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Miller Industries Inc (MLR) stock

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NYSE: MLR NYSE Construction Machinery & Heavy Transportation Equipment Next results ~November 4, 2026

C+ Fundamentals grade

Miller Industries Inc is a US-listed company in the construction machinery & heavy transportation equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$69

Cash-flow model

Base case. Range ~$53–$90 across our lower- and higher-growth cases (-1%–9% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 33% above it.

Price used: $51.79, November 2, 2026

Miller Industries Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds77 adding, 66 cuttingOf 29 active managers that changed their stake, 13 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Miller Industries files

Where Miller Industries stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $771m, down 20.9% on a year earlier, a smaller fall than the 34.2% decline a quarter earlier. That puts it 18 of 19 for growth among the construction machinery & heavy transportation equipment companies we cover. Free-cash-flow margin rose to 14.6% from 3.5% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 5 financial-health checks. Our cash-flow model value is $60.19 a share, against a share price of $52.86.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Miller Industries Inc's trailing-twelve-month revenue fell 20.9% year on year, with a free-cash-flow margin of 14.6%. Where it stands out: long-term debt as % of assets of 0.2% ranks 2 of 18 construction machinery & heavy transportation equipment companies we cover. Where it lags: revenue growth of -20.9% ranks 22 of 23 construction machinery & heavy transportation equipment companies we cover.

Our discounted-cash-flow model values the business at ~$69 per share in the base case (~$53–$90 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 229.9% while net income fell 66.3%: a 296pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $51.79 is 33% below our value per share of $69.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 20.9% over the last 12 months.
  • High earnings multiple. The shares trade at 42 times the last 12 months' earnings, so expectations are demanding.
  • Below peers: gross margin. Gross margin of 14.7% ranks 19 of 23 construction machinery & heavy transportation equipment companies we cover (median 21.4%).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 6.7% over 90 days.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.63 against an average estimate of $0.38: beat by 65.8%
Revenue
$240m, up 12.1% on a year earlier
Share reaction
+7.1% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
revenue guidance $850m to $900m (full year 2026); gross margins 13% (full year 2026)
Next report
November 4, 2026; average EPS estimate $0.64

Miller Industries' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.9%
  • 1 week+0.6%
  • 1 month-4.8%
  • This year+40.4%
  • 1 year+31.4%
  • 5 years+51.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$771M
Net margin
1.9%
EPS (TTM, diluted)
$1.24

Growth

Revenue growth
−20.9%
Change in growth rate
+13.3 pts
Share count change
−0.5%

Cash

Free cash flow (TTM)
$113M
FCF margin
14.6%
Stock pay % of revenue
0.5%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Miller Industries Inc valuation models and calculator

What the price is pricing in

The share price implies about 1.1% a year of cash-flow growth for five years.That is close to the 1.5% a year revenue growth Miller Industries has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in1.1%
  • Last 12 months-20.9%
  • 3 years a year-8.7%
  • 5 years a year1.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($52.33, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$69
Price used
$52.33close November 3, 2026
Implied change
▲ +32%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Miller Industries Inc's free cash flow after stock-based pay with after-tax interest added back ($34.4M, FY2026 Q2 TTM), growing 16.6% and 5% in the next two years (forecasts, guidance and its record), then back to 4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$53–~$90 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Miller Industries Inc's free cash flow after stock-based pay ( $34.4M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Miller Industries Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$69 ~$53–$90 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$23 ~$22–$42 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$41 ~$29–$59 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$42 ~$37–$50 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$49 ~$23–$69 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Miller Industries Inc with Construction Machinery & Heavy Transportation Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $48$64$85$112$148$194
8.5% $38$49$64$84$109$142
10% $32$41$52$67$87$111

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$17.09$21.40$21.46$23.07$32.46$34.02$30.45$24.99$40.43$63.30$36.89$51.79
Market value$194m$243m$244m$263m$370m$388m$347m$285m$465m$734m$428m$599m
+ Net debt (− = net cash)−$38m−$26m−$22m−$11m−$21m−$52m−$54m$5m$30m$41m−$11m−$52m
Enterprise value$156m$217m$222m$252m$349m$336m$293m$290m$495m$775m$417m$547m
Multiples
Price / sales 0.4x0.4x0.4x0.4x0.5x0.6x0.5x0.3x0.4x0.6x0.5x0.8x
Price / earnings 12.1x12.2x10.6x7.8x9.5x13.0x21.4x14.0x8.0x11.6x18.6x41.9x
Price / free cash flow 23.5x——30.7x20.9x9.0x56.8x——n/m5.0x5.3x
EV / EBITDA 5.1x5.9x5.9x—————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

48 /100

Moderate moat

How hard Miller Industries's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Cash operating profit has been a median 6.4% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 11.6%, moving by 1.8 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 5.2%; its worst year was 3.5%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 7 of 10 years, at a median 1.5% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 1.5% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $246m and EPS of $0.64 (range $0.64 to $0.64) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.95 −2% $916m +16%
Next $2.78 +43% $1.0bn +11%

Next year's EPS estimate has moved −6.7% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.6% on 90 days ago. In the last 30 days, 1 analyst raised Miller Industries Inc's forecast and 0 cut it.

