg13.56%

5Y Avg5.26%

3Y Avg3.25%

Latest1.53%

Peer Comparison

Commercial & Laboratory Furniture

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KEQUKewaunee Scientific Corporation	108.92M	38.00	9.92	18.02%	4.11%	16.37%	11.58%	0.76
VIRCVirco Mfg. Corporation	100.4M	6.37	4.83	-1.07%	5.74%	11.78%	26.73%	0.38
ALHAlliance Laundry Holdings Inc.	4.51B	22.22	0.28	10.5%	7.08%	71.87%	2.26%
EFOIEnergy Focus, Inc.	14M	2.44	-7.63	-14.99%	-24.98%	-30.73%		0.13
MLKNMillerKnoll, Inc.	1.33B	19.50	-36.79	1.14%	-0.68%	-1.78%	7.64%	1.36

Profit & Loss

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Sales/Revenue+	2.26B	2.28B	2.38B	2.57B	2.49B	2.47B	3.95B	4.09B	3.63B	3.67B
Revenue Growth %	0.06%	0.01%	0.05%	0.08%	-0.03%	-0.01%	0.6%	0.04%	-0.11%	0.01%
Cost of Goods Sold+	1.39B	1.41B	1.51B	1.64B	1.58B	1.52B	2.59B	2.66B	2.21B	2.25B
COGS % of Revenue	0.61%	0.62%	0.63%	0.64%	0.63%	0.61%	0.66%	0.65%	0.61%	0.61%
Gross Profit+	874.2M	864.2M	873M	929.9M	910.7M	949.2M	1.35B	1.43B	1.42B	1.42B
Gross Margin %	0.39%	0.38%	0.37%	0.36%	0.37%	0.39%	0.34%	0.35%	0.39%	0.39%
Gross Profit Growth %	0.1%	-0.01%	0.01%	0.07%	-0.02%	0.04%	0.43%	0.06%	-0.01%	0%
Operating Expenses+	662.7M	660.9M	689.8M	716.2M	717.3M	718.6M	1.31B	1.31B	1.25B	1.37B
OpEx % of Revenue	0.29%	0.29%	0.29%	0.28%	0.29%	0.29%	0.33%	0.32%	0.35%	0.37%
Selling, General & Admin	585.6M	587.8M	616.7M	639.3M	643.3M	643.8M	1.2B	1.11B	1.11B	1.13B
SG&A % of Revenue	0.26%	0.26%	0.26%	0.25%	0.26%	0.26%	0.31%	0.27%	0.31%	0.31%
Research & Development	77.1M	73.1M	73.1M	76.9M	74M	72.1M	108.7M	105.7M	92.6M	93.8M
R&D % of Revenue	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
Other Operating Expenses	0	0	0	0	0	2.7M	0	93.6M	47.6M	144.8M
Operating Income+	211.5M	190.8M	177.5M	203.7M	345.7M	232.5M	39.8M	122.3M	167.2M	50.5M
Operating Margin %	0.09%	0.08%	0.07%	0.08%	0.14%	0.09%	0.01%	0.03%	0.05%	0.01%
Operating Income Growth %	0.29%	-0.1%	-0.07%	0.15%	0.7%	-0.33%	-0.83%	2.07%	0.37%	-0.7%
