Miller Industries, Inc. (MLR) 10-Year Financial Performance & Capital Metrics

MLR • • Industrial / General

Consumer CyclicalAuto Parts & EquipmentSpecialty Vehicle ComponentsCommercial Vehicle Components

AboutMiller 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 specialized flatbed vehicles with hydraulic tilt mechanisms, which are used to transport new or disabled vehicles and other equipment. It also provides transport trailers for moving various vehicles for auto auctions, car dealerships, leasing companies, and other related applications. The company markets its products under the Century, Challenger, Holmes, Champion, Eagle, Titan, Jige, Boniface, Vulcan, and Chevron brands. Miller Industries, Inc. sells its products through independent distributors in the United States, Canada, Mexico, Europe, the Pacific Rim, the Middle East, South America, and Africa; and through prime contractors to governmental entities. The company was incorporated in 1990 and is based in Ooltewah, Tennessee.Show more

Revenue $1.26B +9.0%
EBITDA $92M +0.4%
Net Income $63M +8.9%
EPS (Diluted) 5.47 +7.9%
Gross Margin 13.58% +3.2%
EBITDA Margin 7.34% -7.9%
Operating Margin 6.23% -8.8%
Net Margin 5.05%
ROE 16.96% -6.7%
ROIC 14.3% -17.9%
Debt/Equity 0.16 -6.5%
Interest Coverage 19.93 +51.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 1.2x book value
✓Efficient asset utilization: 1.9x turnover

✗Weaknesses

✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.82%

5Y8.98%

3Y20.57%

TTM-36.91%

Profit (Net Income) CAGR

10Y15.6%

5Y10.18%

3Y57.49%

TTM-56.74%

EPS CAGR

10Y15.36%

5Y9.78%

3Y56.76%

TTM-56.88%

ROCE

10Y Avg15.21%

5Y Avg13.15%

3Y Avg15.53%

Latest17.76%

Peer Comparison

Commercial Vehicle Components

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PLOWDouglas Dynamics, Inc.	850.67M	36.92	15.64	0.06%	6.82%	15.24%	3.92%	0.84
MLRMiller Industries, Inc.	461.14M	40.34	7.37	9.03%	3.59%	7.16%	0.33%	0.16
CVGICommercial Vehicle Group, Inc.	64.28M	1.75	-2.11	-13.42%	-8.35%	-40.19%		1.23

