Miller Industries (MLR)
NYSE:MLR
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Miller Industries
(NYSE:MLR)
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Rating:69Neutral
Price Target:
$53.00
▲(11.51% Upside)
Action:Downgraded
Date:05/09/26
The score is supported by balance-sheet strength and improved cash flow, plus a constructive 2026 recovery outlook from management. These positives are tempered by a sharp prior-year revenue decline and margin compression, and a very elevated P/E that materially weakens the valuation component.
Positive Factors
Low Leverage / Strong Balance Sheet
Very low leverage provides durable financial flexibility to absorb cyclicality, fund organic growth, and prioritize dividends/repurchases. With equity and assets steady, the company can pursue capacity builds and M&A without materially increasing refinancing risk over the next 2–6 months.
Negative Factors
Sharp Recent Revenue Decline
A steep decline in revenue reflects prior production cuts to rebalance inventories and weaker end-market activity. Recovery depends on sustained retail order growth and successful production ramping; persistent weak demand would impair margin recovery and free cash flow durability.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage / Strong Balance Sheet
Very low leverage provides durable financial flexibility to absorb cyclicality, fund organic growth, and prioritize dividends/repurchases. With equity and assets steady, the company can pursue capacity builds and M&A without materially increasing refinancing risk over the next 2–6 months.
Read all positive factors
Miller Industries (MLR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$530.58M
Dividend Yield2.11%
Average Volume (3M)84.23K
Price to Earnings (P/E)233.6
Beta (1Y)0.94
Revenue Growth-34.22%
EPS Growth-71.55%
CountryUS
Employees1,690
SectorGeneral
Sector StrengthN/A
IndustryAuto - Parts
Share Statistics
EPS (TTM)1.36
Shares Outstanding11,395,716
10 Day Avg. Volume92,625
30 Day Avg. Volume84,233
Financial Highlights & Ratios
PEG Ratio-0.29
Price to Book (P/B)1.02
Price to Sales (P/S)0.54
P/FCF Ratio5.03
Enterprise Value/Market Cap0.95
Enterprise Value/Revenue0.67
Enterprise Value/Gross Profit4.48
Enterprise Value/Ebitda14.77
Forecast
1Y Price Target
$56.00Price Target Upside17.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.82
Revenue Forecast (FY)$865.65M
Miller Industries Business Overview & Revenue Model
Company Description
Miller Industries, Inc., together with its subsidiaries, manufactures and sells towing and recovery equipment. The company offers wreckers that are used to recover and tow disabled vehicles and other equipment; and car carriers, which are speciali...
How the Company Makes Money
Miller Industries primarily makes money by manufacturing and selling towing and recovery equipment. Revenue is generated from the sale of completed units (e.g., wreckers/rotators, car carriers/flatbeds, and related towing/recovery bodies and trail...
Miller Industries Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call balanced acknowledgement of a difficult 2025 (notably a 37.2% full-year revenue decline) with clear signs of recovery and strategic progress: normalized distributor inventories, improving retail orders, immediate production ramps, accretive European M&A (OMARS), a large secured military RFQ pipeline (> $150M) and disciplined capital allocation (debt down to $20M, dividend uptick, share repurchases). Near-term headwinds include one-time SG&A and integration costs and the lag before military revenues materialize, but the guidance for 2026 revenue growth ($850M–$900M), planned capacity investments and operational initiatives suggest a constructive outlook.Positive Updates
Quarterly and Margin Results
Q4 2025 revenue of $171,200,000 (down 22.9% YoY) with gross profit of $26,500,000 representing a 15.5% gross margin and diluted EPS of $0.29.
Negative Updates
Significant Year-over-Year Revenue Decline
Full year revenue declined 37.2% vs. 2024 and Q4 revenue declined 22.9% YoY, primarily due to intentionally reduced production to allow elevated distributor inventories to normalize.
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly and Margin Results
Q4 2025 revenue of $171,200,000 (down 22.9% YoY) with gross profit of $26,500,000 representing a 15.5% gross margin and diluted EPS of $0.29.
