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Herman Miller

DB:MHR
Snowflake Description

Flawless balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MHR
DB
$2B
Market Cap
  1. Home
  2. DE
  3. Commercial Services
Company description

Herman Miller, Inc. engages in the research, design, manufacture, and distribution of office furniture systems, seating products, other freestanding furniture elements, textiles, home furnishings, and related services in the United States and internationally. The last earnings update was 11 days ago. More info.


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MHR Share Price and Events
7 Day Returns
2.2%
DB:MHR
1.5%
DE Commercial Services
1.8%
DE Market
1 Year Returns
27.2%
DB:MHR
-8.1%
DE Commercial Services
-6%
DE Market
MHR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Herman Miller (MHR) 2.2% 6.2% 10.4% 27.2% 21.3% 47.5%
DE Commercial Services 1.5% 1.7% 10.8% -8.1% 1.3% -41%
DE Market 1.8% 4.6% 7.4% -6% 10.1% 15.3%
1 Year Return vs Industry and Market
  • MHR outperformed the Commercial Services industry which returned -8.1% over the past year.
  • MHR outperformed the Market in Germany which returned -6% over the past year.
Price Volatility
MHR
Industry
5yr Volatility vs Market

Value

 Is Herman Miller undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Herman Miller to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Herman Miller.

DB:MHR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.4%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:MHR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Commercial Services Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.735 (1 + (1- 21%) (12.82%))
0.872
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.872 * 5.96%)
5.43%

Discounted Cash Flow Calculation for DB:MHR using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Herman Miller is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:MHR DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 5.43%)
2019 189.20 Analyst x1 179.46
2020 142.66 Analyst x2 128.36
2021 190.40 Analyst x1 162.49
2022 205.00 Analyst x1 165.94
2023 230.70 Analyst x1 177.13
2024 249.92 Est @ 8.33% 182.02
2025 264.67 Est @ 5.9% 182.83
2026 275.78 Est @ 4.2% 180.71
2027 284.08 Est @ 3.01% 176.56
2028 290.25 Est @ 2.17% 171.11
Present value of next 10 years cash flows $1,706.61
DB:MHR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $290.25 × (1 + 0.23%) ÷ (5.43% – 0.23%)
$5,596.21
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $5,596.21 ÷ (1 + 5.43%)10
$3,299.14
DB:MHR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,706.61 + $3,299.14
$5,005.75
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $5,005.75 / 58.81
$85.11
DB:MHR Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:MHR represents 0.86443x of NasdaqGS:MLHR
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.86443x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 85.11 x 0.86443
€73.57
Value per share (EUR) From above. €73.57
Current discount Discount to share price of €32.71
= -1 x (€32.71 - €73.57) / €73.57
55.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Herman Miller is available for.
Intrinsic value
>50%
Share price is €32.71 vs Future cash flow value of €73.57
Current Discount Checks
For Herman Miller to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Herman Miller's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Herman Miller's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Herman Miller's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Herman Miller's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:MHR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-02) in USD $2.47
NasdaqGS:MLHR Share Price ** NasdaqGS (2019-04-18) in USD $37.84
Europe Commercial Services Industry PE Ratio Median Figure of 105 Publicly-Listed Commercial Services Companies 16.52x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.59x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Herman Miller.

DB:MHR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:MLHR Share Price ÷ EPS (both in USD)

= 37.84 ÷ 2.47

15.31x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Herman Miller is good value based on earnings compared to the Europe Commercial Services industry average.
  • Herman Miller is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Herman Miller's expected growth come at a high price?
Raw Data
DB:MHR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.31x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
10.5%per year
Europe Commercial Services Industry PEG Ratio Median Figure of 54 Publicly-Listed Commercial Services Companies 1.39x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

DB:MHR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.31x ÷ 10.5%

1.46x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Herman Miller is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Herman Miller's assets?
Raw Data
DB:MHR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-02) in USD $12.15
NasdaqGS:MLHR Share Price * NasdaqGS (2019-04-18) in USD $37.84
Germany Commercial Services Industry PB Ratio Median Figure of 8 Publicly-Listed Commercial Services Companies 2.03x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.84x
DB:MHR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:MLHR Share Price ÷ Book Value per Share (both in USD)