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	540.97M	601.12M	615.1M	711.71M	818.17M	651.29M	717.48M	848.46M	1.15B	1.26B
Revenue Growth %	0.1%	0.11%	0.02%	0.16%	0.15%	-0.2%	0.1%	0.18%	0.36%	0.09%
Cost of Goods Sold+	483.35M	536.84M	548M	628.37M	721.68M	572.93M	647.62M	766.04M	1B	1.09B
COGS % of Revenue	0.89%	0.89%	0.89%	0.88%	0.88%	0.88%	0.9%	0.9%	0.87%	0.86%
Gross Profit+	57.61M	64.28M	67.1M	83.34M	96.49M	78.36M	69.85M	82.42M	151.85M	170.81M
Gross Margin %	0.11%	0.11%	0.11%	0.12%	0.12%	0.12%	0.1%	0.1%	0.13%	0.14%
Gross Profit Growth %	0.09%	0.12%	0.04%	0.24%	0.16%	-0.19%	-0.11%	0.18%	0.84%	0.12%
Operating Expenses+	31.49M	32.32M	35.56M	39.54M	43.39M	44.43M	49.83M	56.83M	73.09M	92.52M
OpEx % of Revenue	0.06%	0.05%	0.06%	0.06%	0.05%	0.07%	0.07%	0.07%	0.06%	0.07%
Selling, General & Admin	31.49M	32.32M	35.56M	39.54M	0	0	46.23M	0	73.09M	0
SG&A % of Revenue	0.06%	0.05%	0.06%	0.06%	-	-	0.06%	-	0.06%	-
Research & Development	1.59M	1.8M	1.94M	3.13M	3.7M	4.72M	3.6M	4M	0	6.2M
R&D % of Revenue	0%	0%	0%	0%	0%	0.01%	0.01%	0%	-	0%
Other Operating Expenses	-340K	277K	387K	-253K	39.69M	39.71M	0	52.83M	0	86.32M
Operating Income+	24.86M	31.08M	31.54M	43.54M	53.09M	33.93M	20.02M	25.59M	78.77M	78.28M
Operating Margin %	0.05%	0.05%	0.05%	0.06%	0.06%	0.05%	0.03%	0.03%	0.07%	0.06%
Operating Income Growth %	0.06%	0.25%	0.01%	0.38%	0.22%	-0.36%	-0.41%	0.28%	2.08%	-0.01%
EBITDA+	29.18M	35.91M	37.69M	51.29M	62.22M	43.52M	31.05M	37.35M	92.01M	92.35M
EBITDA Margin %	0.05%	0.06%	0.06%	0.07%	0.08%	0.07%	0.04%	0.04%	0.08%	0.07%
EBITDA Growth %	0.06%	0.23%	0.05%	0.36%	0.21%	-0.3%	-0.29%	0.2%	1.46%	0%
D&A (Non-Cash Add-back)	4.32M	4.83M	6.15M	7.75M	9.13M	9.6M	11.04M	11.76M	13.24M	14.07M
EBIT	25.78M	31.96M	31.54M	43.79M	53.09M	38.64M	23.62M	29.59M	79.76M	84.48M
Net Interest Income+	-919K	-1.16M	-1.59M	-1.88M	-2.38M	-1.22M	-1.35M	-3.38M	-5.97M	-3.93M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	919K	1.16M	1.59M	1.88M	2.38M	1.22M	1.35M	3.38M	5.97M	3.93M
Other Income/Expense	0	0	-1.2M	-2.13M	-2.71M	4.17M	1.75M	140K	-4.98M	1.85M
Pretax Income+	24.86M	31.08M	30.34M	41.66M	50.38M	38.1M	21.77M	25.73M	73.78M	80.13M
Pretax Margin %	0.05%	0.05%	0.05%	0.06%	0.06%	0.06%	0.03%	0.03%	0.06%	0.06%
Income Tax+	8.89M	11.15M	7.32M	7.92M	11.27M	8.27M	5.51M	5.39M	15.49M	16.64M
Effective Tax Rate %	0.64%	0.64%	0.76%	0.81%	0.78%	0.78%	0.75%	0.79%	0.79%	0.79%
Net Income+	15.98M	19.92M	23.02M	33.75M	39.11M	29.83M	16.25M	20.35M	58.29M	63.49M
Net Margin %	0.03%	0.03%	0.04%	0.05%	0.05%	0.05%	0.02%	0.02%	0.05%	0.05%
Net Income Growth %	0.07%	0.25%	0.16%	0.47%	0.16%	-0.24%	-0.46%	0.25%	1.86%	0.09%
Net Income (Continuing)	15.98M	19.92M	23.02M	33.75M	39.11M	29.83M	16.25M	20.35M	58.29M	63.49M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.41	1.75	2.02	2.96	3.43	2.62	1.42	1.78	5.07	5.47
