MillerKnoll Inc (MLKN)
Fixed asset turnover
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 3,669,900 | 3,597,000 | 3,574,700 | 3,476,600 | 3,544,800 | 3,605,400 | 3,650,000 | 3,695,400 | 7,789,600 | 7,796,800 | 7,863,900 | 7,930,900 | 3,955,600 | 4,065,800 | 4,162,300 | 4,256,400 | 4,308,300 | 4,341,900 | 4,309,300 | 4,249,800 |
| Property, plant and equipment | US$ in thousands | — | — | — | — | — | 506,200 | — | 517,900 | — | 529,900 | 929,100 | 536,300 | 536,300 | 542,700 | 542,700 | 554,600 | 554,600 | 559,500 | 977,600 | 327,200 |
| Fixed asset turnover | — | — | — | — | — | 7.12 | — | 7.14 | — | 14.71 | 8.46 | 14.79 | 7.38 | 7.49 | 7.67 | 7.67 | 7.77 | 7.76 | 4.41 | 12.99 |
May 31, 2025 calculation
Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $3,669,900K ÷ $—K
= —
The fixed asset turnover ratio for MillerKnoll Inc. exhibits notable fluctuations over the analyzed periods, reflecting varying operational efficiencies in utilizing fixed assets to generate sales.
Initially, the ratio was relatively high at 12.99 as of May 31, 2022, indicating a strong utilization of fixed assets to produce revenue. However, shortly thereafter, by August 31, 2022, the ratio declined significantly to 4.41, suggesting a reduced efficiency in asset utilization, potentially due to changes in sales volume, asset base, or operational strategies.
Following this decline, the ratio experienced some recovery and stabilization, with values of 7.76 on September 3, 2022, and remaining relatively steady around 7.7 to 7.8 through November and December 2022, indicating a period of operational consistency.
A slight decrease was observed in early 2023, with the ratio maintaining at approximately 7.67, which persisted into early 2023, reflecting steady asset utilization. Notably, on June 3, 2023, an upward movement occurred, with the ratio reaching 14.79, nearly doubling the previous levels, signaling a significant improvement in how effectively fixed assets were generating sales during this period.
Subsequently, the ratio decreased again to 8.46 by August 31, 2023, but then surged once more to 14.71 on September 2, 2023. These increases indicate periods where sales may have grown relative to fixed assets, or asset bases were optimized.
Data thereafter becomes less complete with certain missing values, but the ratio is recorded at 7.14 on December 2, 2023, a decline from the previous peak figures, followed by a slight decrease to 7.12 as of March 2, 2024.
Overall, the pattern suggests that MillerKnoll Inc.’s efficiency in utilizing fixed assets has experienced significant volatility over the periods analyzed. The sharp increases around mid-2023 may reflect strategic initiatives, asset optimization, or sales growth, while the declines could indicate periods of asset write-downs, reduced sales, or maintenance of fixed assets without commensurate revenue growth. The inconsistency and fluctuations in the ratio highlight the importance of further contextual analysis, including sales trends, asset base changes, and operational decisions, to fully understand the underlying reasons for these variations.