= 37.84 ÷ 12.15

3.11x

* Primary Listing of Herman Miller.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Herman Miller is overvalued based on assets compared to the DE Commercial Services industry average.
X
Value checks
We assess Herman Miller's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Commercial Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Commercial Services industry average (and greater than 0)? (1 check)
  5. Herman Miller has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Herman Miller expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Herman Miller expected to grow at an attractive rate?
  • Herman Miller's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Herman Miller's earnings growth is positive but not above the Germany market average.
  • Herman Miller's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:MHR Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:MHR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 10.5%
DB:MHR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 3.3%
Germany Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 31.2%
Germany Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:MHR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:MHR Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-05-31 2,892 311 234 1
2022-05-31 2,828 289 222 1
2021-05-31 2,743 278 206 2
2020-05-31 2,662 255 187 3
2019-05-31 2,553 237 160 3
DB:MHR Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-02 2,514 186 146
2018-12-01 2,474 177 137
2018-09-01 2,426 181 131
2018-06-02 2,381 167 128
2018-03-03 2,340 191 130
2017-12-02 2,287 189 122
2017-09-02 2,260 191 121
2017-06-03 2,278 202 124
2017-03-04 2,284 207 131
2016-12-03 2,295 232 137
2016-09-03 2,298 207 140
2016-05-28 2,265 210 137

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Herman Miller's earnings are expected to grow by 10.5% yearly, however this is not considered high growth (20% yearly).
  • Herman Miller's revenue is expected to grow by 3.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:MHR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Herman Miller Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:MHR Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-05-31 3.96 3.96 3.96 1.00
2022-05-31 3.75 3.75 3.75 1.00
2021-05-31 3.53 3.54 3.51 2.00
2020-05-31 3.18 3.24 3.11 2.00
2019-05-31 2.70 2.70 2.70 2.00
DB:MHR Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-02 2.47
2018-12-01 2.30
2018-09-01 2.20
2018-06-02 2.15
2018-03-03 2.17
2017-12-02 2.05
2017-09-02 2.02
2017-06-03 2.07
2017-03-04 2.19
2016-12-03 2.28
2016-09-03 2.33
2016-05-28 2.28

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Herman Miller is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Herman Miller's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Herman Miller has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Herman Miller performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Herman Miller's growth in the last year to its industry (Commercial Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Herman Miller has delivered over 20% year on year earnings growth in the past 5 years.
  • Herman Miller's 1-year earnings growth is less than its 5-year average (12.9% vs 24.1%)
  • Herman Miller's earnings growth has not exceeded the Europe Commercial Services industry average in the past year (12.9% vs 15.7%).
Earnings and Revenue History
Herman Miller's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Herman Miller Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:MHR Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-02 2,514.20 146.30 643.20 75.10
2018-12-01 2,473.70 136.70 638.60 74.10
2018-09-01 2,425.50 130.80 629.30 72.40
2018-06-02 2,381.20 128.10 616.70 73.10
2018-03-03 2,340.40 129.70 595.00 72.50
2017-12-02 2,286.90 122.40 586.00 71.80
2017-09-02 2,259.90 120.70 580.80 72.90
2017-06-03 2,278.20 123.90 587.80 73.10
2017-03-04 2,283.60 131.10 592.70 74.60
2016-12-03 2,295.20 136.50 596.00 77.10
2016-09-03 2,298.10 139.50 596.70 77.90
2016-05-28 2,264.90 136.70 585.60 77.10
2016-02-27 2,233.00 119.50 579.50 76.30
2015-11-28 2,212.90 112.70 568.90 74.60
2015-08-29 2,197.90 105.80 560.30 73.30
2015-05-30 2,142.20 97.50 543.90 71.40
2015-02-28 2,079.00 90.70 515.50 69.70
2014-11-29 2,018.50 89.00 494.10 67.50
2014-08-30 1,923.60 -19.40 576.60 66.10
2014-05-31 1,882.00 -22.10 564.30 65.90
2014-03-01 1,854.40 -15.30 560.60 64.90
2013-11-30 1,822.00 -18.20 551.00 63.90
2013-08-31 1,793.30 70.70 442.60 62.50
2013-06-01 1,774.90 68.20 429.20 59.90
2013-03-02 1,735.60 56.80 380.30 96.70
2012-12-01 1,711.90 55.20 387.20 81.70
2012-09-01 1,715.70 70.60 383.40 66.60
2012-06-02 1,724.10 75.20 394.90 52.70

