MillerKnoll
MLKN · Office Services & Supplies
$21.14
2.5%MSA Safety
MSA · Office Services & Supplies
$182.26
1.2%The short version
- MillerKnoll is the larger business, with $3.8B of revenue in fiscal 2026 against $1.9B for MSA Safety, about 2.0 times as much.
- MillerKnoll grew revenue faster (4.7%, against 3.7%).
- MSA Safety kept more of each dollar of sales as operating profit (19.8% operating margin, against 5.2% operating margin).
- MSA Safety turned more of its sales into free cash flow (15.8% FCF margin, against 2.0% FCF margin).
- MSA Safety earned a higher return on the capital invested in it (17.3%, against 6.1%).
- Investors pay more for each dollar of MSA Safety’s earnings: a P/E of 22.7x against 15.0x for MillerKnoll.
| Latest fiscal year | MLKN · FY26 | MSA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $7.1B |
| Revenue | $3.8B | $1.9B |
| Free cash flow | $77.6M | $295M |
| Net income | $91.5M | $279M |
| Growth | ||
| Revenue growth | 4.7% | 3.7% |
| 5-year growth | 9.3% | 6.8% |
| Share count change | 0.5% | −0.5% |
| Profitability | ||
| Gross margin | 38.8% | 46.5% |
| Operating margin | 5.2% | 19.8% |
| Net margin | 2.4% | 14.9% |
| FCF margin | 2.0% | 15.8% |
| Return on capital | 6.1% | 17.3% |
| Return on equity | 7.0% | 22.2% |
| Balance sheet | ||
| Net debt | $1.1B | $416M |
| Net debt / EBITDA | 3.2x | 0.9x |
| Dividends and buybacks | $51.1M | $172M |
| Valuation & quality | ||
| P/E | 15.0x | 22.7x |
| Piotroski F-score | 7 | 6 |
FY17
MLKN $2.3B
MSA $1.2B
FY18
MLKN $2.4B
MSA $1.4B
FY19
MLKN $2.6B
MSA $1.4B
FY20
MLKN $2.5B
MSA $1.3B
FY21
MLKN $2.5B
MSA $1.4B
FY22
MLKN $3.9B
MSA $1.5B
FY23
MLKN $4.1B
MSA $1.8B
FY24
MLKN $3.6B
MSA $1.8B
FY25
MLKN $3.7B
MSA $1.9B
FY26
MLKN $3.8B
MSA —
MLKN
MSA
FY17
MLKN 8.4%
MSA 3.3%
FY18
MLKN 7.5%
MSA 12.8%
FY19
MLKN 7.9%
MSA 13.4%
FY20
MLKN −1.5%
MSA 12.8%
FY21
MLKN 9.4%
MSA 1.6%
FY22
MLKN 1.0%
MSA 15.7%
FY23
MLKN 3.0%
MSA 12.9%
FY24
MLKN 4.6%
MSA 21.5%
FY25
MLKN 1.4%
MSA 19.8%
FY26
MLKN 5.2%
MSA —
MLKN
MSA
FY17
MLKN $115M
MSA $207M
FY18
MLKN $95.9M
MSA $230M
FY19
MLKN $131M
MSA $128M
FY20
MLKN $153M
MSA $158M
FY21
MLKN $273M
MSA $155M
FY22
MLKN −$107M
MSA $115M
FY23
MLKN $79.6M
MSA $50.1M
FY24
MLKN $274M
MSA $242M
FY25
MLKN $102M
MSA $295M
FY26
MLKN $77.6M
MSA —
MLKN
MSA
FY17
MLKN 19.6%
MSA 4.0%
FY18
MLKN 18.7%
MSA 14.8%
FY19
MLKN 20.5%
MSA 15.8%
FY20
MLKN −3.7%
MSA 13.3%
FY21
MLKN 24.5%
MSA 1.8%
FY22
MLKN 1.9%
MSA 13.7%
FY23
MLKN 4.3%
MSA 8.4%
FY24
MLKN 5.6%
MSA 20.3%
FY25
MLKN 1.7%
MSA 17.3%
FY26
MLKN 6.1%
MSA —
MLKN
MSA
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.