HNI Corp (HNI) is overvalued and MillerKnoll Inc (MLKN) is fairly valued.
Both trade above our estimate of their intrinsic value. MLKN is the closer of the two: -1%, against -41% for HNI.
Values as of the 19 Oct 2026 close.
Discounting its cash flows at 8.5% (average of 3 methods) values the shares at $32.77; the price of $46.08 is 41% above that value, and 78% of that value comes from beyond year five.
Leak Score 32/100 on 11 of 12 signals
Discounting its cash flows at 8.4% (average of 3 methods) values the shares at $20.81; the price of $20.92 is 1% above that value, and 78% of that value comes from beyond year five.
Leak Score 44/100 on 12 of 12 signals
| Metric | HNI | MLKN |
|---|---|---|
| Verdict | Overvalued | Fairly valued |
| Price | $46.08 | $20.92 |
| Intrinsic value | $32.77 | $20.81 |
| Margin of safety | -41% | -1% |
| Leak Score | 32/100 (11/12) | 44/100 (12/12) |
| Market cap | $3.3B | $1.4B |
| Revenue growth, 5 years | 7.7% | 9.3% |
| Operating margin | 5.6% | 5.7% |
| Net margin | 0.1% | 2.6% |
| Return on equity | 0.3% | 7.4% |
| Debt to equity | 0.91 | 1.34 |
| P/E | 418.5x | 14.8x |
| Forward P/E | 9.7x | 9.2x |
| P/B | 1.8x | 1.1x |
| Dividend yield | 3.2% | 3.6% |