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Herman Miller has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Herman Miller used its assets more efficiently than the Europe Commercial Services industry average last year based on Return on Assets.
  • Herman Miller's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Herman Miller's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Commercial Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Herman Miller has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Herman Miller's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Herman Miller's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Herman Miller is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Herman Miller's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Herman Miller's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Herman Miller Company Filings, last reported 1 month ago.

DB:MHR Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-02 735.60 285.40 122.40
2018-12-01 706.20 285.30 121.80
2018-09-01 693.90 285.60 110.20
2018-06-02 695.30 275.00 212.50
2018-03-03 681.60 275.00 201.40
2017-12-02 654.70 200.40 123.10
2017-09-02 632.10 209.60 88.70
2017-06-03 612.30 199.90 104.80
2017-03-04 606.30 234.50 86.40
2016-12-03 594.00 219.60 79.70
2016-09-03 574.80 233.90 72.80
2016-05-28 551.70 221.90 92.40
2016-02-27 520.40 240.20 62.60
2015-11-28 507.20 256.80 60.10
2015-08-29 483.20 268.00 57.70
2015-05-30 450.70 289.80 69.40
2015-02-28 452.00 326.00 68.20
2014-11-29 438.30 327.00 71.30
2014-08-30 417.60 350.00 77.60
2014-05-31 372.10 250.00 112.60
2014-03-01 362.60 250.00 88.20
2013-11-30 347.40 250.00 84.90
2013-08-31 341.00 250.00 121.10
2013-06-01 319.50 250.00 93.50
2013-03-02 292.30 250.00 208.30
2012-12-01 285.60 252.40 195.20
2012-09-01 269.20 250.00 193.50
2012-06-02 248.30 250.00 181.80
  • Herman Miller's level of debt (38.8%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (68.9% vs 38.8% today).
  • Debt is well covered by operating cash flow (65.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 25.2x coverage).
X
Financial health checks
We assess Herman Miller's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Herman Miller has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Herman Miller's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.09%
Current annual income from Herman Miller dividends. Estimated to be 2.2% next year.
If you bought €2,000 of Herman Miller shares you are expected to receive €42 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Herman Miller's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.43%).
  • Herman Miller's dividend is below the markets top 25% of dividend payers in Germany (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:MHR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Germany Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 3.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:MHR Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-05-31 0.92 1.00
2022-05-31 0.92 1.00
2021-05-31 0.84 2.00
2020-05-31 0.80 2.00
2019-05-31 0.78 2.00
DB:MHR Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-10 0.790 2.122
2019-03-20 0.790 2.224
2019-01-09 0.790 2.248
2018-12-19 0.790 2.567
2018-07-02 0.790 2.211
2018-04-11 0.720 2.172
2018-03-21 0.720 2.248
2018-01-10 0.720 1.878
2017-07-05 0.720 2.081
2017-04-12 0.680 2.136
2017-03-22 0.680 2.170
2017-01-11 0.680 2.214
2016-08-08 0.680 2.134
2016-07-26 0.680 2.078
2016-06-22 0.680 2.197
2016-04-06 0.592 1.917
2016-01-06 0.590 2.222
2015-06-24 0.590 2.013
2015-04-08 0.560 1.973
2015-01-07 0.560 1.922
2014-10-08 0.560 1.846
2014-07-29 0.560 1.872
2014-04-08 0.560 1.823
2014-03-19 0.560 1.791
2014-01-07 0.560 1.982
2013-12-18 0.560 1.905
2013-10-09 0.500 1.659
2013-01-22 0.500 1.890
2013-01-09 0.360 1.578
2012-06-27 0.360 1.834
2012-04-11 0.088 0.473
2012-03-21 0.088 0.394
2012-01-11 0.088 0.415
2011-10-12 0.088 0.434
2011-07-26 0.088 0.463
2011-06-22 0.088 0.329
2011-04-06 0.088 0.363
2011-01-06 0.088 0.343
2010-10-06 0.088 0.403
2010-09-16 0.088 0.463
2010-07-27 0.088 0.496
2010-04-07 0.088 0.455
2010-01-06 0.088 0.494
2009-12-16 0.088 0.536
2009-10-07 0.088 0.551
2009-05-14 0.088 0.565
2009-04-22 0.352 2.525

