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Herman Miller

Nasdaq:MLHR
Snowflake Description

Flawless balance sheet with solid track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MLHR
Nasdaq
$1B
Market Cap
  1. Home
  2. US
  3. Commercial Services
Company description

Herman Miller, Inc. engages in the research, design, manufacture, and distribution of office furniture systems, seating products, other freestanding furniture elements, textiles, home furnishings, and related services worldwide. The last earnings update was 18 days ago. More info.


Add to Portfolio Compare Print
  • Herman Miller has significant price volatility in the past 3 months.
MLHR Share Price and Events
7 Day Returns
-26.9%
NasdaqGS:MLHR
-5.6%
US Commercial Services
-2.8%
US Market
1 Year Returns
-51.3%
NasdaqGS:MLHR
-21.4%
US Commercial Services
-15.9%
US Market
MLHR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Herman Miller (MLHR) -26.9% -44.4% -57.6% -51.3% -43.6% -37.5%
US Commercial Services -5.6% -28% -29% -21.4% 2.6% 16.8%
US Market -2.8% -18.8% -24% -15.9% 2.8% 13.3%
1 Year Return vs Industry and Market
  • MLHR underperformed the Commercial Services industry which returned -21.4% over the past year.
  • MLHR underperformed the Market in United States of America which returned -15.9% over the past year.
Price Volatility
MLHR
Industry
5yr Volatility vs Market
Related Companies

MLHR Value

 Is Herman Miller undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Herman Miller to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Herman Miller.

NasdaqGS:MLHR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.4%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:MLHR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
Equity Risk Premium S&P Global 5.4%
Commercial Services Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.592 (1 + (1- 21%) (44.11%))
0.864
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.86
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (0.864 * 5.44%)
6.44%

Discounted Cash Flow Calculation for NasdaqGS:MLHR using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Herman Miller is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

NasdaqGS:MLHR DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 6.44%)
2020 231.54 Est @ 19.66% 217.53
2021 264.62 Est @ 14.28% 233.56
2022 292.46 Est @ 10.52% 242.51
2023 315.53 Est @ 7.89% 245.80
2024 334.59 Est @ 6.04% 244.87
2025 350.49 Est @ 4.75% 240.98
2026 363.98 Est @ 3.85% 235.11
2027 375.69 Est @ 3.22% 227.99
2028 386.10 Est @ 2.77% 220.13
2029 395.62 Est @ 2.46% 211.90
Present value of next 10 years cash flows $2,320.00
NasdaqGS:MLHR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $395.62 × (1 + 1.74%) ÷ (6.44% – 1.74%)
$8,559.33
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $8,559.33 ÷ (1 + 6.44%)10
$4,584.49
NasdaqGS:MLHR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,320.00 + $4,584.49
$6,904.49
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $6,904.49 / 59.06
$116.9
NasdaqGS:MLHR Discount to Share Price
Calculation Result
Value per share (USD) From above. $116.90
Current discount Discount to share price of $17.79
= -1 x ($17.79 - $116.90) / $116.90
84.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Herman Miller is available for.
Intrinsic value
>50%
Share price is $17.79 vs Future cash flow value of $116.9
Current Discount Checks
For Herman Miller to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Herman Miller's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Herman Miller's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Herman Miller's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Herman Miller's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:MLHR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2020-02-29) in USD $3.57
NasdaqGS:MLHR Share Price ** NasdaqGS (2020-04-03) in USD $17.79
United States of America Commercial Services Industry PE Ratio Median Figure of 53 Publicly-Listed Commercial Services Companies 19.41x
United States of America Market PE Ratio Median Figure of 2,947 Publicly-Listed Companies 12.21x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Herman Miller.

