Latest Ratios: P/E Ratio 30.7x · EV/EBITDA 13.7x · ROE 5.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $528M | $434M | $758M | $487M | $304M | $381M | $434M | $423M | $308M | $294M | $301M |
| Enterprise Value | $517M | $423M | $800M | $518M | $310M | $328M | $378M | $404M | $296M | $282M | $275M |
| P/E Ratio → | 30.73 | 18.87 | 11.95 | 8.34 | 14.98 | 23.52 | 14.51 | 10.83 | 9.12 | 12.77 | 15.11 |
| P/S Ratio | 0.66 | 0.55 | 0.60 | 0.42 | 0.36 | 0.53 | 0.67 | 0.52 | 0.43 | 0.48 | 0.50 |
| P/B Ratio | 1.28 | 1.03 | 1.89 | 1.40 | 1.04 | 1.34 | 1.54 | 1.64 | 1.35 | 1.45 | 1.63 |
| P/FCF | 4.88 | 5.11 | 499.54 | — | — | 62.30 | 10.04 | 23.86 | 35.96 | — | — |
| P/OCF | 5.35 | 4.40 | 44.95 | 44.39 | — | 24.96 | 7.14 | 12.05 | 14.05 | 21.05 | 14.38 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.54 | 0.64 | 0.45 | 0.37 | 0.46 | 0.58 | 0.49 | 0.42 | 0.46 | 0.46 |
| EV / EBITDA | 13.66 | 9.18 | 8.11 | 5.62 | 7.50 | 9.47 | 7.13 | 6.50 | 5.75 | 7.49 | 7.47 |
| EV / EBIT | 16.45 | 13.15 | 9.51 | 6.49 | 10.65 | 14.19 | 9.61 | 7.66 | 6.81 | 8.85 | 8.52 |
| EV / FCF | — | 4.98 | 526.69 | — | — | 53.62 | 8.74 | 22.79 | 34.65 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.2% | 15.2% | 13.6% | 13.2% | 9.7% | 9.7% | 12.8% | 11.8% | 11.7% | 10.9% | 10.7% |
| Operating Margin | 4.0% | 4.0% | 6.7% | 6.8% | 3.5% | 3.3% | 6.7% | 6.5% | 6.2% | 5.1% | 5.3% |
| Net Profit Margin | 2.9% | 2.9% | 5.0% | 5.1% | 2.4% | 2.3% | 4.6% | 4.8% | 4.7% | 3.7% | 3.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.6% | 5.6% | 17.0% | 18.2% | 7.0% | 5.7% | 11.0% | 16.1% | 15.7% | 11.9% | 11.1% |
| ROA | 3.7% | 3.7% | 9.7% | 10.1% | 4.3% | 3.9% | 7.5% | 10.3% | 9.8% | 7.5% | 7.0% |
| ROIC | 5.5% | 5.5% | 15.4% | 17.4% | 8.4% | 7.7% | 14.0% | 17.5% | 16.1% | 13.5% | 16.3% |
| ROCE | 6.8% | 6.8% | 19.2% | 20.8% | 9.3% | 8.2% | 15.6% | 20.7% | 19.0% | 15.5% | 17.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.08 | 0.08 | 0.16 | 0.17 | 0.16 | 0.00 | 0.01 | 0.03 | 0.07 | 0.05 | 0.03 |
| Debt / EBITDA | 0.73 | 0.73 | 0.67 | 0.66 | 1.11 | 0.04 | 0.03 | 0.11 | 0.31 | 0.28 | 0.14 |
| Net Debt / Equity | — | -0.03 | 0.10 | 0.09 | 0.02 | -0.19 | -0.20 | -0.07 | -0.05 | -0.06 | -0.14 |
| Net Debt / EBITDA | -0.24 | -0.24 | 0.42 | 0.34 | 0.14 | -1.53 | -1.06 | -0.31 | -0.22 | -0.30 | -0.71 |
| Debt / FCF | — | -0.13 | 27.15 | — | — | -8.68 | -1.30 | -1.07 | -1.31 | — | — |
| Interest Coverage | 48.72 | 48.72 | 21.40 | 13.35 | 8.62 | 17.06 | 32.36 | 22.19 | 23.18 | 20.11 | 27.77 |
Net cash position: cash ($45M) exceeds total debt ($34M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.22 | 3.22 | 2.68 | 2.17 | 2.41 | 2.24 | 2.59 | 2.31 | 2.21 | 2.24 | 2.13 |
| Quick Ratio | 1.87 | 1.87 | 1.74 | 1.37 | 1.42 | 1.46 | 1.83 | 1.61 | 1.45 | 1.56 | 1.53 |
| Cash Ratio | 0.33 | 0.33 | 0.12 | 0.13 | 0.26 | 0.37 | 0.52 | 0.21 | 0.22 | 0.22 | 0.29 |
| Asset Turnover | — | 1.34 | 1.89 | 1.78 | 1.69 | 1.64 | 1.63 | 2.09 | 1.93 | 1.94 | 2.02 |
| Inventory Turnover | 3.64 | 3.64 | 5.84 | 5.28 | 4.99 | 5.64 | 6.77 | 8.20 | 6.70 | 7.99 | 8.37 |
| Days Sales Outstanding | — | 91.57 | 90.97 | 90.55 | 76.43 | 78.33 | 79.38 | 75.22 | 76.49 | 78.74 | 76.13 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.7% | 2.1% | 1.2% | 1.7% | 2.7% | 2.2% | 1.9% | 1.9% | 2.7% | 2.8% | 2.6% |
| Payout Ratio | 39.8% | 39.8% | 13.7% | 14.2% | 40.4% | 50.5% | 27.5% | 21.0% | 24.3% | 35.6% | 38.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 5.3% | 8.4% | 12.0% | 6.7% | 4.3% | 6.9% | 9.2% | 11.0% | 7.8% | 6.6% |
| FCF Yield | 20.5% | 19.6% | 0.2% | — | — | 1.6% | 10.0% | 4.2% | 2.8% | — | — |
| Buyback Yield | 1.1% | 1.4% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.8% | 3.5% | 1.5% | 1.7% | 2.7% | 2.2% | 1.9% | 1.9% | 2.7% | 2.8% | 2.6% |
| Shares Outstanding | — | $12M | $12M | $12M | $11M | $11M | $11M | $11M | $11M | $11M | $11M |
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MLR stock.
