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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' Earnings Report: A Strong Recovery Ahead

Miller Industries, Inc. reported a 22.9% decline in revenue for the fourth quarter of 2025, but the company's full-year revenue decline of 37.2% was in line with revised expectations. The company's earnings per share (EPS) came out at $0.29, significantly beating estimates of $0.03. The company's gross margin was impacted by the challenging industry environment, but management expects gross margins to return to historical levels in the mid-13% range in 2026.

Publication Date: Mar -09

📋 Highlights
  • 22.9% Q4 Revenue Decline: despite year-end performance aligning with revised expectations.
  • 37.2% Full-Year Revenue Drop: attributed to cost-cutting and supply chain adjustments.
  • $850M–$900M 2026 Revenue Guidance: reflects demand normalization and production ramp-up plans.
  • 13% Gross Margin Target: anticipated as 2025 cost reductions stabilize operations.
  • 200,000+ sq ft U.S. Facility Expansion: aims to boost manufacturing capacity and efficiency.

Operational Adjustments and Cost-Cutting Measures

The company implemented cost-cutting measures, including reducing production, rightsizing its cost structure, and strengthening its supply chain, in response to the challenging industry environment. According to Deborah L. Whitmire, these measures have positioned the company for a strong recovery. "We have greater visibility into retail demand, and our distributor inventory levels are now back to historical norms," she noted.

Market Outlook and Growth Drivers

William G. Miller discussed the company's market outlook for 2026, stating that the domestic market is now normalized, with steadier retail demand and improved sales order entry. The company expects production levels to rise methodically throughout Q1 and Q2 to match this demand recovery. Miller also highlighted the company's export business, which remains a major driver of growth, with a robust pipeline of global military RFQs providing a strong multi-year growth tailwind.

Strategic Investments and Acquisitions

The company is investing in its European operations, including the acquisition of OMARS, which will provide new sales, a stronger brand presence, and a strategic manufacturing hub in the European market. Miller noted that OMARS will be accretive in year one and provide significant synergies in the long term, including cross-selling and cross-manufacturing opportunities.

Valuation and Growth Prospects

With the company's revenue expected to grow by 7.6% in 2026, the current valuation multiples appear reasonable. The stock trades at a P/E Ratio of 22.8, P/B Ratio of 1.25, and P/S Ratio of 0.67. The company's return on equity (ROE) is 5.52%, and its return on invested capital (ROIC) is 5.04%. The dividend yield is 1.74%, providing a relatively stable source of return for investors.

3. NewsRoom

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Miller Industries (NYSE:MLR) Stock Price Crosses Above Two Hundred Day Moving Average – Time to Sell?

Apr -07

Source: defenseworld.net

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Miller Industries Q4 Earnings Call Highlights

Mar -08

Source: defenseworld.net

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Citigroup Inc. Acquires 43,444 Shares of Miller Industries, Inc. $MLR

Mar -07

Source: defenseworld.net

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Miller Industries (NYSE:MLR) Trading 7.3% Higher Following Strong Earnings

Mar -06

Source: defenseworld.net

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Miller Industries: This Surprise Doesn't Change Things

Mar -05

Source: seekingalpha.com

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Miller Industries, Inc. (MLR) Q4 2025 Earnings Call Transcript

Mar -05

Source: seekingalpha.com

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MILLER INDUSTRIES REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTS

Mar -04

Source: prnewswire.com

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Head to Head Survey: Wabash National (NYSE:WNC) & Miller Industries (NYSE:MLR)

Mar -04

Source: defenseworld.net

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

Stock-Card
Douglas Dynamics

A-Score: 6.2/10

Value: 4.8

Growth: 3.7

Quality: 5.0

Yield: 8.0

Momentum: 8.0

Volatility: 8.0

1-Year Total Return ->

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Standard Motor Products

A-Score: 5.8/10

Value: 6.7

Growth: 3.3

Quality: 4.3

Yield: 6.0

Momentum: 7.5

Volatility: 7.0

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Strattec Security

A-Score: 5.6/10

Value: 8.3

Growth: 6.6

Quality: 6.1

Yield: 0.0

Momentum: 9.0

Volatility: 3.3

1-Year Total Return ->

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Dana

A-Score: 5.3/10

Value: 6.0

Growth: 3.3

Quality: 3.1

Yield: 5.0

Momentum: 9.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Miller Industries

A-Score: 5.1/10

Value: 7.1

Growth: 6.3

Quality: 5.6

Yield: 4.0

Momentum: 1.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Monro

A-Score: 4.2/10

Value: 7.0

Growth: 2.4

Quality: 2.9

Yield: 8.0

Momentum: 2.0

Volatility: 3.0

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

46.79$

Current Price

46.79$

Potential

-0.00%

Expected Cash-Flows