MillerKnoll (MLKN) Stock Analysis: Drivers of 52-Week High and Valuation Assessment

MillerKnoll, Inc. (NASDAQ: MLKN) has reached a 52-week high of $23.16, representing a remarkable 68% rally from its 52-week low of $13.77. The stock is currently trading at $22.84 with strong momentum across multiple timeframes. This analysis examines the key drivers behind this surge and evaluates whether the current valuation is sustainable given the company’s fundamentals.

---

MillerKnoll has demonstrated consistent earnings beats in recent quarters, building investor confidence:

Quarter	EPS	Estimate	Surprise	Revenue	Estimate	Surprise
Q2 FY2026 (Dec 2025)	$0.43	$0.41	+5.73%	$955.2M	$943.1M	+1.28%
Q1 FY2026 (Sep 2025)	$0.45	-	-	$955.7M	-	-
Q4 FY2025 (Jun 2025)	$0.60	-	-	$961.8M	-	-

The company has successfully transitioned to profitability, recording positive EPS after periods of losses, which has restored investor confidence [0].

Despite operating in a challenged commercial furniture market, MillerKnoll has maintained revenue stability around $955-962 million per quarter. The company has demonstrated resilience through:

• Strong U.S. market performance (71.6% of revenue)
• International expansion, particularly in Southeast Asia
• Diversified product portfolio through the MillerKnoll brand collective [0]

Recent corporate announcements have generated investor enthusiasm:

1. Fortune’s Most Admired Companies Recognition
   : MillerKnoll was named to Fortune’s World’s Most Admired Companies 2026 list, enhancing brand prestige and investor confidence [1].

2. Board Reinforcement
   : The appointment of Claire Spofford, former J. Jill CEO, to the board brings retail and omnichannel expertise to guide strategic growth [2].

3. Design Industry Engagement
   : Active expansion in Southeast Asian markets, including events in Bangkok showcasing the Knoll brand’s design philosophy to the Thai architecture and design community [3].

4. Dividend Maintenance
   : Continued dividend payments ($0.1875 per share) demonstrate commitment to shareholder returns [4].

The stock’s technical profile shows strong momentum that has attracted trend-following investors:

• 3-month return
  : +61.99%
• YTD return
  : +25.08%
• 1-month return
  : +16.47%

The technical analysis indicates an uptrend with buy signals triggered on February 2, 2026, though the stock is approaching key resistance at $23.18 [0].

---

The discounted cash flow analysis reveals significant upside potential compared to the current stock price:

Scenario	Fair Value	Upside Potential
Current Price	$22.84	-
Conservative	$67.71	+196.5%
Base Case	$86.17	+277.3%
Optimistic	$144.53	+532.8%
Probability-Weighted	$99.47	+335.5%

The DCF analysis suggests the current stock price significantly undervalues the company based on historical financial patterns and analyst consensus estimates. The base case scenario assumes:

• Revenue growth: 10.5% (matching 5-year CAGR)
• EBITDA margin: 8.5%
• WACC: 8.1% [0]

Metric	MillerKnoll	Industry Average	Assessment
P/E Ratio (TTM)	-61.63x	~20-25x	N/A (negative earnings)
P/B Ratio	1.15x	~2.5-3.5x	Undervalued
P/S Ratio	0.42x	~1.0-1.5x	Undervalued
EV/OCF	24.12x	~15-20x	Slightly Elevated

The price-to-sales ratio of 0.42x and price-to-book ratio of 1.15x suggest the stock trades at a discount to peers, potentially leaving room for multiple expansion [0].

Despite the positive momentum, several fundamental concerns warrant attention:

1. Negative Profitability Metrics
   :
   • TTM EPS
     : -$0.37 (negative trailing twelve months earnings)
   • Net Profit Margin
     : -0.68%
   • ROE
     : -1.96%

   The company has returned to profitability in recent quarters, but the TTM figures still reflect historical losses [0].

2. Aggressive Accounting Classification
   : The financial analysis indicates “aggressive” accounting practices with low depreciation/capex ratios, suggesting reported earnings may have limited upside sustainability [0].

