MillerKnoll Inc (MLKN)
Receivables 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 |
| Receivables | US$ in thousands | 377,100 | 346,000 | 371,500 | 319,600 | 330,500 | 318,700 | 318,700 | 344,800 | 344,800 | 323,100 | 323,100 | 363,500 | 363,500 | — | 389,700 | — | 398,000 | — | 372,300 | 380,900 |
| Receivables turnover | 9.73 | 10.40 | 9.62 | 10.88 | 10.73 | 11.31 | 11.45 | 10.72 | 22.59 | 24.13 | 24.34 | 21.82 | 10.88 | — | 10.68 | — | 10.82 | — | 11.57 | 11.16 |
May 31, 2025 calculation
Receivables turnover = Revenue (ttm) ÷ Receivables
= $3,669,900K ÷ $377,100K
= 9.73
The receivables turnover ratios for MillerKnoll Inc. over the observed periods demonstrate a generally stable yet slightly fluctuating trend, indicative of the company's efficiency in collecting accounts receivable. At the start of the period, as of May 31, 2022, the ratio was 11.16, reflecting that receivables were collected approximately 11.16 times annually, corresponding to an average collection period of around 32.8 days. This ratio experienced a modest increase to 11.57 by August 31, 2022, suggesting slight improvement in collection efficiency.
However, a gap in the data is noted around September 2022 and December 2022, where no specific ratios are available, limiting continuous trend analysis for those periods. In late 2022 and early 2023, the ratios remained relatively stable, with values of 10.82 (November 30, 2022) and 10.68 (February 28, 2023), indicating consistent and efficient receivables collection practices during this time.
A significant change appears at June 3, 2023, with a marked increase to 21.82, nearly doubling the previous ratios, and a corresponding decrease in the average collection period suggests an improvement in collection speed—receivables were collected roughly twice as frequently annually, or approximately every 16-17 days. This notable improvement may reflect strategic enhancements in credit policies or collection processes.
Subsequent ratios show continued upward momentum, reaching 24.34 at August 31, 2023, the highest in the observed data set, further implying enhanced receivables management. During this period, the company was converting receivables into cash at a faster rate.
In late 2023 and early 2024, the ratios remained high, with values of 22.59 (November 30, 2023), 10.72 (December 2, 2023), and 11.45 (February 29, 2024). The data suggest some variability but generally sustain a high collection efficiency.
Toward the middle of 2024, the ratio stabilized around 10.73 to 10.88, indicating a return to a more moderate collection pace after the earlier peaks. In subsequent periods, such as November 30, 2024, the ratio decreased to 9.62, implying a slight slowdown in receivables collection or a potential extension of credit terms.
Finally, the ratios for 2025 hover just below or around 10.00, with values of 9.73 on May 31, 2025, and 10.40 on February 28, 2025, suggesting a maintained but slightly reduced collection efficiency compared to earlier peaks.
Overall, the data highlight fluctuations in MillerKnoll Inc.'s receivables turnover, with periods of rapid collections correlating with higher ratios and several intervals of more moderate collection activity. The pronounced increase in late 2022 and mid-2023 indicates periods of improved efficiency, whereas the subsequent slight declines reflect either changes in credit policies, customer payment behaviors, or broader operational factors influencing receivables management.