NasdaqGS:MLHR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:MLHR Share Price ÷ EPS (both in USD)

= 17.79 ÷ 3.57

4.98x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Herman Miller is good value based on earnings compared to the US Commercial Services industry average.
  • Herman Miller is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Herman Miller's expected growth come at a high price?
Raw Data
NasdaqGS:MLHR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 4.98x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-41.9%per year
United States of America Commercial Services Industry PEG Ratio Median Figure of 35 Publicly-Listed Commercial Services Companies 1.04x
United States of America Market PEG Ratio Median Figure of 2,010 Publicly-Listed Companies 0.88x

*Line of best fit is calculated by linear regression .

NasdaqGS:MLHR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 4.98x ÷ -41.9%

-0.12x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Herman Miller earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Herman Miller's assets?
Raw Data
NasdaqGS:MLHR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2020-02-29) in USD $14.20
NasdaqGS:MLHR Share Price * NasdaqGS (2020-04-03) in USD $17.79
United States of America Commercial Services Industry PB Ratio Median Figure of 86 Publicly-Listed Commercial Services Companies 1.1x
United States of America Market PB Ratio Median Figure of 5,146 Publicly-Listed Companies 1.2x
NasdaqGS:MLHR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:MLHR Share Price ÷ Book Value per Share (both in USD)

= 17.79 ÷ 14.20

1.25x

* Primary Listing of Herman Miller.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Herman Miller is overvalued based on assets compared to the US Commercial Services industry average.
X
Value checks
We assess Herman Miller's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Commercial Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Commercial Services industry average (and greater than 0)? (1 check)
  5. Herman Miller has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

MLHR Future Performance

 How is Herman Miller expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-41.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Herman Miller expected to grow at an attractive rate?
  • Herman Miller's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.7%.
Growth vs Market Checks
  • Herman Miller's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Herman Miller's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:MLHR Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:MLHR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -41.9%
NasdaqGS:MLHR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts -5.6%
United States of America Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 13%
United States of America Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 3.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.4%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:MLHR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:MLHR Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-05-31 2,350 171 84 1
2021-05-31 2,477 190 78 2
2020-05-31 2,617 218 170 2
2020-04-05
NasdaqGS:MLHR Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2020-02-29 2,682 278 211
2019-11-30 2,635 267 212
2019-08-31 2,614 238 173
2019-06-01 2,567 216 161
2019-03-02 2,514 186 146
2018-12-01 2,474 177 137
2018-09-01 2,426 181 131
2018-06-02 2,381 167 128
2018-03-03 2,340 191 130
2017-12-02 2,287 189 122
2017-09-02 2,260 191 121
2017-06-03 2,278 202 124
2017-03-04 2,284 207 131

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Herman Miller's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Herman Miller's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:MLHR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Herman Miller Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:MLHR Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-05-31 1.44 1.44 1.44 1.00
2021-05-31 1.32 1.32 1.32 1.00
2020-05-31 2.87 2.87 2.87 1.00
2020-04-05
NasdaqGS:MLHR Past Financials Data
Date (Data in USD Millions) EPS *
2020-02-29 3.57
2019-11-30 3.60
2019-08-31 2.94
2019-06-01 2.72
2019-03-02 2.47
2018-12-01 2.30
2018-09-01 2.20
2018-06-02 2.15
2018-03-03 2.17
2017-12-02 2.05
2017-09-02 2.02
2017-06-03 2.07
2017-03-04 2.19

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Herman Miller is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Herman Miller's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Herman Miller has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

