Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
MillerKnoll Inc
Physical assets are 36.1% of total assets, a mixed footprint. Capex is 0.82x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 5.4%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 4.01x. Compare it with other names in the same basket.
Physical asset ratio
36.1%Physical asset ratio · 2026-05-31(Net PP&E + inventory) / total assetsNet PP&E$957.20MpropertyPlantAndEquipmentNetInventory$488.40MinventoryTotal assets$4.00BtotalAssetsResult 36.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.01xFixed asset turnover · 2026-05-31Revenue / net PP&ERevenue$3.84BtotalRevenueNet PP&E$957.20MpropertyPlantAndEquipmentNetResult 4.01x
Revenue per dollar of the physical asset base.
Capex / D&A
0.82xCapex / D&A · 2026-05-31Capital expenditures / depreciation and amortizationCapex$122.30McapitalExpendituresD&A$148.30MdepreciationAndAmortizationResult 0.82x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$2.76Tangible book / share · 2026-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.00BtotalAssetsGoodwill$1.16BgoodWillIntangibles$435.30MintangibleAssetsLiabilities$2.59BtotalLiabTangible book-$191.60MShares69,416,668commonStockSharesOutstandingResult -$2.76
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$21.49Latest quoteTangible book / share-$2.762026-05-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $21.49.
Fixed-charge coverage
5.53xFixed-charge coverage · 2026-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$362.70MebitdaCapex$122.30McapitalExpendituresInterest$18.40MinterestExpenseShort-term debt$25.10MshortLongTermDebtEBITDA − capex$240.40MPrincipal due is the current portion of debt.Result 5.53x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.3%Free cash flow yield · 2026-05-31Latest free cash flow / current market capFree cash flow$77.60MfreeCashFlowMarket cap$1.47BMarketCapitalizationResult 5.3%
Latest free cash flow divided by current market cap ($1.47B).
ROIC
5.4%ROIC · 2026-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$214.40MoperatingIncomeTax expense$32.40MincomeTaxExpensePretax income$128.20MincomeBeforeTaxTax rate25.3%Equity$1.34BtotalStockholderEquityDebt$1.80BshortLongTermDebtTotalCash$167.70McashInvested capital$2.98BResult 5.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.22x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 34.0%Physical asset ratio · 2019-05-31(Net PP&E + inventory) / total assetsNet PP&E$348.60MpropertyPlantEquipmentInventory$184.20MinventoryTotal assets$1.57BtotalAssetsResult 34.0% | 7.36xFixed asset turnover · 2019-05-31Revenue / net PP&ERevenue$2.57BtotalRevenueNet PP&E$348.60MpropertyPlantEquipmentResult 7.36x | 1.26xCapex / D&A · 2019-05-31Capital expenditures / depreciation and amortizationCapex$90.60McapitalExpendituresD&A$72.10MdepreciationAndAmortizationResult 1.26x | $5.33Tangible book / share · 2019-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.57BtotalAssetsGoodwill$303.80MgoodWillIntangibles$119.20MintangibleAssetsLiabilities$829.50MtotalLiabTangible book$316.80MShares59,381,791commonStockSharesOutstandingResult $5.33 | 12.84xFixed-charge coverage · 2019-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$285.80MebitdaCapex$90.60McapitalExpendituresInterest$12.10MinterestExpenseShort-term debt$3.10MshortTermDebtEBITDA − capex$195.20MPrincipal due is short-term debt.Result 12.84x | $125.80MFree cash flow · 2019-05-31Reported free cash flowOperating cash flow$216.40MtotalCashFromOperatingActivitiesCapex$90.60McapitalExpendituresFree cash flow$125.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $125.80M | 20.6%ROIC · 2019-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$213.70MoperatingIncomeTax expense$39.60MincomeTaxExpensePretax income$200.10MincomeBeforeTaxTax rate19.8%Equity$719.20MtotalStockholderEquityDebt$281.90MshortLongTermDebtTotalCash$168.00McashAndShortTermInvestmentsInvested capital$833.10MResult 20.6% | 0.61xEBIT / PP&E · 2019-05-31Operating income / net PP&EOperating income$213.70MoperatingIncomeNet PP&E$348.60MpropertyPlantEquipmentResult 0.61x |
