Miller Industries (MLR)
Market Price (9/19/2026): $53.99 | Market Cap: $614.2 MilSector: Consumer Discretionary | Industry: Automotive Parts & Equipment
Miller Industries (MLR)
Market Price (9/19/2026): $53.99Market Cap: $614.2 MilSector: Consumer DiscretionaryIndustry: Automotive Parts & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% Attractive yieldFCF Yield is 18% Low stock price volatilityVol 12M is 28% Megatrend and thematic driversMegatrends include Future of Freight. Themes include Freight Technology. | Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -26% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 28x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -21%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.0% Key risksMLR key risks include [1] production disruptions stemming from its dependence on outside suppliers for critical chassis and components, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Attractive yieldFCF Yield is 18% |
| Low stock price volatilityVol 12M is 28% |
| Megatrend and thematic driversMegatrends include Future of Freight. Themes include Freight Technology. |
| Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -26% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 28x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -21%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.0% |
| Key risksMLR key risks include [1] production disruptions stemming from its dependence on outside suppliers for critical chassis and components, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 9/1/2026
Miller Industries (MLR) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Miller Industries surpassed analyst expectations with its fiscal Q2 2026 results, which ended June 30, 2026. The company reported diluted earnings per share (EPS) of $0.63, significantly beating the consensus estimate of $0.37 by $0.27. Additionally, quarterly revenue reached $239.99 million, exceeding analyst forecasts of $210.80 million.
2. The company demonstrated strong year-over-year revenue growth and reaffirmed its full-year guidance. Net sales for fiscal Q2 2026 grew 12.1% to $239.993 million compared to $214.032 million in fiscal Q2 2025, driven by steady production and healthier channel inventories. Management reiterated its full-year 2026 revenue guidance of $850 million to $900 million, expecting EPS to be generally in line with fiscal year 2025, and projected gross margins to return to the mid-13% range.
Show more
Miller Industries (MLR) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Miller Industries surpassed analyst expectations with its fiscal Q2 2026 results, which ended June 30, 2026. The company reported diluted earnings per share (EPS) of $0.63, significantly beating the consensus estimate of $0.37 by $0.27. Additionally, quarterly revenue reached $239.99 million, exceeding analyst forecasts of $210.80 million.
2. The company demonstrated strong year-over-year revenue growth and reaffirmed its full-year guidance. Net sales for fiscal Q2 2026 grew 12.1% to $239.993 million compared to $214.032 million in fiscal Q2 2025, driven by steady production and healthier channel inventories. Management reiterated its full-year 2026 revenue guidance of $850 million to $900 million, expecting EPS to be generally in line with fiscal year 2025, and projected gross margins to return to the mid-13% range.
Show more
Updated on 9/1/2026
Miller Industries (MLR) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Miller Industries surpassed analyst expectations with its fiscal Q2 2026 results, which ended June 30, 2026. The company reported diluted earnings per share (EPS) of $0.63, significantly beating the consensus estimate of $0.37 by $0.27. Additionally, quarterly revenue reached $239.99 million, exceeding analyst forecasts of $210.80 million.
2. The company demonstrated strong year-over-year revenue growth and reaffirmed its full-year guidance. Net sales for fiscal Q2 2026 grew 12.1% to $239.993 million compared to $214.032 million in fiscal Q2 2025, driven by steady production and healthier channel inventories. Management reiterated its full-year 2026 revenue guidance of $850 million to $900 million, expecting EPS to be generally in line with fiscal year 2025, and projected gross margins to return to the mid-13% range.
3. Miller Industries strengthened its financial position through significant debt reduction and shareholder returns. During fiscal Q2 2026, the company reduced its total debt by $20 million, eliminating any outstanding balance on its credit facility. This financial flexibility was coupled with returning $4.9 million to shareholders, which included approximately $2.5 million in share repurchases and a quarterly cash dividend of $0.21 per share.
4. The company highlighted substantial military contract commitments and announced a major capacity expansion. Miller Industries reported over $200 million in military contract commitments, with production scheduled to begin in fiscal years 2028 and 2029. To support future growth, including defense production, the company authorized a $100 million expansion of its Ooltewah, Tennessee facility, adding more than 200,000 square feet of manufacturing space. Construction is anticipated to commence in mid-September 2026 and conclude by September 1, 2027, with funding largely from operating cash flow.