MLHR Past Performance

  How has Herman Miller performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Herman Miller's growth in the last year to its industry (Commercial Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Herman Miller's year on year earnings growth rate has been positive over the past 5 years.
  • Herman Miller's 1-year earnings growth exceeds its 5-year average (44.2% vs 12.2%)
  • Herman Miller's earnings growth has exceeded the US Commercial Services industry average in the past year (44.2% vs 1.4%).
Earnings and Revenue History
Herman Miller's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Herman Miller Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:MLHR Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2020-02-29 2,681.80 210.50 673.60 76.90
2019-11-30 2,635.10 212.20 651.30 78.00
2019-08-31 2,613.50 172.90 644.80 77.60
2019-06-01 2,567.20 160.50 639.30 76.90
2019-03-02 2,514.30 146.10 644.00 75.20
2018-12-01 2,473.70 136.70 639.30 74.10
2018-09-01 2,425.50 130.80 629.00 72.40
2018-06-02 2,381.20 128.10 616.70 73.10
2018-03-03 2,340.40 129.70 595.00 72.50
2017-12-02 2,286.90 122.40 586.00 71.80
2017-09-02 2,259.90 120.70 580.80 72.90
2017-06-03 2,278.20 123.90 587.80 73.10
2017-03-04 2,283.60 131.10 592.70 74.60
2016-12-03 2,295.20 136.50 596.00 77.10
2016-09-03 2,298.10 139.50 596.70 77.90
2016-05-28 2,264.90 136.70 585.60 77.10
2016-02-27 2,233.00 119.50 579.50 76.30
2015-11-28 2,212.90 112.70 568.90 74.60
2015-08-29 2,197.90 105.80 560.30 73.30
2015-05-30 2,142.20 97.50 543.90 71.40
2015-02-28 2,079.00 90.70 515.50 69.70
2014-11-29 2,018.50 89.00 494.10 67.50
2014-08-30 1,923.60 -19.40 576.60 66.10
2014-05-31 1,882.00 -22.10 564.30 65.90
2014-03-01 1,854.40 -15.30 560.60 64.90
2013-11-30 1,822.00 -18.20 551.00 63.90
2013-08-31 1,793.30 70.70 442.60 62.50
2013-06-01 1,774.90 68.20 429.20 59.90

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Herman Miller has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Herman Miller used its assets more efficiently than the US Commercial Services industry average last year based on Return on Assets.
  • Herman Miller's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Herman Miller's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Commercial Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Herman Miller has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

MLHR Health

 How is Herman Miller's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Herman Miller's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Herman Miller is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Herman Miller's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Herman Miller's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Herman Miller Company Filings, last reported 1 month ago.

NasdaqGS:MLHR Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2020-02-29 908.50 275.00 119.50
2019-11-30 844.60 286.60 186.00
2019-08-31 745.20 291.00 168.50
2019-06-01 739.80 280.30 168.00
2019-03-02 735.60 278.50 122.40
2018-12-01 706.20 278.40 121.80
2018-09-01 693.90 285.60 110.20
2018-06-02 695.30 278.80 212.50
2018-03-03 681.60 275.00 201.40
2017-12-02 654.70 200.40 123.10
2017-09-02 632.10 209.60 88.70
2017-06-03 612.30 199.90 104.80
2017-03-04 606.30 234.50 86.40
2016-12-03 594.00 219.60 79.70
2016-09-03 574.80 233.90 72.80
2016-05-28 551.70 221.90 92.40
2016-02-27 520.40 240.20 62.60
2015-11-28 507.20 256.80 60.10
2015-08-29 483.20 268.00 57.70
2015-05-30 450.70 289.80 69.40
2015-02-28 452.00 326.00 68.20
2014-11-29 438.30 327.00 71.30
2014-08-30 417.60 350.00 77.60
2014-05-31 372.10 250.00 112.60
2014-03-01 362.60 250.00 88.20
2013-11-30 347.40 250.00 84.90
2013-08-31 341.00 250.00 121.10
2013-06-01 319.50 250.00 93.50
  • Herman Miller's level of debt (23.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (72% vs 23.2% today).
  • Debt is well covered by operating cash flow (131.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 24.4x coverage).
X
Financial health checks
We assess Herman Miller's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Herman Miller has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

