MillerKnoll, Inc. Company Summary

Business Overview

• Core Business: MillerKnoll designs, researches, manufactures, sells, and distributes interior furnishings for a variety of environments globally.
• Product Types: Office seating, furniture systems, freestanding furniture, textiles, leather, felt, acoustical solutions, and related services.
• Key Markets:
  • Institutional environments: offices, conference rooms, lounges, transportation terminals
  • Healthcare: hospitals, clinics, healthcare facilities
  • Educational settings
  • Residential and other environments
• Sales Channels:
  • Independent contract furniture dealers (~53.7% of FY2025 sales)
  • Direct sales to end-users (including governments and organizations)
  • Retail stores and studios (e.g., Herman Miller, DWR, Muuto, Knoll branded stores)
  • eCommerce platforms and direct-mail catalogs

Brands

• Major Brands Included:
  • Herman Miller®
  • Knoll®
  • Design Within Reach® (DWR®)
  • HAY®
  • Holly Hunt®
  • Muuto®
  • Maharam®
  • Geiger®
  • Spinneybeck®|FilzFelt®
  • Edelman®
  • NaughtOne®
  • Colebrook Bosson Saunders®
  • Others

Financial Highlights

• 2025 Revenue: $3.67 billion (net sales)
• 2025 Operating Income: $50.5 million
• 2025 Net Loss (GAAP): $33.2 million
• 2025 Adjusted EPS (non-GAAP): $1.95 per share; GAAP EPS: -$0.54
• Employees: Approximately 10,382 as of May 31, 2025
• Shareholders: About 32,000 shareholders of record as of July 18, 2025
• Market Capitalization: Estimated at $1.7 billion as of November 29, 2024 (based on $25.14 per share)
• Dividends: Quarterly dividend of $0.1875 per share, paid on July 15, 2025

Segments

1. North America Contract
   • Products: Office, healthcare, educational furniture
   • Operations: US and Canadian markets
   • 2025 Net Sales: $1.97 billion
2. International Contract
   • Markets: Europe, Middle East, Africa, Asia-Pacific, Latin America
   • Operations: Europe, China, India, Brazil, Mexico, UK
   • 2025 Net Sales: $660 million
3. Global Retail
   • Products: Modern design furnishings and accessories
   • Channels: Retail stores, eCommerce, catalogs
   • 2025 Net Sales: $1.04 billion
4. Corporate (unallocated expenses)

Business Strategy & Operations

• Focus on designs with over 100 years of heritage
• Emphasis on innovation, customer-centered design, and sustainability
• Manufacturing: assembly-based, lean manufacturing techniques (MillerKnoll Performance System)
• Global manufacturing: US (Georgia, Michigan, North Carolina, Texas), UK, Italy, Brazil, China, India, Mexico
• Distribution: via dealers, direct sales, owned retail stores, eCommerce
• Growth Focus: Expand retail footprint (e.g., stores under DWR, Herman Miller, Muuto), increase international reach, enhance product innovation, and drive demand

Customers

• No single dealer accounts for more than 3% of sales.
• Largest customer contract: $197.4 million, representing about 5% of FY2025 sales.
• Top ten customers: ~18% of net sales.

Employees & Community

• Employees: ~10,382
• Focus on employee engagement, diversity, and inclusion
• Approximate 2% of employees covered by collective bargaining agreements, mainly in UK, Italy, and Brazil

Key Facilities

• Owned locations: Multiple manufacturing, warehouse, and office facilities across US, Canada, Italy, and UK.
• Retail Stores: 75 total retail studios, including 38 DWR, 3 Muuto, 30 Herman Miller, 2 Knoll stores, and more.
• Total retail space (~506,811 sq ft).

Intellectual Property

• Holds numerous patents, trademarks (e.g., "Herman Miller®", "Knoll®", "Aeron®", "Eames®", "Barcelona®", "Womb®"), and trade dress rights.
• Protects design and technology with active enforcement programs.

Risks and Challenges

• Market competition with companies like Haworth, Steelcase, HNI Corporation, and retailers like RH, Wayfair.
• Supply chain disruptions and raw material cost fluctuations.
• Foreign exchange and geopolitical risks affecting international operations.
• Customer demand influenced by macroeconomic trends, inflation, and industry conditions.
• Cybersecurity and data privacy threats.
• Large-scale debt from the Knoll acquisition ($1.31 billion as of 2025) affecting financial flexibility.
• Impairment of goodwill and intangible assets due to market conditions; $30.1 million and $62.2 million impairments in Q3 FY2025.
• Inventory management and potential product defect costs.
• Regulatory and environmental compliance costs.

Summary:
MillerKnoll is a leading global design company specializing in high-quality interior furnishings for diverse environments including offices, healthcare, education, and residential markets. It operates through a diverse set of brands, extensive distribution channels, and manufacturing facilities worldwide. With approximately 10,382 employees, the company generated sales of $3.67 billion in fiscal 2025 and has a shareholder base of about 32,000. Its strategic focus is on innovation, expanding retail and international operations, and sustainability, despite facing competition, geopolitical, supply chain, and financial risks.