MLKNMILLERKNOLL, INC.
Office Furniture
- Revenue
- $3.8B
- 4.7% YoY
- Operating margin
- 5.2%
- 275% YoY
- EBITDA
- $347M
- 81% YoY
- Market cap
- $1.5B
- Employees
- 10,544
- $364K revenue each
- Net debt / EBITDA
- 3.2×
- $1.1B net debt
- AI in 10-K
- 1.2
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$6M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo218% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo68% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo29% of assetsOver 40% of assets
- Shareholder dissentNo91% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$364K per employeeBottom quartile of its SIC industry
- Quiet on AINo1.2 per 10K words · 37th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3.9B | $4.1B | $3.6B | $3.7B | $3.8B | 4.7% |
| Operating income | $40M | $122M | $167M | $51M | $198M | 293% |
| Net income | −$27M | $42M | $82M | −$37M | $92M | 348% |
| Operating cash flow | −$12M | $163M | $352M | $209M | $200M | 4.5% |
| Capex | $95M | $83M | $78M | $108M | $122M | 14% |
| Stock-based comp | $31M | $20M | $21M | $32M | $26M | 18% |
| Buybacks | $16M | $16M | $138M | $85M | — | |
| Dividends | $55M | $57M | $56M | $52M | $51M | 1.2% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $6M | $6M | 40 | 103 |
| FY2025 | $6M | $2M | 40 | 96 |
| FY2024 | $9M | $11M | 63 | 93 |
| FY2023 | $6M | −$337K | 32 | 65 |
| FY2022 | $5M | −$2M | 65 | 72 |