5. Positive sentiment from investment analysts followed the company's financial announcements. Post-earnings, DA Davidson raised its price objective for Miller Industries from $56.00 to $64.00 and issued a "buy" rating on August 10, 2026. Similarly, Wall Street Zen upgraded the stock from a "hold" to a "strong-buy" rating on August 8, 2026, while Zacks Research moved its rating from "strong sell" to "hold" on July 10, 2026.
Show less
Miller Industries (MLR) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Miller Industries surpassed analyst expectations with its fiscal Q2 2026 results, which ended June 30, 2026. The company reported diluted earnings per share (EPS) of $0.63, significantly beating the consensus estimate of $0.37 by $0.27. Additionally, quarterly revenue reached $239.99 million, exceeding analyst forecasts of $210.80 million.
2. The company demonstrated strong year-over-year revenue growth and reaffirmed its full-year guidance. Net sales for fiscal Q2 2026 grew 12.1% to $239.993 million compared to $214.032 million in fiscal Q2 2025, driven by steady production and healthier channel inventories. Management reiterated its full-year 2026 revenue guidance of $850 million to $900 million, expecting EPS to be generally in line with fiscal year 2025, and projected gross margins to return to the mid-13% range.
3. Miller Industries strengthened its financial position through significant debt reduction and shareholder returns. During fiscal Q2 2026, the company reduced its total debt by $20 million, eliminating any outstanding balance on its credit facility. This financial flexibility was coupled with returning $4.9 million to shareholders, which included approximately $2.5 million in share repurchases and a quarterly cash dividend of $0.21 per share.
4. The company highlighted substantial military contract commitments and announced a major capacity expansion. Miller Industries reported over $200 million in military contract commitments, with production scheduled to begin in fiscal years 2028 and 2029. To support future growth, including defense production, the company authorized a $100 million expansion of its Ooltewah, Tennessee facility, adding more than 200,000 square feet of manufacturing space. Construction is anticipated to commence in mid-September 2026 and conclude by September 1, 2027, with funding largely from operating cash flow.
5. Positive sentiment from investment analysts followed the company's financial announcements. Post-earnings, DA Davidson raised its price objective for Miller Industries from $56.00 to $64.00 and issued a "buy" rating on August 10, 2026. Similarly, Wall Street Zen upgraded the stock from a "hold" to a "strong-buy" rating on August 8, 2026, while Zacks Research moved its rating from "strong sell" to "hold" on July 10, 2026.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The 13.4% change in MLR stock from 5/31/2026 to 9/18/2026 was primarily driven by a 22.7% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.52 | 53.89 | 13.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 745 | 771 | 3.5% |
| Net Income Margin (%) | 2.1% | 1.9% | -10.8% |
| P/E Multiple | 34.9 | 42.8 | 22.7% |
| Shares Outstanding (Mil) | 11 | 11 | 0.1% |
| Cumulative Contribution | 13.4% |
Market Drivers
5/31/2026 to 9/18/2026| Return | Correlation | |
|---|---|---|
| MLR | 13.4% | |
| Market (SPY) | 0.9% | 27.3% |
| Sector (XLY) | -8.1% | 14.5% |
Fundamental Drivers
The 29.9% change in MLR stock from 2/28/2026 to 9/18/2026 was primarily driven by a 171.8% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.49 | 53.89 | 29.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 840 | 771 | -8.2% |
| Net Income Margin (%) | 3.6% | 1.9% | -48.3% |
| P/E Multiple | 15.8 | 42.8 | 171.8% |
| Shares Outstanding (Mil) | 11 | 11 | 0.6% |
| Cumulative Contribution | 29.9% |
Market Drivers
2/28/2026 to 9/18/2026| Return | Correlation | |
|---|---|---|
| MLR | 29.9% | |
| Market (SPY) | 11.6% | 24.2% |
| Sector (XLY) | -4.8% | 24.1% |
Fundamental Drivers
The 31.0% change in MLR stock from 8/31/2025 to 9/18/2026 was primarily driven by a 286.0% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.13 | 53.89 | 31.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 976 | 771 | -20.9% |
| Net Income Margin (%) | 4.4% | 1.9% | -57.4% |
| P/E Multiple | 11.1 | 42.8 | 286.0% |
| Shares Outstanding (Mil) | 11 | 11 | 0.7% |
| Cumulative Contribution | 31.0% |
Market Drivers
8/31/2025 to 9/18/2026| Return | Correlation | |
|---|---|---|
| MLR | 31.0% | |
