Revenue has contracted sharply for five consecutive quarters from a peak of $371.5M, yet gross margin has shown resilience, fluctuating between 12.6% and 16.2%, suggesting pricing discipline amidst volume collapse.
Miller Industries, Inc. (MLR) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Apr'01 | Apr'99 | Apr'98 | Apr'97 | Apr'96 |
|---|
| Sales/Revenue | 804.25M | 790.27M | 1.26B | 1.15B | 848.46M | 717.48M | 651.29M | 818.17M | 711.71M | 615.1M | 601.12M | 540.97M | 492.78M | 404.17M | 342.66M | 412.66M | 306.9M | 237.57M | 270.99M | 400.03M | 409.42M | 351.88M | 236.31M | 206M | 203.06M | 495.46M | 581.49M | 525.9M | 397.2M | 292.4M | 125.7M |
| Revenue Growth % | -4.29% | -37.16% | 9.03% | 35.94% | 18.26% | 10.16% | -20.4% | 14.96% | 15.71% | 2.33% | 11.12% | 9.78% | 21.92% | 17.95% | -16.96% | 34.46% | 29.18% | -12.33% | -32.26% | -2.29% | 16.35% | 48.91% | 14.71% | 1.45% | -59.02% | -14.79% | 10.57% | 32.4% | 35.84% | 132.62% | 32.73% |
| Cost of Goods Sold | 686.32M | 669.88M | 1.09B | 1B | 766.04M | 647.62M | 568.21M | 721.68M | 628.37M | 548M | 536.84M | 483.35M | 439.79M | 361.73M | 302.61M | 342.56M | 260.57M | 202.27M | 237.36M | 343.88M | 349.64M | 301.94M | 205.02M | 179.01M | 174.52M | 0 | 472.19M | 420.2M | 309.3M | 232.8M | 103.9M |
| COGS % of Revenue | - | 84.77% | 86.42% | 86.83% | 90.29% | 90.26% | 87.24% | 88.21% | 88.29% | 89.09% | 89.31% | 89.35% | 89.25% | 89.5% | 88.31% | 83.01% | 84.9% | 85.14% | 87.59% | 85.96% | 85.4% | 85.81% | 86.76% | 86.9% | 85.94% | - | 81.2% | 79.9% | 77.87% | 79.62% | 82.66% |
| Gross Profit | 117.93M | 120.39M | 170.81M | 151.85M | 82.42M | 69.85M | 83.08M | 96.49M | 83.34M | 67.1M | 64.28M | 57.61M | 52.98M | 42.44M | 40.06M | 70.1M | 46.33M | 35.3M | 33.63M | 56.15M | 59.78M | 49.94M | 31.29M | 26.99M | 28.54M | 495.46M | 109.3M | 105.7M | 87.9M | 59.6M | 21.8M |
| Gross Margin % | 14.66% | 15.23% | 13.58% | 13.17% | 9.71% | 9.74% | 12.76% | 11.79% | 11.71% | 10.91% | 10.69% | 10.65% | 10.75% | 10.5% | 11.69% | 16.99% | 15.1% | 14.86% | 12.41% | 14.04% | 14.6% | 14.19% | 13.24% | 13.1% | 14.06% | 100% | 18.8% | 20.1% | 22.13% | 20.38% | 17.34% |
| Gross Profit Growth % | - | -29.51% | 12.48% | 84.25% | 17.99% | -15.92% | -13.9% | 15.78% | 24.19% | 4.39% | 11.57% | 8.73% | 24.86% | 5.94% | -42.86% | 51.31% | 31.27% | 4.96% | -40.11% | -6.08% | 19.71% | 59.62% | 15.93% | -5.45% | -94.24% | 353.33% | 3.4% | 20.25% | 47.48% | 173.39% | 30.54% |
| Operating Expenses | 92.19M | 88.98M | 86.32M | 73.09M | 52.83M | 46.23M | 39.71M | 43.39M | 39.54M | 35.56M | 32.32M | 31.49M | 28.5M | 28.32M | 27.51M | 31.41M | 26.66M | 24.91M | 25.94M | 27.4M | 27.21M | 24.29M | 18.9M | 17.41M | 19.54M | 65.39M | 65.39M | 81.67M | 75.4M | 49.4M | 30.2M |
