Over the past six months, MillerKnoll’s shares (currently trading at $15.72) have posted a disappointing 10.4% loss, well below the S&P 500’s 12.4% gain. This was partly driven by its softer quarterly results and might have investors contemplating their next move.
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Why Is MillerKnoll Not Exciting?
Even though the stock has become cheaper, we’re swiping left on MillerKnoll for now. Here are three reasons why MLKN doesn’t excite us, plus one stock we’d rather own.
1. Lackluster Revenue Growth
Long-term growth is the most important, but within business services, a stretched historical view may miss new innovations or demand cycles. MillerKnoll’s recent performance shows its demand has slowed significantly as its annualized revenue growth of 1.4% over the last two years was well below its five-year trend. 
2. EPS Trending Down
Analyzing the long-term change in earnings per share (EPS) shows whether a company’s incremental sales were profitable — for example, revenue could be inflated through excessive spending on advertising and promotions.
Sadly for MillerKnoll, its EPS declined by 7.9% annually over the last five years while its revenue grew by 10.4%. This tells us the company became less profitable on a per-share basis as it expanded.
3. Mediocre Free Cash Flow Margin Limits Reinvestment Potential
Free cash flow isn’t a prominently featured metric in company financials and earnings releases, but we think it’s telling because it accounts for all operating and capital expenses, making it tough to manipulate. Cash is king.
MillerKnoll has shown poor cash profitability relative to peers over the last five years, giving the company fewer opportunities to return capital to shareholders. Its free cash flow margin averaged 2.4%, below what we’d expect for a business services business.
Final Judgment
MillerKnoll isn’t a terrible business, but it isn’t one of our picks. Following the recent decline, the stock trades at 8× forward P/E (or $15.72 per share). While this valuation is optically cheap, the potential downside is big given its shaky fundamentals. We’re fairly confident there are better stocks to buy right now. Let us point you toward our favorite semiconductor picks and shovels play.
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