| 2020 | 35.3%Physical asset ratio · 2020-05-31(Net PP&E + inventory) / total assetsNet PP&E$524.70MpropertyPlantEquipmentInventory$197.30MinventoryTotal assets$2.04BtotalAssetsResult 35.3% | 4.74xFixed asset turnover · 2020-05-31Revenue / net PP&ERevenue$2.49BtotalRevenueNet PP&E$524.70MpropertyPlantEquipmentResult 4.74x | 0.87xCapex / D&A · 2020-05-31Capital expenditures / depreciation and amortizationCapex$69.00McapitalExpendituresD&A$79.50MdepreciationAndAmortizationResult 0.87x | $2.41Tangible book / share · 2020-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.04BtotalAssetsGoodwill$346.00MgoodWillIntangibles$205.20MintangibleAssetsLiabilities$1.35BtotalLiabTangible book$142.20MShares58,920,653commonStockSharesOutstandingResult $2.41 | 3.19xFixed-charge coverage · 2020-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$272.90MebitdaCapex$69.00McapitalExpendituresInterest$12.50MinterestExpenseShort-term debt$51.40MshortTermDebtEBITDA − capex$203.90MPrincipal due is short-term debt.Result 3.19x | $152.80MFree cash flow · 2020-05-31Reported free cash flowOperating cash flow$221.80MtotalCashFromOperatingActivitiesCapex$69.00McapitalExpendituresFree cash flow$152.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $152.80M | —ROIC · 2020-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$193.40MoperatingIncomeTax expense$6.00MincomeTaxExpensePretax income-$8.40MincomeBeforeTaxTax rate—Equity$643.00MtotalStockholderEquityDebt$770.10MshortLongTermDebtTotalCash$461.00McashAndShortTermInvestmentsInvested capital$952.10MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.37xEBIT / PP&E · 2020-05-31Operating income / net PP&EOperating income$193.40MoperatingIncomeNet PP&E$524.70MpropertyPlantEquipmentResult 0.37x |
| 2021 | 36.6%Physical asset ratio · 2021-05-31(Net PP&E + inventory) / total assetsNet PP&E$541.90MpropertyPlantEquipmentInventory$213.60MinventoryTotal assets$2.06BtotalAssetsResult 36.6% | 4.55xFixed asset turnover · 2021-05-31Revenue / net PP&ERevenue$2.47BtotalRevenueNet PP&E$541.90MpropertyPlantEquipmentResult 4.55x | 0.69xCapex / D&A · 2021-05-31Capital expenditures / depreciation and amortizationCapex$59.80McapitalExpendituresD&A$87.20MdepreciationAndAmortizationResult 0.69x | $6.05Tangible book / share · 2021-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.06BtotalAssetsGoodwill$364.20MgoodWillIntangibles$202.80MintangibleAssetsLiabilities$1.14BtotalLiabTangible book$359.60MShares59,389,598commonStockSharesOutstandingResult $6.05 | 16.31xFixed-charge coverage · 2021-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$322.40MebitdaCapex$59.80McapitalExpendituresInterest$13.90MinterestExpenseShort-term debt$2.20MshortLongTermDebtEBITDA − capex$262.60MPrincipal due is the current portion of debt.Result 16.31x | $272.50MFree cash flow · 2021-05-31Reported free cash flowOperating cash flow$332.30MtotalCashFromOperatingActivitiesCapex$59.80McapitalExpendituresFree cash flow$272.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $272.50M | 25.7%ROIC · 2021-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$235.20MoperatingIncomeTax expense$48.30MincomeTaxExpensePretax income$228.60MincomeBeforeTaxTax rate21.1%Equity$849.60MtotalStockholderEquityDebt$277.10MlongTermDebt + shortLongTermDebtCash$404.10McashAndShortTermInvestmentsInvested capital$722.60MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 25.7% | 0.43xEBIT / PP&E · 2021-05-31Operating income / net PP&EOperating income$235.20MoperatingIncomeNet PP&E$541.90MpropertyPlantEquipmentResult 0.43x |
| 2022 | 35.3%Physical asset ratio · 2022-05-31(Net PP&E + inventory) / total assetsNet PP&E$1.01BpropertyPlantAndEquipmentNetInventory$587.30MinventoryTotal assets$4.51BtotalAssetsResult 35.3% | 3.92xFixed asset turnover · 2022-05-31Revenue / net PP&ERevenue$3.95BtotalRevenueNet PP&E$1.01BpropertyPlantAndEquipmentNetResult 3.92x | 0.50xCapex / D&A · 2022-05-31Capital expenditures / depreciation and amortizationCapex$94.70McapitalExpendituresD&A$190.60MdepreciationAndAmortizationResult 0.50x | -$7.59Tangible book / share · 2022-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.51BtotalAssetsGoodwill$1.23BgoodWillIntangibles$863.40MintangibleAssetsLiabilities$2.98BtotalLiabTangible book-$555.60MShares73,160,212commonStockSharesOutstandingResult -$7.59 | 1.86xFixed-charge coverage · 2022-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$219.80MebitdaCapex$94.70McapitalExpendituresInterest$37.80MinterestExpenseShort-term debt$29.30MshortLongTermDebtEBITDA − capex$125.10MPrincipal due is the current portion of debt.Result 1.86x | -$106.60MFree cash flow · 2022-05-31Reported free cash flowOperating cash flow-$11.90MtotalCashFromOperatingActivitiesCapex$94.70McapitalExpendituresFree cash flow-$106.