MLHR Dividends

 What is Herman Miller's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Herman Miller dividends. Estimated to be 4.7% next year.
If you bought $2,000 of Herman Miller shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Herman Miller's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Herman Miller's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:MLHR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 2.2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1936 Stocks 3.1%
United States of America Minimum Threshold Dividend Yield 10th Percentile 1.1%
United States of America Bottom 25% Dividend Yield 25th Percentile 2.1%
United States of America Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:MLHR Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-05-31 0.84 1.00
2021-05-31 0.84 1.00
2020-05-31 0.83 1.00
2020-04-05
NasdaqGS:MLHR Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-04-03 0.000 0.000
2020-01-06 0.840 2.740
2019-06-26 0.840 1.872
2019-04-10 0.790 2.089
2019-03-20 0.790 2.224
2019-01-09 0.790 2.248
2018-12-19 0.790 2.567
2018-07-02 0.790 2.211
2018-04-11 0.720 2.172
2018-03-21 0.720 2.248
2018-01-10 0.720 1.878
2017-07-05 0.720 2.081
2017-04-12 0.680 2.136
2017-03-22 0.680 2.170
2017-01-11 0.680 2.214
2016-08-08 0.680 2.134
2016-07-26 0.680 2.078
2016-06-22 0.680 2.197
2016-04-06 0.592 1.917
2016-01-06 0.590 2.222
2015-06-24 0.590 2.013
2015-04-08 0.560 1.973
2015-01-07 0.560 1.922
2014-10-08 0.560 1.846
2014-07-29 0.560 1.872
2014-04-08 0.560 1.823
2014-03-19 0.560 1.791
2014-01-07 0.560 1.982
2013-12-18 0.560 1.905
2013-10-09 0.500 1.659
2013-07-30 0.500 1.818
2013-01-22 0.500 1.917
2013-01-09 0.360 1.578
2012-06-27 0.360 1.834
2012-04-11 0.088 0.473
2012-03-21 0.088 0.394
2012-01-11 0.088 0.415
2011-10-12 0.088 0.434
2011-07-26 0.088 0.463
2011-06-22 0.088 0.329
2011-04-06 0.088 0.363
2011-03-16 0.088 0.343
2011-01-06 0.088 0.343
2010-10-06 0.088 0.403
2010-09-16 0.088 0.463
2010-07-27 0.088 0.496
2010-04-07 0.088 0.455
2010-01-06 0.088 0.494
2009-12-16 0.088 0.536
2009-10-07 0.088 0.551
2009-05-14 0.088 0.565

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Herman Miller has not reported any payouts.
  • Unable to verify if Herman Miller's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Herman Miller's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Herman Miller has not reported any payouts.
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
X
Income/ dividend checks
We assess Herman Miller's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Herman Miller afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Herman Miller has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MLHR Management

 What is the CEO of Herman Miller's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Andi Owen
COMPENSATION $4,421,162
AGE 54
TENURE AS CEO 1.7 years
CEO Bio

Ms. Andrea R. Owen has been Chief Executive Officer, President and Director of Herman Miller, Inc. since August 22, 2018. Ms. Owen serves as a Director of Taylor Morrison Home Corporation. She served as an Executive Vice President of GAP Global Outlet from 2010 to 2014. She served as the Global President at Banana Republic, LLC at The Gap, Inc. from January 5, 2015 to February 2017. Ms. Owen served as Executive Vice President and General Manager of Global Gap Outlet at The Gap, Inc. from 2010 to 2014. Ms. Owen has more than twenty-five years of apparel industry experience and is known for her strategic vision and commitment to developing world-class teams. She began her Gap Inc. career in 1991 and has held various leadership positions across including, Senior Vice President & General Manager for Banana Republic Factory Store, Divisional Merchandise Manager at Gap Inc. Direct for Old Navy, General Manager for Banana Republic Canada and a variety of positions within the Banana Republic field organization, including Western Zone VP. Prior to joining Gap Inc., she worked for Bloomingdales where she held several cross-functional positions. She holds a B.A. in Art History from the College of William and Mary.

