Is Steelcase, Inc. overvalued or undervalued?

As of 10 September 2025, the valuation grade for Steelcase, Inc. has moved from fair to expensive. The company is currently overvalued based on its key ratios, including a P/E ratio of 10, an EV to EBITDA of 5.17, and a Price to Book Value of 1.25. In comparison, its peer MillerKnoll, Inc. has a significantly higher P/E ratio of -77.42, indicating a stark contrast in valuation metrics.
Steelcase's recent stock performance shows a year-to-date return of 43.65%, outperforming the S&P 500's 12.22% during the same period, yet the long-term returns reveal a concerning trend, with a 5-year return of 37.60% compared to the S&P's 96.61%. This suggests that while the stock has performed well recently, its current valuation does not justify its price relative to its peers and historical performance.