Read all positive updates
Company Guidance
Management guided 2026 revenue of $850–900 million with manufacturing ramping through Q1–Q2 and performance accelerating into the back half of the year (targeting ~ $250 million of revenue per quarter as the year progresses) and full‑year gross margins normalizing to the mid‑13% range as product mix returns to historical manufactured‑product plus chassis levels. They said OMARS should be accretive in year one, noted a military pipeline of more than $150 million (production starting in 2027 with the majority of revenue in 2028–29), and outlined major capacity investments including a 200,000+ sq ft Oodawa addition (~$100 million, production ready late‑2027) and a €8.0 million Zuzain expansion (doubling heavy‑duty capacity by mid‑2027). Capital allocation priorities remain a consistent quarterly dividend (board raised the dividend 5% to $0.21/share), debt reduction (down to $20 million in Jan 2026), share repurchases ($2.2 million in 2025), selective M&A, and ongoing automation/people investments, with management expecting to fund the majority of expansion organically from operating cash flow.Miller Industries Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
86
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 744.73M | 790.27M | 1.26B | 1.15B | 848.46M | 717.48M |
| Gross Profit | 112.13M | 120.39M | 170.81M | 151.85M | 82.42M | 69.85M |
| EBITDA | 34.03M | 46.09M | 98.13M | 93.00M | 40.87M | 34.16M |
| Net Income | 15.51M | 23.01M | 63.49M | 58.29M | 20.35M | 16.25M |
Balance Sheet | ||||||
| Total Assets | 585.59M | 589.67M | 667.01M | 647.21M | 501.43M | 437.64M |
| Cash, Cash Equivalents and Short-Term Investments | 52.97M | 44.68M | 24.34M | 29.91M | 40.15M | 54.33M |
| Total Debt | 24.99M | 33.58M | 65.55M | 60.83M | 45.91M | 1.25M |
| Total Liabilities | 168.33M | 169.10M | 265.99M | 299.29M | 207.97M | 153.03M |
| Stockholders Equity | 417.26M | 420.57M | 401.03M | 347.92M | 293.46M | 284.62M |
Cash Flow | ||||||
| Free Cash Flow | 110.25M | 85.01M | 1.52M | -1.13M | -48.09M | 6.12M |
| Operating Cash Flow | 126.75M | 98.72M | 16.87M | 10.96M | -19.16M | 15.27M |
| Investing Cash Flow | -33.54M | -30.78M | -15.27M | -29.07M | -28.93M | -9.06M |
| Financing Cash Flow | -70.92M | -50.75M | -6.62M | 6.75M | 36.77M | -8.24M |
Miller Industries Technical Analysis
Neutral
47.53
Price Trends
46.56
Negative
44.20
Positive
41.81
Positive
Market Momentum
-0.09
Positive
46.61
Neutral
31.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MLR, the sentiment is Neutral. The current price of 47.53 is above the 20-day moving average (MA) of 47.40, above the 50-day MA of 46.56, and above the 200-day MA of 41.81, indicating a neutral trend. The MACD of -0.09 indicates Positive momentum. The RSI at 46.61 is Neutral, neither overbought nor oversold. The STOCH value of 31.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MLR.
Miller Industries Risk Analysis
Miller Industries disclosed 25 risk factors in its most recent earnings report. Miller Industries reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Miller Industries Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $530.58M | 233.64 | 3.70% | 2.11% | -34.22% | -71.55% | |
62 Neutral | $1.02B | 38.12 | 0.08% | 3.52% | 15.46% | -17.71% | |
60 Neutral | $843.78M | 11.23 | 6.69% | 3.32% | 18.32% | 45.19% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | $210.35M | -1.90 | -53.45% | ― | -9.34% | -539.67% | |
47 Neutral | $505.14M | ― | 0.14% | ― | 1.42% | 16.39% |
* General Sector Average
MLR
Miller Industries
46.56
3.07
7.06%
PLOW
Douglas Dynamics
44.20
18.16
69.76%
SMP
Standard Motor Products
37.90
10.00
35.85%
SRI
Stoneridge
7.45
2.70
56.84%
CPS
Cooper-Standard Holdings
28.45
6.48
29.49%
Miller Industries Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Miller Industries Updates Executive Severance Plan After Review
Positive
Apr 8, 2026
On April 7, 2026, Miller Industries, Inc. approved a Third Amended and Restated Severance Protection Plan to replace its prior change in control severance plan, reflecting a targeted adjustment to executive severance calculations. The revision rem...
Business Operations and StrategyExecutive/Board Changes
Miller Industries Updates Executive Severance and Bonus Plans
Positive
Mar 6, 2026
On March 2, 2026, Miller Industries’ compensation committee approved a Second Amended and Restated Severance Protection Plan that replaces its earlier change-in-control severance framework and eliminates “single-trigger” benefits...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.