NasdaqGS:MLHR

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Executive Summary

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 worldwide. More Details


Snowflake Analysis

Flawless balance sheet with moderate growth potential.


Similar Companies

Share Price & News

How has Herman Miller's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: MLHR's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-12.4%

MLHR

-2.7%

US Commercial Services

-2.4%

US Market


1 Year Return

-34.1%

MLHR

4.6%

US Commercial Services

12.0%

US Market

Return vs Industry: MLHR underperformed the US Commercial Services industry which returned 4.6% over the past year.

Return vs Market: MLHR underperformed the US Market which returned 12% over the past year.


Shareholder returns

MLHRIndustryMarket
7 Day-12.4%-2.7%-2.4%
30 Day24.3%-3.5%-6.5%
90 Day22.0%14.4%8.4%
1 Year-33.5%-34.1%6.2%4.6%14.5%12.0%
3 Year-11.2%-15.7%41.7%32.7%34.8%25.8%
5 Year13.7%3.5%103.1%82.9%82.1%61.6%

Price Volatility Vs. Market

How volatile is Herman Miller's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Herman Miller undervalued compared to its fair value and its price relative to the market?

8.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: MLHR ($30.25) is trading below our estimate of fair value ($33.19)

Significantly Below Fair Value: MLHR is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: MLHR is poor value based on its PE Ratio (113.5x) compared to the US Commercial Services industry average (27.1x).

PE vs Market: MLHR is poor value based on its PE Ratio (113.5x) compared to the US market (17.5x).


Price to Earnings Growth Ratio

PEG Ratio: MLHR is poor value based on its PEG Ratio (1.5x)


Price to Book Ratio

PB vs Industry: MLHR is overvalued based on its PB Ratio (2.4x) compared to the US Commercial Services industry average (1.4x).


Next Steps

Future Growth

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

73.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MLHR's forecast earnings growth (73.4% per year) is above the savings rate (2.2%).

Earnings vs Market: MLHR's earnings (73.4% per year) are forecast to grow faster than the US market (22.9% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: MLHR's revenue (3.5% per year) is forecast to grow slower than the US market (9.9% per year).

High Growth Revenue: MLHR's revenue (3.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if MLHR's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Herman Miller performed over the past 5 years?

-1.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MLHR has a large one-off loss of $192.6M impacting its August 29 2020 financial results.

Growing Profit Margin: MLHR's current net profit margins (0.6%) are lower than last year (6.6%).


Past Earnings Growth Analysis

Earnings Trend: MLHR's earnings have declined by 1.2% per year over the past 5 years.

Accelerating Growth: MLHR's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: MLHR had negative earnings growth (-90.9%) over the past year, making it difficult to compare to the Commercial Services industry average (-8%).


Return on Equity

High ROE: MLHR's Return on Equity (1.4%) is considered low.


Next Steps

Financial Health

How is Herman Miller's financial position?


Financial Position Analysis

Short Term Liabilities: MLHR's short term assets ($757.5M) exceed its short term liabilities ($477.5M).

Long Term Liabilities: MLHR's short term assets ($757.5M) exceed its long term liabilities ($636.0M).


Debt to Equity History and Analysis

Debt Level: MLHR's debt to equity ratio (32.6%) is considered satisfactory.

Reducing Debt: MLHR's debt to equity ratio has reduced from 55.4% to 32.6% over the past 5 years.

Debt Coverage: MLHR's debt is well covered by operating cash flow (107.9%).

Interest Coverage: MLHR's interest payments on its debt are well covered by EBIT (21.8x coverage).


Balance Sheet


Next Steps

Dividend

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

2.48%

Forecast Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: Unable to evaluate MLHR's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate MLHR's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if MLHR's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if MLHR's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: MLHR is not paying a notable dividend for the US market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of MLHR's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.6yrs

Average management tenure


CEO

Andi Owen (55 yo)

2.08yrs

Tenure

US$4,658,464

Compensation

Ms. Andrea R. Owen, also known as Andi, has been Chief Executive Officer, President and Director of Herman Miller, Inc. since August 22, 2018. Ms. Owen's employment with the Herman Miller, Inc. commenced o ...


CEO Compensation Analysis

Compensation vs Market: Andi's total compensation ($USD4.66M) is about average for companies of similar size in the US market ($USD4.59M).

Compensation vs Earnings: Insufficient data to compare Andi's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
Andrea Owen
President2.08yrsUS$4.66mno data
Jeffrey Stutz
Chief Financial Officer5.58yrsUS$1.55m0.046%
$ 813.7k
Gregory Bylsma
Strategic Advisor for North America Contract & Operationsno dataUS$1.67m0.053%
$ 943.5k
Bruce Watson
Chief Creative Officer3.58yrsUS$1.49m0.065%
$ 1.2m
Megan Lyon
Chief Strategy Officer1.58yrsUS$1.41m0.0021%
$ 37.9k
Richard Scott
Chief Manufacturing & Operations Officer1.25yrsno data0.0010%
$ 17.8k
Jeffrey Kurburski
Chief Technology Officerno datano data0.012%
$ 213.3k
Kevin Veltman
VP of Investor Relations & Treasurerno datano data0.0040%
$ 70.3k
Jacqueline Rice
General Counsel & Corporate Secretary1.58yrsno datano data
Donald Goeman
Executive Vice President of Research15.67yrsUS$929.04kno data
Tim Straker
Chief Marketing Officer0.67yrno datano data
Leander LeSure
Chief Human Resources Officer1.58yrsno datano data

1.6yrs

Average Tenure

54yo

Average Age

Experienced Management: MLHR's management team is not considered experienced ( 1.6 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Andrea Owen
President2.08yrsUS$4.66mno data
Douglas D. French
Independent Director18.67yrsUS$237.28k0.020%
$ 364.7k
David Brandon
Independent Director9.58yrsUS$215.00k0.029%
$ 508.4k
Michael Volkema
Independent Non-Executive Chairman20.67yrsUS$300.00k0.21%
$ 3.8m
Mary Andringa
Independent Director21.67yrsUS$210.00k0.063%
$ 1.1m
Candace Matthews
Independent Director0.083yrno data0.0051%
$ 91.2k
John Hoke
Independent Director15yrsUS$200.00k0.054%
$ 953.5k
Lisa Kro
Independent Director8.67yrsUS$240.00k0.037%
$ 666.2k
Heidi Manheimer
Independent Director6.67yrsUS$200.00k0.032%
$ 572.9k
Michael Smith
Independent Director1.67yrsUS$200.00k0.0097%
$ 173.3k

9.1yrs

Average Tenure

59yo

Average Age

Experienced Board: MLHR's board of directors are considered experienced (9.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: MLHR insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Herman Miller, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Herman Miller, Inc.
  • Ticker: MLHR
  • Exchange: NasdaqGS
  • Founded: 1905
  • Industry: Office Services and Supplies
  • Sector: Commercial Services
  • Market Cap: US$1.781b
  • Shares outstanding: 58.87m
  • Website: https://www.hermanmiller.com

Number of Employees


Location

  • Herman Miller, Inc.
  • 855 East Main Avenue
  • PO Box 302
  • Zeeland
  • Michigan
  • 49464-0302
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MLHRNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDJun 1971
MHRDB (Deutsche Boerse AG)YesCommon StockDEEURJun 1971

Biography

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 rela ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/26 05:55
End of Day Share Price2020/09/25 00:00
Earnings2020/08/29
Annual Earnings2020/05/30


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.