MillerKnoll, Inc. — Earnings Quality Grade F
MLKN · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 35 days, change +4 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 1.1%, CFFO -40.6%. Cash follows revenue
Expense Quality
Inventory 4.4% vs COGS 1.7%. Normal
CapEx growth 37.2% is >2x revenue growth 1.1%
SG&A/Gross Profit = 79.7%, exceeds 70%
Gross margin 38.8%, change -0.4pp. Stable
Cash Flow Quality
CFFO/NI = -5.67. Below 1.0
FCF $0.1B, FCF/NI = -2.76
Accruals ratio = -6.2%. Low accruals
Cash $0.2B covers only 11% of debt $1.8B
Balance Sheet Health
Goodwill+Intangibles $1.8B = 144% of equity. Over 50%
Debt/EBITDA = 9.3x (>4x). Financial stress
Other assets -24.8% vs revenue 1.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -7% YoY. Normal
Manipulation Score
M-Score = -2.67 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25