| OpEx % of Revenue | - | 11.26% | 6.86% | 6.34% | 6.23% | 6.44% | 6.1% | 5.3% | 5.56% | 5.78% | 5.38% | 5.82% | 5.78% | 7.01% | 8.03% | 7.61% | 8.69% | 10.48% | 9.57% | 6.85% | 6.65% | 6.9% | 8% | 8.45% | 9.62% | 13.2% | 11.25% | 15.53% | 18.98% | 16.89% | 24.03% |
| Selling, General & Admin | 92.19M | 88.98M | 80.12M | 67.09M | 48.83M | 42.63M | 35M | 39.69M | 36.41M | 33.62M | 30.52M | 29.9M | 26.6M | 27.02M | 26.07M | 31.41M | 26.66M | 24.91M | 25.94M | 27.4M | 27.21M | 24.29M | 18.9M | 17.41M | 19.54M | 65.39M | 65.39M | 81.67M | 75.4M | 49.4M | 30.2M |
| SG&A % of Revenue | - | 11.26% | 6.37% | 5.82% | 5.75% | 5.94% | 5.37% | 4.85% | 5.12% | 5.47% | 5.08% | 5.53% | 5.4% | 6.69% | 7.61% | 7.61% | 8.69% | 10.48% | 9.57% | 6.85% | 6.65% | 6.9% | 8% | 8.45% | 9.62% | 13.2% | 11.25% | 15.53% | 18.98% | 16.89% | 24.03% |
| Research & Development | 0 | 8.2M | 6.2M | 6M | 4M | 3.6M | 4.72M | 3.7M | 3.13M | 1.94M | 1.8M | 1.59M | 1.9M | 1.3M | 1.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.04% | 0.49% | 0.52% | 0.47% | 0.5% | 0.72% | 0.45% | 0.44% | 0.32% | 0.3% | 0.29% | 0.39% | 0.32% | 0.42% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -8.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 25.74M | 31.41M | 84.48M | 78.77M | 29.59M | 23.62M | 43.36M | 53.09M | 43.79M | 31.54M | 31.96M | 26.12M | 24.49M | 14.11M | 12.55M | 38.7M | 19.67M | 10.39M | 7.69M | 28.75M | 32.57M | 25.65M | 12.38M | 9.58M | 9M | 430.07M | 43.9M | 24.03M | 12.5M | 10.2M | -8.4M |
| Operating Margin % | 3.2% | 3.97% | 6.72% | 6.83% | 3.49% | 3.29% | 6.66% | 6.49% | 6.15% | 5.13% | 5.32% | 4.83% | 4.97% | 3.49% | 3.66% | 9.38% | 6.41% | 4.37% | 2.84% | 7.19% | 7.95% | 7.29% | 5.24% | 4.65% | 4.43% | 86.8% | 7.55% | 4.57% | 3.15% | 3.49% | -6.68% |
| Operating Income Growth % | - | -62.82% | 7.26% | 166.18% | 25.29% | -45.53% | -18.33% | 21.24% | 38.85% | -1.32% | 22.35% | 6.67% | 73.52% | 12.45% | -67.57% | 96.76% | 89.28% | 35.16% | -73.26% | -11.72% | 26.98% | 107.12% | 29.3% | 6.38% | -97.91% | 879.59% | 82.69% | 92.25% | 22.55% | 221.43% | -205% |
| EBITDA | 37.84M | 46.09M | 98.55M | 92.01M | 41.35M | 34.66M | 52.96M | 62.22M | 51.54M | 37.69M | 36.79M | 30.44M | 28.5M | 17.88M | 16.36M | 42.37M | 23.2M | 13.87M | 11.2M | 32.01M | 35.41M | 28.89M | 16.41M | 17.64M | 15.56M | -9.61M | 61.7M | 39.53M | 22.7M | 16M | -7.5M |
| EBITDA Margin % | 4.7% | 5.83% | 7.84% | 7.98% | 4.87% | 4.83% | 8.13% | 7.6% | 7.24% | 6.13% | 6.12% | 5.63% | 5.78% | 4.42% | 4.77% | 10.27% | 7.56% | 5.84% | 4.13% | 8% | 8.65% | 8.21% | 6.95% | 8.56% | 7.66% | -1.94% | 10.61% | 7.52% | 5.71% | 5.47% | -5.97% |
| EBITDA Growth % | -30.01% | -53.23% | 7.11% | 122.49% | 19.33% | -34.56% | -14.88% | 20.73% | 36.76% | 2.44% | 20.86% | 6.79% | 59.45% | 9.29% | -61.39% | 82.64% | 67.32% | 23.76% | -65% | -9.62% | 22.59% | 76.01% | -6.97% | 13.4% | 261.92% | -115.57% | 56.07% | 74.15% | 41.88% | 313.33% | -188.24% |