EPS Growth %	0.08%	0.24%	0.15%	0.47%	0.16%	-0.24%	-0.46%	0.25%	1.85%	0.08%
EPS (Basic)	1.41	1.76	2.02	2.96	3.43	2.62	1.42	1.78	5.10	5.55
Diluted Shares Outstanding	11.36M	11.37M	11.38M	11.39M	11.4M	11.4M	11.41M	11.42M	11.51M	11.6M
Basic Shares Outstanding	11.32M	11.35M	11.37M	11.39M	11.4M	11.4M	11.41M	11.42M	11.44M	11.45M
Dividend Payout Ratio	0.45%	0.39%	0.36%	0.24%	0.21%	0.28%	0.51%	0.4%	0.14%	0.14%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	219.26M	225.64M	227.43M	273.22M	287.45M	286.27M	328.97M	376.05M	510.47M	529.77M
Cash & Short-Term Investments	38.45M	31.11M	21.89M	27.04M	26.07M	57.52M	54.33M	40.15M	29.91M	24.34M
Cash Only	38.45M	31.11M	21.89M	27.04M	26.07M	57.52M	54.33M	40.15M	29.91M	24.34M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	109.17M	125.38M	132.7M	149.14M	168.62M	141.64M	153.98M	177.66M	286.14M	313.41M
Days Sales Outstanding	73.66	76.13	78.74	76.49	75.22	79.38	78.33	76.43	90.55	90.97
Inventory	66.23M	64.14M	68.57M	93.77M	87.97M	83.94M	114.91M	153.66M	189.81M	186.17M
Days Inventory Outstanding	50.01	43.61	45.67	54.47	44.49	53.48	64.76	73.21	69.18	62.53
Other Current Assets	0	0	0	0	0	0	0	0	0	0
Total Non-Current Assets+	51.59M	71.8M	89.81M	94.97M	104.52M	112.14M	108.68M	125.38M	136.74M	137.25M
Property, Plant & Equipment	39.48M	59.61M	77.63M	82.85M	92.38M	100.09M	96.52M	113.05M	115.9M	116.52M
Fixed Asset Turnover	13.70x	10.08x	7.92x	8.59x	8.86x	6.51x	7.43x	7.50x	9.95x	10.79x
Goodwill	11.62M	11.62M	11.62M	11.62M	11.62M	11.62M	11.62M	11.62M	20.02M	20M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	-1.23M	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	496K	566K	558K	497K	521K	434K	533K	708K	819K	727K
Total Assets+	270.86M	297.44M	317.24M	368.18M	391.97M	398.41M	437.64M	501.43M	647.21M	667.01M
Asset Turnover	2.00x	2.02x	1.94x	1.93x	2.09x	1.63x	1.64x	1.69x	1.78x	1.89x
Asset Growth %	0.03%	0.1%	0.07%	0.16%	0.06%	0.02%	0.1%	0.15%	0.29%	0.03%
Total Current Liabilities+	94.49M	105.84M	101.7M	123.39M	124.28M	110.68M	146.99M	156.15M	234.71M	197.87M
Accounts Payable	73.41M	85.12M	79.3M	98.22M	95.75M	85.53M	121.75M	125.5M	191.78M	145.85M
Days Payables Outstanding	55.43	57.87	52.82	57.05	48.43	54.49	68.62	59.8	69.9	48.99
Short-Term Debt	0	0	394K	285K	368K	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	331K	0	0	0	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	0	0	0	0	10.85M	0
Current Ratio	2.32x	2.13x	2.24x	2.21x	2.31x	2.59x	2.24x	2.41x	2.17x	2.68x
Quick Ratio	1.62x	1.53x	1.56x	1.45x	1.61x	1.83x	1.46x	1.42x	1.37x	1.74x
Cash Conversion Cycle	68.24	61.87	71.59	73.9	71.29	78.36	74.48	89.85	89.83	104.51
Total Non-Current Liabilities+	2.5M	6.99M	12.44M	17.23M	9.76M	5.28M	6.04M	51.83M	64.58M	68.11M
Long-Term Debt	0	5M	10.21M	15.47M	5M	0	0	45M	60M	65M
Capital Lease Obligations	0	0	0	58K	1.34M	1.13M	870K	597K	506K	227K
Deferred Tax Liabilities	2.5M	1.99M	1.13M	1.7M	3.42M	4.14M	5.17M	6.23M	0	2.88M
