A. O. Smith vs MillerKnoll
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KIRA’s take AI analyst
I put A. O. Smith and MillerKnoll side by side, using each one’s latest annual report. Here is what stands out:
- MillerKnoll is the larger business, with $3.8B of revenue in fiscal 2026 against $3.8B for A. O. Smith.
- MillerKnoll grew revenue faster (4.7%, against 0.3%).
- A. O. Smith kept more of each dollar of sales as operating profit (19.0% operating margin, against 5.2%).
- A. O. Smith turned more of its sales into free cash flow (14.3% FCF margin, against 2.0%).
- A. O. Smith earned a higher return on the capital invested in it (30.7%, against 6.1%).
- Investors pay more for each dollar of A. O. Smith’s earnings: a P/E of 17.2x 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.
A. O. Smith
AOS
8/11
Gross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
MillerKnoll
MLKN
2/11
Revenue growth5-year growth
Side by side
Best in the row
| Latest fiscal year | AOS FY25 | MLKN FY26 |
|---|---|---|
| Size | ||
| Market cap | $8.5B | $1.5B |
| Revenue | $3.8B | $3.8B |
| Free cash flow | $546M | $77.6M |
| Net income | $546M | $91.5M |
| Growth | ||
| Revenue growth | 0.3% | 4.7% |
| 5-year growth | 5.8% | 9.3% |
| Share count change | −3.5% | 0.5% |
| Profitability | ||
| Gross margin | 38.8% | 38.8% |
| Operating margin | 19.0% | 5.2% |
| Net margin | 14.3% | 2.4% |
| FCF margin | 14.3% | 2.0% |
| Return on capital | 30.7% | 6.1% |
| Return on equity | 29.2% | 7.0% |
| Balance sheet | ||
| Net debt | −$38.2M | $1.1B |
| Net debt / EBITDA | −0.1x | 3.2x |
| Dividends and buybacks | $597M | $51.1M |
| Valuation & quality | ||
| P/E | 17.2x | 14.9x |
| 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.