Latest Ratios: P/E Ratio 15.2x · EV/EBITDA 8.3x · ROE 6.7%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $1.1B | $1.2B | $2.0B | $1.1B | $2.2B | $2.8B | $1.4B | $2.1B | $2.0B | $1.9B |
| Enterprise Value | $3.0B | $2.8B | $2.8B | $3.6B | $2.7B | $4.0B | $3.0B | $1.7B | $2.2B | $2.0B | $2.0B |
| P/E Ratio → | 15.18 | 12.26 | — | 24.85 | 25.89 | — | 16.26 | — | 13.14 | 15.45 | 15.39 |
| P/S Ratio | 0.36 | 0.29 | 0.32 | 0.56 | 0.26 | 0.57 | 1.15 | 0.55 | 0.82 | 0.83 | 0.84 |
| P/B Ratio | 0.99 | 0.80 | 0.87 | 1.40 | 0.70 | 1.46 | 3.06 | 1.96 | 2.85 | 2.84 | 3.12 |
| P/FCF | — | — | 11.44 | 7.45 | 13.60 | — | 10.42 | 8.88 | 16.75 | 20.60 | 16.64 |
| P/OCF | — | — | 5.56 | 5.79 | 6.65 | — | 8.54 | 6.12 | 9.74 | 11.86 | 9.45 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.72 | 0.76 | 0.98 | 0.67 | 1.01 | 1.20 | 0.67 | 0.87 | 0.86 | 0.88 |
| EV / EBITDA | 8.28 | 7.60 | 7.64 | 9.66 | 7.35 | 11.76 | 9.18 | 6.13 | 7.80 | 8.14 | 7.68 |
| EV / EBIT | 14.01 | 12.86 | 50.49 | 20.35 | 21.90 | 136.25 | 12.59 | 8.65 | 10.44 | 11.09 | 9.91 |
| EV / FCF | — | — | 27.35 | 13.04 | 34.28 | — | 10.87 | 10.95 | 17.73 | 21.34 | 17.55 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.8% | 38.8% | 38.8% | 39.1% | 35.0% | 34.3% | 38.6% | 36.6% | 36.2% | 36.7% | 37.9% |
| Operating Margin | 5.6% | 5.6% | 6.1% | 5.9% | 5.3% | 3.7% | 9.5% | 7.8% | 8.3% | 7.8% | 8.9% |
| Net Profit Margin | 2.4% | 2.4% | -1.0% | 2.3% | 1.0% | -0.7% | 7.1% | -0.4% | 6.3% | 5.4% | 5.4% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.7% | 6.7% | -2.6% | 5.5% | 2.7% | -2.2% | 21.6% | -1.3% | 22.4% | 19.6% | 21.3% |
| ROA | 2.3% | 2.3% | -0.9% | 2.0% | 1.0% | -0.8% | 8.5% | -0.5% | 10.5% | 9.2% | 9.8% |
| ROIC | 5.4% | 5.4% | 5.6% | 5.2% | 5.0% | 5.1% | 17.1% | 15.5% | 19.7% | 18.7% | 21.7% |
| ROCE | 6.6% | 6.6% | 6.8% | 6.2% | 6.0% | 5.7% | 15.2% | 14.6% | 19.5% | 18.6% | 23.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.28 | 1.28 | 1.36 | 1.21 | 1.21 | 1.28 | 0.56 | 1.11 | 0.38 | 0.40 | 0.33 |
| Debt / EBITDA | 4.97 | 4.97 | 4.98 | 4.77 | 5.04 | 5.81 | 1.61 | 2.82 | 0.99 | 1.09 | 0.76 |
| Net Debt / Equity | — | 1.16 | 1.21 | 1.05 | 1.07 | 1.13 | 0.13 | 0.46 | 0.17 | 0.10 | 0.17 |
| Net Debt / EBITDA | 4.50 | 4.50 | 4.44 | 4.14 | 4.44 | 5.13 | 0.38 | 1.16 | 0.43 | 0.28 | 0.40 |
| Debt / FCF | — | — | 15.91 | 5.59 | 20.68 | — | 0.45 | 2.07 | 0.98 | 0.74 | 0.90 |
| Interest Coverage | — | — | 0.72 | 2.30 | 1.68 | 0.77 | 16.92 | 15.47 | 17.66 | 13.67 | 13.38 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.58 | 1.58 | 1.58 | 1.53 | 1.67 | 1.50 | 1.78 | 1.80 | 1.48 | 1.56 | 1.28 |
| Quick Ratio | 0.90 | 0.90 | 0.94 | 0.92 | 0.98 | 0.83 | 1.35 | 1.42 | 1.07 | 1.17 | 0.88 |
| Cash Ratio | 0.23 | 0.23 | 0.28 | 0.33 | 0.32 | 0.26 | 0.81 | 0.90 | 0.38 | 0.51 | 0.27 |
| Asset Turnover | — | 0.96 | 0.93 | 0.90 | 0.96 | 0.87 | 1.20 | 1.22 | 1.64 | 1.61 | 1.74 |
| Inventory Turnover | 4.82 | 4.82 | 5.02 | 5.15 | 5.45 | 4.42 | 7.09 | 7.99 | 8.89 | 9.29 | 9.28 |
| Days Sales Outstanding | — | 35.70 | 37.51 | 33.25 | 32.46 | 35.23 | 32.74 | 29.28 | 35.87 | 33.62 | 29.90 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 4.4% | 2.7% | 5.3% | 2.4% | 1.2% | 2.7% | 2.2% | 2.1% | 2.1% |
| Payout Ratio | — | — | — | 67.6% | 135.6% | — | 19.8% | — | 28.4% | 33.1% | 31.8% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.6% | 8.2% | — | 4.0% | 3.9% | — | 6.2% | — | 7.6% | 6.5% | 6.5% |
| FCF Yield | — | — | 8.7% | 13.4% | 7.4% | — | 9.6% | 11.3% | 6.0% | 4.9% | 6.0% |
| Buyback Yield | 0.0% | 0.0% | 7.3% | 6.8% | 1.5% | 0.7% | 0.0% | 2.0% | 2.3% | 2.4% | 1.2% |
| Total Shareholder Yield | 0.0% | 0.0% | 11.7% | 9.5% | 6.8% | 3.2% | 1.2% | 4.6% | 4.4% | 4.5% | 3.3% |
| Shares Outstanding | — | $69M | $69M | $74M | $76M | $73M | $59M | $59M | $59M | $60M | $61M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MLKN stock.
