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1. Company Snapshot

1.a. Company Description

Miller 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.

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1.b. Last Insights on MLR

Miller Industries' recent performance was negatively impacted by a 42% decline in sales. Despite this, the company's EPS saw an uptick. A workforce reduction of approximately 150 positions across three manufacturing facilities was announced as part of a cost reduction plan to enhance operational efficiency. The company's Q2 2025 earnings call highlighted challenges, but management expects recovery in H2 2025. Additionally, Miller Industries will present at the Midwest IDEAS Investor Conference, indicating ongoing investor engagement.

1.c. Company Highlights

2. Miller Industries Beats Expectations Amidst Industry Headwinds

Miller Industries reported third-quarter 2025 net sales of $178.7 million, a 43.1% year-over-year decrease, primarily driven by a drop in chassis shipments. Despite the revenue decline, the company achieved a gross profit margin of 14.2%, up from 13.4% in the prior year period, driven mainly by product mix. Earnings per share (EPS) came in at $0.27, significantly beating estimates of $0.02. The company's proactive steps to reduce production, rightsize costs, and secure its supply chain to mitigate tariff effects supported its bottom line.

Publication Date: Nov -21

📋 Highlights
  • Net Sales Decline:: Q3 2025 net sales fell to $178.7M, a 43.1% YoY drop, primarily due to reduced chassis shipments.
  • Gross Profit Margin Improvement:: Gross profit rose to 14.2% ($25.3M) from 13.4% ($42M) YoY, driven by product mix adjustments.
  • Balance Sheet Strength:: Cash balance increased to $38.4M (+$6.6M sequentially) with debt reduced to $35M (-$10M YoY).
  • Inventory Management:: Elevated distributor inventory prompted production cuts and supply chain optimizations to align with demand.
  • Dividend Commitment:: 59 consecutive quarterly dividends maintained, with the latest approved for December 9, 2025.

Operational Highlights

The company continued to navigate industry-wide demand headwinds, with the retail channel delaying purchases of new equipment due to macroeconomic uncertainty, resulting in elevated field inventory in the distribution channel. However, Miller Industries is confident that it will enter 2026 from a position of strength, having taken steps to reduce field inventory and improve its cost structure.

Balance Sheet Strength

Miller Industries' cash balance increased to $38.4 million, up $6.6 million sequentially and $14.1 million year-over-year. The company also reduced its debt balance by $10 million to $35 million. The improvement in the balance sheet is further reflected in the faster conversion of receivables into cash as inventory at distributors returns to more normalized levels.

Outlook and Valuation

The company remains confident in its outlook for a strong 2026, driven by the expected recovery in the commercial market and preparation for production of military orders in 2027. Analysts estimate next year's revenue growth at 24.0%. With a P/E Ratio of 13.93 and an EV/EBITDA of 7.85, the stock appears reasonably valued. The Dividend Yield of 2.15% and a history of paying dividends for 59 consecutive quarters add to the stock's attractiveness.

Growth Prospects

Miller Industries' revenue guidance for 2025 remains in the range of $750 million to $800 million, with the fourth quarter expected to be impacted by holidays and planned maintenance. The company's proactive steps and strong balance sheet position it well for a strong 2026, with growth prospects supported by the anticipated recovery in the commercial market and military orders.

3. NewsRoom

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MILLER INDUSTRIES ANNOUNCES ACQUISITION OF OMARS

Dec -02

Source: prnewswire.com

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MILLER INDUSTRIES TO PRESENT AND HOST 1X1 INVESTOR MEETINGS AT THE 17TH ANNUAL SOUTHWEST IDEAS INVESTOR CONFERENCE ON NOVEMBER 19TH & 20TH IN DALLAS, TX

Nov -13

Source: prnewswire.com

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Miller Industries, Inc. (MLR) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

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MILLER INDUSTRIES REPORTS 2025 THIRD QUARTER RESULTS

Nov -05

Source: prnewswire.com

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MILLER INDUSTRIES TO ANNOUNCE THIRD QUARTER 2025 RESULTS ON WEDNESDAY NOVEMBER 5, 2025