| D&A (Non-Cash Add-back) | 12M | 14.69M | 14.07M | 13.24M | 11.76M | 11.04M | 9.6M | 9.13M | 7.75M | 6.15M | 4.83M | 4.32M | 4.01M | 3.76M | 3.81M | 3.67M | 3.53M | 3.48M | 3.52M | 3.26M | 2.84M | 3.24M | 4.03M | 8.06M | 6.55M | 0 | 17.79M | 15.5M | 10.2M | 5.8M | 900K |
| EBIT | 25.26M | 32.15M | 84.06M | 79.76M | 29.11M | 23.12M | 39.31M | 52.76M | 43.54M | 31.93M | 32.24M | 25.78M | 24.05M | 14.23M | 13.37M | 38.86M | 19.59M | 10.83M | 7.01M | 28.75M | 32.57M | 25.65M | 12.38M | 9.58M | 14.91M | 0 | 7.13M | 10.47M | 14.8M | 28.3M | 23.6M |
| Net Interest Income | -1.03M | -160K | -3.93M | -5.97M | -3.38M | -1.35M | -1.22M | -2.38M | -1.88M | -1.59M | -1.16M | -919K | -554K | -369K | -712K | -728K | -305K | -883K | -1.24M | -3.39M | -3.52M | -4.01M | -4.66M | -5.61M | -4.62M | 0 | -16.73M | -14.03M | -10.4M | -3.4M | -600K |
| Interest Income | 0 | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.24M | -249K | 0 | 0 | -1.6M | 0 | 0 | 0 |
| Interest Expense | 1.03M | 660K | 3.93M | 5.97M | 3.38M | 1.35M | 1.22M | 2.38M | 1.88M | 1.59M | 1.16M | 919K | 554K | 369K | 712K | 728K | 305K | 883K | 1.24M | 3.39M | 3.52M | 4.01M | 4.66M | 21.83M | 53.59M | 16.73M | 12.43M | 10.4M | 3.4M | 600K | 600K |
| Other Income/Expense | -1.51M | 85K | -4.35M | -4.98M | -3.86M | -1.85M | -5.26M | -2.71M | -2.13M | -1.2M | -884K | -1.26M | -991K | -250K | 103K | -567K | -376K | -441K | -1.92M | -3.1M | -3.14M | -4.01M | -4.66M | -6.29M | 1.29M | -439.68M | -53.51M | -110.48M | -8M | 10.7M | 31.3M |
| Pretax Income | 24.23M | 31.49M | 80.13M | 73.78M | 25.73M | 21.77M | 38.1M | 50.38M | 41.66M | 30.34M | 31.08M | 24.86M | 23.5M | 13.86M | 12.65M | 38.13M | 19.29M | 9.95M | 5.77M | 25.65M | 29.43M | 21.64M | 7.73M | 3.29M | 10.29M | -9.61M | -9.61M | -86.45M | 4.5M | 20.9M | 22.9M |
| Pretax Margin % | 3.01% | 3.99% | 6.37% | 6.4% | 3.03% | 3.03% | 5.85% | 6.16% | 5.85% | 4.93% | 5.17% | 4.6% | 4.77% | 3.43% | 3.69% | 9.24% | 6.29% | 4.19% | 2.13% | 6.41% | 7.19% | 6.15% | 3.27% | 1.6% | 5.07% | -1.94% | -1.65% | -16.44% | 1.13% | 7.15% | 18.22% |
| Income Tax | 6.92M | 8.48M | 16.64M | 15.49M | 5.39M | 5.51M | 8.27M | 11.27M | 7.92M | 7.32M | 11.15M | 8.89M | 8.66M | 5.17M | 3.53M | 15.12M | 7.58M | 3.93M | 2.18M | 9.32M | 2.45M | 2.94M | 740K | 1.22M | 7.21M | -3.17M | -3.17M | -13.31M | 2.3M | 8.2M | 8.4M |
| Effective Tax Rate % | 28.54% | 26.93% | 20.76% | 21% | 20.93% | 25.32% | 21.7% | 22.38% | 19% | 24.14% | 35.89% | 35.74% | 36.85% | 37.33% | 27.91% | 39.66% | 39.31% | 39.53% | 37.83% | 36.33% | 8.34% | 13.57% | 9.58% | 37.01% | 70.04% | 33.03% | 33.03% | 15.39% | 51.11% | 39.23% | 36.68% |
