MillerKnoll, Inc. (MLKN) is a global leader in the research, design, manufacture, and distribution of interior furnishings for residential, office, healthcare, and educational environments. The company offers a diverse range of furniture products and accessories, catering to both contract and retail customers through multiple distribution channels, including independent dealers, direct sales, and eCommerce platforms. With a strong portfolio of globally recognized brands, MillerKnoll emphasizes innovative design and functionality to meet the needs of customers worldwide.
- Americas Contract - Designs, manufactures, and sells furniture products for office, healthcare, and educational environments across North and South America through an independent dealership network.
- International Contract & Specialty - Focuses on the design, manufacture, and sale of furniture products in Europe, the Middle East, Africa, and Asia-Pacific, including Specialty brands such as Holly Hunt, Spinneybeck, Maharam, Edelman, and Knoll Textiles.
- Global Retail - Sells modern design furnishings and accessories to third-party retailers and directly to consumers through eCommerce, direct-mail catalogs, and physical retail stores.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Andi R. Owen ExecutiveBoard | President and CEO | Board Member at Taylor Morrison Home Corp | Joined MLKN in 2018 as President and CEO. Previously Global President of Banana Republic at Gap Inc. for 25 years. Expertise in digital transformation and supply chain management. | View Report → |
B. Ben Watson Executive | Chief Creative and Product Officer | None | Elected as an executive officer in 2010. No additional details on achievements provided. | |
Christopher M. Baldwin Executive | Group President, MillerKnoll | None | Joined MLKN in 2021 after Knoll acquisition. Previously COO & President, Workplace at Knoll. Received retention award for Knoll integration. | |
Debbie F. Propst Executive | President, Global Retail | None | Joined MLKN in 2020. Previously President and Chief Merchandising Officer of One Kings Lane and Chief Brand Officer at Bed Bath and Beyond. | |
Jacqueline H. Rice Executive | General Counsel and Corporate Secretary | None | Joined MLKN in 2019. Former EVP, Chief Risk & Compliance Officer at Target Corporation and Senior Counsel at General Motors Co.. | |
Jeffrey M. Stutz Executive | Chief Financial Officer (CFO) | None | CFO since 2009. Oversees financial health and compliance of MLKN. Long tenure with certifications under Sarbanes-Oxley Act. | |
John P. Michael Executive | President, Americas Contract | None | Joined MLKN in 2017. No additional details on prior roles or achievements provided. | |
Megan C. Lyon Executive | Chief Strategy and Technology Officer | None | Joined MLKN in 2019 as Chief Strategy Officer. Former Partner and Managing Director at Boston Consulting Group (BCG), leading West Coast Consumer and Retail Practice. | |
Douglas D. French Board | Director | Managing Director, Sant\u00e9 Health Ventures | Director since 2002. Founding partner of Sant\u00e9 Health Ventures, an early-stage healthcare venture fund. | |
Heidi J. Manheimer Board | Director | Executive Chairperson of Surratt Cosmetics LLC; Board Member at Burton Snowboards | Director since 2014. Extensive experience in retail and eCommerce. Former Chairwoman of the Cosmetic Executive Women Foundation. | |
Jeanne K. Gang Board | Director | Founding Partner, Studio Gang Architects; Professor in Practice, Harvard GSD | Appointed to the Board in 2024. Internationally renowned architect and MacArthur Fellow. TIME Magazine's most influential people in the world. | |
John Maeda Board | Director | VP of Engineering, Head of Computational Design for Microsoft's AI Platform | Appointed to the Board in 2024. Renowned architect and author. Former Board Member at Sonos, Inc.. | |
John R. Hoke III Board | Director | Chief Innovation Officer at Nike, Inc. | Director since 2005. Leads innovation and design at Nike. Former Chief Design Officer at Nike (2017-2023). | |
Lisa A. Kro Board | Director | CFO and Administrative Officer at Ryan Companies; Director at First Solar, Inc. | Director since 2012. Chair of the Audit Committee. Extensive experience in finance and auditing. | |
Michael A. Volkema Board | Chairman of the Board | None | Director since 1995 and non-executive Chairman since 2004. Former CEO and President of MLKN (1995-2004). Expertise in corporate leadership and branded marketing. | |
Michael C. Smith Board | Director | Co-Founder and General Partner, Footwork Venture Capital; Director at Ulta Beauty, Inc. | Director since 2019. Former COO at Walmart.com and Stitch Fix. Expertise in eCommerce and customer experience. | |
Tina Edekar Edmundson Board | Director | President, Luxury at Marriott International, Inc. | Appointed to the Board in 2024. Over 25 years of experience in luxury hospitality. Former Global Brand Officer at Marriott International. |
- In the Americas Contract segment, orders came in lower than expected despite prior growth; can you explain the specific factors behind this slowdown and how you plan to address them to meet your demand expectations for the second half of the fiscal year?
