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Miller Industries
(NYSE:MLR)
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Rating:71Outperform
Price Target:
$56.00
▲(8.97% Upside)
Action:Upgraded
Date:08/06/26
The score is driven primarily by strong financial resilience (very low leverage) and improved, currently robust cash generation, reinforced by a generally upbeat earnings call with reiterated guidance and momentum in Q2. These positives are tempered by compressed profitability versus prior years and a relatively expensive valuation (high P/E with only a modest dividend yield), while technical indicators are mildly supportive rather than strongly bullish.
Positive Factors
Low leverage / strong balance sheet
A conservatively positioned balance sheet with minimal debt vs a large equity base gives durable financial flexibility. It supports organic funding of expansions, sustained dividends and buybacks, and provides a buffer through cyclical demand swings without relying on external financing.
Negative Factors
Compressed profitability
Material margin compression versus prior years reduces return on equity and the company's capacity to internally fund growth. Persistently lower operating and net margins make earnings more sensitive to cost inflation and weaken long-term reinvestment potential absent structural cost improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
A conservatively positioned balance sheet with minimal debt vs a large equity base gives durable financial flexibility. It supports organic funding of expansions, sustained dividends and buybacks, and provides a buffer through cyclical demand swings without relying on external financing.
Read all positive factors
Miller Industries (MLR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$640.04M
Dividend Yield1.43%
Average Volume (3M)84.23K
Price to Earnings (P/E)45.4
Beta (1Y)0.97
Revenue Growth-20.95%
EPS Growth-66.17%
CountryUS
Employees1,531
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Parts
Share Statistics
EPS (TTM)1.26
Shares Outstanding11,352,184
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$64.00Price Target Upside24.54% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.82
Revenue Forecast (FY)$882.30M
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 selling towing and recovery equipment and related components. Its core revenue stream is the manufacture and sale of complete towing and recovery units (e.g., wreckers, rollbacks/car carriers, and other r...
Miller Industries Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call emphasized strong top-line performance (Q2 revenue +12.1% YoY, +32.7% sequential), improving profitability and cash generation, meaningful deleveraging, progress on strategic initiatives (Omars integration, facility expansions) and a growing military backlog surpassing $200M. Key near-term headwinds include acquisition-related one-time EPS charges, product-mix-related margin pressure as chassis share normalizes, and macro/geopolitical uncertainty that could keep demand subdued. Management reiterated confident full-year revenue guidance ($850–$900M) and a plan to fund expansion organically. Overall, the positive operational and strategic momentum outweighs the listed challenges.Positive Updates
Strong Revenue Growth
Second quarter revenue of $240.0 million, up 12.1% year-over-year and 32.7% sequentially, driven by steady production rates and retail/order intake.
Negative Updates
Guided Margin Contraction
Despite a 15.0% gross margin in Q2, management is guiding to mid-13% gross margins for the full year as product mix normalizes (expected decline of ~1–2 percentage points from recent quarter levels).
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Second quarter revenue of $240.0 million, up 12.1% year-over-year and 32.7% sequentially, driven by steady production rates and retail/order intake.
Read all positive updates
Company Guidance
Miller guided to roughly $250 million of revenue per quarter in the back half of 2026 (supporting full‑year revenue guidance of $850–$900 million), with full‑year gross margins expected to return to the mid‑13% range and full‑year EPS anticipated to be in line with 2025; Q2 results included $240.0 million revenue (up 12.1% YoY and 32.7% sequentially), $35.9 million gross profit (15% of sales), net income of $7.3 million and diluted EPS of $0.63 (Q1 EPS was $0.05), while transaction‑related Omars costs impacted EPS by $0.13 in Q1 and $0.11 in Q2 with an estimated $0.04–$0.05 remaining for the year; balance sheet metrics at quarter end included $55.6 million cash (up $2.6 million QoQ) and $20 million of additional debt reduction since Q1, the return of approximately $4.9 million to shareholders in Q2 (including $2.5 million of share repurchases and a $0.21 quarterly dividend — the 63rd consecutive quarter of dividends — with about $11.5 million remaining under the repurchase authorization), military commitments now in excess of $200 million with production beginning in 2027 and majority of related revenue expected in 2028–2029, a EUR 8 million Jige expansion on track for mid‑2027, and a 200,000+ sq ft Ooltewah facility targeted production‑ready late 2027 (construction to start Q4 2026), with management expecting to fund most expansion organically without expanding the credit facility.Miller Industries Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
86
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 770.69M | 790.27M | 1.26B | 1.15B | 848.46M | 717.48M |
| Gross Profit | 113.48M | 120.39M | 170.81M | 151.85M | 82.42M | 69.85M |
| EBITDA | 33.31M | 46.84M | 98.13M | 93.00M | 40.87M | 34.16M |
| Net Income | 14.32M | 23.01M | 63.49M | 58.29M | 20.35M | 16.25M |
Balance Sheet | ||||||
| Total Assets | 609.05M | 589.67M | 667.01M | 647.21M | 501.43M | 437.64M |
| Cash, Cash Equivalents and Short-Term Investments | 55.63M | 44.68M | 24.34M | 29.91M | 40.15M | 54.33M |
| Total Debt | 4.69M | 33.58M | 65.55M | 60.83M | 45.91M | 1.25M |
| Total Liabilities | 188.96M | 169.10M | 265.99M | 299.29M | 207.97M | 153.03M |
| Stockholders Equity | 420.09M | 420.57M | 401.03M | 347.92M | 293.46M | 284.62M |
Cash Flow | ||||||
| Free Cash Flow | 112.73M | 85.01M | 1.52M | -1.13M | -48.09M | 6.12M |
| Operating Cash Flow | 131.74M | 98.72M | 16.87M | 10.96M | -19.16M | 15.27M |
| Investing Cash Flow | -36.09M | -30.78M | -15.27M | -29.07M | -28.93M | -9.06M |
| Financing Cash Flow | -73.00M | -50.75M | -6.62M | 6.75M | 36.77M | -8.24M |
Miller Industries Technical Analysis
Positive
51.39
Price Trends
51.41
Positive
49.35
Positive
44.87
Positive
Market Momentum
1.79
Negative
72.37
Negative
75.68
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 51.39 is below the 20-day moving average (MA) of 53.75, below the 50-day MA of 51.41, and above the 200-day MA of 44.87, indicating a bullish trend. The MACD of 1.79 indicates Negative momentum. The RSI at 72.37 is Negative, neither overbought nor oversold. The STOCH value of 75.68 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $3.90B | 18.20 | 14.76% | ― | 3.30% | -1.80% | |
71 Outperform | $640.04M | 45.40 | 3.41% | 1.60% | -20.95% | -66.17% | |
70 Outperform | $853.85M | 16.86 | 7.36% | 3.31% | 11.32% | 27.67% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | $6.57B | 14.32 | 7.09% | 4.65% | -2.55% | -33.32% | |
51 Neutral | $222.84M | -54.72 | -1.57% | ― | -0.82% | -353.36% | |
49 Neutral | $373.92M | 52.29 | 1.36% | 6.67% | -4.98% | ― |
* Consumer Cyclical Sector Average
MLR
Miller Industries
57.20
13.20
29.99%
DORM
Dorman Products
132.12
-30.61
-18.81%
LKQ
LKQ
25.77
-4.72
-15.48%
MNRO
Monro Muffler
12.55
-3.71
-22.80%
MPAA
Motorcar Parts Of America
11.95
-2.50
-17.30%
SMP
Standard Motor Products
38.61
0.99
2.63%
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...
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.