A Business at a Glance
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MILLER INDUSTRIES INC /TN/
MLR
$597M
Mkt Cap
$51.39
+0.33%
MILLER INDUSTRIES INC /TN/ (MLR) has a current P/E ratio of 19.9, compared to its historical median P/E of 11.8. The stock is currently considered Expensive based on its historical valuation range.
MILLER INDUSTRIES INC /TN/ (MLR) has a 5-year average return on invested capital (ROIC) of 10.5%. This indicates solid capital allocation.
MILLER INDUSTRIES INC /TN/ (MLR) has a market capitalization of $586M. It is classified as a small-cap stock.
Yes, MILLER INDUSTRIES INC /TN/ (MLR) pays a dividend with a trailing twelve-month yield of 1.58%. The company also returns capital through share buybacks, with a buyback yield of 1.03%.
Based on historical P/E analysis, MILLER INDUSTRIES INC /TN/ (MLR) appears expensive. The current P/E of 19.9 is 69% above its historical median of 11.8. The estimated fair value CAGR (P/E method) is 6.2%.
MILLER INDUSTRIES INC /TN/ (MLR) operates in the Truck & Bus Bodies industry, within the Consumer Cyclical sector.
MILLER INDUSTRIES INC /TN/ (MLR) reported annual revenue of $790 million in its most recent fiscal year, based on SEC EDGAR filings.
OUR COMPANY Miller Industries, Inc., a Tennessee corporation, is The World’s Largest Manufacturer of Towing and Recovery Equipment®, with executive offices in Ooltewah, Tennessee, domestic manufacturing operations in Tennessee and Pennsylvania, and foreign manufacturing operations in France, the United Kingdom and, most recently, Italy. On December 2, 2025, Miller Industries, Inc. acquired Omars – S.p.A (“Omars”), a designer and manufacturer of towing and recovery vehicles, headquartered in Cuneo, Italy. Miller Industries was founded in 1990. Since its inception, the Company has developed innovative high-quality towing and recovery equipment worldwide. We design and manufacture bodies of car carriers and wreckers, which are installed on chassis manufactured by third parties, and sold to our customers.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 745M | 790M | 1.3B | 1.2B | 848M | 717M |
| Net Income | 16M | 23M | 63M | 58M | 20M | 16M |
| EPS | $1.36 | $1.98 | $5.47 | $5.07 | $1.78 | $1.42 |
| Free Cash Flow | 110M | 85M | 1.5M | -1.1M | -48M | 6.1M |
| ROIC | 3.5% | 5.5% | 15.1% | 16.7% | 7.7% | 7.5% |
| Gross Margin | 15.0% | 15.2% | 13.6% | 13.2% | 9.7% | 9.7% |
| Debt/Equity | 0.06 | 0.08 | 0.16 | 0.17 | 0.15 | 0.00 |
| Dividends/Share | $0.81 | $0.80 | $0.76 | $0.72 | $0.72 | $0.72 |
| Operating Income | 558K | 32M | 84M | 80M | 29M | 23M |
| Operating Margin | 0.1% | 4.1% | 6.7% | 6.9% | 3.4% | 3.2% |
| ROE | 3.7% | 5.6% | 15.8% | 16.8% | 6.9% | 5.7% |
| Shares Outstanding | 11M | 12M | 12M | 11M | 11M | 11M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 493M | 541M | 601M | 615M | 712M | 818M | 651M | 717M | 848M | 1.2B | 1.3B | 790M | 745M |
| Gross Margin | 10.8% | 10.7% | 10.7% | 10.9% | 11.7% | 11.8% | 12.0% | 9.7% | 9.7% | 13.2% | 13.6% | 15.2% | 15.0% |
| R&D | 1.9M | 1.6M | 1.8M | 1.9M | 3.1M | 3.7M | 4.7M | 3.6M | 4.0M | 6.0M | 6.2M | 8.2M | 8.2M |
| SG&A | 28M | 31M | 32M | 36M | 40M | 43M | 40M | 46M | 53M | 73M | 86M | 89M | 90M |
| EBIT | 24M | 26M | 32M | 32M | 44M | 53M | 39M | 23M | 29M | 80M | 84M | 32M | 558K |