- With proposed tariffs potentially affecting your supply chain, particularly in China and Canada, what is the anticipated impact on your costs and margins, and what concrete steps are you taking to mitigate these risks?
- The Retail segment experienced a decline in net sales and operating margins this quarter; what strategic initiatives are you implementing to reverse this trend and achieve sustained growth and profitability in this segment?
- Despite adjusting your full-year earnings guidance downward due to slower order rates, you're expecting a significant acceleration in revenue and margin improvement in the fourth quarter; what evidence supports this confidence, and what are the main risks that could hinder achieving these targets?
- Given the ongoing hybrid and remote work trends impacting office furniture demand, how are you adapting your business strategy to address potential long-term changes in workspace needs and ensure continued growth?
Research analysts who have asked questions during MILLERKNOLL earnings calls.
Reuben Garner
Stifel
8 questions for MLKN
Brian Gordon
Water Tower Research
4 questions for MLKN
Doug Lane
Water Tower Research
4 questions for MLKN
Greg Burns
Sidoti & Company, LLC
4 questions for MLKN
Gregory Burns
Sidoti & Company
4 questions for MLKN
Alex Fuhrman
Craig-Hallum Capital Group LLC
3 questions for MLKN
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Haworth | Competes in the highly competitive furniture manufacturing industry, offering similar categories of products such as office seating, systems, and freestanding furniture. The company competes on design, product and service quality, speed of delivery, and product pricing. |
Operates in the furniture manufacturing sector with significant resources and sales, competing on similar product categories and market factors such as design and pricing. | |
A significant competitor in the furniture manufacturing industry, competing on design, quality, delivery speed, and pricing. | |
Crate & Barrel Holdings, Inc. | Competes in the home furnishings industry, targeting end-user customers and the interior design community with high-craft furniture. |
Hive Modern | Operates in the home furnishings market, competing with a focus on high-craft furniture for end-users and the interior design community. |
A competitor in the home furnishings industry, marketing high-craft furniture to end-user customers and the interior design community. | |
Room & Board, Inc. | Competes in the home furnishings sector, focusing on high-craft furniture for end-users and the interior design community. |
A competitor in the home furnishings industry, offering high-craft furniture to end-user customers and the interior design community. | |
Operates in the home furnishings market, competing with high-craft furniture aimed at end-users and the interior design community. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Largest Single End-User Customer | Procurement of office furniture solutions | All | $180.3 million revenue in fiscal 2024 (5% of net sales) |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Knoll, Inc. | 2021 | The acquisition was completed on July 19, 2021 with a transaction value of approximately $1.8 billion, where each share of Knoll was converted into $11.00 cash plus 0.32 shares of Herman Miller common stock. The deal was strategically aimed at achieving $100 million in cost synergies within two years and included a rebranding to MillerKnoll, Inc., highlighting strong integration prospects. |
Recent press releases and 8-K filings for MLKN.
- MillerKnoll reported Q1 fiscal 2026 adjusted earnings of $0.45 per share, a 25% increase year-over-year, and consolidated net sales of $956 million, up 10.9% on a reported basis, significantly exceeding expectations.
- For Q2 fiscal 2026, the company expects net sales between $926 million and $966 million and adjusted diluted earnings per share between $0.38 and $0.44.
- Leadership changes include the promotion of Jeff Stutz to Chief Operating Officer and the appointment of Kevin Veltman as Interim Chief Financial Officer.
- New orders in Q1 were $885 million, down 5.4% reported, primarily due to a $55 million to $60 million order pull-forward into Q4 fiscal 2025; normalized order growth for the combined Q4 FY25 and Q1 FY26 period was 3.3%.
- The company is aggressively expanding its global retail segment, opening four new stores in Q1 and planning 12 to 15 new stores for the full fiscal year, which, along with tariff impacts, is affecting retail operating margins.
- MILLERKNOLL reported Q1 FY26 net sales of $955.7 million, an increase of 10.9% from the prior year, while orders decreased 5.4% to $885.4 million, primarily due to an estimated $55 million to $60 million in order pull-forward in the fourth quarter of fiscal 2025.
- Adjusted diluted earnings per share for Q1 FY26 rose to $0.45, compared to $0.36 in Q1 FY25.
- The company's Adjusted Gross Margin for Q1 FY26 was 38.5%, and the Adjusted Operating Margin was 6.3%.
- As of Q1 FY26, MILLERKNOLL held $167 million in cash and had $1,328 million in long-term debt, with a Net Debt to EBITDA Ratio of 2.92x. The company expects FY 2026 capital expenditures to be between $120 million and $130 million.
