Revenue has experienced a sharp contraction, dropping 51.3% from the 2024Q2 peak of $371.5 million to $180.9 million in 2026Q1, while operating margins remain compressed at a narrow 1.0%.
| 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 | 744.73M | 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 % | -34.29% | -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 | 632.6M | 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 | 112.13M | 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 % | 15.06% | 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 | 89.67M | 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 | 89.67M | 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 | 22.46M | 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 % | 3.02% | 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 | 33.49M | 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 % | 4.5% | 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 % | -61.37% | -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) | 11.03M | 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 | 22.26M | 31.41M | 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 | -710K | -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 | 710K | 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 | -154K | 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 | 22.31M | 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% | 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 | 6.8M | 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 % | 30.49% | 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 | 15.51M | 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 % | 2.08% | 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 % | -71.57% | -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) | 15.5M | 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) | 1.35 | 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 % | -71.55% | -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 | 11.53M | 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 | 11.39M | 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% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Chassis supply chain dependency
As reported in recent financial filings, Miller Industries experienced a significant revenue decline, with quarterly sales dropping to $180.9 million in 2026Q1 from a peak of $371.5 million in 2024Q2, representing a sharp contraction that suggests persistent challenges in securing necessary chassis for equipment completion.
The consistent quarter-over-quarter revenue decay indicates that the company is struggling to maintain throughput, likely due to external supply chain bottlenecks rather than a collapse in end-market demand. Investors should monitor whether this downward trajectory stabilizes as chassis availability potentially improves, as the current trend masks the underlying health of the order backlog.
Based on the provided income statement data, Miller Industries' gross margins have remained compressed within a narrow 12.6% to 16.2% range, reflecting the company's limited ability to pass through rising input costs while maintaining volume in a highly competitive, chassis-dependent manufacturing environment.
The low gross margin profile highlights the pass-through nature of the business, where the company acts more as an integrator than a high-value manufacturer. Without a shift toward higher-margin proprietary components or a more favorable product mix, profitability appears structurally capped by the pricing power of the underlying truck OEMs.
According to the company's income statements, operating income plummeted from $28.3 million in 2024Q2 to just $1.7 million in 2026Q1, demonstrating a lack of operating leverage as fixed costs continue to weigh heavily on the business during periods of declining top-line revenue.
The rapid deterioration of operating margins from 7.6% to 1.0% over the last two years suggests that the company's cost structure is not sufficiently flexible to absorb significant volume drops. This lack of scalability warrants further investigation into whether management can effectively right-size the overhead to match current production levels.
As indicated by the reported figures, net income has experienced extreme volatility, falling from $20.5 million in 2024Q2 to $0.56 million in 2026Q1, a trend that suggests the bottom line is highly sensitive to minor fluctuations in production throughput and operational efficiency.
The sharp decline in EPS from $1.78 to $0.05 over the same period highlights the fragility of the company's current earnings power. Investors should be cautious, as the reliance on non-operating items and the timing of chassis deliveries may create noise that obscures the true underlying profitability of the core towing business.
While the company's fortress balance sheet provides a buffer, the persistent revenue decline suggests that the market may be underestimating the risk of a structural shift in the towing equipment cycle, rather than a temporary supply-driven disruption as some bulls might argue.
Short-sellers would likely focus on the inability of the company to maintain margins despite its dominant market position, suggesting that competitive pressures or OEM pricing power may be permanently eroding the value proposition. The lack of R&D investment, as evidenced by recent periods of zero reported spending, may further indicate a long-term risk to the company's competitive moat.
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.