3. Moderate Debt Risk
   : The company carries moderate debt risk, which could become problematic if earnings pressure resumes [0].

4. Overbought Technical Indicators
   :
   • RSI
     : Overbought territory
   • KDJ
     : K:88.3, D:85.0, J:95.0 (signaling potential pullback)
   • MACD
     : Bullish but approaching potential cross

   These indicators suggest the stock may be due for a consolidation or correction [0].

The office furniture industry faces a mixed outlook:

• Market Growth
  : North America commercial office furniture market projected to reach $21.69 billion by 2031, growing at 4% CAGR [5].
• Premium Segment Strength
  : Premium tier projected to advance at 6.9% CAGR through 2031, benefiting MillerKnoll’s design-focused portfolio [6].
• Hybrid Work Evolution
  : Continued demand for flexible workspace solutions supports the company’s product strategy.
• Commercial Real Estate Challenges
  : Lingering weakness in commercial real estate could limit office furniture demand growth.

---

• Successful execution of growth strategies in international markets
• Continued earnings beats and margin improvement
• Further recognition of brand value and design leadership
• Multiple expansion as investor confidence grows

• Overbought conditions could trigger short-term correction
• Negative TTM earnings and ROE present fundamental weakness
• Aggressive accounting may mask true profitability challenges
• Commercial real estate headwinds could pressure demand

The analyst community maintains a

consensus:

• Buy
  : 16.7% (1 analyst)
• Hold
  : 83.3% (5 analysts)

The lack of strong buy recommendations despite the recent rally suggests professional analysts remain cautious about the sustainability of the momentum [0].

---

MillerKnoll’s journey to a 52-week high is driven by a combination of

, , and . The DCF analysis suggests significant fundamental value remains unlocked, with fair value estimates ranging from $67 to $144 per share.

1. Technical overbought conditions
   suggest potential short-term volatility or consolidation
2. Fundamental challenges
   remain, including negative TTM profitability and aggressive accounting classification
3. Valuation sustainability
   depends on continued earnings improvement and successful execution of growth initiatives
4. Analyst consensus remains cautious
   , with most maintaining hold ratings

The current stock price at $22.84 appears

relative to intrinsic value, but the recent rally has pushed the stock into overbought territory. A pullback toward the $21 support level would offer a more attractive entry point for long-term investors seeking exposure to the office furniture sector’s turnaround story.

---

Category	Metric	Status
Price	$22.84 (near 52-week high $23.18)	Strong Momentum
52-Week Range	$13.77 - $23.18	Wide Range
3-Month Return	+61.99%	Exceptional
DCF Fair Value	$67 - $145	Significant Upside
P/S Ratio	0.42x	Undervalued
Analyst Rating	83% Hold	Cautious
Technical	Overbought	Risk of Pullback

---

[0]金灵API市场数据 - MillerKnoll实时报价、公司概况、财务分析、DCF估值及技术分析 (2026年2月10日)

[1] MillerKnoll Recognized as one of the Fortune World’s Most Admired Companies 2026 - https://news.millerknoll.com/2026-01-21-MillerKnoll-Recognized-as-one-of-the-Fortune-Worlds-Most-Admired-Companies-2026

[2] MillerKnoll Adds Former J. Jill CEO Claire Spofford To Board - https://pulse2.com/millerknoll-adds-former-j-jill-ceo-claire-spofford-to-board/

[3] Knoll Explores Total Design with Thailand’s Design Community in Bangkok - https://en.prnasia.com/story/520805-0.shtml

[4] MillerKnoll’s (NASDAQ:MLKN) Dividend Will Be $0.1875 - https://finance.yahoo.com/news/millerknolls-nasdaq-mlkn-dividend-0-100039023.html

[5] North America Commercial Office Furniture Market Size 2026 - https://www.linkedin.com/pulse/north-america-commercial-office-furniture-market-iglac/

[6] United States Office Furniture Market Size & Share Analysis - https://www.mordorintelligence.com/industry-reports/united-states-office-furniture-market