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Side-by-side financial comparison of MILLERKNOLL, INC. (MLKN) and Public Storage (PSA). Click either name above to swap in a different company.
Public Storage is the larger business by last-quarter revenue ($1.2B vs $955.2M, roughly 1.3× MILLERKNOLL, INC.). Public Storage runs the higher net margin — 41.7% vs 2.5%, a 39.2% gap on every dollar of revenue. On growth, Public Storage posted the faster year-over-year revenue change (3.3% vs -1.6%).
MillerKnoll, Incorporated, doing business as Herman Miller, is an American company that produces office furniture, equipment, and home furnishings. Its best known designs include the Aeron chair, Noguchi table, Marshmallow sofa, Mirra chair, and Eames Lounge Chair. Herman Miller is also credited with the 1968 invention of the office cubicle under then–director of research Robert Propst.
Public Storage, headquartered in Glendale, California, is a real estate investment trust that invests in self storage. It is the largest brand of self-storage services in the US and owns approximately 9% of the self storage square footage in the U.S. As of December 31, 2024, the company operated 3,073 self-storage facilities containing an aggregate of 221 million net rentable square feet of space.
MLKN vs PSA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $955.2M | $1.2B |
| Net Profit | $24.2M | $507.1M |
| Gross Margin | 39.0% | — |
| Operating Margin | 5.1% | 40.7% |
| Net Margin | 2.5% | 41.7% |
| Revenue YoY | -1.6% | 3.3% |
| Net Profit YoY | -29.0% | -17.5% |
| EPS (diluted) | $0.35 | $2.59 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $955.2M | $1.2B | ||
| Q3 25 | $955.7M | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | $24.2M | $507.1M | ||
| Q3 25 | $20.2M | $511.1M | ||
| Q2 25 | — | $358.4M | ||
| Q1 25 | — | $407.8M | ||
| Q4 24 | — | $614.6M | ||
| Q3 24 | — | $430.3M | ||
| Q2 24 | — | $518.1M | ||
| Q1 24 | — | $508.9M |
| Q4 25 | 39.0% | — | ||
| Q3 25 | 38.5% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 5.1% | 40.7% | ||
| Q3 25 | 5.6% | 42.3% | ||
| Q2 25 | — | 30.4% | ||
| Q1 25 | — | 34.8% | ||
| Q4 24 | — | 52.4% | ||
| Q3 24 | — | 36.7% | ||
| Q2 24 | — | 44.6% | ||
| Q1 24 | — | 44.3% |
| Q4 25 | 2.5% | 41.7% | ||
| Q3 25 | 2.1% | 41.8% | ||
| Q2 25 | — | 29.8% | ||
| Q1 25 | — | 34.5% | ||
| Q4 24 | — | 52.2% | ||
| Q3 24 | — | 36.2% | ||
| Q2 24 | — | 44.2% | ||
| Q1 24 | — | 44.0% |
| Q4 25 | $0.35 | $2.59 | ||
| Q3 25 | $0.29 | $2.62 | ||
| Q2 25 | — | $1.76 | ||
| Q1 25 | — | $2.04 | ||
| Q4 24 | — | $3.22 | ||
| Q3 24 | — | $2.16 | ||
| Q2 24 | — | $2.66 | ||
| Q1 24 | — | $2.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $180.4M | $318.1M |
| Total DebtLower is stronger | $1.3B | $10.3B |
| Stockholders' EquityBook value | $1.3B | $9.2B |
| Total Assets | $3.9B | $20.2B |
| Debt / EquityLower = less leverage | 1.02× | 1.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $180.4M | $318.1M | ||
| Q3 25 | $167.2M | $296.5M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $287.2M | ||
| Q4 24 | — | $447.4M | ||
| Q3 24 | — | $599.0M | ||
| Q2 24 | — | $542.3M | ||
| Q1 24 | — | $271.6M |
| Q4 25 | $1.3B | $10.3B | ||
| Q3 25 | $1.3B | $10.0B | ||
| Q2 25 | — | $10.4B | ||
| Q1 25 | — | $9.4B | ||
| Q4 24 | — | $9.4B | ||
| Q3 24 | — | $9.5B | ||
| Q2 24 | — | $9.4B | ||
| Q1 24 | — | $9.1B |
| Q4 25 | $1.3B | $9.2B | ||
| Q3 25 | $1.3B | $9.3B | ||
| Q2 25 | — | $9.4B | ||
| Q1 25 | — | $9.6B | ||
| Q4 24 | — | $9.7B | ||
| Q3 24 | — | $9.6B | ||
| Q2 24 | — | $9.7B | ||
| Q1 24 | — | $9.9B |
| Q4 25 | $3.9B | $20.2B | ||
| Q3 25 | $3.9B | $20.1B | ||
| Q2 25 | — | $20.5B | ||
| Q1 25 | — | $19.6B | ||
| Q4 24 | — | $19.8B | ||
| Q3 24 | — | $19.8B | ||
| Q2 24 | — | $19.8B | ||
| Q1 24 | — | $19.6B |
| Q4 25 | 1.02× | 1.11× | ||
| Q3 25 | 1.02× | 1.08× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | 0.96× | ||
| Q3 24 | — | 0.99× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 0.91× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $64.6M | $733.6M |
| Free Cash FlowOCF − Capex | $34.0M | — |
| FCF MarginFCF / Revenue | 3.6% | — |
| Capex IntensityCapex / Revenue | 3.2% | — |
| Cash ConversionOCF / Net Profit | 2.67× | 1.45× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.6M | $733.6M | ||
| Q3 25 | $9.4M | $875.1M | ||
| Q2 25 | — | $872.7M | ||
| Q1 25 | — | $705.1M | ||
| Q4 24 | — | $768.6M | ||
| Q3 24 | — | $798.8M | ||
| Q2 24 | — | $895.3M | ||
| Q1 24 | — | $665.6M |
| Q4 25 | $34.0M | — | ||
| Q3 25 | $-21.3M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 3.6% | — | ||
| Q3 25 | -2.2% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 3.2% | — | ||
| Q3 25 | 3.2% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 2.67× | 1.45× | ||
| Q3 25 | 0.47× | 1.71× | ||
| Q2 25 | — | 2.43× | ||
| Q1 25 | — | 1.73× | ||
| Q4 24 | — | 1.25× | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | — | 1.73× | ||
| Q1 24 | — | 1.31× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MLKN
| Workplace | $309.9M | 32% |
| Global Retail Segment | $275.8M | 29% |
| International Contract Segment | $170.9M | 18% |
| Performance Seating | $101.1M | 11% |
| Lifestyle | $52.9M | 6% |
| Other Products | $44.6M | 5% |
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