| Market (SPY) | 19.4% | 27.5% |
| Sector (XLY) | -3.6% | 27.2% |
Fundamental Drivers
The 41.6% change in MLR stock from 8/31/2023 to 9/18/2026 was primarily driven by a 279.3% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.07 | 53.89 | 41.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,014 | 771 | -23.9% |
| Net Income Margin (%) | 3.8% | 1.9% | -51.3% |
| P/E Multiple | 11.3 | 42.8 | 279.3% |
| Shares Outstanding (Mil) | 11 | 11 | 0.8% |
| Cumulative Contribution | 41.6% |
Market Drivers
8/31/2023 to 9/18/2026| Return | Correlation | |
|---|---|---|
| MLR | 41.6% | |
| Market (SPY) | 75.6% | 45.3% |
| Sector (XLY) | 33.0% | 42.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MLR Return | -11% | -18% | 62% | 57% | -42% | 50% | 63% |
| Peers Return | 16% | -0% | 28% | -10% | 8% | 18% | 71% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| MLR Win Rate | 33% | 25% | 67% | 58% | 25% | 67% | |
| Peers Win Rate | 52% | 42% | 53% | 40% | 48% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| MLR Max Drawdown | -32% | -37% | -12% | -17% | -48% | -10% | |
| Peers Max Drawdown | -25% | -34% | -27% | -28% | -35% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: OSK, FSS, PLOW, ALG, WNC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | MLR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.9% | -24.5% |
| % Gain to Breakeven | 53.7% | 32.4% |
| Time to Breakeven | 165 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -23.3% | -33.7% |
| % Gain to Breakeven | 30.4% | 50.9% |
| Time to Breakeven | 245 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.2% | -19.2% |
| % Gain to Breakeven | 19.3% | 23.8% |
| Time to Breakeven | 14 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -11.4% | -6.8% |
| % Gain to Breakeven | 12.8% | 7.3% |
| Time to Breakeven | 15 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -11.6% | -17.9% |
| % Gain to Breakeven | 13.2% | 21.8% |
| Time to Breakeven | 7 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -14.5% | -15.4% |
| % Gain to Breakeven | 16.9% | 18.2% |
| Time to Breakeven | 34 days | 125 days |
In The Past
Miller Industries's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | MLR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.9% | -24.5% |
| % Gain to Breakeven | 53.7% | 32.4% |
| Time to Breakeven | 165 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -23.3% | -33.7% |
| % Gain to Breakeven | 30.4% | 50.9% |
| Time to Breakeven | 245 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -65.9% | -53.4% |
| % Gain to Breakeven | 193.6% | 114.4% |
| Time to Breakeven | 560 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -41.7% | -8.6% |
| % Gain to Breakeven | 71.4% | 9.5% |
| Time to Breakeven | 2742 days | 47 days |
In The Past
Miller Industries's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Miller Industries (MLR)
Miller Industries (MLR) is a specialized manufacturer and seller of towing and recovery equipment. The company provides the essential machinery used to move disabled vehicles, transport new cars, and relocate various types of equipment across multiple industries and regions.
The company's main product lines include wreckers, which are critical for recovering and towing disabled vehicles and other heavy equipment. Miller Industries also produces car carriers, specialized flatbed vehicles equipped with hydraulic tilt mechanisms, used for transporting both new and disabled vehicles. Furthermore, it manufactures transport trailers designed for moving vehicles for auto auctions, car dealerships, and leasing companies. These products are marketed under several recognized brands, including Century, Holmes, Vulcan, and Chevron.
Miller Industries distributes its products globally through a network of independent distributors across the United States, Canada, Mexico, Europe, the Pacific Rim, the Middle East, South America, and Africa. The company also serves governmental entities by supplying its equipment through prime contractors, catering to a broad spectrum of public and private sector clients worldwide.
AI Analysis | Feedback
Here are 1-2 brief analogies for Miller Industries (MLR):
The Caterpillar of the towing and recovery industry.
The Oshkosh of specialized vehicle recovery and transport equipment.
AI Analysis | Feedback
- Wreckers: Equipment used to recover and tow disabled vehicles and other machinery.
- Car Carriers: Specialized flatbed vehicles featuring hydraulic tilt mechanisms for transporting new or disabled vehicles and equipment.