- MillerKnoll reported net sales of $955.7 million for the first quarter of fiscal 2026, an increase of 10.9% year-over-year.
- Diluted earnings per share (EPS) was $0.29, while adjusted diluted EPS rose 25.0% year-over-year to $0.45.
- Orders for the quarter totaled $885.4 million, a 5.4% decrease year-over-year, primarily due to order pull-forward in the fourth quarter of fiscal 2025.
- The company generated $9.4 million in cash flow from operations and maintained $480.5 million in liquidity as of August 30, 2025.
- For the second quarter of fiscal 2026, MillerKnoll expects net sales to range from $926 million to $966 million and adjusted diluted EPS to be between $0.38 and $0.44.
- MillerKnoll, Inc. entered into a Receivables Sale Agreement and a Credit and Security Agreement on September 10, 2025.
- The Credit and Security Agreement, with Wells Fargo Bank, National Association as Administrative Agent, establishes a $90,000,000 Facility Limit for MillerKnoll Receivables, LLC, a wholly-owned subsidiary of MillerKnoll, Inc..
- MillerKnoll, Inc. also provided a Performance Undertaking in favor of Wells Fargo Bank, National Association, dated September 10, 2025.
- The company reported no Material Adverse Effect since June 1, 2024.
- MillerKnoll, Inc. filed an 8-K on August 11, 2025, announcing an Amendment No. 4 to its Credit Agreement, which became effective on August 7, 2025.
- This amendment establishes a new 2025 Term B Facility Commitment totaling $550,000,000.00.
- Wells Fargo Bank National Association is the sole lender for the $550,000,000.00 2025 Term B Facility Commitment.
- The 2025 Term B Facility Maturity Date is the seventh anniversary of the Amendment No. 4 Effective Date, which is August 7, 2032.
- MillerKnoll, Inc. (formerly Herman Miller, Inc.) issued an 8-K on April 17, 2025, outlining amendments to its credit agreement, including updates to its revolving and term loan facilities with aggregate commitments of $725 million and $400 million, respectively.
- The filing details installment schedules for the repayment of Term A loans with specific payment dates and amounts, as part of the revised credit facility terms.
- It also includes provisions for incremental funding linked to adjusted consolidated EBITDA and outlines key conditions and covenants related to credit events and representations.
- Resegmentation Announcement: The company recast its segment financials from fiscal 2023 onward and now reports in three segments—North America Contract, International Contract, and Global Retail—to better align growth strategies.
- Q3 Financial Performance: Q3 2025 net sales reached $876M, with adjusted earnings of $0.44 per share, supported by actions such as repurchasing 786,000 shares for $18M, reducing long-term debt by $61M, and ending the quarter with $468M in liquidity.
- Guidance Amid Tariff Uncertainty: The company provided Q4 guidance with expected net sales of $910-950M, gross margins of 37.5%-38.5%, and adjusted EPS between $0.46-$0.52, addressing ongoing tariff-related cost pressures with a proactive pricing strategy, including a 4.5% list price increase.
- Q3 2025 performance featured solid operating cash flow of $62M and maintained a disciplined capital structure with long-term debt at $1,283M and a net debt to EBITDA ratio of 2.93x.
- The company reaffirmed its Q4 FY25 and Full Year FY25 guidance, with revenue expected between $910M to $950M in Q4 and $3,618M to $3,658M for FY25, alongside EPS and margin outlook updates.
- Forward-looking statements noted risks including integration challenges from the Knoll acquisition and ongoing macroeconomic pressures.
- Net sales reached $876.2 million in Q3, showing a modest 0.4% increase year-over-year, with strong contributions from North America Contract and Global Retail ( ).
- The Global Retail segment delivered robust performance with reported orders up nearly 15% and cyber-adjusted growth of over 4%, reflecting improved demand in North America ( , ).
- Adjusted earnings per share were slightly down at $0.44 compared to $0.45 last year, as the company maintained disciplined cost control amid challenging macroeconomic conditions ( ).
- The release also highlighted changes in reporting segments and provided a Q4 and full year fiscal 2025 outlook, including updates on anticipated tariffs and share repurchase activity ( ).
- Net sales reached $876.2 million, up 0.4% year-over-year, reflecting steady revenue performance despite macroeconomic challenges.
- The company implemented a new reporting segment structure—dividing operations into North America Contract, International Contract, and Global Retail—to enhance performance visibility.
- Global Retail drove strong demand, with North America cyber-adjusted orders increasing by 14%, highlighting robust market performance in that segment.
- The firm also executed a share repurchase program, buying approximately 0.8 million shares for a total cash outlay of $17.9 million, reinforcing its commitment to shareholder value.