MillerKnoll Inc (MLKN)
Payables 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue (ttm) | US$ in thousands | 2,247,300 | 2,198,900 | 2,463,200 | 2,405,100 | 2,746,800 | 2,787,800 | 2,961,700 | 2,986,000 | 3,108,500 | 3,133,000 | 3,090,900 | 3,180,400 | 3,195,800 | 3,293,100 | 3,358,500 | 3,416,100 | 3,124,000 | 3,471,400 | 3,158,800 | 3,427,100 |
| Payables | US$ in thousands | 271,300 | 238,100 | 244,700 | 236,100 | 241,400 | 242,000 | 242,000 | 250,700 | 250,700 | 252,000 | 252,000 | 269,500 | 269,500 | 282,700 | 282,700 | 281,600 | 281,600 | 303,200 | 303,200 | 355,100 |
| Payables turnover | 8.28 | 9.24 | 10.07 | 10.19 | 11.38 | 11.52 | 12.24 | 11.91 | 12.40 | 12.43 | 12.27 | 11.80 | 11.86 | 11.65 | 11.88 | 12.13 | 11.09 | 11.45 | 10.42 | 9.65 |
May 31, 2025 calculation
Payables turnover = Cost of revenue (ttm) ÷ Payables
= $2,247,300K ÷ $271,300K
= 8.28
The payables turnover ratio for MillerKnoll Inc exhibits a trend characterized by fluctuations over the observed period from May 2022 through May 2025. Starting at 9.65 times in May 2022, the ratio increases steadily, reaching a peak of 12.43 times in September 2023. This indicates that during this period, the company was paying its suppliers more frequently within the fiscal year, reflecting either improved liquidity, faster payment cycles, or a possible shift in payment policies favoring more timely settlement of liabilities.
Subsequently, there is a discernible decline in the ratio, descending from the high of 12.43 in September 2023 to around 8.28 in May 2025. This downward trend suggests that MillerKnoll Inc is taking longer to pay its accounts payable, potentially due to changes in supplier payment terms, cash flow considerations, or strategic management of liabilities to optimize working capital.
Overall, the movement of the ratio from higher values in late 2023 to lower values by mid-2025 indicates a shift toward longer payment periods. The ratio's decline could reflect a strategic effort to extend payment cycles, conserve cash, or accommodate operational needs, whereas periods of higher ratios indicate more prompt payments. This variation necessitates further context to ascertain the underlying causes, but it clearly signifies a changing approach to accounts payable management over the analyzed timeframe.