- Transport Trailers: Trailers designed for moving various vehicles for auctions, dealerships, and leasing companies.
AI Analysis | Feedback
Based on the provided information, Miller Industries (MLR) sells primarily to other companies rather than individuals. The major customers are not listed as specific named public companies, but rather described by their role in the distribution channel:
- Independent distributors that then sell to end-users such as towing companies, auto auctions, car dealerships, and leasing companies.
- Prime contractors that supply governmental entities, including various municipal, state, and federal agencies.
AI Analysis | Feedback
null
AI Analysis | Feedback
William G. Miller II, President and Chief Executive Officer
Mr. Miller II joined Miller Industries Towing Equipment Inc. as a Sales Representative in 2002. He served as Light-Duty General Manager from November 2004 to October 2007, Vice President of Strategic Planning from October 2007 to November 2009, and Southeast Regional Vice President of Sales of Miller Industries Towing Equipment Inc. from November 2009 to February 2011. Mr. Miller II was appointed President in March 2011 and served as Co-Chief Executive Officer from December 2013 to March 2022. He assumed the role of Chief Executive Officer in March 2022. He is the son of William G. Miller, the founder and Executive Chairman of the Board.
Deborah Whitmire, Executive Vice President, Chief Financial Officer, and Treasurer
Ms. Whitmire has been employed by Miller Industries since 1996. She held various finance and accounting positions with Miller Industries Towing Equipment Inc. from October 1996 to January 2014, including Vice President and Corporate Controller from January 2014 to December 2016. In January 2017, she was appointed Executive Vice President, Chief Financial Officer, and Treasurer. Ms. Whitmire was elected to the Board of Directors in February 2020.
William G. Miller, Executive Chairman of the Board
Mr. Miller founded Miller Industries, Inc. in 1990 after acquiring three wrecker and towing equipment manufacturers: Holmes, Century, and Challenger. He also acquired the Champion, Eagle, Vulcan, and Chevron brands. He served as Chairman and President of Miller Group from 1990 to 1993, and as Chairman and CEO from 1993 to 1994. For Miller Industries, he served as President from April 1994 to June 1996, Chief Executive Officer from April 1994 to June 1997, and Co-Chief Executive Officer from October 2003 to March 2011. Prior to 1987, he held various management positions at Bendix Corporation, Neptune International Corporation, Wheelabrator-Frye Inc., and The Signal Companies, Inc. He also served as president of Flow Measurement from February 1987 to April 1994, retaining 80 percent ownership after his departure.
Jeffrey I. Badgley, President of International & Military
Mr. Badgley began his career in the towing and recovery industry with Challenger Wrecker Mfg., Inc. in 1981, serving as VP of Sales until 1988, then as VP of Sales and Marketing at Century Wrecker Corporation. He was instrumental in merging the sales and marketing of Challenger, Century, and Holmes when they were consolidated into Miller Industries. He became President of Miller Industries Towing Equipment, Inc. in 1996 and CEO in 1997. Mr. Badgley served as President of Miller Industries from June 1996 to March 2011, and held various CEO and Co-CEO roles from November 1997 to March 2022. He transitioned to his current role as President of International & Military in March 2022.
Frank Madonia, Executive Vice President, General Counsel and Secretary
Mr. Madonia served as Secretary and General Counsel to Miller Industries Towing Equipment Inc. since its acquisition by Miller Group in 1990. From July 1987 through April 1994, he was Vice President, General Counsel and Secretary of Flow Measurement. He joined Miller Industries in April 1994 as Vice President, General Counsel and Secretary, and has served as Executive Vice President, Secretary and General Counsel since September 1998. Before 1987, he held various legal and management positions at United States Steel Corporation, Neptune International Corporation, Wheelabrator-Frye Inc., and The Signal Companies, Inc.
AI Analysis | Feedback
Key Risks for Miller Industries (MLR):
- Disruptive Impact of Autonomous Vehicles: The widespread adoption of autonomous vehicles has the potential to significantly reduce traffic accidents and breakdowns over the long term. As Miller Industries manufactures towing and recovery equipment used for disabled and damaged vehicles, a substantial decline in such incidents could fundamentally reduce demand for their core products.
