Cash flow generation appears erratic, with a free cash flow margin of -0.9% in 2026Q4 and working capital swings dominating operating cash flow, suggesting liquidity challenges.
MillerKnoll, Inc. (MLKN) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | 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 | 239.6M | 199.9M | 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 % | - | 5.2% | 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 % | 429.1% | -4.49% | -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 | 97.9M | 91.5M | -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 | 147.4M | 148.3M | 140.5M | 155.1M | 155.1M | 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 | 29.1M | 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 | 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 | -129.5M | 27M | 160.2M | 49.6M | 84.8M | 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 | 95.2M | -66.9M | -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 | 1.2M | -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 | -37.5M | -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 | 1.7M | 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 | -117.2M | -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 | -22.1M | -122.3M | -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 | 0.58% | 3.18% | 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 | 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 | -95.1M | 6.7M | 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 | -112.6M | -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) | -62.5M | -50.4M | -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) | 5.5M | -11.8M | -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 | -51.2M | -51.1M | -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 | -18.7M | -16.3M | -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 | -4.4M | -3.7M | -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 | 11.4M | -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 | 176.8M | 77.6M | 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 % | 4.64% | 2.02% | 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 % | 115.87% | -23.7% | -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 | 2.52 | 1.12 | 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) | 1.81x | 2.18x | -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 | 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 | 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 |
Quick answers to the most common questions about buying MLKN stock.
MillerKnoll, Inc. (MLKN) generated $199.9M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
MillerKnoll, Inc. (MLKN) generated $77.6M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
MillerKnoll, Inc. (MLKN) spent $122.3M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, MillerKnoll, Inc. (MLKN) returned $51.1M to shareholders via cash dividends and spent $16.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Working capital and demand volatility
Metrics are mathematically derived from official filings.
Cash Conversion Overshadows Accrual Earnings
The significant positive gap between operating cash flow and net income, highlighted by an OCF/NI ratio of 3.53 in 2026Q4, underscores the impact of non-cash items such as depreciation and amortization, according to the company's reported figures.
The relationship between net income and operating cash flow is distorted by large non-cash charges, with depreciation and amortization consistently exceeding $35 million per quarter. However, the extreme volatility in the OCF/NI ratio, ranging from -17.58 to 7.92 over the period, suggests that working capital fluctuations also play a major role, making the quality of reported earnings highly unstable.
Free Cash Flow Generation Remains Erratic
Free cash flow margins have exhibited significant inconsistency, ranging from -2.2% in 2026Q1 to 10.0% in 2026Q2, and the most recent complete quarter (2026Q4) delivered a negative -0.9% margin, as per the latest company financial data.
The inability to sustain positive free cash flow, despite periods of strong operating cash flow, points to underlying structural volatility in the business. This erratic FCF trajectory indicates that the company's capital expenditure and working capital needs periodically consume all operating cash, limiting financial flexibility.
Working Capital Swings Dominate Cash Flow
Working capital fluctuations have been the dominant driver of operating cash flow volatility, featuring a substantial $151.5 million positive swing in 2025Q4 and a subsequent $63.0 million negative impact in 2026Q1, according to the company's quarterly financial statements.
The massive and unpredictable swings in working capital suggest potential inefficiencies in inventory management or receivables collection, which are critical for a manufacturing business. This volatility masks the underlying operational cash generation and introduces significant risk to the predictability of cash flows.
Shareholder Returns Despite Cash Volatility
MillerKnoll returned $38.1 million in dividends in 2026Q4, significantly above its typical quarterly payout of around $12.7 million, while also engaging in occasional share buybacks such as the $43.7 million in 2025Q1, according to cash flow statements.
The commitment to returning cash to shareholders, highlighted by the substantial one-time dividend in 2026Q4, appears to prioritize shareholder returns over building a cash buffer. This strategy may strain liquidity during periods of weak operating cash flow, warranting scrutiny of the company's capital allocation discipline in the face of inconsistent free cash flow generation.
SBC Inflates Operating Cash Flow
Stock-based compensation expense, amounting to $21.0 million in 2026Q3, is added back in the calculation of operating cash flow, which inflates the reported cash flow relative to net income, as per the company's financial disclosures.
While a non-cash expense, SBC represents a real dilutive cost to shareholders that is often overlooked in cash flow analysis. The significant SBC charges in certain quarters mean that operating cash flow overstates the cash available for dividends, debt repayment, or reinvestment, and investors should consider adjusting for this when assessing true cash generation.