MillerKnoll vs Moog
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The short version
- 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 29.0x against 15.0x for MillerKnoll.
| Latest fiscal year | MLKN · FY26 | MOG-A · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $11.0B |
| 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 | 15.0x | 29.0x |
| Piotroski F-score | 7 | 7 |
Revenue
FY17
MLKN $2.3B
MOG-A $2.5B
FY18
MLKN $2.4B
MOG-A $2.7B
FY19
MLKN $2.6B
MOG-A $2.9B
FY20
MLKN $2.5B
MOG-A $2.9B
FY21
MLKN $2.5B
MOG-A $2.9B
FY22
MLKN $3.9B
MOG-A $3.0B
FY23
MLKN $4.1B
MOG-A $3.3B
FY24
MLKN $3.6B
MOG-A $3.6B
FY25
MLKN $3.7B
MOG-A $3.9B
FY26
MLKN $3.8B
MOG-A —
MLKN
MOG-A
Operating margin
FY17
MLKN 8.4%
MOG-A 10.4%
FY18
MLKN 7.5%
MOG-A 9.7%
FY19
MLKN 7.9%
MOG-A 11.1%
FY20
MLKN −1.5%
MOG-A 7.5%
FY21
MLKN 9.4%
MOG-A 9.5%
FY22
MLKN 1.0%
MOG-A 9.3%
FY23
MLKN 3.0%
MOG-A 10.4%
FY24
MLKN 4.6%
MOG-A 11.2%
FY25
MLKN 1.4%
MOG-A 11.7%
FY26
MLKN 5.2%
MOG-A —
MLKN
MOG-A
Free cash flow
FY17
MLKN $115M
MOG-A $142M
FY18
MLKN $95.9M
MOG-A $7.9M
FY19
MLKN $131M
MOG-A $63.0M
FY20
MLKN $153M
MOG-A $191M
FY21
MLKN $273M
MOG-A $164M
FY22
MLKN −$107M
MOG-A $107M
FY23
MLKN $79.6M
MOG-A −$37.7M
FY24
MLKN $274M
MOG-A $45.9M
FY25
MLKN $102M
MOG-A $128M
FY26
MLKN $77.6M
MOG-A —
MLKN
MOG-A
Return on capital
FY17
MLKN 19.6%
MOG-A 11.5%
FY18
MLKN 18.7%
MOG-A 7.3%
FY19
MLKN 20.5%
MOG-A 12.3%
FY20
MLKN −3.7%
MOG-A 10.4%
FY21
MLKN 24.5%
MOG-A 9.7%
FY22
MLKN 1.9%
MOG-A 9.8%
FY23
MLKN 4.3%
MOG-A 11.6%
FY24
MLKN 5.6%
MOG-A 12.0%
FY25
MLKN 1.7%
MOG-A 11.7%
FY26
MLKN 6.1%
MOG-A —
MLKN
MOG-A
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.