- Sensitivity to Economic Cycles: As a manufacturer of capital equipment such as wreckers, car carriers, and transport trailers, Miller Industries' sales are highly dependent on the capital expenditure decisions of its customers, including independent distributors, auto dealerships, and leasing companies. During economic downturns or periods of uncertainty, these customers may defer or reduce purchases of new equipment, leading to decreased sales and profitability.
- Evolving Automotive Technology (e.g., Electric Vehicles): The rapid evolution of automotive technology, particularly the increasing prevalence of electric vehicles (EVs), presents both challenges and opportunities. EVs often have different weight characteristics, battery configurations, and recovery protocols compared to traditional internal combustion engine vehicles. If Miller Industries cannot adapt its product lines quickly and cost-effectively to meet the specialized needs for towing and recovering these new vehicle types, it could face risks of product obsolescence or increased competition.
AI Analysis | Feedback
null
AI Analysis | Feedback
The addressable markets for Miller Industries' main products and services are as follows:
- Towing and Recovery Equipment (including Wreckers): The global vehicle towing equipment market size was valued at approximately USD 5.87 billion in 2024 and is projected to grow to USD 9.2 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 4.1% during the forecast period. This market encompasses heavy-duty tow trucks, flatbed towing equipment, and wheel lifts. North America currently dominates this market, while Asia-Pacific is expected to show significant growth. More specifically, the global wrecker market size was valued at approximately USD 3.5 billion in 2023 and is projected to reach around USD 5.8 billion by 2032. North America holds the largest share of the global wrecker market.
- Car Carriers: The global car carrier market size was valued at approximately USD 13.2 billion in 2022 and is estimated to reach USD 26.9 billion by 2032, growing at a CAGR of 7.5% from 2023 to 2032. This market is driven by increasing vehicle production and the demand for efficient transportation solutions.
- Transport Trailers (Automotive Trailers): The global automotive trailer market size was valued at USD 25.21 billion in 2025 and is projected to grow to USD 35.86 billion by 2034, exhibiting a CAGR of 3.95%. Asia-Pacific is the largest regional market for automotive trailers.
AI Analysis | Feedback
For Miller Industries (MLR), several key drivers are expected to contribute to future revenue growth over the next 2-3 years:
- Increased Demand and Normalized Distributor Inventory: The company anticipates continued strong demand for its towing and recovery equipment across all geographies. This is supported by normalized distributor inventory levels, leading to steadier retail demand and improved sales order entry.
- Global Military Programs and Contracts: Miller Industries expects significant growth opportunities from a resurgence in military contracts, which are projected to return to pre-COVID levels in 2026-2027. The company has a robust pipeline of global military requests for quotations (RFQs) and has already secured over $150 million in military commitments.
- International Market Expansion: Consistent demand from Europe and growing demand in other international markets such as Australia, Japan, Mexico, and Indonesia are expected to drive revenue. The acquisition of Omars also contributes to the company's European strategy.
- Improved Chassis Availability and Supply Chain Efficiencies: Increases in chassis shipments and overall supply chain improvements have enabled higher production volumes. This allows Miller Industries to better meet the strong customer demand for its products.
- Manufacturing Capacity Expansion: Miller Industries is undertaking a significant expansion project, adding over 200,000 square feet to its Ooltewah, Tennessee facility with an estimated investment of $100 million. This expansion is designed to unlock new capacity, streamline heavy-duty workflow, and enhance manufacturing efficiencies, supporting increased production for global military and export markets, as well as its North American customer base.
AI Analysis | Feedback
Share Repurchases
- Miller Industries instituted a $25 million share repurchase program early in 2024.
- Approximately $2.2 million of stock was repurchased during the fourth quarter of 2025.
- In 2025, the company returned approximately $15.1 million to shareholders through dividends and share repurchases.
Share Issuance
- The number of common shares outstanding was 11,439,292 as of December 31, 2024, and 11,371,730 as of December 31, 2025.
Outbound Investments
- During fiscal 2023, the Company acquired substantially all of the assets and assumed certain liabilities of Southern Hydraulic Cylinder, Inc., to strengthen its supply chain.
- In December 2025, Miller Industries completed the acquisition of Omars—S.p.A., an Italian manufacturer of light-duty, medium-duty, and heavy-duty recovery vehicles and car carriers, which is expected to expand its European footprint and contribute approximately $27 million in annual revenue.
- The company is investing €8 million in expanding production at its Jige facility in France, aiming to double its heavy-duty integration capacity by mid-2027.