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Herman Miller's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4.1x coverage).
X
Income/ dividend checks
We assess Herman Miller's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Herman Miller afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Herman Miller has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Herman Miller's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Andi Owen
AGE 53
TENURE AS CEO 0.7 years
CEO Bio

Ms. Andrea Owen has been Chief Executive Officer, President and Director of Herman Miller, Inc. since August 22, 2018. Ms. Owen serves as a Director of Taylor Morrison Home Corporation. She served as an Executive Vice President of GAP Global Outlet from 2010 to 2014. She served as the Global President at Banana Republic, LLC at The Gap, Inc. from January 5, 2015 to February 2017. Ms. Owen served as Executive Vice President and General Manager of Global Gap Outlet at The Gap, Inc. from 2010 to 2014. Ms. Owen has more than twenty-five years of apparel industry experience and is known for her strategic vision and commitment to developing world-class teams. She began her Gap Inc. career in 1991 and has held various leadership positions across including, Senior Vice President & General Manager for Banana Republic Factory Store, Divisional Merchandise Manager at Gap Inc. Direct for Old Navy, General Manager for Banana Republic Canada and a variety of positions within the Banana Republic field organization, including Western Zone VP. Prior to joining Gap Inc., she worked for Bloomingdales where she held several cross-functional positions. She holds a B.A. in Art History from the College of William and Mary.

CEO Compensation
  • Insufficient data for Andi to compare compensation growth.
  • Insufficient data for Andi to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Herman Miller management team in years:

2.2
Average Tenure
53
Average Age
  • The tenure for the Herman Miller management team is about average.
Management Team

Jeff Stutz

TITLE
Executive VP & CFO
COMPENSATION
$2M
AGE
47
TENURE
4.2 yrs

B. Watson

TITLE
Chief Creative Officer
COMPENSATION
$1M
AGE
53
TENURE
2.2 yrs

Greg Bylsma

TITLE
President of North America Contract
COMPENSATION
$2M
AGE
53
TENURE
2.2 yrs

Andi Owen

TITLE
President
AGE
53
TENURE
0.7 yrs

Jeff Kurburski

TITLE
Chief Information Officer
AGE
52

Kevin Veltman

TITLE
VP of Investor Relations & Treasurer
AGE
43

Jackie Rice

TITLE
General Counsel
AGE
46
TENURE
0.2 yrs

Don Goeman

TITLE
Executive Vice President of Research
COMPENSATION
$929K
AGE
61
TENURE
14.3 yrs

Leander LeSure

TITLE
Chief Human Resources Officer
TENURE
0.2 yrs

Louise McDonald

TITLE
President of Healthcare & Executive VP
AGE
63
TENURE
6.8 yrs
Board of Directors Tenure

Average tenure and age of the Herman Miller board of directors in years:

10.9
Average Tenure
58.5
Average Age
  • The average tenure for the Herman Miller board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Michael Volkema

