MillerKnoll, Inc. (MLKN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+181.1%

$63.09

vs $22.44 price

Levered DCF

$54.05

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.86

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	12.07×	-31.83×	24.62×	25.43×	-82.84×	16.15×	-153.47×	13.05×
P/B	0.83×	0.91×	1.46×	0.75×	1.57×	3.32×	2.11×	2.91×
P/S	0.29×	0.32×	0.56×	0.26×	0.57×	1.14×	0.55×	0.82×
EV / EBITDA	7.57×	14.22×	10.75×	9.73×	18.1×	9.12×	6.13×	7.76×
Gross margin	38.8%	38.8%	39.1%	35.0%	34.3%	38.6%	36.6%	36.2%
Operating margin	5.6%	6.1%	5.9%	5.3%	3.7%	9.5%	7.8%	8.3%
Net margin	2.4%	-1.0%	2.3%	1.0%	-0.7%	7.1%	-0.4%	6.3%
Current ratio	1.58×	1.58×	1.53×	1.67×	1.5×	1.78×	1.8×	1.48×
Debt / equity	1.34×	1.42×	1.27×	1.3×	1.38×	0.61×	1.2×	0.39×
Interest coverage	0×	2.92×	2.82×	2.92×	3.91×	16.92×	15.47×	17.66×
Dividend yield	4.6%	4.4%	2.8%	5.3%	2.4%	1.2%	2.7%	2.2%
Payout ratio	55.8%	-140.1%	67.6%	135.6%	-201.1%	19.8%	-400.0%	28.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.8%	-2.9%	5.9%	2.9%	-1.9%	20.6%	-1.4%	22.3%
Return on invested capital	4.7%	6.7%	5.3%	5.3%	3.9%	11.5%	12.2%	15.2%
Return on assets	2.3%	-0.9%	2.0%	1.0%	-0.6%	8.5%	-0.4%	10.2%
Free cash flow yield	7.0%	8.7%	13.6%	7.4%	-4.8%	9.7%	11.3%	6.0%
Earnings yield	8.2%	-3.2%	4.1%	3.9%	-1.2%	6.2%	-0.7%	7.7%
Enterprise value	$2.7B	$2.8B	$3.6B	$2.7B	$4B	$2.9B	$1.7B	$2.2B
Net debt / EBITDA	4.5×	8.27×	4.64×	5.88×	7.9×	0.38×	1.16×	0.43×
Cash conversion cycle (days)	68	66	64	62	68	41	45	37