MillerKnoll vs Moog
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KIRA’s take AI analyst
I put MillerKnoll and Moog side by side, using each one’s latest annual report. Here is what stands out:
- Moog is the larger business, with $3.9B of revenue in fiscal 2025 against $3.8B for MillerKnoll.
- Moog grew revenue faster (7.0%, against 4.7%).
- Moog kept more of each dollar of sales as operating profit (11.7% operating margin, against 5.2%).
- Moog turned more of its sales into free cash flow (3.3% FCF margin, against 2.0%).
- Moog earned a higher return on the capital invested in it (11.7%, against 6.1%).
- Investors pay more for each dollar of Moog’s earnings: a P/E of 30.5x against 14.9x for MillerKnoll.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
MillerKnoll
MLKN
2/11
5-year growthGross margin
Moog
MOG-A
8/11
Revenue growthOperating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | MLKN FY26 | MOG-A FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $11.5B |
| Revenue | $3.8B | $3.9B |
| Free cash flow | $77.6M | $128M |
| Net income | $91.5M | $235M |
| Growth | ||
| Revenue growth | 4.7% | 7.0% |
| 5-year growth | 9.3% | 6.0% |
| Share count change | 0.5% | −0.9% |
| Profitability | ||
| Gross margin | 38.8% | 27.4% |
| Operating margin | 5.2% | 11.7% |
| Net margin | 2.4% | 6.1% |
| FCF margin | 2.0% | 3.3% |
| Return on capital | 6.1% | 11.7% |
| Return on equity | 7.0% | 12.3% |
| Balance sheet | ||
| Net debt | $1.1B | $1.0B |
| Net debt / EBITDA | 3.2x | 1.8x |
| Dividends and buybacks | $51.1M | $179M |
| Valuation & quality | ||
| P/E | 14.9x | 30.5x |
| Piotroski F-score | 7 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.