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$106.60M | —ROIC · 2022-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$147.70MoperatingIncomeTax expense$11.10MincomeTaxExpensePretax income-$8.60MincomeBeforeTaxTax rate—Equity$1.43BtotalStockholderEquityDebt$304.20MlongTermDebt + shortLongTermDebtCash$230.30McashInvested capital$1.50BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.15xEBIT / PP&E · 2022-05-31Operating income / net PP&EOperating income$147.70MoperatingIncomeNet PP&E$1.01BpropertyPlantAndEquipmentNetResult 0.15x |
| 2023 | 33.7%Physical asset ratio · 2023-05-31(Net PP&E + inventory) / total assetsNet PP&E$952.20MpropertyPlantAndEquipmentNetInventory$487.40MinventoryTotal assets$4.27BtotalAssetsResult 33.7% | 4.29xFixed asset turnover · 2023-05-31Revenue / net PP&ERevenue$4.09BtotalRevenueNet PP&E$952.20MpropertyPlantAndEquipmentNetResult 4.29x | 0.54xCapex / D&A · 2023-05-31Capital expenditures / depreciation and amortizationCapex$83.30McapitalExpendituresD&A$155.10MdepreciationAndAmortizationResult 0.54x | -$6.25Tangible book / share · 2023-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.27BtotalAssetsGoodwill$1.22BgoodWillIntangibles$793.80MintangibleAssetsLiabilities$2.73BtotalLiabTangible book-$475.30MShares76,024,368commonStockSharesOutstandingResult -$6.25 | 1.86xFixed-charge coverage · 2023-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$277.40MebitdaCapex$83.30McapitalExpendituresInterest$70.90MinterestExpenseShort-term debt$33.40MshortLongTermDebtEBITDA − capex$194.10MPrincipal due is the current portion of debt.Result 1.86x | $79.60MFree cash flow · 2023-05-31Reported free cash flowOperating cash flow$162.90MtotalCashFromOperatingActivitiesCapex$83.30McapitalExpendituresFree cash flow$79.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $79.60M | 3.6%ROIC · 2023-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$122.30MoperatingIncomeTax expense$4.50MincomeTaxExpensePretax income$51.40MincomeBeforeTaxTax rate8.8%Equity$1.43BtotalStockholderEquityDebt$1.87BshortLongTermDebtTotalCash$223.50McashInvested capital$3.08BResult 3.6% | 0.13xEBIT / PP&E · 2023-05-31Operating income / net PP&EOperating income$122.30MoperatingIncomeNet PP&E$952.20MpropertyPlantAndEquipmentNetResult 0.13x |
| 2024 | 32.1%Physical asset ratio · 2024-05-31(Net PP&E + inventory) / total assetsNet PP&E$867.60MpropertyPlantAndEquipmentNetInventory$428.60MinventoryTotal assets$4.04BtotalAssetsResult 32.1% | 4.18xFixed asset turnover · 2024-05-31Revenue / net PP&ERevenue$3.63BtotalRevenueNet PP&E$867.60MpropertyPlantAndEquipmentNetResult 4.18x | 0.51xCapex / D&A · 2024-05-31Capital expenditures / depreciation and amortizationCapex$78.40McapitalExpendituresD&A$155.10MdepreciationAndAmortizationResult 0.51x | -$6.92Tangible book / share · 2024-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.04BtotalAssetsGoodwill$1.23BgoodWillIntangibles$744.80MintangibleAssetsLiabilities$2.58BtotalLiabTangible book-$512.10MShares73,954,756commonStockSharesOutstandingResult -$6.92 | 2.11xFixed-charge coverage · 2024-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$330.60MebitdaCapex$78.40McapitalExpendituresInterest$76.20MinterestExpenseShort-term debt$43.50MshortLongTermDebtEBITDA − capex$252.20MPrincipal due is the current portion of debt.Result 2.11x | $273.90MFree cash flow · 2024-05-31Reported free cash flowOperating cash flow$352.30MtotalCashFromOperatingActivitiesCapex$78.40McapitalExpendituresFree cash flow$273.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $273.90M | 6.3%ROIC · 2024-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$214.80MoperatingIncomeTax expense$14.70MincomeTaxExpensePretax income$99.30MincomeBeforeTaxTax rate14.8%Equity$1.39BtotalStockholderEquityDebt$1.76BshortLongTermDebtTotalCash$230.40McashInvested capital$2.92BResult 6.3% | 0.25xEBIT / PP&E · 2024-05-31Operating income / net PP&EOperating income$214.80MoperatingIncomeNet PP&E$867.60MpropertyPlantAndEquipmentNetResult 0.25x |