CEO Compensation
  • Insufficient data for Andi to compare compensation growth.
  • Andi's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Herman Miller management team in years:

3.2
Average Tenure
53.5
Average Age
  • The tenure for the Herman Miller management team is about average.
Management Team

Andi Owen

TITLE
President
COMPENSATION
$4M
AGE
54
TENURE
1.7 yrs

Jeff Stutz

TITLE
Chief Financial Officer
COMPENSATION
$2M
AGE
48
TENURE
5.2 yrs

Greg Bylsma

TITLE
President of North America Contract
COMPENSATION
$2M
AGE
54

B. Watson

TITLE
Chief Creative Officer
COMPENSATION
$1M
AGE
54
TENURE
3.2 yrs

Jeremy Hocking

TITLE
President of International Contract
COMPENSATION
$1M
AGE
58
TENURE
3.2 yrs

Jeff Kurburski

TITLE
Chief Technology Officer
AGE
53

Kevin Veltman

TITLE
VP of Investor Relations & Treasurer
AGE
44

Jackie Rice

TITLE
General Counsel
AGE
47
TENURE
1.2 yrs

Don Goeman

TITLE
Executive Vice President of Research
COMPENSATION
$929K
AGE
62
TENURE
15.3 yrs

Leander LeSure

TITLE
Chief Human Resources Officer
AGE
53
TENURE
1.2 yrs
Board of Directors Tenure

Average tenure and age of the Herman Miller board of directors in years:

11.9
Average Tenure
59.5
Average Age
  • The average tenure for the Herman Miller board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Michael Volkema

TITLE
Non-Executive Chairman
COMPENSATION
$346K
AGE
63
TENURE
20.3 yrs

Andi Owen

TITLE
President
COMPENSATION
$4M
AGE
54
TENURE
1.7 yrs

Mary Andringa

TITLE
Independent Director
COMPENSATION
$185K
AGE
69
TENURE
21.3 yrs

Dave Brandon

TITLE
Independent Director
COMPENSATION
$205K
AGE
67
TENURE
9.2 yrs

Lisa Kro

TITLE
Independent Director
COMPENSATION
$195K
AGE
54
TENURE
8.3 yrs

Doug French

TITLE
Independent Director
COMPENSATION
$193K
AGE
65
TENURE
18.3 yrs

John Griswell

TITLE
Independent Director
COMPENSATION
$183K
AGE
70
TENURE
15.8 yrs

John Hoke

TITLE
Independent Director
COMPENSATION
$179K
AGE
54
TENURE
14.6 yrs

Heidi Manheimer

TITLE
Independent Director
COMPENSATION
$181K
AGE
56
TENURE
6.3 yrs

Mike Smith

TITLE
Independent Director
COMPENSATION
$183K
AGE
49
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • Herman Miller individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
30. Jan 20 Sell John McPhee Individual 28. Jan 20 28. Jan 20 -1,716 $40.78 $-69,979
28. Jan 20 Sell John McPhee Individual 24. Jan 20 24. Jan 20 -491 $40.95 $-20,112
24. Jan 20 Sell John McPhee Individual 23. Jan 20 23. Jan 20 -3,000 $40.98 $-122,940
25. Sep 19 Sell Gregory Bylsma Individual 23. Sep 19 23. Sep 19 -13,288 $46.17 $-613,507
30. Jul 19 Sell Jeffrey Kurburski Individual 29. Jul 19 29. Jul 19 -3,442 $45.52 $-156,663
03. Jul 19 Sell Gregory Bylsma Individual 02. Jul 19 02. Jul 19 -10,717 $44.19 $-473,611
01. May 19 Sell Gregory Bylsma Individual 30. Apr 19 30. Apr 19 -5,236 $38.99 $-204,143
X
Management checks
We assess Herman Miller's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Herman Miller has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

MLHR News

Simply Wall St News

Is Herman Miller, Inc. (NASDAQ:MLHR) Trading At A 47% Discount?

