Cash flow generation is inconsistent, as evidenced by the OCF/NI ratio swinging from a negative 17.58 in 2025Q1 to a positive 7.92 in 2024Q4, complicating the company's ability to fund its $38.1 million quarterly dividend.
| Metric | May'26 | May'25 | Jun'24 | Jun'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 | May'01 | May'00 | May'99 | May'98 | May'97 |
|---|
| Cash from Operations | 0 | 209.3M | 352.3M | 162.9M | -11.9M | 332.3M | 221.8M | 216.4M | 166.5M | 202.1M | 210.4M | 167.7M | 90.1M | 136.5M | 90.1M | 91.1M | 99.1M | 91.7M | 213.6M | 137.7M | 150.4M | 109.3M | 82.7M | 144.7M | 54.6M | 211.8M | 202.1M | 205.6M | 268.7M | 218.2M |
| Operating CF Margin % | - | 5.7% | 9.71% | 3.99% | -0.3% | 13.48% | 8.92% | 8.43% | 6.99% | 8.87% | 9.29% | 7.83% | 4.79% | 7.69% | 5.23% | 5.52% | 7.51% | 5.63% | 10.62% | 7.18% | 8.66% | 7.21% | 6.18% | 10.83% | 3.72% | 9.47% | 10.43% | 11.64% | 15.63% | 14.59% |
| Operating CF Growth % | -100% | -40.59% | 116.27% | 1468.91% | -103.58% | 49.82% | 2.5% | 29.97% | -17.61% | -3.94% | 25.46% | 86.13% | -33.99% | 51.5% | -1.1% | -8.07% | 8.07% | -57.07% | 55.12% | -8.44% | 37.6% | 32.16% | -42.85% | 165.02% | -74.22% | 4.8% | -1.7% | -23.48% | 23.14% | 75.26% |
| Net Income | 0 | -33.2M | 82.3M | 46.1M | -19.7M | 178.8M | -14.4M | 160.5M | 128.7M | 124.1M | 137.5M | 98.1M | -22.1M | 68.2M | 75.2M | 70.8M | 28.3M | 68M | 152.3M | 129.1M | 99.2M | 68M | 42.3M | 23.3M | -56M | 140.6M | 139.7M | 141.8M | 128.3M | 74.4M |
| Depreciation & Amortization | 0 | 140.5M | 155.1M | 115.3M | 190.6M | 87.2M | 79.5M | 72.1M | 66.9M | 58.9M | 53M | 49.8M | 42.4M | 37.5M | 37.2M | 39.1M | 42.6M | 41.7M | 43.2M | 41.2M | 41.6M | 46.9M | 59.3M | 0 | 112.9M | 92.6M | 77.1M | 62.1M | 50.7M | 48M |
| Stock-Based Compensation | 0 | 31.8M | 20.7M | 20.2M | 31.4M | 9M | 2.7M | 7.3M | 7.7M | 8.7M | 11.9M | 10M | 11M | 8.1M | 6M | 4.8M | 4.4M | 3.3M | 100K | 6.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -45M | -38.8M | -45.3M | -21.7M | 6.7M | -25.2M | 800K | -800K | 14.8M | 10.4M | -8.8M | -52.8M | -16.6M | 14.5M | 24.2M | -1.5M | 3.1M | -10.6M | 3.2M | 400K | 7.3M | 27.5M | 0 | -10.3M | 1.3M | 2M | 13.5M | -6.6M | -17.2M |
| Other Non-Cash Items | 0 | 160.2M | 49.6M | 124.6M | 7.2M | 21.4M | 192.5M | 8.2M | -6.6M | 12.9M | -3.1M | 16.3M | 141.3M | 31.3M | -51.6M | -34.3M | 20.5M | 10M | 14.9M | -5.5M | 3.1M | -34.3M | -27M | -54.9M | 36.9M | 9.6M | 3.2M | 3.2M | 100K | 40.9M |
| Working Capital Changes | 0 | -45M | 83.4M | -98M | -199.7M | 29.2M | -13.3M | -32.5M | -29.4M | -17.3M | 700K | 2.3M | -29.7M | 8M | 8.8M | -13.5M | 4.8M | -34.4M | 13.7M | -37M | 20.4M | 21.4M | -19.4M | 176.3M | -28.9M | -39.3M | -19.9M | -15M | 85.2M | 72.1M |
