Miller Industries (MLR)
NYSE:MLR
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Miller Industries
(NYSE:MLR)
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Rating:69Neutral
Price Target:
$52.00
▲(9.40% Upside)
Action:Reiterated
Date:06/01/26
MLR scores highest on financial stability (very low leverage) and improved recent free cash flow, supported by generally constructive price trends. The score is held back by a notable profitability reset and cooling revenue, plus a demanding P/E for the current margin profile; earnings-call guidance and multi-year backlog help offset near-term demand and cost headwinds.
Positive Factors
Balance Sheet Strength
Very low leverage (TTM debt-to-equity ~0.06) provides durable financial flexibility to fund working capital, capex and the military production ramp without heavy external financing. This supports consistent dividends, buybacks and capacity investments through cycles.
Negative Factors
Revenue Weakness
Top-line cooling and a steep Q1 YoY drop reflect softer retail demand and management's production pauses. Prolonged revenue weakness undermines operating leverage, makes margin recovery harder, and increases dependency on defense/backlog timing to restore multi-year growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Very low leverage (TTM debt-to-equity ~0.06) provides durable financial flexibility to fund working capital, capex and the military production ramp without heavy external financing. This supports consistent dividends, buybacks and capacity investments through cycles.
Read all positive factors
Miller Industries (MLR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$559.07M
Dividend Yield2.11%
Average Volume (3M)84.23K
Price to Earnings (P/E)36.1
Beta (1Y)0.95
Revenue Growth-34.22%
EPS Growth-71.55%
CountryUS
Employees1,690
SectorConsumer Cyclical
Sector Strength84
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/Revenue0.71
Enterprise Value/Gross Profit4.74
Enterprise Value/Ebitda13.89
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., alongside its affiliated companies, is a leading producer and vendor of specialized equipment for vehicle towing and recovery. Their diverse product lineup features heavy-duty wreckers, essential for the salvage and transp...
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:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call balanced clear near-term headwinds—most notably a 19.8% year-over-year revenue decline, Q1 EPS compression from noncash acquisition charges, and demand softness tied to geopolitical tensions and higher diesel prices—with several meaningful positives: healthy cash build (+$8.3M), reduced debt, ongoing share repurchases and dividends, smooth integration of the Omars acquisition with expected accretion, a large military backlog (~$150M) that supports multi-year growth, and explicit full-year revenue guidance of $850M–$900M. Management emphasized disciplined inventory and production control and committed capital investments to support future export and defense demand. On balance, the strategic positives and guidance/booking momentum outweigh the near-term operational and cost pressures.Positive Updates
Revenue and Sequential Growth
Q1 revenue of $180.9 million; quarter-over-quarter revenue growth of 5.7% reflecting accelerated production in early 2026.
Negative Updates
Significant Year-over-Year Revenue Decline
Q1 revenue declined 19.8% year-over-year, driven by lower production levels instituted in the second half of 2025.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and Sequential Growth
Q1 revenue of $180.9 million; quarter-over-quarter revenue growth of 5.7% reflecting accelerated production in early 2026.
Read all positive updates
Company Guidance
The company guided to full‑year 2026 revenue of $850–$900 million with EPS expected to be generally in line with full‑year 2025, noting production and revenue will be increasingly weighted to the second half of the year and management believes quarterly revenue could approach $250 million in H2; it expects full‑year gross margins to return to the mid‑13% range. First‑quarter metrics included revenue of $180.9 million (down 19.8% YoY, up 5.7% QoQ), gross profit of $25.7 million (14.2% of sales) and diluted EPS of $0.05; acquisition‑related noncash items reduced Q1 results by roughly $0.13 per share (about half of the acquisition charges expected to be recognized through 2026). Balance sheet and capital allocation targets include cash of $53 million (up $8.3 million since year‑end), total debt of approximately $21 million after a $10 million paydown, returning ~$4.6 million to shareholders in Q1 (including $2.2 million of buybacks with ~$14 million remaining authorization), and maintaining a $0.21 quarterly dividend (62 consecutive quarters). Strategic and timing metrics noted: more than $150 million of military commitments (production beginning 2027 with most revenue in 2028–2029), a EUR 8 million expansion at Jige (on track mid‑2027), a new 200,000+ sq ft Ooltewah facility targeted late‑2027, and a 3% price increase on manufactured products effective August 1, 2026.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 | 38.27M | 46.84M | 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
Positive
47.53
Price Trends
47.55
Positive
45.46
Positive
42.12
Positive
Market Momentum
0.48
Negative
57.46
Neutral
69.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MLR, the sentiment is Positive. The current price of 47.53 is below the 20-day moving average (MA) of 47.83, below the 50-day MA of 47.55, and above the 200-day MA of 42.12, indicating a bullish trend. The MACD of 0.48 indicates Negative momentum. The RSI at 57.46 is Neutral, neither overbought nor oversold. The STOCH value of 69.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $559.07M | 36.07 | 3.70% | 2.11% | -34.22% | -71.55% | |
62 Neutral | $1.09B | 20.55 | 0.08% | 3.52% | 15.46% | -17.71% | |
62 Neutral | $868.71M | 18.97 | 6.69% | 3.32% | 18.32% | 45.19% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | $211.48M | -1.87 | -53.45% | ― | -9.34% | -539.67% | |
47 Neutral | $521.47M | -13.72 | 0.14% | ― | 1.42% | 16.39% |
* Consumer Cyclical Sector Average
MLR
Miller Industries
49.11
6.58
15.47%
PLOW
Douglas Dynamics
47.26
19.36
69.38%
SMP
Standard Motor Products
39.29
10.16
34.88%
SRI
Stoneridge
7.59
1.48
24.22%
CPS
Cooper-Standard Holdings
29.79
8.26
38.37%
Miller Industries Corporate Events
Executive/Board ChangesShareholder Meetings
Miller Industries Shareholders Back Board and Executive Compensation
Positive
May 26, 2026
On May 22, 2026, Miller Industries, Inc. held its Annual Meeting of Shareholders in Dalton, Georgia, with 10,439,472 shares represented, or 91.80% of the common stock entitled to vote as of the March 31, 2026 record date. Shareholders elected seve...
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.