(NASDAQ:MLHR) by taking the expected future cash flows and discounting them to today's value. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today's value: 10-year free cash flow (FCF) estimate 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF ($, Millions) $147.1m $162.3m $206.7m $231.4m $247.4m $261.0m $273.1m $284.3m $294.7m $304.7m Growth Rate Estimate Source Analyst x2 Analyst x2 Analyst x1 Analyst x1 Analyst x1 Est @ 5.49% Est @ 4.66% Est @ 4.08% Est @ 3.68% Est @ 3.39% Present Value ($, Millions) Discounted @ 7.56% $136.8 $140.3 $166.1 $172.9 $171.9 $168.6 $164.0 $158.7 $153.0 $147.1 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= $1.6b We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. … In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 7.6%.

Simply Wall St -

Why You Might Be Interested In Herman Miller, Inc. (NASDAQ:MLHR) For Its Upcoming Dividend

As a result, readers should always check whether Herman Miller has been able to grow its dividends, or if the dividend might be cut. … View our latest analysis for Herman Miller Dividends are typically paid out of company income, so if a company pays out more than it earned, its dividend is usually at a higher risk of being cut. … Herman Miller has delivered an average of 9.1% per year annual increase in its dividend, based on the past 10 years of dividend payments.

Simply Wall St -

Here's How P/E Ratios Can Help Us Understand Herman Miller, Inc. (NASDAQ:MLHR)

The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Herman Miller: P/E of 15.45 = $42.01 ÷ $2.72 (Based on the trailing twelve months to June 2019.) Is A High Price-to-Earnings Ratio Good? … How Does Herman Miller's P/E Ratio Compare To Its Peers? … The Verdict On Herman Miller's P/E Ratio Herman Miller has a P/E of 15.4.

Simply Wall St -

Could Herman Miller, Inc.'s (NASDAQ:MLHR) Investor Composition Influence The Stock Price?

Herman Miller has a market capitalization of US$2.4b, so we would expect some institutional investors to have noticed the stock. … Taking a look at our data on the ownership groups (below), it's seems that institutional investors have bought into the company. … Check out our latest analysis for Herman Miller NasdaqGS:MLHR Ownership Summary, August 16th 2019 What Does The Institutional Ownership Tell Us About Herman Miller?

Simply Wall St -

How Herman Miller, Inc. (NASDAQ:MLHR) Can Impact Your Portfolio Volatility

Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … This is above 1, so historically its share price has been influenced by the broader volatility of the stock market. … What this means for you: Beta only tells us that the Herman Miller share price is sensitive to broader market movements.

Simply Wall St -

Is Now The Time To Put Herman Miller (NASDAQ:MLHR) On Your Watchlist?

So if you're like me, you might be more interested in profitable, growing companies, like Herman Miller (NASDAQ:MLHR). … As a result, I'm encouraged by the fact that insiders own Herman Miller shares worth a considerable sum. … Of course, you can do well (sometimes) buying stocks that are not growing earnings and do not have insiders buying shares.

Simply Wall St -

Why Investors Should Run Towards Herman Miller, Inc. (NASDAQ:MLHR)

This is the beginning of your research, but before you decide to buy MLHR, I highly urge you to understand more about the company, in particular, in these following areas: Future Outlook: What are well-informed industry analysts predicting for MLHR’s future growth? … Take a look at our free research report of analyst consensus for MLHR’s outlook. … The intrinsic value infographic in our free research report helps visualize whether MLHR is currently mispriced by the market.

Simply Wall St -

Will Herman Miller, Inc.'s (NASDAQ:MLHR) Earnings Grow Over The Next Few Years?

Below, I've laid out key growth figures on how market analysts view Herman Miller's earnings growth trajectory over the next few years and whether the future looks even brighter than the past. … View our latest analysis for Herman Miller Analysts' expectations for the coming year seems positive, with earnings expanding by a robust 21%. … NasdaqGS:MLHR Past and Future Earnings, July 19th 2019 While it’s useful to be aware of the growth rate year by year relative to today’s level, it may be more valuable to analyze the rate at which the business is moving every year, on average.