Miller Industries, Inc.'s current P/E ratio is 30.7x. The historical average is 20.6x. This places it at the 88th percentile of its historical range.
Miller Industries, Inc.'s current EV/EBITDA is 13.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.4x.
Miller Industries, Inc.'s return on equity (ROE) is 5.6%. The historical average is 4.6%.
Based on historical data, Miller Industries, Inc. is trading at a P/E of 30.7x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Miller Industries, Inc.'s current dividend yield is 1.70% with a payout ratio of 39.8%.
Miller Industries, Inc. has 15.2% gross margin and 4.0% operating margin.
Miller Industries, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Severe revenue contraction and margin compression
Metrics are mathematically derived from official filings.
Valuation Disconnect from Earnings Power
Miller Industries trades at a P/E of 28.65, a significant premium to its historical earnings power, suggesting the market is pricing in a recovery that is not yet visible in its strained profitability metrics.
The current P/E of 28.65 and EV/EBITDA of 13.78 appear elevated relative to the company's recent return on equity, which has fallen to 1.7% in 2026Q2 from a peak of 5.5% in 2024Q2. This valuation implies an expectation of a sharp earnings rebound, yet the company's operating margin has compressed from 7.6% to 4.5% over the same period, indicating the market may be overly optimistic about the pace and magnitude of a cyclical recovery.
Margin Resilience Masks Operating Leverage Erosion
Despite a severe revenue contraction, Miller Industries' gross margin has remained relatively stable between 12.6% and 16.2%, but operating margin has been disproportionately impacted, falling from 7.6% to 4.5% as fixed costs weigh on profitability.
The stability in gross margin suggests some pricing discipline or favorable product mix, but the collapse in operating margin reveals significant negative operating leverage. With revenue down over 51% from its peak, the company's fixed SG&A burden has eroded profitability, making the current net margin of 3.0% appear fragile and highly sensitive to volume fluctuations.
Capital Returns in Steep Decline
Miller Industries' return on invested capital has deteriorated sharply from 5.2% in 2024Q2 to just 2.1% in 2026Q2, indicating the company is generating significantly less profit from its capital base during this cyclical downturn.
The decline in ROIC from 5.2% to 2.1% is driven by both margin compression and reduced asset turnover, which fell from 0.51 to 0.40 over the same period. This trend suggests the company's capital efficiency is deteriorating, and the current return may not be sufficient to cover its cost of capital, potentially destroying shareholder value if the downturn persists.
Working Capital Cycle Extends Dramatically
Miller Industries' cash conversion cycle has ballooned from 74 days in 2024Q1 to 104 days in 2026Q2, driven primarily by a significant increase in days sales outstanding and days inventory outstanding, indicating deteriorating working capital efficiency.
The extension of the CCC from 74 to 104 days suggests the company is facing challenges in collecting receivables and managing inventory during the downturn. DSO has increased from 81 to 78 days, while DIO has risen from 56 to 74 days, indicating potential customer payment delays and inventory buildup that ties up cash and reduces operational flexibility.
Near-Zero Leverage Provides Strategic Flexibility
Miller Industries has effectively eliminated its financial leverage, with a debt-to-equity ratio of just 0.01 and interest coverage of 29.61x, providing substantial balance sheet flexibility during the current cyclical downturn.
The company's near-zero leverage position, with total debt reduced to just $4.7M against equity of $420.1M, represents a significant strategic advantage during the revenue contraction. This conservative capital structure provides ample capacity for debt financing if needed for acquisitions or operational support, and eliminates refinancing risk in the current environment.
Asset Turnover Misleads in Cyclical Downturn
The asset turnover ratio of 0.40 is commonly misapplied to Miller Industries' business model, as it obscures the cyclical nature of the company's revenue and the impact of inventory buildup during industry downturns.
Asset turnover is often used to assess operational efficiency, but for a cyclical manufacturer like Miller Industries, it can be misleading during downturns. The current ratio of 0.40 reflects both reduced revenue and increased inventory levels, which may be strategic rather than inefficient. A more appropriate metric would be gross margin return on inventory, which better captures the profitability of working capital investments during different phases of the business cycle.