MLKN - MillerKnoll: Low Valuation And Close To Bottom

2025-03-31 16:01:13 ET

Summary

• MillerKnoll, Inc. (MLKN) faces macroeconomic headwinds but shows revenue growth through new product launches, store expansions, and strong North American retail orders.
• The company’s backlog grew 7.4% Y/Y, and a 4.5% list price increase in June 2025 should support future revenue growth.
• Margin pressures from tariffs are mitigated by price increases, cost-reduction initiatives, and alternative sourcing, ensuring long-term revenue and margin growth potential.

Investment Thesis

MillerKnoll, Inc. ( MLKN ) is executing well despite macro and tariff-related headwinds. The company has seen good order growth in the first three weeks of March which, along with the back to office trend, bodes well for the near term growth. In addition, the company's revenue growth should benefit from price increases, open of new locations in retail business and new product launches....

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