MillerKnoll, Inc.'s current P/E ratio is 15.2x. The historical average is 21.6x. This places it at the 32th percentile of its historical range.
MillerKnoll, Inc.'s current EV/EBITDA is 8.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.9x.
MillerKnoll, Inc.'s return on equity (ROE) is 6.7%. The historical average is 45.2%.
Based on historical data, MillerKnoll, Inc. is trading at a P/E of 15.2x. This is at the 32th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MillerKnoll, Inc. has 38.8% gross margin and 5.6% operating margin.
MillerKnoll, Inc.'s Debt/EBITDA ratio is 5.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
High leverage and margin pressure
Metrics are mathematically derived from official filings.
Valuation Discount Reflects Profitability Drag
MillerKnoll's forward P/E of 11.01 indicates market expectations of earnings recovery, yet the current P/B ratio of 0.99, as reported in valuation multiples, suggests investors are skeptical of the company's ability to generate sustainable returns on equity.
The P/B ratio trading near 1.0 compares unfavorably to Steelcase's 1.95, implying that the market is pricing in minimal book value growth or potential impairment, which aligns with MLKN's historically low and volatile ROE. The EV/EBITDA of 8.28 is modest relative to peers, but this may reflect the need for significant profitability improvement to justify a re-rating.
Gross Margin Resilience Offset by Structural Costs
Despite achieving a gross margin of 41.7% in 2027Q1 that exceeds Steelcase's 33.1%, MillerKnoll's net margin of only 2.9% highlights how elevated SG&A expenses, as per recent financial statements, erode its operational efficiency into weak bottom-line results.
The high gross margin appears to stem from product mix or pricing power, but the translation to a 5.6% operating margin indicates a heavy cost structure that limits operating leverage. Net income volatility, with swings from losses to thin profits, suggests that profitability is highly sensitive to demand fluctuations and cost controls.
Elevated Debt Amidst Earnings Fragility
A debt-to-equity ratio of 1.23 in 2027Q1 and a D/EBITDA ratio spiking to 51.72, according to the balance sheet data, signal that MillerKnoll's leverage is uncomfortably high relative to its current earnings power, amplifying financial risk.
The D/EBITDA level, driven by depressed EBITDA, suggests that debt repayment capacity is strained, especially with interest coverage intermittent and negative in some quarters. This leverage profile may constrain future borrowing or refinancing options if earnings do not stabilize, as indicated by prior findings on equity erosion.
Working Capital Cycle Extends Cash Conversion
The cash conversion cycle of 75 days in 2027Q1, with days inventory outstanding at 85 days, based on reported quarterly metrics, points to prolonged inventory holding periods that could tie up liquidity and signal demand mismatches.
Asset turnover remains low at 0.23, indicating sluggish asset utilization, while DPO around 45 days suggests limited supplier payment flexibility. The increase in DIO from historical levels may reflect overstocking or slower sales, which could exacerbate cash flow pressures during cyclical downturns.
Misleading Metric: P/E in Cyclical Downturn
The trailing P/E ratio of 15.18 is often misapplied to MillerKnoll's cyclical business model, as it masks earnings volatility and may not reflect sustainable profitability, with the forward P/E of 11.01 potentially overestimating recovery, according to financial data.
For cyclical companies like MLKN, P/E ratios can be distorted by trough earnings or one-time charges, making them unreliable for valuation. Investors should consider EV/EBITDA or normalized earnings over a full cycle, as the current P/E does not account for the inconsistent demand and margin pressures highlighted in prior analyses.