MasterBrand, Inc. (MBC) vs MillerKnoll, Inc. (MLKN)

MasterBrand, Inc. and MillerKnoll, Inc. are both Furnishings Fixtures & Appliances companies. MasterBrand, Inc. and MillerKnoll, Inc. are of similar size ($1.5B and $1.4B). MasterBrand, Inc. has negative trailing earnings, so its P/E is not meaningful; MillerKnoll, Inc. trades at 14.0×. MillerKnoll, Inc. grew revenue faster over the last twelve months: 1.20% against −0.01%. MillerKnoll, Inc. has the higher net margin (2.57% vs −3.49%) and the higher return on invested capital (4.96% vs −0.64%). Across the 21 metrics below, MillerKnoll, Inc. leads on 18 and MasterBrand, Inc. on 3.

Valuation

Metric MBC MLKN Furnishings Fixtures & Appliances median
P/E n/m 14.04 14.03
P/S 0.40 0.36 0.52
P/B 0.56 1.04 1.06
Price to free cash flow 14.83 12.33 9.86
EV/EBITDA 31.38 7.19 7.67
EV/Sales 0.81 0.66 0.67
Earnings yield (9.54%) 7.12% 3.50%
Free cash flow yield 6.74% 8.11% 7.55%

Profitability

Metric MBC MLKN Furnishings Fixtures & Appliances median
Gross margin 26.93% 39.53% 37.53%
Operating margin (1.14%) 5.16% 2.03%
Net margin (3.49%) 2.57% 1.65%
Free cash flow margin 2.70% 6.29% 3.92%
Return on equity (5.82%) 0.00% 5.51%
Return on assets (2.61%) 2.46% 1.69%
Return on invested capital (0.64%) 4.96% 3.55%

Growth

Metric MBC MLKN Furnishings Fixtures & Appliances median
Revenue growth (TTM) (0.01%) 1.20% 1.14%
EPS growth (last fiscal year) (78.13%) 344.44% —
Revenue growth, 5-year CAGR 2.06% 9.28% 0.64%
Net income growth, 5-year CAGR (28.78%) (12.12%) 0.00%

Health

Metric MBC MLKN Furnishings Fixtures & Appliances median
Debt to equity 0.71 0.96 0.17
Current ratio 1.76 1.65 1.97
Net debt to EBITDA 3.72 3.20 0.06

Dividend

Metric MBC MLKN Furnishings Fixtures & Appliances median
Dividend yield — 2.75% 2.20%
Payout ratio — 1.74 0.09

Size

Metric MBC MLKN Furnishings Fixtures & Appliances median
Market cap 1.46b 1.37b 212.02m

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