Is the business good?
How good a business is MLKN?
MillerKnoll, Inc. earns 6.5% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
6.5%
Return on invested capital · cost of capital 9.0% · 2.5 points below what the capital costs: growth destroys value
- Operating margin
- 5.3%
Operating margin · Furnishings, Fixtures & Appliances median 5.7% · 12 months to Q3 2026
- Share count, year on year
- +1.1%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 2.4%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −1.5% |
| FY2021 | 9.4% |
| FY2022 | 1.0% |
| FY2023 | 3.0% |
| FY2024 | 4.6% |
| FY2025 | 1.4% |
Details›
- Gross margin12 months to Q3 2026
- 39%
- Operating margin12 months to Q3 2026
- 5.3%
- Net margin12 months to Q3 2026
- 0.28%
- Free cash flow margin
- 2.2%
- R&D as % of revenue
- 2.4%
- Revenue, trailing twelve months
- $3.80B
- Free cash flow, trailing twelve months
- $83M
- Net income, trailing twelve months
- $11M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 6.5%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Furnishings, Fixtures & Appliances
Ranks #9 of 11 by Smart Score