MillerKnoll Inc (MLKN)
Days of inventory on hand (DOH)
| May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Mar 2, 2024 | Feb 29, 2024 | Dec 2, 2023 | Nov 30, 2023 | Sep 2, 2023 | Aug 31, 2023 | Jun 3, 2023 | May 31, 2023 | Mar 4, 2023 | Feb 28, 2023 | Dec 3, 2022 | Nov 30, 2022 | Sep 3, 2022 | Aug 31, 2022 | May 31, 2022 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Inventory turnover | 5.02 | 5.17 | 5.72 | 5.46 | 6.41 | 6.37 | 6.77 | 6.66 | 6.94 | 6.62 | 6.53 | 6.53 | 6.56 | 6.10 | 6.22 | 5.82 | 5.32 | 5.64 | 5.13 | 5.84 | |
| DOH | days | 72.68 | 70.63 | 63.81 | 66.85 | 56.95 | 57.27 | 53.91 | 54.79 | 52.63 | 55.13 | 55.88 | 55.94 | 55.67 | 59.81 | 58.64 | 62.73 | 68.60 | 64.72 | 71.12 | 62.55 |
May 31, 2025 calculation
DOH = 365 ÷ Inventory turnover
= 365 ÷ 5.02
= 72.68
The analysis of MillerKnoll Inc.'s days of inventory on hand (DOH) over the specified period reveals notable fluctuations and underlying trends. As of May 31, 2022, the DOH stood at 62.55 days, indicating a relatively moderate level of inventory held relative to sales. This figure increased significantly by August 31, 2022, reaching 71.12 days, and remained elevated through September 3, 2022, at 64.72 days, underscoring an accumulation of inventory during this period.
Subsequent months showed a gradual reduction in DOH, with November 30, 2022, reporting 68.60 days, and December 3, 2022, declining to 62.73 days. This downward trend continued into early 2023, with February 28, 2023, recording the lowest observed DOH at 58.64 days, and maintaining a similar level on March 4, 2023, at 59.81 days. These data points suggest a period of inventory optimization, potentially reflecting improved supply chain efficiency or adjustments in production and sales strategies.
However, the trend reversed starting in mid-2023. By May 31, 2023, the DOH slightly decreased to 55.67 days, and remained relatively stable through June 3, 2023, at 55.94 days, as well as August 31, 2023, at 55.88 days, and September 2, 2023, at 55.13 days, indicating a period of inventory management stability.
From late 2023 onward, a marked increase in DOH was observed. By November 30, 2023, the DOH rose to 52.63 days, which further increased to 54.79 days on December 2, 2023. The upward trend intensified into 2024, with February 29, 2024, reporting 53.91 days. However, by March 2, 2024, the figure increased further to 57.27 days, indicating a short-term increase in inventory levels.
The trend continued into mid-2024, with May 31, 2024, recording 56.95 days, slightly below earlier peaks but still elevated compared to mid-2023 levels. By August 31, 2024, the DOH increased sharply to 66.85 days, and further to 63.81 days by November 30, 2024, showing a significant accumulation of inventory. This upward shift persisted into early 2025, with February 28, 2025, reaching 70.63 days, and by May 31, 2025, climbing to 72.68 days, indicating a substantial elongation of inventory holding periods.
Overall, the data indicates that MillerKnoll Inc. experienced periods of inventory reduction and efficiency improvements during late 2022 and early 2023, followed by a significant upward trend starting in late 2023 through 2025. The increasing DOH levels suggest the company has been holding more inventory relative to sales, which could be reflective of strategic stockpiling, supply chain adjustments, or changes in demand dynamics.