| Op. Margin | 5.0% | 4.8% | 5.3% | 5.1% | 6.1% | 6.4% | 6.0% | 3.2% | 3.4% | 6.9% | 6.7% | 4.1% | 0.1% |
| Net Income | 15M | 16M | 20M | 23M | 34M | 39M | 30M | 16M | 20M | 58M | 63M | 23M | 16M |
| Net Margin | 3.0% | 3.0% | 3.3% | 3.7% | 4.7% | 4.8% | 4.6% | 2.3% | 2.4% | 5.1% | 5.0% | 2.9% | 2.1% |
| Non-Recurring | 39K | -74K | -18K | 608K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 12.5% | 12.7% | 13.7% | 13.1% | 16.3% | 17.3% | 13.7% | 7.5% | 7.7% | 16.7% | 15.1% | 5.5% | 3.5% |
| ROE | 9.0% | 9.3% | 11.1% | 11.9% | 14.8% | 15.2% | 10.6% | 5.7% | 6.9% | 16.8% | 15.8% | 5.6% | 3.7% |
| ROA | 6.1% | 6.0% | 7.0% | 7.5% | 9.2% | 10.0% | 7.5% | 3.7% | 4.1% | 9.0% | 9.5% | 3.7% | 2.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 9.9M | 20M | 21M | 14M | 22M | 35M | 61M | 15M | -19M | 11M | 17M | 99M | 127M |
| Free Cash Flow | 4.6M | 8.3M | -4.1M | -11M | 8.6M | 18M | 43M | 6.1M | -48M | -1.1M | 1.5M | 85M | 110M |
| Owner Earnings | 5.9M | 16M | 16M | 7.7M | 14M | 26M | 51M | 4.0M | -32M | -3.3M | -426K | 79M | 108M |
| CapEx | 5.3M | 12M | 25M | 25M | 13M | 17M | 18M | 9.2M | 29M | 12M | 15M | 14M | 17M |
| Maint. CapEx | 4.0M | 4.3M | 4.8M | 6.1M | 7.7M | 9.1M | 9.6M | 11M | 12M | 13M | 14M | 15M | 15M |
| Growth CapEx | 1.3M | 7.6M | 20M | 19M | 5.6M | 8.3M | 7.9M | 0 | 17M | 0 | 1.3M | 0 | 1.3M |
| D&A | 4.0M | 4.3M | 4.8M | 6.1M | 7.7M | 9.1M | 9.6M | 11M | 12M | 13M | 14M | 15M | 15M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 60.9% | 49.5% | 28.8% | 59.9% | N/A | 110.3% | 91.0% | N/A | 13.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 6.8M | 7.3M | 7.7M | 8.2M | 8.2M | 8.2M | 8.2M | 8.2M | 8.2M | 8.2M | 8.7M | 9.2M | 9.3M |
| Dividend Yield | N/A | N/A | N/A | N/A | 3.2% | 2.6% | 2.6% | 2.0% | 2.9% | 2.1% | 1.4% | N/A | 1.6% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.9M | 6.0M | 6.1M |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | 0.4% | 0.0% | 1.0% |
| Stock-Based Comp | 27K | 106K | 0 | 150K | 0 | 150K | 194K | 200K | 743K | 1.1M | 3.2M | 5.3M | 3.4M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 609K | 609K |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | -21M | -1.5M | -11M | -21M | -57M | -54M | 4.9M | 30M | 41M | -9.1M | -30M |
| Cash & Equiv. | 40M | 38M | 31M | 22M | 27M | 26M | 58M | 54M | 40M | 30M | 24M | 45M | 53M |
| Long-Term Debt | N/A | N/A | 5.0M | 10M | 15M | 5.0M | 15K | 15K | 45M | 60M | 65M | 31M | 21M |
| Debt/Equity | 0.56 | 0.54 | 0.05 | 0.10 | 0.07 | 0.02 | 0.00 | 0.00 | 0.15 | 0.17 | 0.16 | 0.08 | 0.06 |
| Interest Coverage | 44.2 | 28.4 | 27.5 | 19.9 | 23.2 | 22.2 | 32.4 | 17.1 | 8.6 | 13.4 | 21.4 | 48.7 | 0.8 |
| Equity | 168M | 174M | 185M | 203M | 228M | 258M | 282M | 285M | 293M | 348M | 401M | 421M | 417M |
| Total Assets | 262M | 268M | 297M | 317M | 368M | 392M | 398M | 438M | 501M | 647M | 667M | 590M | 586M |
| Total Liabilities | 94M | 94M | 113M | 114M | 141M | 134M | 116M | 153M | 208M | 299M | 266M | 169M | 168M |
| Intangibles | 12M | 12M | 12M | 12M | 12M | 12M | 12M | 12M | 12M | 20M | 20M | 20M | 20M |
| Retained Earnings | 20M | 29M | 41M | 56M | 81M | 112M | 134M | 138M | 150M | 200M | 255M | 269M | 267M |
| Working Capital | 127M | 121M | 120M | 126M | 150M | 163M | 176M | 182M | 220M | 276M | 332M | 303M | 286M |