Capital Expenditures
- Since 2017, Miller Industries has invested over $100 million in property, plant, and equipment projects to increase manufacturing production capacity, install robotics, and implement advanced technologies.
- The company approved a new 200,000+ square foot manufacturing facility at its Ooltewah, Tennessee headquarters, with an estimated cost of approximately $100 million, expected to be production-ready in late 2027 to enhance North American production capacity and support European operations and military production.
- Capital expenditures have been focused on automation and productivity improvements within its facilities.
Peer Outperformance in Automotive Parts & Equipment
MLR has outperformed 86% of its 37 Automotive Parts & Equipment peers over 5Y. Automotive Parts & Equipment ranks 15th of 23 industries in Consumer Discretionary by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Automotive Parts & Equipment constituents that MLR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
85%
of 39 industry peers · 34.0% return
3Y
72%
of 39 industry peers · 44.3% return
5Y
86%
of 37 industry peers · 74.9% return
No Automotive Parts & Equipment peer with a comparable growth profile has beaten MLR by more than 20pp over 5Y.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Automotive Parts & Equipment is MLR's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -15.6% | 76.9% | 68.6% | LINC 298% · PRDO 228% · UTI 224% |
| Homebuilding | 18 | -13.4% | 25.9% | 47.3% | GRBK 187% · PHM 153% · TOL 123% |
| Specialty Stores | 7 | 1.5% | 39.8% | 4.9% | SIG 31% · FIVE 22% · ASO 14% |
| Hotels, Resorts & Cruise Lines | 22 | 12.0% | 42.6% | 1.5% | RCL 203% · MAR 146% · HLT 136% |
| Home Improvement Retail | 5 | -26.6% | -6.0% | 1.4% | HVT 13% · LOW 1% · HD 1% |
| Automotive Retail | 18 | -21.2% | -4.9% | -2.0% | MUSA 224% · PAG 149% · ORLY 112% |
| Distributors | 4 | -12.8% | -27.1% | -13.0% | ARMK 157% · GPC 21% · LKQ -47% |
| Home Furnishings | 4 | -7.7% | 19.8% | -14.9% | SGI 40% · LZB 1% · MHK -31% |
| Restaurants | 35 | -15.4% | -17.8% | -19.0% | EAT 292% · CAKE 141% · BH-A 126% |
| Specialized Consumer Services | 10 | -17.7% | 18.1% | -21.0% | HRB 108% · FTDR 73% · SCI 37% |
| Footwear | 9 | 45.7% | 41.5% | -21.2% | WEYS 163% · SHOO 19% · DECK 8% |
| Leisure Products | 13 | -26.9% | -22.9% | -36.0% | GOLF 70% · HAS 10% · BC -23% |
| Apparel, Accessories & Luxury Goods | 27 | -12.4% | 0.0% | -37.7% | RL 228% · TPR 223% · ELA 198% |
| Leisure Facilities | 11 | -4.7% | 0.0% | -37.9% | OSW 124% · JAKK 110% · ESCA 25% |
| Automotive Parts & Equipment ← | 38 | -15.4% | -15.6% | -39.9% | MOD 1579% · GTX 309% · BWA 80% |
| Casinos & Gaming | 20 | -14.1% | -30.6% | -41.9% | MCRI 106% · RRR 36% · BYD 25% |
| Apparel Retail | 25 | -9.3% | 10.1% | -43.3% | ANF 264% · URBN 131% · ROST 109% |
| Household Appliances | 18 | -7.1% | 8.5% | -43.9% | KEQU 157% · FLXS 145% · HBB 128% |
| Computer & Electronics Retail | 3 | -12.5% | 29.2% | -55.8% | BBY 7% · GME -56% · UPBD -63% |
| Broadline Retail | 15 | -8.1% | 12.7% | -57.5% | DDS 310% · EBAY 65% · AMZN 47% |
| Automobile Manufacturers | 8 | -79.1% | -52.6% | -73.2% | GM 67% · TSLA 44% · F 33% |
| Consumer Electronics | 11 | -14.6% | -17.8% | -76.6% | AXIL 2695% · GRMN 81% · SONO -58% |
| Other Specialty Retail | 18 | -37.7% | -48.9% | -78.8% | TLF 114% · BBW 65% · WINA 55% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 83.86 |
| Mkt Cap | 1.5 |
| Rev LTM | 1,543 |
| Op Inc LTM | 113 |