| 2025 | 34.3%Physical asset ratio · 2025-05-31(Net PP&E + inventory) / total assetsNet PP&E$907.30MpropertyPlantAndEquipmentNetInventory$447.50MinventoryTotal assets$3.95BtotalAssetsResult 34.3% | 4.04xFixed asset turnover · 2025-05-31Revenue / net PP&ERevenue$3.67BtotalRevenueNet PP&E$907.30MpropertyPlantAndEquipmentNetResult 4.04x | 0.77xCapex / D&A · 2025-05-31Capital expenditures / depreciation and amortizationCapex$107.60McapitalExpendituresD&A$140.50MdepreciationAndAmortizationResult 0.77x | -$7.21Tangible book / share · 2025-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.95BtotalAssetsGoodwill$1.15BgoodWillIntangibles$680.00MintangibleAssetsLiabilities$2.62BtotalLiabTangible book-$497.30MShares68,977,000commonStockSharesOutstandingResult -$7.21 | 0.95xFixed-charge coverage · 2025-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$195.60MebitdaCapex$107.60McapitalExpendituresInterest$76.70MinterestExpenseShort-term debt$16.00MshortLongTermDebtEBITDA − capex$88.00MPrincipal due is the current portion of debt.Result 0.95x | $101.70MFree cash flow · 2025-05-31Reported free cash flowOperating cash flow$209.30MtotalCashFromOperatingActivitiesCapex$107.60McapitalExpendituresFree cash flow$101.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $101.70M | —ROIC · 2025-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$223.60MoperatingIncomeTax expense$11.60MincomeTaxExpensePretax income-$21.60MincomeBeforeTaxTax rate—Equity$1.28BtotalStockholderEquityDebt$1.81BshortLongTermDebtTotalCash$193.70McashInvested capital$2.89BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.25xEBIT / PP&E · 2025-05-31Operating income / net PP&EOperating income$223.60MoperatingIncomeNet PP&E$907.30MpropertyPlantAndEquipmentNetResult 0.25x |
| 2026 | 36.1%Physical asset ratio · 2026-05-31(Net PP&E + inventory) / total assetsNet PP&E$957.20MpropertyPlantAndEquipmentNetInventory$488.40MinventoryTotal assets$4.00BtotalAssetsResult 36.1% | 4.01xFixed asset turnover · 2026-05-31Revenue / net PP&ERevenue$3.84BtotalRevenueNet PP&E$957.20MpropertyPlantAndEquipmentNetResult 4.01x | 0.82xCapex / D&A · 2026-05-31Capital expenditures / depreciation and amortizationCapex$122.30McapitalExpendituresD&A$148.30MdepreciationAndAmortizationResult 0.82x | -$2.76Tangible book / share · 2026-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.00BtotalAssetsGoodwill$1.16BgoodWillIntangibles$435.30MintangibleAssetsLiabilities$2.59BtotalLiabTangible book-$191.60MShares69,416,668commonStockSharesOutstandingResult -$2.76 | 5.53xFixed-charge coverage · 2026-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$362.70MebitdaCapex$122.30McapitalExpendituresInterest$18.40MinterestExpenseShort-term debt$25.10MshortLongTermDebtEBITDA − capex$240.40MPrincipal due is the current portion of debt.Result 5.53x | $77.60MFree cash flow · 2026-05-31Reported free cash flowOperating cash flow$199.90MtotalCashFromOperatingActivitiesCapex$122.30McapitalExpendituresFree cash flow$77.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $77.60M | 5.4%ROIC · 2026-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$214.40MoperatingIncomeTax expense$32.40MincomeTaxExpensePretax income$128.20MincomeBeforeTaxTax rate25.3%Equity$1.34BtotalStockholderEquityDebt$1.80BshortLongTermDebtTotalCash$167.70McashInvested capital$2.98BResult 5.4% | 0.22xEBIT / PP&E · 2026-05-31Operating income / net PP&EOperating income$214.40MoperatingIncomeNet PP&E$957.20MpropertyPlantAndEquipmentNetResult 0.22x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $957.20M
Inventory: $488.40M
Total assets: $4.00B
Goodwill: $1.16B
Intangibles: $435.30M
Liabilities: $2.59B
Tangible book: -$191.60M
Shares: 69,416,668
Revenue: $3.84B
Capex: $122.30M
D&A: $148.30M
EBITDA: $362.70M
Interest: $18.40M
Short-term debt: $25.10M
Free cash flow: $77.60M
Operating income: $214.40M
Invested capital: $2.98B
Tax rate: 25.3%