MILLERKNOLL, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MILLERKNOLL, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	2,278	2,381	2,567	2,487	2,465	3,946	4,087	3,628	3,670	3,842
Cost of revenue	1,414	1,508	1,637	1,575	1,514	2,593	2,657	2,209	2,247	2,353
Gross profit	864	873	930	911	951	1,353	1,430	1,420	1,423	1,489
Research and development	58.6	57.1	58.8	54.3	72.1	109	106	92.6	93.8	100
Selling, general and administrative	588	615	639	643	644	1,204	1,126	1,112	1,134	1,178
Operating expenses	673	694	726	949	719	1,313	1,308	1,252	1,372	1,291
Operating income	191	179	204	-37.9	233	39.8	122	167	50.5	198
Interest expense	15.2	13.5	12.1	12.5	13.9	37.8	74	76.2	76.7	69.9
Other non-operating income	-13.5	-10.8	-8.4	-1	7.6	-12.2	0.3	2.6	-1.1	-4.3
Pre-tax income	178	168	195	-12.9	228	-8.6	51.4	99.7	-21.9	128
Income tax	55.1	42.4	39.6	6.1	48.3	11.1	4.5	14.7	11.6	32.4
Net income to minority interests	0.2	0.6	0	-5.3	5.7	7.4
Net income	124	128	161	-8.7	175	-27.1	42.1	82.3	-36.9	91.5
EBITDA	250	246	276	41.6	320	230	277	322	191	347
EPS, basic	2.07	2.15	2.72	-0.15	2.96	-0.37	0.56	1.12	-0.54	1.33
EPS, diluted	2.05	2.12	2.70	-0.15	2.94	-0.37	0.55	1.11	-0.54	1.32
Shares, basic (weighted)	59.9	59.7	59	58.9	58.9	73.2	75.5	73.3	69	68.7
Shares, diluted (weighted)	60.6	60.3	59.4	58.9	59.4	73.2	76	74	69	69.3
Dividend per share	0.68	0.72	0.56	0.75	0.56	0.75	0.75	0.75	0.75	0.75

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	96.2	204	159	454	396	230	224	230	194	168
Short-term investments	8.6	8.6	8.8	7	7.7	0
Receivables	187	217	218	180	205	349	334	308	350	357
Inventory	152	162	184	197	229	587	487	429	448	488
Other current assets	30.4	41.3	11	16	7.6	7.3	9.1	10.1	15.8	16.7
Total current assets	492	645	661	917	907	1,318	1,176	1,070	1,109	1,137
Property, plant and equipment	315	331	349	331	327	582	536	492	496	511
Lease right-of-use assets			0	194	215	426	416	376	411	446
Goodwill	305	304	304	346	364	1,226	1,222	1,226	1,152	1,161
Intangible assets	45.4	41.3	41.1	112	105	362	313	279	248	214
Other non-current assets	71.8	79.2	136	60.9	61.4	99.2	131	135	102	95.5
Total assets	1,306	1,480	1,569	2,054	2,077	4,514	4,275	4,044	3,950	4,001
Accounts payable	148	171	178	129	178	355	270	241	271	279
Accrued liabilities	76.7	74.2	85.5	71.1	90.2	129	61.7	105	92.5	93.8
Deferred revenue					43.1	125	93.8	100	103	89.7
Short-term debt	10.2	10.8	3.1	51.4	2.2	29.3	33.4	43.5	16	25.1
Total current liabilities	386	414	446	470	477	877	703	698	704	721
Long-term debt	200	275	282	540	275	1,379	1,365	1,292	1,311	1,261
Lease liabilities			0	179	221	398	394	360	413	434
Other non-current liabilities	69.9	79.8	77	129	132	300	266	225	127	120
Total liabilities	694	784	830	1,361	1,139	2,980	2,735	2,585	2,615	2,595
Total debt	200	275	282	540	275	1,379	1,365	1,348	1,337	1,295
Paid-in capital	139	117	89.8	81.6	94.7	826	837	725	679	694
Retained earnings	520	598	713	684	819	693	676	738	665	704
Other comprehensive income	-82.2	-61.3	-94.2	-134	-65.1	-107	-95.1	-92.7	-82	-69.3
Shareholders' equity	588	665	719	652	861	1,427	1,433	1,385	1,276	1,343
Minority interests	0.2	0.2	0
Total equity	588	665	719	643	850	1,427	1,433	1,385	1,276	1,343
Total liabilities and equity	1,306	1,480	1,569	2,054	2,077	4,514	4,275	4,044	3,950	4,001
Shares outstanding	59.7	59.2	58.8	58.8	59	75.8	75.7	70.4	67.8	68.2