| Change in Receivables | 0 | -41.9M | 35.2M | 15.6M | -92.4M | -14.8M | 68.6M | -24.8M | -33.1M | 17.3M | -30.5M | 7.8M | -26.7M | -7.7M | 17.5M | -48.5M | 9M | 53.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | -16.9M | 59M | 81.5M | -166.4M | -10.4M | 6M | -31.9M | -12.4M | -29.9M | -6M | -9M | -2.2M | -4.6M | 200K | -8.3M | -7.1M | 15.3M | 2.6M | -9M | -8.7M | -8.9M | -4.5M | 0 | 16.3M | -2M | -14.8M | 15.2M | 5.2M | 11.1M |
| Change in Payables | 0 | 26.7M | -28.9M | -82.5M | 51.5M | 43.2M | -59.5M | 500K | 16M | -11.2M | 8.7M | 1.1M | 2.6M | 6M | 4.8M | 16.4M | 13.9M | -37.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -115.6M | -100.9M | -86.3M | -76.5M | -1.17B | -59.9M | -168.1M | -165M | -62.7M | -116.3M | -80.8M | -213.6M | -48.2M | -209.7M | -58.4M | -31.4M | -77.6M | -29.5M | -51M | -37.4M | -47.6M | -40.1M | -21.9M | -7.3M | -25.8M | -99.4M | -150.9M | -90.6M | -66.1M | -68.9M |
| Capital Expenditures | 0 | -107.6M | -78.4M | -83.3M | -94.7M | -59.8M | -69M | -90.6M | -70.6M | -87.3M | -85.1M | -63.6M | -40.8M | -50.2M | -28.5M | -30.5M | -22.3M | -25.3M | -40.5M | -41.3M | -50.8M | -34.9M | -26.7M | -29M | -52.4M | -105M | -135.7M | -108.1M | -73.6M | -54.5M |
| CapEx % of Revenue | - | 2.93% | 2.16% | 2.04% | 2.4% | 2.43% | 2.77% | 3.53% | 2.96% | 3.83% | 3.76% | 2.97% | 2.17% | 2.83% | 1.65% | 1.85% | 1.69% | 1.55% | 2.01% | 2.15% | 2.92% | 2.3% | 2% | 2.17% | 3.57% | 4.7% | 7% | 6.12% | 4.28% | 3.64% |
| Acquisitions | 0 | 0 | 3.5M | 300K | -1.09B | 59.8M | -114.5M | -73.6M | 2.1M | -13.1M | -3.6M | -154M | -6.7M | -157.5M | -47.1M | 29.2M | -46.1M | -29.5M | -11.7M | -3.5M | 2.1M | -700K | -200K | 20.7M | 700K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -115.6M | 6.7M | -14.9M | 6.5M | 3.1M | -59.3M | 13.5M | -600K | 5.8M | -14.8M | 9.6M | -1.9M | -400K | -800K | 2M | -31.4M | -2.8M | 400K | 1M | 7.9M | 2.9M | -1M | 4.7M | 1.3M | 22.5M | 5.6M | -15.2M | 17.5M | 7.5M | -14.4M |
| Cash from Financing | -117M | -150.3M | -258.8M | -86.8M | 1.04B | -347.7M | 244M | -91.9M | 2.5M | -74.6M | -106.5M | 6.8M | -22.4M | -16M | -1.6M | -50.2M | -78.9M | -16.5M | -86.5M | -131.5M | -151.4M | -106.6M | -60M | -82.2M | -42.2M | -53.4M | -32.6M | -149.3M | -194M | -101.5M |
| Debt Issued (Net) | 0 | -14.3M | -68M | -12.6M | 102.2M | -315M | 315M | 0 | 75M | -22M | -68M | 40M | 0 | 0 | 0 | -50M | -75M | 0 | 194.8M | -3M | -13M | -14.5M | -14.8M | -13.4M | -23.8M | 31M | 53.6M | 16.9M | 3M | -3.1M |
| Equity Issued (Net) | 0 | -78.9M | -132.3M | -16M | -16.2M | 4.1M | -26.6M | -35.6M | -29.5M | -23.7M | -4.9M | 4.1M | 8.1M | 3.6M | 3.7M | 7.6M | 1.7M | 3.1M | -260.2M | -114.5M | -118.1M | -71.7M | -34.6M | -58M | -7.4M | -73.3M | -74.7M | -154M | -183.5M | -86M |
| Dividends Paid | 0 | -51.7M | -55.6M | -57.1M | -54.5M | -34.5M | -36.4M | -45.6M | -42.4M | -39.4M | -34.9M | -33.3M | -30.3M | -19.1M | -5.2M | -5M | -4.9M | -19.2M | -21.2M | -20.7M | -20.3M | -20.4M | -10.6M | -10.8M | -11M | -11.1M | -11.5M | -12.3M | -13.5M | -12.5M |