| FCF LTM | 123 |
| FCF 3Y Avg | 93 |
| CFO LTM | 148 |
| CFO 3Y Avg | 130 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.1% |
| Rev Chg 3Y Avg | 3.1% |
| Rev Chg Q | 9.0% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 11.6% |
| Op Inc Chg 3Y Avg | 2.8% |
| Op Mgn LTM | 8.2% |
| Op Mgn 3Y Avg | 9.5% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 11.1% |
| CFO/Rev 3Y Avg | 8.3% |
| FCF/Rev LTM | 9.3% |
| FCF/Rev 3Y Avg | 6.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Towing and recovery equipment | 790 | 1,258 | 1,153 | 848 | 717 |
| Total | 790 | 1,258 | 1,153 | 848 | 717 |
| $ Mil | 2004 | 2003 | 2002 | 2001 |
|---|---|---|---|---|
| Towing Services | -0 | -3 | -2 | -4 |
| Dist | -1 | -0 | -1 | |
| Towing and Recovery Equipment | 11 | |||
| Total | -1 | -3 | -3 | 7 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Towing and recovery equipment | 23 | 63 | 58 |
| Total | 23 | 63 | 58 |
| $ Mil | 2025 | 2024 | 2001 | 2000 |
|---|---|---|---|---|
| Towing and recovery equipment | 590 | 667 | ||
| Towing Services | 96 | 112 | ||
| Towing and Recovery Equipment | 249 | 271 | ||
| Total | 590 | 667 | 345 | 383 |
Price Behavior
Price Behavior
| Market Price | $53.89 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 08/02/1994 | |
| Distance from 52W High | -6.5% | |
| 50 Days | 200 Days | |
| DMA Price | $53.43 | $46.43 |
| DMA Trend | up | up |
| Distance from DMA | 0.9% | 16.1% |
| 3M | 1YR | |
| Volatility | 27.2% | 28.0% |
| Downside Capture | 39.04 | 58.49 |
| Upside Capture | 79.01 | 82.24 |
| Correlation (SPY) | 15.2% | 27.6% |
MLR Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.23 | 0.34 | 0.48 | 0.45 | 0.61 | 0.96 |
| Up Beta | -0.21 | -0.33 | -0.41 | 0.00 | 0.27 | 0.79 |
| Down Beta | 0.87 | 0.38 | 0.96 | 0.75 | 0.64 | 0.88 |
| Up Capture | 116% | 92% | 97% | 76% | 77% | 122% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 24 | 35 | 68 | 128 | 386 |
| Down Capture | -95% | 24% | 25% | 27% | 69% | 104% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 17 | 28 | 58 | 121 | 360 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLR | |
|---|---|---|---|---|
| MLR | 39.3% | 28.2% | 1.16 | - |
| Sector ETF (XLY) | -7.6% | 19.5% | -0.53 | 26.5% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 27.4% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 14.0% |
| Commodities (DBC) | 46.9% | 20.6% | 1.76 | -8.1% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 27.0% |
| Bitcoin (BTCUSD) | -34.5% | 43.9% | -0.84 | 13.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLR | |
|---|---|---|---|---|
| MLR | 10.8% | 30.8% | 0.36 | - |
| Sector ETF (XLY) | 4.8% | 24.1% | 0.16 | 39.1% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 43.3% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 8.0% |
| Commodities (DBC) | 11.3% | 19.5% | 0.45 | 6.6% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 37.6% |
| Bitcoin (BTCUSD) | 11.2% | 52.5% | 0.39 | 19.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLR | |
|---|---|---|---|---|
| MLR | 11.8% | 30.9% | 0.42 | - |
| Sector ETF (XLY) | 11.8% | 22.2% | 0.49 | 41.4% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 45.4% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 2.6% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 14.1% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 39.0% |
| Bitcoin (BTCUSD) | 61.7% | 66.1% | 1.02 | 14.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 7.0% | 11.4% | 8.6% |
| 5/6/2026 | -2.4% | -3.9% | -2.4% |
