Is MillerKnoll, Inc. overvalued or undervalued?

As of 25 June 2025, the valuation grade for MillerKnoll, Inc. has moved from expensive to risky, indicating a deterioration in its valuation outlook. The company appears to be overvalued, with a P/E ratio of 15, which is significantly higher than its peer Steelcase, Inc., which has a P/E of 15.26, and an EV to EBITDA ratio of 11.36 compared to Steelcase's 8.67. Additionally, the Price to Book Value stands at 0.92, suggesting that the market is pricing the company's equity at a premium relative to its book value.
In terms of performance, MillerKnoll has underperformed compared to the S&P 500 across multiple time frames, with a year-to-date return of -9.52% versus the S&P 500's 12.22%, and a one-year return of -26.18% compared to the index's 17.14%. This consistent underperformance reinforces the notion that the stock is overvalued in the current market context.