Simply Wall St -

Herman Miller (NASDAQ:MLHR) Has A Pretty Healthy Balance Sheet

View our latest analysis for Herman Miller How Much Debt Does Herman Miller Carry? … NasdaqGS:MLHR Historical Debt, July 12th 2019 A Look At Herman Miller's Liabilities Zooming in on the latest balance sheet data, we can see that Herman Miller had liabilities of US$446.1m due within 12 months and liabilities of US$383.4m due beyond that. … During the last three years, Herman Miller produced sturdy free cash flow equating to 71% of its EBIT, about what we'd expect.

Simply Wall St -

Herman Miller, Inc. (NASDAQ:MLHR) Is Employing Capital Very Effectively

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Herman Miller: 0.19 = US$214m ÷ (US$1.6b - US$446m) (Based on the trailing twelve months to June 2019.) So, Herman Miller has an ROCE of 19%. … Herman Miller's Current Liabilities And Their Impact On Its ROCE Current liabilities are short term bills and invoices that need to be paid in 12 months or less. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.

Simply Wall St -

MLHR Company Info

Description

Herman Miller, Inc. engages in the research, design, manufacture, and distribution of office furniture systems, seating products, other freestanding furniture elements, textiles, home furnishings, and related services worldwide. The company offers seating products under the Embody, Aeron, Mirra2, Setu, Sayl, Verus, Cosm, Lino, Verus, Celle, Equa, Taper, and Ergon names; and modular systems under the Canvas Office Landscape, Locale, Public Office Landscape, Layout Studio, Action Office, Ethospace, Arras, Prospect, Overlay, and Resolve names. It also provides storage products under the Meridian and Tu names; wood case goods under the Geiger name; freestanding furniture products under the Abak, Intent, Sense, and Envelop names; healthcare products under the Palisade, Compass, Nala, Ava, and Nemschoff names; Thrive portfolio of ergonomic solutions, ergonomic, and technology support products under the Colebrook Bosson Saunders name; and textiles under the Maharam name, as well as Live Platform system of cloud-connected furnishings, applications, and dashboards. In addition, the company offers products for residential settings under the Eames, HAY, Nelson, Bubble Lamps, Airia, Ardea, Bumper, Burdick Group, Everywhere, Claw, Caper, Distil, Envelope, Formwork, Full Round, H Frame, I Beam, Landmark, Logic Mini, Logic Power Access Solutions, Renew, Rolled Arm, Scissor, Sled, Soft Pad, Swoop, Tone, Twist, Ward Bennett, and Wireframe names. Its products are used in offices and related conference, lobby, and lounge areas; transportation terminals; hospitals, clinics, and other healthcare facilities; industrial and educational settings; and residential and other environments. The company markets its products through its sales staff, own dealer network, independent dealers and retailers, and independent contract office furniture dealers, as well as through e-commerce Website. Herman Miller, Inc. was founded in 1905 and is headquartered in Zeeland, Michigan.

Details
Name: Herman Miller, Inc.
MLHR
Exchange: NasdaqGS
Founded: 1905
$1,050,719,188
59,062,349
Website: http://www.hermanmiller.com
Address: Herman Miller, Inc.
855 East Main Avenue,
PO Box 302,
Zeeland,
Michigan, 49464,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS MLHR Common Stock Nasdaq Global Select US USD 18. Jun 1971
DB MHR Common Stock Deutsche Boerse AG DE EUR 18. Jun 1971
Number of employees
Current staff
Staff numbers
8,000
Herman Miller employees.
Industry
Office Services and Supplies
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/05 03:22
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/03/31
Last earnings filing: 2020/03/18
Last earnings reported: 2020/02/29
Last annual earnings reported: 2019/06/01


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.