EBITDA+	264.5M	249.7M	244.4M	275.8M	425.2M	319.7M	230.4M	277.4M	322.3M	191M
EBITDA Margin %	0.12%	0.11%	0.1%	0.11%	0.17%	0.13%	0.06%	0.07%	0.09%	0.05%
EBITDA Growth %	0.24%	-0.06%	-0.02%	0.13%	0.54%	-0.25%	-0.28%	0.2%	0.16%	-0.41%
D&A (Non-Cash Add-back)	53M	58.9M	66.9M	72.1M	79.5M	87.2M	190.6M	155.1M	155.1M	140.5M
EBIT	211.5M	203.3M	180.4M	211.1M	-400K	242.2M	29.2M	215.9M	175.9M	54.8M
Net Interest Income+	-14.6M	-13M	-9.1M	-10M	-10.2M	-11.8M	-36.2M	-71.2M	-70.1M	-71.3M
Interest Income	800K	2.2M	4.4M	2.1M	2.3M	2.1M	1.6M	2.8M	6.1M	5.4M
Interest Expense	15.4M	15.2M	13.5M	12.1M	12.5M	13.9M	37.8M	74M	76.2M	76.7M
Other Income/Expense	-14.9M	-13.5M	-10.8M	-8.4M	0	-3.9M	-48.4M	-71.7M	-67.9M	-72.4M
Pretax Income+	196.6M	177.6M	168.1M	195.1M	-13.4M	228.6M	-8.6M	50.6M	99.3M	-21.6M
Pretax Margin %	0.09%	0.08%	0.07%	0.08%	-0.01%	0.09%	-0%	0.01%	0.03%	-0.01%
Income Tax+	59.5M	55.1M	42.4M	39.6M	6M	48.3M	11.1M	4.5M	14.7M	11.6M
Effective Tax Rate %	0.7%	0.7%	0.76%	0.82%	1.07%	0.76%	3.15%	0.83%	0.83%	1.71%
Net Income+	136.7M	123.9M	128.1M	160.5M	-14.4M	174.6M	-27.1M	42.1M	82.3M	-36.9M
Net Margin %	0.06%	0.05%	0.05%	0.06%	-0.01%	0.07%	-0.01%	0.01%	0.02%	-0.01%
Net Income Growth %	0.4%	-0.09%	0.03%	0.25%	-1.09%	13.13%	-1.16%	2.55%	0.95%	-1.45%
Net Income (Continuing)	137.5M	124.1M	128.7M	160.5M	-19.4M	180.3M	-19.7M	46.1M	84.6M	-33.2M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	27.3M	24.7M	30.7M	20.6M	50.4M	77M	106.9M	107.6M	73.9M	59.3M
EPS (Diluted)+	2.26	2.05	2.12	2.70	-0.33	2.94	-0.37	0.55	1.11	-0.53
EPS Growth %	0.4%	-0.09%	0.03%	0.27%	-1.12%	9.91%	-1.13%	2.49%	1.02%	-1.48%
EPS (Basic)	2.29	2.07	2.15	2.72	-0.33	2.96	-0.37	0.56	1.12	-0.53
Diluted Shares Outstanding	60.53M	60.55M	60.31M	59.38M	58.92M	59.39M	73.16M	76.02M	73.95M	68.98M
Basic Shares Outstanding	59.84M	59.87M	59.68M	59.01M	58.92M	58.93M	73.16M	75.48M	73.29M	68.98M
Dividend Payout Ratio	0.26%	0.32%	0.33%	0.28%	-	0.2%	-	1.36%	0.68%	-