Oct -29

Source: prnewswire.com

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Comparing Miller Industries (NYSE:MLR) & Gentex (NASDAQ:GNTX)

Oct -23

Source: defenseworld.net

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MILLER INDUSTRIES TO HOST 1X1 INVESTOR MEETINGS AT THE 24TH ANNUAL D.A. DAVIDSON DIVERSIFIED INDUSTRIALS & SERVICES CONFERENCE ON SEPTEMBER 18TH IN NASHVILLE, TN

Sep -16

Source: prnewswire.com

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MILLER INDUSTRIES TO PRESENT AND HOST 1X1 INVESTOR MEETINGS AT THE 16TH ANNUAL MIDWEST IDEAS INVESTOR CONFERENCE ON AUGUST 26TH & 27TH IN CHICAGO, IL

Aug -21

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.15%)

6. Segments

Towing and Recovery Equipment

Expected Growth: 5.15%

Miller Industries' Towing and Recovery Equipment segment growth of 5.15% is driven by increasing demand for heavy-duty towing and recovery services, expansion in international markets, and strategic acquisitions. Additionally, the company's focus on innovation, quality, and customer service has led to market share gains and pricing power, contributing to the segment's growth.

7. Detailed Products

Towing and Recovery Equipment

Miller Industries offers a wide range of towing and recovery equipment, including wreckers, carriers, and wheel lifts, designed to meet the needs of towing professionals.

Impound Management Solutions

Miller Industries provides impound management solutions, including software and hardware, to help manage and track impounded vehicles.

Transportation and Storage Solutions

Miller Industries offers transportation and storage solutions, including car carriers and storage systems, designed to meet the needs of vehicle transportation and storage professionals.

Equipment for Roadside Assistance

Miller Industries provides equipment for roadside assistance, including jump-start machines and fuel delivery systems, designed to help motorists in distress.

Specialized Equipment for Heavy-Duty Towing

Miller Industries offers specialized equipment for heavy-duty towing, including rotators and heavy-duty wreckers, designed to recover and transport heavy vehicles.

8. Miller Industries, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Miller Industries, Inc. is medium due to the availability of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers is high due to the concentration of buyers in the market, giving them significant negotiating power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the availability of multiple suppliers in the market, reducing their negotiating power.

Threat Of New Entrants

The threat of new entrants is medium due to the moderate barriers to entry in the industry, including regulatory hurdles and capital requirements.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established competitors in the market, leading to intense competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 14.78%
Debt Cost 9.16%
Equity Weight 85.22%
Equity Cost 9.16%
WACC 9.16%
Leverage 17.34%

11. Quality Control: Miller Industries, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Douglas Dynamics

A-Score: 6.4/10

Value: 5.8

Growth: 3.7

Quality: 5.7

Yield: 8.0

Momentum: 7.0

Volatility: 8.0

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Standard Motor Products

A-Score: 5.6/10

Value: 5.4

Growth: 3.3

Quality: 3.8

Yield: 6.0

Momentum: 8.5

Volatility: 6.7

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Strattec Security

A-Score: 5.6/10

Value: 7.9

Growth: 6.7

Quality: 6.0

Yield: 0.0

Momentum: 9.5

Volatility: 3.3

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Miller Industries

A-Score: 5.2/10

Value: 7.3

Growth: 6.4

Quality: 5.7

Yield: 4.0

Momentum: 1.0

Volatility: 6.7

1-Year Total Return ->

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Dana

A-Score: 4.8/10

Value: 4.7

Growth: 3.3

Quality: 2.4

Yield: 5.0

Momentum: 9.0

Volatility: 4.7

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Monro

A-Score: 4.1/10

Value: 7.3

Growth: 2.6

Quality: 2.8

Yield: 8.0

Momentum: 1.0

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

38.18$

Current Price

38.18$

Potential

-0.00%

Expected Cash-Flows