TITLE
Chairman of the Board
COMPENSATION
$250K
AGE
62
TENURE
19.3 yrs

Andi Owen

TITLE
President
AGE
53
TENURE
0.7 yrs

Mary Andringa

TITLE
Director
COMPENSATION
$185K
AGE
68
TENURE
20.3 yrs

John Griswell

TITLE
Director
COMPENSATION
$190K
AGE
69
TENURE
14.8 yrs

Lisa Kro

TITLE
Director
COMPENSATION
$195K
AGE
53
TENURE
7.3 yrs

Doug French

TITLE
Director
COMPENSATION
$183K
AGE
64
TENURE
17.3 yrs

John Hoke

TITLE
Director
COMPENSATION
$194K
AGE
53
TENURE
13.6 yrs

Dave Brandon

TITLE
Director
COMPENSATION
$207K
AGE
66
TENURE
8.2 yrs

Heidi Manheimer

TITLE
Director
COMPENSATION
$183K
AGE
55
TENURE
5.3 yrs

Brenda Freeman

TITLE
Director
COMPENSATION
$179K
AGE
49
TENURE
3.3 yrs
Who owns this company?
Recent Insider Trading
  • Herman Miller insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
01. Apr 19 Sell Gregory Bylsma Individual 28. Mar 19 28. Mar 19 -9,048 €31.17 €-282,018
30. Jul 18 Sell Kevin Veltman Individual 27. Jul 18 27. Jul 18 -2,211 €32.33 €-71,473
23. Jul 18 Sell Hezron Lopez Individual 19. Jul 18 19. Jul 18 -6 €33.06 €-198
23. Jul 18 Sell Hezron Lopez Individual 20. Jul 18 20. Jul 18 -5,431 €32.68 €-177,473
20. Jul 18 Sell Jeremy Hocking Individual 19. Jul 18 19. Jul 18 -1,789 €32.84 €-58,755
20. Jul 18 Sell Brian Walker Individual 18. Jul 18 18. Jul 18 -34,704 €32.42 €-1,124,938
20. Jul 18 Sell Andrew Lock Individual 18. Jul 18 18. Jul 18 -15,238 €32.58 €-496,406
18. Jul 18 Buy John Griswell Individual 16. Jul 18 16. Jul 18 100 €33.10 €3,310
12. Jul 18 Sell Gregory Bylsma Individual 12. Jul 18 12. Jul 18 -9,285 €32.64 €-303,106
09. Jul 18 Sell Brian Walker Individual 06. Jul 18 06. Jul 18 -18,000 €32.74 €-589,326
X
Management checks
We assess Herman Miller's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Herman Miller has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Herman Miller, Inc. engages in the research, design, manufacture, and distribution of office furniture systems, seating products, other freestanding furniture elements, textiles, home furnishings, and related services in the United States and internationally. The company provides modular systems under the Canvas Office Landscape, Locale, Public Office Landscape, Layout Studio, Action Office, Ethospace, Arras, and Resolve names; seating products under the Embody, Aeron, Mirra2, Setu, Say, Verus, Celle, Equa, Taper, and Ergon names; and storage products under the Meridian and Tu names. It also offers wood casegoods under the Geiger name; freestanding furniture products under the Abak, Intent, Sense, and Envelop names; and healthcare products under the Palisade, Compass, Nala, Ava, and Nemschoff names, as well as provides Thrive portfolio of ergonomic solutions and textiles, and data analytics solutions. In addition, the company provides products for residential settings under the Eames, Nelson, Bubble Lamps, Airia, Ardea, Bumper, Burdick Group, Everywhere tables, Claw, Caper, Distil, Envelope, Formwork, Full Round, H Frame, I Beam, Landmark, Logic Mini, Logic Power Access Solutions, Renew, Rolled Arm, Scissor, Sled, Soft Pad, Swoop, Tone, Twist, Ward Bennett, and Wireframe names. Its products are used in institutional environments, including offices and related conference, lobby, and lounge areas, as well as general public areas, such as transportation terminals; health/science environments comprising hospitals, clinics, and other healthcare facilities; industrial and educational settings; and residential and other environments. The company markets its products through its sales staff, own dealer network, independent dealers and retailers, and independent contract office furniture dealers, as well as through e-commerce Website. Herman Miller, Inc. was founded in 1905 and is headquartered in Zeeland, Michigan.

Details
Name: Herman Miller, Inc.
MHR
Exchange: DB
Founded: 1905
$1,978,885,631
58,812,564
Website: http://www.hermanmiller.com
Address: Herman Miller, Inc.
855 East Main Avenue,
PO Box 302,
Zeeland,
Michigan, 49464,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS MLHR Common Stock Nasdaq Global Select US USD 18. Jun 1971
DB MHR Common Stock Deutsche Boerse AG DE EUR 18. Jun 1971
Number of employees
Current staff
Staff numbers
7,681
Herman Miller employees.
Industry
Office Services and Supplies
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/21 20:55
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/03/25
Last earnings filing: 2019/04/10
Last earnings reported: 2019/03/02
Last annual earnings reported: 2018/06/02


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.