Balance Sheet

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Total Current Assets+	480.5M	491.9M	645.4M	661.3M	918.5M	891.5M	1.32B	1.18B	1.07B	1.11B
Cash & Short-Term Investments	92.4M	104.8M	212.5M	168M	461M	404.1M	230.3M	223.5M	230.4M	193.7M
Cash Only	84.9M	96.2M	203.9M	159.2M	454M	396.4M	230.3M	223.5M	230.4M	193.7M
Short-Term Investments	7.5M	8.6M	8.6M	8.8M	7M	7.7M	0	0	0	0
Accounts Receivable	211M	186.6M	219.3M	252.3M	199.5M	221.1M	380.9M	363.5M	330.5M	377.1M
Days Sales Outstanding	34	29.9	33.62	35.87	29.28	32.74	35.23	32.46	33.25	37.51
Inventory	128.2M	152.4M	162.4M	184.2M	197.3M	213.6M	587.3M	487.4M	428.6M	447.5M
Days Inventory Outstanding	33.65	39.34	39.3	41.06	45.7	51.43	82.66	66.95	70.82	72.68
Other Current Assets	28.5M	30.4M	41.3M	11M	17.4M	7.6M	7.3M	9.1M	13.6M	15.8M
Total Non-Current Assets+	754.7M	814.4M	834.1M	908M	1.12B	1.17B	3.2B	3.1B	2.97B	2.84B
Property, Plant & Equipment	280.1M	314.6M	331.4M	348.6M	524.7M	541.9M	1.01B	952.2M	867.6M	907.3M
Fixed Asset Turnover	8.09x	7.24x	7.19x	7.36x	4.74x	4.55x	3.92x	4.29x	4.18x	4.04x
Goodwill	305.3M	304.5M	304.1M	303.8M	346M	364.2M	1.23B	1.22B	1.23B	1.15B
Intangible Assets	136M	123.5M	119.4M	119.2M	205.2M	202.8M	863.4M	793.8M	744.8M	680M
Long-Term Investments	4.2M	16.2M	31.8M	90M	12.2M	11.7M	41.8M	68.4M	63.9M	30.6M
Other Non-Current Assets	33.3M	71.8M	79.2M	136.4M	48.7M	61.5M	57.4M	130.9M	71.4M	71.2M
Total Assets+	1.24B	1.31B	1.48B	1.57B	2.04B	2.06B	4.51B	4.27B	4.04B	3.95B
Asset Turnover	1.83x	1.74x	1.61x	1.64x	1.22x	1.20x	0.87x	0.96x	0.90x	0.93x
Asset Growth %	0.04%	0.06%	0.13%	0.06%	0.3%	0.01%	1.19%	-0.05%	-0.05%	-0.02%
Total Current Liabilities+	390M	385.7M	413.8M	446.1M	509.4M	500.8M	877.4M	702.8M	697.7M	703.8M
Accounts Payable	165.6M	148.4M	171.4M	177.7M	128.8M	178.4M	355.1M	269.5M	241.4M	271.3M
Days Payables Outstanding	43.46	38.31	41.48	39.61	29.83	42.96	49.98	37.02	39.89	44.06
Short-Term Debt	0	0	3.8M	3.1M	51.4M	2.2M	109.2M	33.4M	43.5M	16M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	103.8M	124.4M	86.4M	149.1M	110.3M	142.1M	79.3M	167.3M	140.9M	92.5M
Current Ratio	1.23x	1.28x	1.56x	1.48x	1.80x	1.78x	1.50x	1.67x	1.53x	1.58x
Quick Ratio	0.90x	0.88x	1.17x	1.07x	1.42x	1.35x	0.83x	0.98x	0.92x	0.94x
Cash Conversion Cycle	24.19	30.93	31.44	37.32	45.15	41.21	67.91	62.39	64.18	66.12
Total Non-Current Liabilities+	293.5M	308.3M	370.4M	383.4M	840.3M	634.5M	2.1B	2.03B	1.89B	1.91B
Long-Term Debt	221.9M	199.9M	275M	281.9M	564.9M	274.9M	1.38B	1.37B	1.29B	1.31B
Capital Lease Obligations	0	0	0	6.9M	178.8M	196.9M	398.2M	393.7M	360.4M	413.4M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	71.6M	108.4M	95.4M	94.6M	103.5M	162.7M	325.2M	273M	234.8M	187.3M
Total Liabilities	683.5M	694M	784.2M	829.5M	1.35B	1.14B	2.98B	2.73B	2.58B	2.62B
Total Debt+	221.9M	199.9M	275M	281.9M	770.1M	518.8M	1.97B	1.87B	1.76B	1.81B
Net Debt	137M	103.7M	71.1M	122.7M	316.1M	122.4M	1.74B	1.65B	1.53B	1.62B
Debt / Equity	0.40x	0.33x	0.40x	0.38x	1.11x	0.56x	1.28x	1.21x	1.21x	1.36x
Debt / EBITDA	0.84x	0.80x	1.13x	1.02x	1.81x	1.62x	8.54x	6.74x	5.47x	9.49x
Net Debt / EBITDA	0.52x	0.42x	0.29x	0.44x	0.74x	0.38x	7.54x	5.93x	4.75x	8.47x
Interest Coverage	13.73x	12.55x	13.15x	16.83x	27.66x	16.73x	1.05x	1.65x	2.19x	0.66x
Total Equity+	551.7M	612.3M	695.3M	739.8M	693.4M	926.6M	1.53B	1.54B	1.46B	1.34B
Equity Growth %	0.2%	0.11%	0.14%	0.06%	-0.06%	0.34%	0.66%	0%	-0.05%	-0.08%
Book Value per Share	9.11	10.11	11.53	12.46	11.77	15.60	20.97	20.26	19.73	19.36
Total Shareholders' Equity	524.4M	587.6M	664.6M	719.2M	643M	849.6M	1.43B	1.43B	1.39B	1.28B
Common Stock	12M	11.9M	11.7M	11.7M	11.8M	11.8M	15.2M	15.1M	14.1M	13.6M
Retained Earnings	435.3M	519.5M	598.3M	712.7M	683.9M	808.4M	693.3M	676.1M	738.4M	665.1M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-65.6M	-83.2M	-62M	-95M	-134.3M	-65.3M	-107.1M	-95.1M	-92.7M	-82M
Minority Interest	27.3M	24.7M	30.7M	20.6M	50.4M	77M	106.9M	107.6M	73.9M	59.3M