| Share Repurchases | 0 | -84.9M | -138.2M | -16M | -16.2M | -900K | -26.6M | -47.9M | -46.5M | -23.7M | -14.1M | -3.7M | -12.7M | -3.6M | -2.7M | -1M | -800K | -300K | -266.7M | -164.9M | -155.1M | -131.6M | -62M | -61.9M | -19.3M | -94.2M | -90.1M | -167.5M | -202M | -98M |
| Other Financing | -117M | -5.4M | -2.9M | -1.1M | 1.01B | -2.3M | -8M | -10.7M | -600K | 10.5M | 1.3M | -4M | -200K | -500K | -100K | -2.8M | -700K | -400K | 100K | 6.7M | 0 | 0 | -10.6M | 0 | 0 | 0 | 0 | 100K | 0 | 100K |
| Net Change in Cash | -26M | -36.7M | 6.9M | -6.8M | -166.1M | -57.6M | 294.8M | -44.7M | 107.7M | 11.3M | 21.2M | -37.8M | 18.8M | -89.5M | 30M | 13.8M | -58.1M | 37.5M | 79M | -30.4M | -47.6M | -34.8M | 3.5M | 61.5M | -14.3M | 56M | 15.8M | -35.4M | 9.1M | 49.1M |
| Free Cash Flow | 0 | 101.7M | 273.9M | 79.6M | -106.6M | 272.5M | 152.8M | 125.8M | 95.9M | 114.8M | 125.3M | 104.1M | 49.3M | 86.3M | 61.6M | 60.6M | 76.8M | 66.4M | 173.1M | 96.4M | 99.6M | 74.4M | 56M | 115.7M | 2.2M | 106.8M | 66.4M | 97.5M | 195.1M | 163.7M |
| FCF Margin % | - | 2.77% | 7.55% | 1.95% | -2.7% | 11.05% | 6.14% | 4.9% | 4.03% | 5.04% | 5.53% | 4.86% | 2.62% | 4.86% | 3.57% | 3.67% | 5.82% | 4.07% | 8.6% | 5.02% | 5.73% | 4.91% | 4.18% | 8.66% | 0.15% | 4.78% | 3.43% | 5.52% | 11.35% | 10.94% |
| FCF Growth % | -100% | -62.87% | 244.1% | 174.67% | -139.12% | 78.34% | 21.46% | 31.18% | -16.46% | -8.38% | 20.36% | 111.16% | -42.87% | 40.1% | 1.65% | -21.09% | 15.66% | -61.64% | 79.56% | -3.21% | 33.87% | 32.86% | -51.6% | 5159.09% | -97.94% | 60.84% | -31.9% | -50.03% | 19.18% | 133.52% |
| FCF per Share | - | 1.47 | 3.70 | 1.05 | -1.46 | 4.59 | 2.59 | 2.12 | 1.59 | 1.90 | 2.07 | 1.73 | 0.84 | 1.47 | 1.05 | 1.05 | 1.34 | 1.22 | 2.91 | 1.48 | 1.45 | 1.05 | 0.77 | 1.54 | 0.03 | 1.38 | 0.82 | 1.15 | 2.11 | 1.69 |
| FCF Conversion (FCF/Net Income) | - | -5.67x | 4.28x | 3.87x | 0.44x | 1.90x | -24.37x | 1.35x | 1.30x | 1.63x | 1.54x | 1.72x | -4.08x | 2.00x | 1.20x | 1.29x | 3.50x | 1.35x | 1.40x | 1.07x | 1.52x | 1.61x | 1.96x | 6.21x | -0.98x | 1.43x | 1.45x | 1.45x | 2.09x | 2.93x |
| Interest Paid | 0 | 69.1M | 70.6M | 70.6M | 28.8M | 12.5M | 11.4M | 11.5M | 16.4M | 13.4M | 13.4M | 16.9M | 15.6M | 14.9M | 16.4M | 17.7M | 17.7M | 24.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 51.3M | 28.1M | 34.8M | 36.9M | 15.8M | 39.6M | 41M | 34.2M | 35.6M | 57.6M | 48.5M | 34.5M | 37.7M | 19.7M | 20.3M | 14.6M | 70.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Integration and cyclical volatility
According to the provided cash flow data, the relationship between net income and operating cash flow is erratic, with OCF/NI ratios swinging from a negative 17.58 in 2025Q1 to a positive 7.92 in 2024Q4, indicating significant distortions from non-cash items and working capital fluctuations.