| 3/4/2026 | 6.4% | -1.6% | 2.1% |
| 11/5/2025 | -4.4% | -5.1% | -7.2% |
| 8/6/2025 | -4.3% | 4.7% | 0.6% |
| 5/7/2025 | 6.6% | 8.7% | 8.4% |
| 3/6/2025 | -15.3% | -17.0% | -26.0% |
| 11/12/2024 | -10.4% | -11.3% | -6.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 12 | 14 |
| # Negative | 16 | 12 | 10 |
| Median Positive | 6.5% | 5.9% | 7.6% |
| Median Negative | -2.7% | -4.8% | -6.8% |
| Max Positive | 10.8% | 11.4% | 17.6% |
| Max Negative | -15.3% | -17.0% | -26.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 7.0% | 11.4% | 8.6% |
| 5/6/2026 | -2.4% | -3.9% | -2.4% |
| 3/4/2026 | 6.4% | -1.6% | 2.1% |
| 11/5/2025 | -4.4% | -5.1% | -7.2% |
| 8/6/2025 | -4.3% | 4.7% | 0.6% |
| 5/7/2025 | 6.6% | 8.7% | 8.4% |
| 3/6/2025 | -15.3% | -17.0% | -26.0% |
| 11/12/2024 | -10.4% | -11.3% | -6.2% |
| 8/7/2024 | -2.6% | -8.3% | -6.3% |
| 5/8/2024 | 4.9% | 9.8% | 3.9% |
| 3/6/2024 | 10.8% | 6.8% | 17.6% |
| 11/8/2023 | 4.9% | 5.6% | 8.5% |
| 8/9/2023 | -1.0% | -0.7% | 1.2% |
| 5/3/2023 | -1.8% | 0.4% | 0.3% |
| 3/9/2023 | 1.1% | 11.4% | 12.5% |
| 11/9/2022 | 7.4% | 4.9% | 6.7% |
| 8/3/2022 | -4.8% | -2.8% | -2.1% |
| 5/4/2022 | -2.5% | -8.9% | -8.9% |
| 3/9/2022 | -3.6% | -4.5% | -11.5% |
| 11/3/2021 | -3.2% | -3.1% | -11.7% |
| 8/4/2021 | -0.2% | 4.3% | 0.3% |
| 5/5/2021 | -1.4% | -5.6% | -5.2% |
| 3/3/2021 | -2.8% | 6.1% | 10.4% |
| 11/4/2020 | -0.3% | 3.9% | 11.2% |
| SUMMARY STATS | |||
| # Positive | 8 | 12 | 14 |
| # Negative | 16 | 12 | 10 |
| Median Positive | 6.5% | 5.9% | 7.6% |
| Median Negative | -2.7% | -4.8% | -6.8% |
| Max Positive | 10.8% | 11.4% | 17.6% |
| Max Negative | -15.3% | -17.0% | -26.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/05/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 03/08/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/05/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 03/08/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 03/09/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 03/03/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 03/04/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 850.00 Mil | 875.00 Mil | 900.00 Mil | 0 | Affirmed | Guidance: 875.00 Mil for 2026 | |
| 2026 Gross Profit | Calculated | 110.50 Mil | 118.13 Mil | 126.00 Mil | Rev x Gross Margin | |||
| 2026 Gross Margin | Reported | 13.0% | 13.5% | 14.0% | 0 | Affirmed | Guidance: 13.5% for 2026 | |
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 250.00 Mil | ||||||
| Q4 2026 Revenue | Reported | 250.00 Mil | ||||||
| 2026 Revenue | Reported | 850.00 Mil | 875.00 Mil | 900.00 Mil | Affirmed | Guidance: 875.00 Mil for 2026 | ||
| 2026 Gross Profit | Calculated | 111.35 Mil | 118.13 Mil | 125.10 Mil | Rev x Gross Margin | |||
| 2026 Gross Margin | Reported | 13.1% | 13.5% | 13.9% | 0.0% | Affirmed | Guidance: 13.5% for 2026 | |
Q4 2025 Earnings Reported 3/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 850.00 Mil | 875.00 Mil | 900.00 Mil | 12.9% | Higher New | Guidance: 775.00 Mil for 2025 | |
| 2026 Gross Profit | Calculated | 114.75 Mil | 118.13 Mil | 121.50 Mil | Rev x Gross Margin | |||
| 2026 Gross Margin | Reported | 13.5% | ||||||
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | Reported | 750.00 Mil | 775.00 Mil | 800.00 Mil | 0 | Affirmed | Guidance: 775.00 Mil for 2025 | |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Automotive Parts & Equipment Resources |
| AftermarketNews |
| Tire Review |
| Motor Age |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 9/18/2026