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	124	129	161	-14	180	-19.7	46.1	84.6	-33.2	95.7
Depreciation and amortization	58.9	66.9	72.1	79.5	87.2	191	155	155	141	148
Stock-based compensation	8.7	7.7	7.3	2.7	9	31.4	20.2	20.7	31.8	26
Deferred income tax	13	-2.8	1.3	-24.9	7.1	-23.4	-44.2	-38.1	-44.8	-11.6
Change in receivables	17.3	-33.1	-24.8	68.6	-14.8	-92.4	15.6	35.2	-41.9	1.2
Change in inventory	-29.9	-12.4	-31.9	5.5	-10.4	-166	81.5	59	-16.9	-37.5
Change in payables	-11.2	16	0.5	-59.5	43.2	51.5	-82.5	-28.9	26.7	1.7
Cash from operations	202	167	216	222	332	-11.9	163	352	209	200
Capital expenditures	-87.3	-70.6	-85.8	-69	-59.8	-94.7	-83.3	-78.4	-108	-122
Acquisitions	0	0	0	-111	0	-1,089	0	0
Purchases of investments	-2	-1	-1.9	-3.1	-5.9	0	0
Sales and maturities of investments	0.9	1	1.7	5	5.3	7.7	0	0
Cash from investing	-116	-62.7	-165	-168	-59.9	-1,172	-76.5	-86.3	-101	-116
Debt issued		0	0	50
Debt repaid	0	-150	0	0
Stock issued	11.7	17	12.3	15.6	5	7.5	5.5	5.9	6	4.5
Share buybacks	-23.7	-46.5	-47.9	-26.6	-0.9	-16.2	-16	-138	-84.9
Dividends paid	-39.4	-42.4	-45.6	-36.4	-34.5	-54.5	-57.1	-55.6	-51.7	-51.1
Cash from financing	-74.6	2.5	-91.9	244	-348	1,040	-86.8	-259	-150	-117
Exchange rate effect	0.1	1.4	-4.2	-2.9	17.7	-21.7	-6.4	-0.3	5.2	6.7
Net change in cash	11.3	108	-44.7	295	-57.6	-166	-6.8	6.9	-36.7	-26
Free cash flow	115	95.9	131	153	273	-107	79.6	274	102	77.6
Interest paid	13.4	16.4	11.5	11.4	12.5	28.8	70.6	70.6	69.1	62.9
Income taxes paid	35.6	34.2	41	39.6	15.8	36.9	34.8	28.1	51.3	53.7

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $20.06 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	38.8%	Gross profit / revenue.
Operating margin	5.2%	Operating income / revenue.
EBITDA margin	9.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.3%	Pre-tax income / revenue.
Net margin	2.4%	Net income / revenue.
FCF margin	2.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.2%	Cash from operations / revenue.
Effective tax rate	25.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.3%	Net income / average total assets.
Return on invested capital (ROIC)	6.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.6%	Research and development expense / revenue.
SG&A / revenue	30.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.2%	Capital expenditures / revenue.
D&A / revenue	3.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	292.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	17.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-3.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	81.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	1.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	29.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-12.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	33.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-14.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-4.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-9.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-23.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-0.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-22.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	6.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.58x	Current assets / current liabilities.
Quick ratio	0.73x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.96x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.4%	Total debt / total assets.
Liabilities / assets	64.9%	Total liabilities / total assets.
Net debt	$1.13B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.25x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.84x	Operating income / interest expense.
Working capital	$416.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	34.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$32.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.97x	Revenue / average total assets.
Fixed asset turnover	7.63x	Revenue / average property, plant and equipment.
Inventory turnover	5.03x	Cost of revenue / average inventory.
Days inventory	73 days	365 x average inventory / cost of revenue.
Receivables turnover	10.9x	Revenue / average receivables.
Days sales outstanding	34 days	365 x average receivables / revenue.
Days payables	43 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	64 days	Days inventory + days sales outstanding - days payables.
FCF conversion	84.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	61.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.32	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.33	Net income per basic share, as reported (split-adjusted).
Revenue per share	$55.42	Revenue / diluted weighted shares.
FCF per share	$1.12	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.88	Cash from operations / diluted weighted shares.
Book value per share	$19.69	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.48	Tangible book value / shares outstanding.
Cash per share	$2.46	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.75	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	55.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	65.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.37B	Share price x shares outstanding.
Enterprise value	$2.49B	Market cap + total debt - cash - short-term investments.
P/E	14.9x	Market cap / net income. Only when net income is positive.
P/S	0.36x	Market cap / revenue.
P/B	1.02x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	17.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.84x	Market cap / cash from operations, when positive.
EV/Sales	0.65x	Enterprise value / revenue.
EV/EBIT	12.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.19x	Enterprise value / EBITDA, when both are positive.
EV/FCF	32.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.7%	Free cash flow / market cap.
Earnings yield	6.7%	Net income / market cap (the inverse of P/E).
Dividend yield	3.7%	Dividends paid over the period / market cap.
Shareholder yield	3.7%	(Dividends paid + share buybacks) / market cap.
PEG	0.44x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MILLERKNOLL, INC.'s revenue in fiscal 2026?

MILLERKNOLL, INC. reported revenue of $3.84B for fiscal 2026, 4.7% higher than the year before.

Was MILLERKNOLL, INC. profitable in fiscal 2026?

Yes. Net income was $91.5M, a net margin of 2.4%.

How much free cash flow did MILLERKNOLL, INC. generate in fiscal 2026?

Cash from operations of $199.9M minus capital expenditures of $122.3M left free cash flow of $77.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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