Other Non-Current Liabilities	-2.5M	0	1.1M	0	0	0	0	0	4.07M	0
Total Liabilities	96.99M	112.84M	114.14M	140.62M	134.04M	115.96M	153.03M	207.97M	299.29M	265.99M
Total Debt+	0	5M	10.61M	15.84M	7.06M	1.51M	1.25M	45.91M	60.83M	65.55M
Net Debt	-38.45M	-26.11M	-11.29M	-11.2M	-19.01M	-56.02M	-53.09M	5.75M	30.92M	41.21M
Debt / Equity	-	0.03x	0.05x	0.07x	0.03x	0.01x	0.00x	0.16x	0.17x	0.16x
Debt / EBITDA	-	0.14x	0.28x	0.31x	0.11x	0.03x	0.04x	1.23x	0.66x	0.71x
Net Debt / EBITDA	-1.32x	-0.73x	-0.30x	-0.22x	-0.31x	-1.29x	-1.71x	0.15x	0.34x	0.45x
Interest Coverage	27.05x	26.77x	19.86x	23.18x	22.33x	27.92x	14.77x	7.57x	13.18x	19.93x
Total Equity+	173.86M	184.6M	203.1M	227.56M	257.93M	282.45M	284.62M	293.46M	347.92M	401.03M
Equity Growth %	0.03%	0.06%	0.1%	0.12%	0.13%	0.1%	0.01%	0.03%	0.19%	0.15%
Book Value per Share	15.30	16.23	17.84	19.97	22.63	24.77	24.94	25.70	30.24	34.57
Total Shareholders' Equity	173.86M	184.6M	203.1M	227.56M	257.93M	282.45M	284.62M	293.46M	347.92M	401.03M
Common Stock	113K	113K	114K	114K	114K	114K	114K	114K	114K	114K
Retained Earnings	28.55M	40.75M	55.58M	81.35M	112.26M	133.88M	138M	150.12M	200.16M	254.94M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-5.1M	-6.67M	-3.29M	-4.81M	-5.5M	-2.79M	-4.95M	-9.17M	-5.93M	-7.73M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	20.06M	20.93M	13.95M	21.9M	35.13M	60.71M	15.27M	-19.16M	10.96M	16.87M
Operating CF Margin %	0.04%	0.03%	0.02%	0.03%	0.04%	0.09%	0.02%	-0.02%	0.01%	0.01%
Operating CF Growth %	1.02%	0.04%	-0.33%	0.57%	0.6%	0.73%	-0.75%	-2.25%	1.57%	0.54%
Net Income	15.98M	19.92M	23.02M	33.75M	39.11M	29.83M	16.25M	20.35M	58.29M	63.49M
Depreciation & Amortization	4.32M	4.83M	6.15M	7.75M	9.13M	9.6M	11.04M	11.76M	13.24M	14.07M
Stock-Based Compensation	96K	96K	150K	150K	0	0	0	743K	1.06M	3.23M
Deferred Taxes	573K	3.22M	-868K	568K	1.71M	752K	1.01M	1.06M	-2.18M	-1.17M
Other Non-Cash Items	250K	-444K	-522K	370K	144K	406K	25K	321K	75K	255K
Working Capital Changes	-1.15M	-6.7M	-13.97M	-20.68M	-14.96M	20.12M	-13.06M	-53.39M	-59.52M	-63.01M
Change in Receivables	5.74M	-17.25M	-6.67M	-19.35M	-19.61M	27.38M	-12.72M	-24.34M	-105.6M	-28.15M
Change in Inventory	-11.02M	1.02M	-2.84M	-23.86M	5.45M	5.47M	-32.07M	-40.75M	-30.42M	2.18M
Change in Payables	3.82M	12.93M	-5.81M	19.43M	-2.17M	-10.88M	33.94M	4.49M	64.94M	-45.43M
Cash from Investing+	-11.9M	-25.02M	-23.39M	-13.2M	-17.06M	-17.22M	-9.06M	-28.93M	-29.07M	-15.27M
Capital Expenditures	-11.9M	-25.03M	-24.69M	-13.34M	-17.39M	-17.5M	-9.15M	-28.94M	-12.1M	-15.35M
CapEx % of Revenue	0.02%	0.04%	0.04%	0.02%	0.02%	0.03%	0.01%	0.03%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1K	3K	1.3M	141K	328K	276K	91K	8K	398K	59K