The extreme variance in the OCF/NI ratio suggests that reported net income is a poor proxy for the company's actual cash-generating capability. Investors should monitor whether these discrepancies stem from persistent acquisition-related accounting adjustments or underlying operational inefficiencies that prevent consistent cash conversion.
As reported in financial statements, MillerKnoll's free cash flow margins have demonstrated significant inconsistency, oscillating between a negative 2.2% in 2026Q1 and a positive 10.0% in 2026Q2, reflecting the company's struggle to maintain a stable cash-generative trajectory amidst ongoing integration and cyclical demand pressures.
The inability to sustain positive free cash flow suggests that the company's capital-intensive business model is highly sensitive to revenue fluctuations. This volatility may imply that management's efforts to streamline operations post-Knoll have yet to yield a predictable cash flow profile.
Based on the reported figures, working capital changes have been a primary driver of cash flow variance, ranging from a $151.5 million inflow in 2025Q4 to a $93.8 million outflow in 2025Q3, highlighting the operational challenges in managing inventory and receivables across a complex, integrated supply chain.
These large, erratic swings in working capital suggest that the company may be experiencing difficulty in aligning its production cycles with actual customer demand. Such instability warrants further investigation into whether these movements are temporary timing differences or indicative of structural inefficiencies in inventory management.
Data from recent filings shows that MillerKnoll has continued to prioritize dividend payments and share repurchases despite inconsistent free cash flow, with dividends totaling $38.1 million in 2026Q4 alone, even as the company faced a negative free cash flow position of $8.6 million during that same period.
The decision to maintain shareholder returns while free cash flow remains pressured suggests a potential disconnect between capital allocation policy and operational cash generation. Investors should monitor whether this strategy is sustainable without further straining the balance sheet or limiting necessary investments in the business.
Quick answers to the most common questions about buying MLKN stock.
MillerKnoll, Inc. (MLKN) generated $0.0M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
MillerKnoll, Inc. (MLKN) reported negative free cash flow of $0.0M in 2026, indicating capital requirements exceeded cash from operations.
MillerKnoll, Inc. (MLKN) spent $0.0M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.