# Miller Industries, Inc. (MLR)

> Source: Nexqual · https://nexqual.com/MLR · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Miller Industries, Inc. (MLR), nexqual.com/MLR" · informational, not investment advice.

**Price:** USD 51.74 (+0.12% on the day) · last close of Oct 28, 2026; US market after hours, not a live price. Prev close 51.68 · day 50.9–51.98 · 52w 35.72–59.7 · market cap $587M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $771M, net income $14.3M (1.9% margin), free cash flow $113M (SEC filings).
- Valuation: P/E 41.0x (avg 13.0x at the last 3 fiscal year-ends), net cash $52.5M.
- Analysts: Hold (mean 2.50 on a 1–5 scale) (2 analysts), mean target USD 58 (range 52–64).
- Total return with dividends: 1Y +31.1% vs S&P 500 +13.6%; 5Y +57.9% vs S&P 500 +79.8%.
- Next earnings: 2026-11-04, EPS estimate USD 0.64, revenue estimate $246M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $717M | $848M | $1.15B | $1.26B | $790M | $771M |
| Gross profit | $69.9M | $82.4M | $152M | $171M | $120M | — |
| Net income | $16.3M | $20.3M | $58.3M | $63.5M | $23.0M | $14.3M |
| EPS (diluted) | $1.42 | $1.78 | $5.07 | $5.47 | $1.98 | — |
| Free cash flow | $6.1M | -$48.1M | -$1.1M | $1.5M | $85.0M | $113M |
| Gross margin | 9.7% | 9.7% | 13.2% | 13.6% | 15.2% | — |
| Net margin | 2.3% | 2.4% | 5.1% | 5.0% | 2.9% | 1.9% |
| Revenue growth | +10.2% | +18.3% | +35.9% | +9.0% | -37.2% | — |
| Cash + short-term investments | $54.3M | $40.2M | $29.9M | $24.3M | $44.7M | — |
| Total debt | — | $45.0M | $60.0M | $65.0M | $33.3M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 41.0x · P/S 0.8x · EV/Sales 0.7x · P/FCF 5.2x · P/B 1.4x · FCF yield 19.19% · Earnings yield 2.44% · Dividend yield (paid, TTM) 1.59% · Buyback yield (TTM) 1.37% · Net cash $52.5M · EV $535M
P/E at fiscal year-ends: Dec 2025 18.9x, Dec 2024 11.9x, Dec 2023 8.3x.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 2 analysts; mean target USD 58 (low 52, high 64).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-10 | DA Davidson | Target raised | Buy | $56 → $64 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +31.1% | +57.9% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +31.2% | +9.6% |
| Volatility (annualized) | 26.6% | 29.4% |
| Max drawdown | -12.6% (Oct 2025→Nov 2025) | -49.7% (Nov 2024→Nov 2025) |

## Peers (Auto Parts)
ATMU (Atmus Filtration Technologies I) USD 45.09 +0.20% · DORM (Dorman Products, Inc.) USD 129.74 +4.37% · GTX (Garrett Motion Inc.) USD 22.33 +1.45% · GNTX (Gentex Corporation) USD 20.07 -0.69% · LKQ (LKQ Corporation) USD 17.19 +0.53% · LEA (Lear Corporation) USD 116.89 +0.21%

## More
Full page: https://nexqual.com/MLR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MLR's own 10-K filed 2026-03-04 (https://www.sec.gov/Archives/edgar/data/924822/000110465926023486/mlr-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Chevron (CVX) | "We design and manufacture bodies of car carriers and wreckers, which are installed on chassis manufactured by third parties, and sold to our customers under our Century®, Vulcan®, Chevron™, Holmes®, Challenger®, Champion…" |
| Customer | Miller Industries | "This acquisition will provide Miller Industries with additional capacity which we expect will improve our manufacturing flexibility and our ability to meet growing customer demands." |
| Partner | Southern Hydraulic Cylinder | "In addition, our strategic investment in Southern Hydraulic Cylinder, Inc. in May 2023, allowed us to strengthen our efforts to enhance the stability of our supply chain." |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $193.5M | 80.6% | +10.0% |
| Non Us | $46.5M | 19.4% | +22.1% |
| Total revenue | $240.0M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "Guidance and Production Outlook The Company is re-affirming its previously issued revenue guidance of $850 million to $900 million for full year 2026 and expects earnings per share to be generally in line with full year 2025 results. ​ Miller Industries expects production volumes to remain steady in the second half of 2026."
- "Gross margins are expected to return to historical levels in the mid-13% range for full year 2026, with revenue mix continuing to shift toward historical levels of bodies and chassis. ​ The statements in the 2026 guidance and production outlook provided above are forward looking."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.64 | $0.70 | -8.6% | $246.2M | 1 |
| Next quarter (ends 2026-12-31) | $0.64 | $0.72 | -11.1% | $249.4M | 1 |
| Current fiscal year (ends 2026-12-31) | $1.95 | $1.90 | +2.6% | $916.4M | 1 |
| Next fiscal year (ends 2027-12-31) | $2.78 | $2.98 | -6.7% | $1.02B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±11.3%; last 8 reports averaged ±7.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 46.4% | ±11.3% |
| 2026-12-18 | 51 | 42.9% | ±11.4% |
| 2027-03-19 | 142 | 37.0% | ±18.2% |
| 2027-06-17 | 232 | 35.4% | ±22.0% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 5, 2026 | Quarter ended Jun 30, 2026 | $0.63 | $0.38 | Beat +65.8% | +7.1% |
| May 6, 2026 | Quarter ended Mar 31, 2026 | $0.05 | $0.22 | Miss −77.3% | -4.0% |
| Mar 4, 2026 | Quarter ended Dec 31, 2025 | $0.29 | $0.03 | Beat +$0.26 | +10.6% |
| Nov 5, 2025 | Quarter ended Sep 30, 2025 | $0.27 | $0.02 | Beat +$0.25 | -1.9% |
| Aug 6, 2025 | — | — | — | — | -4.0% |
| May 7, 2025 | — | — | — | — | +7.0% |
| Mar 6, 2025 | — | — | — | — | -12.8% |
| Mar 5, 2025 | — | — | — | — | -14.9% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-04 | Schedule 13G/A | Neuberger Berman Group LLC, Neuberger Berman Investment Advisers LLC: 10.0% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/924822/000146510926000071/0001465109-26-000071-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/924822/000110465926091141/0001104659-26-091141-index.htm |
| 2026-08-05 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/924822/000110465926091137/0001104659-26-091137-index.htm |
| 2026-07-31 | Schedule 13G/A | Vanguard Capital Management: 4.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/924822/000210011926001475/0002100119-26-001475-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.