| Current Assets | 218M | 216M | 226M | 227M | 273M | 287M | 286M | 329M | 376M | 510M | 530M | 440M | 430M |
| Current Liabilities | 92M | 94M | 106M | 102M | 123M | 124M | 111M | 147M | 156M | 235M | 198M | 137M | 145M |
| Per Share Data | |||||||||||||
| EPS | 1.31 | 1.41 | 1.75 | 2.02 | 2.96 | 3.43 | 2.62 | 1.42 | 1.78 | 5.07 | 5.47 | 1.98 | 1.36 |
| Owner EPS | 0.52 | 1.39 | 1.41 | 0.67 | 1.24 | 2.27 | 4.47 | 0.35 | -2.77 | -0.29 | -0.04 | 6.77 | 9.48 |
| Book Value | 14.81 | 15.34 | 16.22 | 17.83 | 19.96 | 22.62 | 24.81 | 24.86 | 25.67 | 30.26 | 34.55 | 36.18 | 36.62 |
| Cash Flow/Share | 0.87 | 1.78 | 1.84 | 1.22 | 1.92 | 3.08 | 5.33 | 1.33 | -1.68 | 0.95 | 1.45 | 8.49 | 2.70 |
| Dividends/Share | 0.60 | 0.64 | 0.68 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 0.76 | 0.80 | 0.81 |
| Shares Out. | 11.4M | 11.3M | 11.4M | 11.4M | 11.4M | 11.4M | 11.4M | 11.4M | 11.4M | 11.5M | 11.6M | 11.6M | 11.4M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 7.9 | 9.6 | 13.2 | 21.4 | 14.0 | 8.1 | 11.8 | N/A | 37.9 |
| P/FCF | N/A | N/A | N/A | N/A | 31.3 | 21.2 | 9.1 | 56.9 | N/A | N/A | 492.9 | N/A | 5.3 |
| EV/EBIT | N/A | N/A | N/A | N/A | 5.9 | 6.7 | 8.5 | N/A | 9.9 | 6.3 | 9.4 | N/A | 996.2 |
| Price/Book | N/A | N/A | N/A | N/A | 1.2 | 1.5 | 1.4 | 1.2 | 1.0 | 1.4 | 1.9 | N/A | 1.4 |
| Price/Sales | N/A | N/A | N/A | N/A | 0.4 | 0.4 | 0.5 | 0.6 | 0.3 | 0.3 | 0.5 | N/A | 0.8 |
| FCF Yield | N/A | N/A | N/A | N/A | 3.2% | 4.7% | 11.0% | 1.8% | -16.9% | -0.2% | 0.2% | N/A | 18.8% |
| Market Cap | 0 | 0 | 0 | 0 | 268M | 376M | 392M | 348M | 285M | 473M | 748M | 0 | 586M |
| Avg. Price | 0.00 | 0.00 | 0.00 | 0.00 | 22.30 | 28.13 | 27.74 | 35.60 | 24.58 | 33.92 | 55.30 | 0.00 | 51.39 |
| Year-End Price | 0.00 | 0.00 | 0.00 | 0.00 | 23.48 | 32.93 | 34.47 | 30.42 | 24.91 | 41.15 | 64.46 | 0.00 | 51.39 |
MILLER INDUSTRIES INC /TN/ passes 3 of 9 quality checks, indicating weak fundamentals.
MILLER INDUSTRIES INC /TN/ trades at 19.9x trailing earnings, compared to its 15-year median P/E of 11.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 20.8x vs a median of 26.2x. The company's 5-year average ROIC is 10.5% with a gross margin of 12.3%. Total shareholder yield (dividends + buybacks) is 2.6%. At current prices, the estimated annualized return to fair value is -15.2%.
MILLER INDUSTRIES INC /TN/ (MLR) has a net profit margin of 2.9%. This is a modest margin.
MILLER INDUSTRIES INC /TN/ (MLR) generated $85 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MILLER INDUSTRIES INC /TN/ (MLR) has a debt-to-equity ratio of 0.08. This indicates a conservatively financed balance sheet.
MILLER INDUSTRIES INC /TN/ (MLR) reported earnings per share (EPS) of $1.98 in its most recent fiscal year.
MILLER INDUSTRIES INC /TN/ (MLR) has a return on equity (ROE) of 5.6%. This indicates moderate shareholder returns.
MILLER INDUSTRIES INC /TN/ (MLR) has a 5-year average gross margin of 12.3%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for MILLER INDUSTRIES INC /TN/ (MLR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MILLER INDUSTRIES INC /TN/ (MLR) has a book value per share of $36.18, based on its most recent annual SEC filing.
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