Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.54, read 2026-11-03
Ethical does not pass the values gate
Price21.99 USD
Fair value33.00
Ethical score70.0/100
Value readUndervaluedas of 5 Nov 2026
Our investment reviews on this name
2026-10-11Read Accumulation20.72+6.1% to today ✓Markdown gives way to Accumulation after a 12% slide in 5 weeks
2026-09-05Read Markdown23.49-6.4% to today ✓Markup gives way to Markdown after an 8% rise in 4 weeks
2026-08-05Read Markup21.82+0.8% to today ✓Distribution gives way to Markup after a 9% rise in 5 weeks
2026-07-02Read Distribution19.96+10.2% to today First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
MillerKnoll, Inc. holds its Markup at $21.99. Consolidating, no directional conviction, held for 68 days.
As held on the ledger · 2026-11-05
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 68 days
Price at the screen
$21.99
Valuation
15.60 trailing · 9.68 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.36
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
45.87%
Below 33%
Interest-bearing debt is 45.9% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
13.77%
Below 49%
Money owed to the company is 13.8% of assets, under the 49% limit.
Pass
Revenue purity
0.11%
Below 5%
Only 0.1% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
MillerKnoll,'s business is in a permissible area, but its interest-bearing debt is about 46% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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Today MLKN does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 5 Nov 2026: it trades at roughly a 33% discount to our $33.00 fair value.
Fair value range in USD, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. A 33.4% discount to the base estimate.
Where our models see it going: fair-value estimate $33.00, with a range of $33.00 to $43.98, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Office Furniture Demand Faces a Long Slog
Walk into any newly fitted workspace and the desks and chairs look familiar, yet MillerKnoll cannot turn that familiarity into stronger growth. Revenue edges ahead just 4 percent while profit margins sit at 2 percent and return on equity reaches only 7 percent. The shares trade at 9.2 times forward earnings with a 60 percent gap to stated fair value, but the low multiple reflects thin returns rather than a bargain in a cyclical industry.
The business clears the ethical screen, yet that alone does not create an opportunity when earnings remain hostage to office fit-outs and consumer spending cycles. Peak-cycle margins often look attractive on paper before the next downturn arrives and multiples compress further.
Currency moves, weak contract demand and limited pricing power sit at the heart of the risk profile. The market is not mispricing quality here so much as correctly discounting modest returns through the cycle. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it already moves more than the market on an average day.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
MLKN trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-01Accumulation$21.49-0.9%Entry 16
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are down 13%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (1 analysts) rates it none, with a mean price target of $32.
2026-10-25Accumulation$21.68+1.0%Entry 15
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 1.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 9% above its long-term trend line with momentum reading neutral. Over the past year the shares are down 13%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (1 analysts) rates it none, with a mean price target of $32.
2026-10-18Accumulation$21.46+3.6%Entry 14
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 3.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 13%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (1 analysts) rates it none, with a mean price target of $32.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 13%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (1 analysts) rates it none, with a mean price target of $32.
2026-10-02Markdown$20.32-3.1%Entry 12
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 3.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 13%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (1 analysts) rates it none, with a mean price target of $32.
2026-09-21Markdown$20.97+0.0%Entry 11
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 13%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (1 analysts) rates it none, with a mean price target of $32. It reported earnings in this window, a natural checkpoint for the thesis.
2026-09-19Markdown$20.97+0.0%Entry 10
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 13%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (1 analysts) rates it none, with a mean price target of $32. It reported earnings in this window, a natural checkpoint for the thesis.
2026-09-18Markdown$20.97+0.0%Entry 9
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 13%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (1 analysts) rates it none, with a mean price target of $32. It reported earnings in this window, a natural checkpoint for the thesis.
2026-09-17Markdown$20.97-10.7%Entry 8
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 10.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 13%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (1 analysts) rates it none, with a mean price target of $32. It reported earnings in this window, a natural checkpoint for the thesis.
2026-09-16Markdown$23.49+0.0%Entry 7
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 13%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (1 analysts) rates it none, with a mean price target of $32. It reported earnings in this window, a natural checkpoint for the thesis.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
