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MLR

Miller Industries, Inc.

MLR

Miller Industries, Inc. • NYSE
$38.74 ▲ 0.44% (+0.17)
Market Cap $443.51 M
52w High $76.25
52w Low $33.81
Dividend Yield 0.79%
P/E 15.02
Volume 36.06K
Outstanding Shares 11.45M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $178.67M ▼ $21.247M ▼ $3.082M ▼ 1.725% ▼ $0.27 ▼ $7.909M ▼
Q2-2025 $214.032M ▼ $23.404M ▲ $8.458M ▲ 3.952% ▲ $0.74 ▲ $14.903M ▲
Q1-2025 $225.651M ▲ $23.26M ▼ $8.065M ▼ 3.574% ▼ $0.7 ▼ $14.341M ▼
Q4-2024 $221.907M ▼ $25.88M ▲ $10.532M ▼ 4.746% ▼ $0.92 ▼ $17.213M ▼
Q3-2024 $314.271M $22.326M $15.425M 4.908% $1.35 $23.364M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $38.401M ▲ $604.343M ▼ $183.688M ▼ $420.655M ▲
Q2-2025 $31.821M ▲ $622.933M ▼ $204.339M ▼ $418.594M ▲
Q1-2025 $27.36M ▲ $639.707M ▼ $233.201M ▼ $406.506M ▲
Q4-2024 $24.337M ▼ $667.015M ▼ $265.985M ▼ $401.03M ▲
Q3-2024 $40.6M $755.346M $360.156M $395.19M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.082M ▼ $19.904M ▼ $-518K ▲ $-13.446M ▲ $6.58M ▲ $18.106M ▼
Q2-2025 $8.458M ▲ $27.242M ▲ $-1.676M ▲ $-22.794M ▼ $4.461M ▲ $25.566M ▲
Q1-2025 $8.065M ▼ $2.714M ▲ $-5.128M ▼ $5.61M ▲ $3.023M ▲ $-2.414M ▲
Q4-2024 $10.532M ▼ $-11.719M ▼ $-1.285M ▲ $-2.173M ▲ $-16.263M ▼ $-12.986M ▼
Q3-2024 $15.425M $30.296M $-6.291M $-8.027M $16.784M $24.005M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, with especially strong expansion in the last three, showing that demand for Miller’s products has been healthy coming out of the pandemic. Profitability has improved as well: gross and operating margins are clearly stronger than they were a few years ago, indicating better cost control, pricing power, or both. Earnings per share have climbed meaningfully from the low point in 2022, though the last two years now look more like a new “plateau” than a straight-line rise. Overall, the income statement tells a story of a cyclical business that is currently in a strong part of its cycle, with higher sales and more efficient operations than earlier in the decade.

Balance Sheet

Balance Sheet The balance sheet looks generally conservative and stronger than it was several years ago. Total assets and shareholders’ equity have both grown, suggesting the company has been reinvesting in the business and building its net worth over time. Debt has been introduced and has crept up from effectively zero to a modest level, but leverage still appears quite manageable given the size of the equity base. Cash on hand has gradually declined, which likely reflects higher working capital needs and investment in facilities and equipment; that’s not alarming by itself, but it does mean less of a cash cushion than before. In sum, Miller appears to be funding growth with a mix of internal resources and modest borrowing, while still keeping a relatively solid financial foundation.

Cash Flow

Cash Flow Cash generation has been more volatile than the income statement would suggest. Operating cash flow has swung between healthy positive and mildly negative years, which is typical for a manufacturing business that must hold inventory and manage long production cycles. Free cash flow has often been close to breakeven, with some years dipping negative, mainly because the company continues to spend meaningfully on capital projects. This pattern fits a company in an investment phase: earnings are strong, but much of that economic value is being plowed back into plants, equipment, and process improvements rather than showing up as excess cash. The key risk to watch is whether future cash flow consistently supports both ongoing investment and any debt obligations through a full economic cycle.

Competitive Edge

Competitive Edge Miller occupies a very strong strategic position as the clear global leader in towing and recovery equipment. Its family of well-known brands, extensive dealer and service network, and broad product lineup create high switching costs for customers and make it hard for rivals to match its reach. Vertical integration and investment in advanced manufacturing have strengthened its control over quality and supply, helping it handle disruptions better than smaller competitors and supporting its ability to command firm pricing. At the same time, the business is tied to commercial and municipal spending on towing fleets, which can slow in economic downturns, so its dominance does not eliminate cyclical risk. Overall, the company appears to enjoy a durable moat within a niche but economically sensitive market.

Innovation and R&D

Innovation and R&D The company has clearly treated innovation and manufacturing capability as strategic priorities. Over many years, it has invested heavily in modern plants, robotics, and a dedicated R&D center, which shows up in specialized products such as ultra-heavy-duty rotators and advanced hydraulic systems. Its engineering teams focus on practical operator needs—safety, ease of use, and reliability—rather than just headline specifications, which can deepen customer loyalty. Digital tools on the factory floor and better order tracking point to a willingness to modernize processes, not just products. Looking ahead, potential growth areas include specialized military recovery vehicles, expansion in Europe, and adapting equipment to handle electric and next-generation vehicles; the opportunity is meaningful, but execution on these fronts and keeping innovation aligned with end-market changes will be important to monitor.

Summary

Miller Industries currently looks like a mature niche leader enjoying a strong upswing in its business. Revenue and profit trends are favorable, and the company has translated its scale, brand strength, and manufacturing investments into better margins than earlier in the decade. The balance sheet is generally solid with only moderate use of debt, though the declining cash balance and lumpy cash flows highlight that this is a capital- and working-capital-intensive business. Its competitive moat—rooted in brand, distribution, vertical integration, and engineering depth—appears durable, but the company remains exposed to the broader economic cycle and fleet spending patterns. The main things to watch are consistency of cash generation, how well management balances ongoing capital investment with financial conservatism, and the success of its efforts in new growth areas like military contracts, European expansion, and evolving vehicle technologies.

NEWS

November 13, 2025 · 4:15 PM UTC

MILLER INDUSTRIES TO PRESENT AND HOST 1X1 INVESTOR MEETINGS AT THE 17TH ANNUAL SOUTHWEST IDEAS INVESTOR CONFERENCE ON NOVEMBER 19TH & 20TH IN DALLAS, TX

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November 5, 2025 · 4:15 PM UTC

MILLER INDUSTRIES REPORTS 2025 THIRD QUARTER RESULTS

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October 29, 2025 · 4:15 PM UTC

MILLER INDUSTRIES TO ANNOUNCE THIRD QUARTER 2025 RESULTS ON WEDNESDAY NOVEMBER 5, 2025

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September 16, 2025 · 4:15 PM UTC

MILLER INDUSTRIES TO HOST 1X1 INVESTOR MEETINGS AT THE 24TH ANNUAL D.A. DAVIDSON DIVERSIFIED INDUSTRIALS & SERVICES CONFERENCE ON SEPTEMBER 18TH IN NASHVILLE, TN

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