Cash from Financing+	-6.96M	-2.71M	-2.44M	-2.96M	-18.6M	-13.63M	-8.24M	36.77M	6.75M	-6.62M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-7.25M	-7.71M	-8.19M	-8.2M	-8.21M	-8.21M	-8.22M	-8.22M	-8.25M	-8.72M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	186K	3K	752K	179K	-367K	-400K	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	8.16M	-4.1M	-10.74M	8.55M	17.74M	43.21M	6.12M	-48.09M	-1.13M	1.52M
FCF Margin %	0.02%	-0.01%	-0.02%	0.01%	0.02%	0.07%	0.01%	-0.06%	-0%	0%
FCF Growth %	0.79%	-1.5%	-1.62%	1.8%	1.07%	1.44%	-0.86%	-8.86%	0.98%	2.34%
FCF per Share	0.72	-0.36	-0.94	0.75	1.56	3.79	0.54	-4.21	-0.10	0.13
FCF Conversion (FCF/Net Income)	1.26x	1.05x	0.61x	0.65x	0.90x	2.04x	0.94x	-0.94x	0.19x	0.27x
Interest Paid	1.43M	1.88M	1.88M	2.44M	3.25M	2.05M	1.57M	3.33M	8.09M	9.71M
Taxes Paid	8.57M	11.61M	11.61M	7.46M	10.07M	6.72M	5.89M	1.81M	18.05M	23.7M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.33%	11.12%	11.87%	15.67%	16.11%	11.04%	5.73%	7.04%	18.18%	16.96%
Return on Invested Capital (ROIC)	14.11%	15.86%	13.51%	16%	17.49%	10.94%	6.56%	7.23%	17.43%	14.3%
Gross Margin	10.65%	10.69%	10.91%	11.71%	11.79%	12.03%	9.74%	9.71%	13.17%	13.58%
Net Margin	2.95%	3.31%	3.74%	4.74%	4.78%	4.58%	2.27%	2.4%	5.05%	5.05%
Debt / Equity	-	0.03x	0.05x	0.07x	0.03x	0.01x	0.00x	0.16x	0.17x	0.16x
Interest Coverage	27.05x	26.77x	19.86x	23.18x	22.33x	27.92x	14.77x	7.57x	13.18x	19.93x
FCF Conversion	1.26x	1.05x	0.61x	0.65x	0.90x	2.04x	0.94x	-0.94x	0.19x	0.27x
Revenue Growth	9.78%	11.12%	2.33%	15.71%	14.96%	-20.4%	10.16%	18.26%	35.94%	9.03%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Foreign	73.81M	63.81M	87.97M	-	-	-	89.9M	83.15M	114.39M	125.67M
Foreign Growth	-	-13.54%	37.86%	-	-	-	-	-7.51%	37.57%	9.86%
North America	467.16M	537.31M	527.13M	574.81M	697M	556.54M	627.57M	765.31M	1.04B	-
North America Growth	-	15.02%	-1.89%	9.04%	21.26%	-20.15%	12.76%	21.95%	35.76%	-
Non Us	-	-	-	-	121.16M	94.75M	-	-	-	-
Non Us Growth	-	-	-	-	-	-21.80%	-	-	-	-
Non-US	-	-	-	136.9M	-	-	-	-	-	-
Non-US Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Miller Industries, Inc. (MLR) has a price-to-earnings (P/E) ratio of 7.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Miller Industries, Inc. (MLR) reported $840.3M in revenue for fiscal year 2024. This represents a 104% increase from $412.7M in 2011.

Miller Industries, Inc. (MLR) grew revenue by 9.0% over the past year. This is steady growth.

Yes, Miller Industries, Inc. (MLR) is profitable, generating $30.1M in net income for fiscal year 2024 (5.0% net margin).

Dividend & Returns

Yes, Miller Industries, Inc. (MLR) pays a dividend with a yield of 1.86%. This makes it attractive for income-focused investors.

Miller Industries, Inc. (MLR) has a return on equity (ROE) of 17.0%. This is reasonable for most industries.

Miller Industries, Inc. (MLR) generated $28.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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