Miller Industries vs Douglas Dynamics
Miller Industries is the larger business, with $790m of revenue in fiscal 2025 against $656m for Douglas Dynamics (1.2 times as much). Douglas Dynamics grew faster (15.4% against -37.2%). Douglas Dynamics kept more of each dollar of sales as profit: a net margin of 7.1% against 2.9%. Miller Industries carries less debt relative to equity (7.9% against 52.9%).
| Latest fiscal year | Miller IndustriesMLR, 2025 | Douglas DynamicsPLOW, 2025 |
|---|---|---|
| Revenue | $790m | $656m |
| Revenue growth | -37.2% | 15.4% |
| Net income | $23.0m | $46.9m |
| Operating margin | — | 11.2% |
| Net margin | 2.9% | 7.1% |
| Return on equity | 5.6% | 17.2% |
| Free cash flow | $85.0m | $63.9m |
| Cash | $44.7m | $8.3m |
| Total debt | $33.3m | $149m |
| Debt to equity | 7.9% | 52.9% |
| Dividend per share | $0.80 | $1.18 |
| Dividend yield | 1.6% | 3.1% |
| Share buybacks | $6.0m | $6.0m |
| Employees | 1,535 | 1,764 |
| Market value | $596m | $854m |
| Price vs our value range | Below our value range | Within our value range |
| Moat score | 48 (Moderate) | 52 (Moderate) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 2 sales |