MillerKnoll Inc (MLKN)
Debt-to-capital ratio
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Long-term debt | US$ in thousands | — | — | — | — | — | — | — | — | — | — | — | 1,365,100 | — | 1,415,100 | — | 1,434,800 | — | 1,484,400 | — | — |
| Total stockholders’ equity | US$ in thousands | 1,335,100 | 1,254,100 | 1,310,800 | 1,332,500 | 1,385,100 | 1,390,900 | 1,390,900 | 1,420,600 | 1,420,600 | 1,422,300 | 1,422,300 | 1,432,600 | 1,432,600 | 1,433,900 | 1,433,900 | 1,434,300 | 1,434,300 | 1,374,800 | 1,374,800 | 1,427,100 |
| Debt-to-capital ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.49 | 0.00 | 0.50 | 0.00 | 0.50 | 0.00 | 0.52 | 0.00 | 0.00 |
May 31, 2025 calculation
Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $1,335,100K)
= 0.00
The analysis of MillerKnoll Inc.'s debt-to-capital ratio over the period from May 31, 2022, through February 28, 2025, indicates a strong and consistent pattern of low leverage. Initially, the debt-to-capital ratio was recorded at zero on several dates including May 31, 2022; August 31, 2022; November 30, 2022; May 31, 2023; August 31, 2023; September 2, 2023; November 30, 2023; December 2, 2023; February 29, 2024; May 31, 2024; and subsequent dates up to February 28, 2025.
Notably, there are two points in the dataset—September 3, 2022, and December 3, 2022—when the ratio registers at approximately 0.50 and 0.52, respectively. These isolated elevations suggest brief periods of moderate leverage, possibly attributable to specific financing activities or short-term financing needs during those times.
Overall, the prolonged periods with a ratio of zero imply that MillerKnoll Inc. has maintained a negligible or no debt level relative to its total capital, indicating a conservative capital structure with minimal reliance on debt financing. The intermittent instances of borrowing appear to be temporary and effectively reduced or repaid shortly after, restoring the company's debt-to-capital ratio to zero.
This pattern reflects a risk-averse financial strategy, emphasizing equity or internal financing over debt, which may result in a lower financial leverage risk profile. Such a stance can be advantageous in terms of financial stability, especially in volatile market conditions, but might also limit potential leveraging benefits in growth opportunities.