| Net Income | 17.31M | 23.01M | 63.49M | 58.29M | 20.35M | 16.25M | 29.83M | 39.11M | 33.75M | 23.02M | 19.92M | 15.98M | 14.9M | 9.23M | 9.12M | 23.01M | 11.71M | 6.02M | 3.59M | 16.33M | 45.34M | 18.59M | 5.47M | -14.15M | -45.69M | -6.43M | -6.43M | -73.14M | 2.2M | 12.7M | 14.5M |
| Net Margin % | 2.15% | 2.91% | 5.05% | 5.05% | 2.4% | 2.27% | 4.58% | 4.78% | 4.74% | 3.74% | 3.31% | 2.95% | 3.02% | 2.28% | 2.66% | 5.58% | 3.81% | 2.53% | 1.32% | 4.08% | 11.07% | 5.28% | 2.32% | -6.87% | -22.5% | -1.3% | -1.11% | -13.91% | 0.55% | 4.34% | 11.54% |
| Net Income Growth % | -42.55% | -63.75% | 8.93% | 186.5% | 25.17% | -45.51% | -23.73% | 15.9% | 46.62% | 15.53% | 24.7% | 7.19% | 61.47% | 1.18% | -60.35% | 96.53% | 94.6% | 67.76% | -78.04% | -63.98% | 143.96% | 239.47% | 138.68% | 69.03% | -610.2% | 0% | 91.2% | -3424.68% | -82.68% | -12.41% | 85.9% |
| Net Income (Continuing) | 17.31M | 23.01M | 63.49M | 58.29M | 20.35M | 16.25M | 29.83M | 39.11M | 33.75M | 23.02M | 19.92M | 15.98M | 14.84M | 8.69M | 9.12M | 23.01M | 11.71M | 6.02M | 3.59M | 16.33M | 26.97M | 18.7M | 6.99M | 2.07M | 3.08M | -6.43M | -6.43M | -73.14M | 2.2M | 12.7M | 14.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.37M | -114K | -1.51M | -16.22M | -26.96M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -518K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.51 | 1.98 | 5.47 | 5.07 | 1.78 | 1.42 | 2.62 | 3.43 | 2.96 | 2.02 | 1.75 | 1.41 | 1.31 | 0.82 | 0.82 | 1.92 | 0.96 | 0.51 | 0.31 | 1.40 | 3.91 | 1.62 | 0.50 | -1.51 | -4.89 | -0.69 | -7.83 | 0.23 | 1.35 | 1.75 | 1.24 |
| EPS Growth % | -42.31% | -63.8% | 7.89% | 184.83% | 25.35% | -45.8% | -23.62% | 15.88% | 46.53% | 15.43% | 24.11% | 7.63% | 59.76% | 0% | -57.29% | 100% | 88.24% | 64.52% | -77.86% | -64.19% | 141.36% | 224% | 133.11% | 69.12% | -608.7% | 91.19% | -3504.35% | -82.96% | -22.86% | 41.13% | 12.73% |
| EPS (Basic) | - | 2.01 | 5.55 | 5.10 | 1.78 | 1.42 | 2.62 | 3.43 | 2.96 | 2.02 | 1.76 | 1.41 | 1.32 | 0.82 | 0.82 | 1.98 | 1.00 | 0.52 | 0.31 | 1.41 | 3.99 | 1.66 | 0.50 | -1.51 | -4.89 | -0.69 | -7.83 | 0.24 | 1.40 | 1.85 | 1.24 |
| Diluted Shares Outstanding | 11.48M | 11.62M | 11.6M | 11.51M | 11.42M | 11.41M | 11.4M | 11.4M | 11.39M | 11.38M | 11.37M | 11.36M | 11.35M | 11.32M | 11.26M | 11.98M | 12.16M | 11.9M | 11.66M | 11.65M | 11.6M | 11.47M | 10.98M | 9.38M | 9.35M | 9.34M | 9.34M | 9.46M | 9.41M | 8.29M | 6.3M |
| Basic Shares Outstanding | 11.33M | 11.45M | 11.45M | 11.44M | 11.42M | 11.41M | 11.4M | 11.4M | 11.39M | 11.37M | 11.35M | 11.32M | 11.3M | 11.23M | 11.07M | 11.6M | 11.67M | 11.61M | 11.59M | 11.56M | 11.36M | 11.23M | 10.86M | 9.34M | 9.34M | 9.34M | 9.34M | 9.27M | 9.07M | 7.84M | 6.3M |
| Dividend Payout Ratio | - | 39.78% | 13.74% | 14.15% | 40.4% | 50.54% | 27.53% | 20.99% | 24.3% | 35.58% | 38.73% | 45.4% | 45.48% | 68.19% | 63.17% | 24.1% | 9.93% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MLR stock.