Cash Flow

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Cash from Operations+	210.4M	202.1M	166.5M	216.4M	221.8M	332.3M	-11.9M	162.9M	352.3M	209.3M
Operating CF Margin %	0.09%	0.09%	0.07%	0.08%	0.09%	0.13%	-0%	0.04%	0.1%	0.06%
Operating CF Growth %	0.25%	-0.04%	-0.18%	0.3%	0.02%	0.5%	-1.04%	14.69%	1.16%	-0.41%
Net Income	137.5M	124.1M	128.7M	160.5M	-14.4M	178.8M	-19.7M	46.1M	82.3M	0
Depreciation & Amortization	53M	58.9M	66.9M	72.1M	79.5M	87.2M	190.6M	115.3M	155.1M	0
Stock-Based Compensation	11.9M	8.7M	7.7M	7.3M	2.7M	9M	31.4M	20.2M	20.7M	0
Deferred Taxes	10.4M	14.8M	-800K	800K	-25.2M	6.7M	-21.7M	-45.3M	-38.8M	0
Other Non-Cash Items	-3.1M	12.9M	-6.6M	8.2M	192.5M	3.5M	7.2M	124.6M	49.6M	249.9M
Working Capital Changes	700K	-17.3M	-29.4M	-32.5M	-13.3M	47.1M	-199.7M	-98M	83.4M	-40.6M
Change in Receivables	-30.5M	17.3M	-33.1M	-24.8M	68.6M	-14.8M	-92.4M	15.6M	35.2M	-41.9M
Change in Inventory	-6M	-29.9M	-12.4M	-31.9M	6M	-8.5M	-166.4M	81.5M	59M	-16.9M
Change in Payables	8.7M	-11.2M	16M	500K	-59.5M	43.2M	51.5M	-82.5M	-28.9M	26.7M
Cash from Investing+	-80.8M	-116.3M	-62.7M	-165M	-168.1M	-59.9M	-1.17B	-76.5M	-86.3M	-100.9M
Capital Expenditures	-85.1M	-87.3M	-70.6M	-90.6M	-69M	-59.8M	-94.7M	-83.3M	-78.4M	0
CapEx % of Revenue	0.04%	0.04%	0.03%	0.04%	0.03%	0.02%	0.02%	0.02%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	9.6M	-14.8M	5.8M	-600K	13.5M	-59.3M	3.1M	6.5M	-14.9M	-100.9M
Cash from Financing+	-106.5M	-74.6M	2.5M	-91.9M	244M	-347.7M	1.04B	-86.8M	-258.8M	-150.3M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-34.9M	-39.4M	-42.4M	-45.6M	-36.4M	-34.5M	-54.5M	-57.1M	-55.6M	-51.7M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.3M	10.5M	-600K	-10.7M	-8M	-2.3M	1.01B	-1.1M	-2.9M	-5.4M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	125.3M	114.8M	95.9M	125.8M	152.8M	272.5M	-106.6M	79.6M	273.9M	101.7M
FCF Margin %	0.06%	0.05%	0.04%	0.05%	0.06%	0.11%	-0.03%	0.02%	0.08%	0.03%
FCF Growth %	0.2%	-0.08%	-0.16%	0.31%	0.21%	0.78%	-1.39%	1.75%	2.44%	-0.63%
FCF per Share	2.07	1.90	1.59	2.12	2.59	4.59	-1.46	1.05	3.70	1.47
FCF Conversion (FCF/Net Income)	1.54x	1.63x	1.30x	1.35x	-15.40x	1.90x	0.44x	3.87x	4.28x	-5.67x
Interest Paid	13.4M	13.4M	16.4M	11.5M	11.4M	12.5M	28.8M	70.6M	70.6M	69.1M
Taxes Paid	57.6M	35.6M	34.2M	41M	39.6M	15.8M	36.9M	34.8M	28.1M	51.3M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	27.06%	21.29%	19.59%	22.37%	-2.01%	21.56%	-2.2%	2.74%	5.49%	-2.64%
Return on Invested Capital (ROIC)	23.1%	20.37%	17.96%	18.76%	27.7%	16.94%	1.38%	2.84%	4.06%	1.27%
Gross Margin	38.6%	37.93%	36.66%	36.22%	36.62%	38.51%	34.28%	34.99%	39.12%	38.76%