For fiscal year 2025, Miller Industries, Inc. (MLR) reported total revenue of $790.3M. This represents a 528.7% increase compared to $125.7M in 1996.
Miller Industries, Inc. (MLR) is profitable, generating $23.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.9%.
Miller Industries, Inc. (MLR) reported an operating income of $31.4M, resulting in an operating profit margin of 4.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Miller Industries, Inc. (MLR) generated $120.4M in gross profit for the year, representing a gross profit margin of 15.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Severe revenue contraction and margin compression
Metrics are mathematically derived from official filings.
Severe Revenue Contraction Follows Peak
Miller Industries' revenue has contracted sharply for five consecutive quarters, falling from a peak of $371.5M in 2024Q2 to $180.9M in 2026Q1, a decline of over 51%, before a partial rebound to $240.0M in the latest quarter.
The company's top line has experienced a dramatic reversal from the strong double-digit growth seen in early 2024. The sustained negative year-over-year growth rates, including a -43.1% drop in 2025Q3, suggest a significant cyclical downturn or loss of market share in its core markets. While the 12.1% growth in 2026Q2 is a positive sign, it follows a -19.8% decline in the prior quarter, indicating the recovery is nascent and its durability is unproven.
Gross Margin Resilience Amidst Volume Collapse
Despite a severe revenue contraction, Miller Industries' gross margin has remained relatively stable, fluctuating between 12.6% and 16.2% over the past ten quarters, suggesting some pricing discipline or favorable product mix.
The company's ability to maintain gross margins in the 14-16% range during a period of steep volume decline is noteworthy and may indicate effective cost management within COGS or a shift towards higher-margin products. However, these margins are significantly below peers like Dorman Products (41.1%) and Helios Technologies (32.3%), highlighting a fundamentally lower-margin business model. The recent improvement to 15.0% in 2026Q2 from 14.2% in the prior quarter warrants monitoring to see if it can be sustained as volumes recover.
Operating Leverage Eroded by Fixed Cost Burden
Operating income has been disproportionately impacted by the revenue decline, collapsing from $28.3M in 2024Q2 to just $1.7M in 2026Q1, demonstrating significant negative operating leverage as fixed SG&A costs weigh on profitability.
The company's operating margin has compressed from a peak of 7.6% to as low as 1.0%, indicating that its cost structure is not flexible enough to maintain profitability during a downturn. While SG&A expenses have been reduced from their peak, they have not fallen in line with the revenue decline, suggesting a high proportion of fixed overhead. The recent recovery to a 4.5% operating margin in 2026Q2 is encouraging but remains well below the levels achieved in 2024, implying that full operational leverage has not yet been restored.
Net Income Volatility and Non-Recurring Items
Reported net income has been highly volatile, swinging from $20.5M in 2024Q2 to a near-breakeven $555K in 2026Q1, with EPS growth turning sharply negative, raising questions about the sustainability of core earnings power.
The extreme volatility in net income and EPS, including a -92.8% EPS decline in 2026Q1, suggests that reported earnings are heavily influenced by the company's operational leverage and potentially non-operating items. The presence of a $6.2M R&D charge in 2024Q4, an anomaly in the data, indicates that one-time items can significantly distort quarterly results. Investors should focus on the underlying operating income trend, as the bottom line appears susceptible to both cyclical pressures and non-recurring adjustments.
Cyclical Downturn Exposes Structural Weakness
The most significant risk is that the severe revenue contraction is not merely cyclical but reflects a structural loss of competitiveness, as evidenced by the company's inability to maintain pre-downturn profitability levels even as revenue partially recovers.
A bearish interpretation would focus on the fact that while revenue in 2026Q2 ($240.0M) is approaching 2025Q1 levels ($225.7M), the operating margin (4.5%) is still below that period's 4.7%, and net margin (3.0%) is below 3.6%. This suggests that the cost structure has become less efficient or that pricing power has weakened. Furthermore, the company's gross margins, while stable, are structurally lower than most peers, leaving little buffer against further input cost inflation or competitive pricing pressure.