Net Margin	6.04%	5.44%	5.38%	6.25%	-0.58%	7.08%	-0.69%	1.03%	2.27%	-1.01%
Debt / Equity	0.40x	0.33x	0.40x	0.38x	1.11x	0.56x	1.28x	1.21x	1.21x	1.36x
Interest Coverage	13.73x	12.55x	13.15x	16.83x	27.66x	16.73x	1.05x	1.65x	2.19x	0.66x
FCF Conversion	1.54x	1.63x	1.30x	1.35x	-15.40x	1.90x	0.44x	3.87x	4.28x	-5.67x
Revenue Growth	5.73%	0.59%	4.52%	7.81%	-3.14%	-0.86%	60.07%	3.58%	-11.22%	1.14%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Product	-	-	-	-	-	-	-	3.82B	-	3.38B
Product Growth	-	-	-	-	-	-	-	-	-	-
Service	-	-	-	-	-	-	-	3.4M	-	4.3M
Service Growth	-	-	-	-	-	-	-	-	-	-
Workplace Products	-	-	-	-	-	854.7M	1.48B	-	1.34B	-
Workplace Products Growth	-	-	-	-	-	-	73.67%	-	-	-
Lifestyle Products	-	-	-	-	-	689.9M	1.31B	-	1.24B	-
Lifestyle Products Growth	-	-	-	-	-	-	90.46%	-	-	-
Performance Seating Products	-	-	-	-	-	784.6M	942.8M	-	835M	-
Performance Seating Products Growth	-	-	-	-	-	-	20.16%	-	-	-
Other Products	295.7M	315.6M	254.4M	266.5M	220M	135.9M	232.2M	-	216.8M	-
Other Products Growth	-	6.73%	-19.39%	4.76%	-17.45%	-38.23%	70.86%	-	-	-
Seating Products	855.5M	894.8M	965.9M	1.01B	1.04B	-	-	-	-	-
Seating Products Growth	-	4.59%	7.95%	4.93%	2.77%	-	-	-	-	-
Systems Products	656.8M	639M	601.5M	668M	589.3M	-	-	-	-	-
Systems Products Growth	-	-2.71%	-5.87%	11.06%	-11.78%	-	-	-	-	-
Freestanding and Storage Products	456.9M	428.8M	465.1M	505.4M	496.9M	-	-	-	-	-
Freestanding and Storage Products Growth	-	-6.15%	8.47%	8.66%	-1.68%	-	-	-	-	-
Textiles	-	-	94.3M	113.8M	138.8M	-	-	-	-	-
Textiles Growth	-	-	-	20.68%	21.97%	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	1.76B	1.69B	1.74B	1.87B	1.8B	1.73B	2.82B	2.92B	2.57B	2.61B
UNITED STATES Growth	-	-3.81%	2.83%	7.36%	-3.75%	-3.73%	63.02%	3.53%	-11.93%	1.49%
Non-US	507.9M	588.1M	643.3M	701.4M	690.8M	736.2M	1.13B	1.17B	1.06B	1.06B
Non-US Growth	-	15.79%	9.39%	9.03%	-1.51%	6.57%	53.16%	3.68%	-9.47%	0.29%

Frequently Asked Questions

Growth & Financials

MillerKnoll, Inc. (MLKN) reported $3.75B in revenue for fiscal year 2025. This represents a 117% increase from $1.72B in 2012.

MillerKnoll, Inc. (MLKN) grew revenue by 1.1% over the past year. Growth has been modest.

MillerKnoll, Inc. (MLKN) reported a net loss of $25.4M for fiscal year 2025.

Dividend & Returns

Yes, MillerKnoll, Inc. (MLKN) pays a dividend with a yield of 3.84%. This makes it attractive for income-focused investors.

MillerKnoll, Inc. (MLKN) has a return on equity (ROE) of -2.6%. Negative ROE indicates the company is unprofitable.

MillerKnoll, Inc. (MLKN) generated $70.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.