Consensus EPS forecast Miller Industries Inc, last 90 days
$1.50 $2.00 $2.50 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.90 Current fiscal year, 60 days ago: $1.90 Current fiscal year, 30 days ago: $1.90 Current fiscal year, 7 days ago: $1.90 Current fiscal year, Now: $1.95 $1.95 Next fiscal year, 90 days ago: $2.98 Next fiscal year, 60 days ago: $2.98 Next fiscal year, 30 days ago: $2.98 Next fiscal year, 7 days ago: $2.98 Next fiscal year, Now: $2.78 $2.78

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.90$2.98
60 days ago $1.90$2.98
30 days ago $1.90$2.98
7 days ago $1.90$2.98
Now $1.95$2.78

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.38 $0.63 +65.8%
Mar 2026 $0.22 $0.05 −77.3%
Dec 2025 $0.03 $0.29 +866.7%
Sept 2025 $0.02 $0.27 +1250.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • revenue guidance full year 2026 $850m to $900m Maintained
    “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.” source
  • Gross margins full year 2026 about 13%
    “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.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Miller Industries Inc's revenue by +16.6% next year and +5.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+25.6%, weight 25%) , management guidance (+20.0%, weight 45%) and the company's own record (+4.0%, weight 30%) . How the weights are set.

Analyst recommendations

2 analysts, Oct 2026
Buy150%
Hold150%
Sell00%

Monthly trend

  1. Oct 2026112

Counts of recommendations published by analysts covering Miller Industries Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.6%
of tradable shares
Days to cover
5.79
at average volume
Short interest, 1 month
+6%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
5.3%
of shares
Employees
1,527
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +31.4%

$39.41 on October 31, 2025 to $51.79

ThenNowEffect
Revenue (last 12 months) $976m $771m −20.9%
Net margin 4.4% 1.9% −57.4%
P/E multiple 10.8x 41.9x +288.1%
Share count 12m 12m +0.5%

Biggest factor: p/e multiple.

Last 3 years +46.3%

$35.40 on November 3, 2023 to $51.79

ThenNowEffect
Revenue (last 12 months) $1.0bn $771m −23.9%
Net margin 3.8% 1.9% −51.3%
P/E multiple 10.5x 41.9x +299.5%
Share count 11m 12m −1.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MLR−11%−18%+62%+57%−42%+40%
Industry peers (median)+16%−8%+28%+22%+11%+9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MLR33%25%67%58%25%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MLR−32%−37%−12%−17%−48%−12%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 53% from April 5, 2021 to September 30, 2022. Getting back needed a 114% gain, reached on February 27, 2024, 515 days after the low.

Price behaviour

52-week range
$35.12 – $57.61
From 52-week high
−10.1%
vs 50-day average
−3.7%
vs 200-day average
+6.3%
Volatility (1 year)
27%
Beta vs S&P 500
0.62

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±7.9%
After a week
6 up, 6 down
typical move ±9.3%
After a month
6 up, 6 down
typical move ±10.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +7.1% −0.4% +11.4% +8.6%
May 6, 2026 −4.0% +1.1% −5.5% −4.0%
March 4, 2026 +10.6% +0.1% +2.3% +6.1%
November 5, 2025 −1.9% −0.7% −2.6% −2.4%
August 6, 2025 −4.0% +0.7% +5.1% +0.9%
May 7, 2025 +7.0% +1.1% +9.1% +8.8%
March 6, 2025 −12.8% −1.2% −19.7% −27.1%
March 5, 2025 −14.9% −0.7% −16.6% −25.6%
November 12, 2024 −10.7% −0.3% −11.6% −6.5%
August 7, 2024 −5.1% +1.6% −10.6% −8.7%
May 8, 2024 +4.7% +0.6% +9.6% +3.7%
March 6, 2024 +11.8% +1.5% +7.7% +18.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Miller Industries Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Miller Industries Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Miller Industries Inc
$600M $800M $1B $1.2B $1.4B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.1B Revenue (TTM), FY23 Q4: $1.2B Revenue (TTM), FY24 Q1: $1.2B Revenue (TTM), FY24 Q2: $1.3B Revenue (TTM), FY24 Q3: $1.3B Revenue (TTM), FY24 Q4: $1.3B Revenue (TTM), FY25 Q1: $1.1B Revenue (TTM), FY25 Q2: $975.9M Revenue (TTM), FY25 Q3: $840.3M Revenue (TTM), FY25 Q4: $790.3M Revenue (TTM), FY26 Q1: $745.5M Revenue (TTM), FY26 Q2: $771.4M $771.4M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.1B
FY23 Q4 $1.2B
FY24 Q1 $1.2B
FY24 Q2 $1.3B
FY24 Q3 $1.3B
FY24 Q4 $1.3B
FY25 Q1 $1.1B
FY25 Q2 $975.9M
FY25 Q3 $840.3M
FY25 Q4 $790.3M
FY26 Q1 $745.5M
FY26 Q2 $771.4M
Revenue growth, TTM YoY Miller Industries Inc
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 31.4% Revenue growth, TTM YoY, FY23 Q4: 35.9% Revenue growth, TTM YoY, FY24 Q1: 33.4% Revenue growth, TTM YoY, FY24 Q2: 27.4% Revenue growth, TTM YoY, FY24 Q3: 23.0% Revenue growth, TTM YoY, FY24 Q4: 9.0% Revenue growth, TTM YoY, FY25 Q1: -7.2% Revenue growth, TTM YoY, FY25 Q2: -24.5% Revenue growth, TTM YoY, FY25 Q3: -36.9% Revenue growth, TTM YoY, FY25 Q4: -37.2% Revenue growth, TTM YoY, FY26 Q1: -34.2% Revenue growth, TTM YoY, FY26 Q2: -20.9% -20.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 31.4%
FY23 Q4 35.9%
FY24 Q1 33.4%
FY24 Q2 27.4%
FY24 Q3 23.0%
FY24 Q4 9.0%
FY25 Q1 -7.2%
FY25 Q2 -24.5%
FY25 Q3 -36.9%
FY25 Q4 -37.2%
FY26 Q1 -34.2%
FY26 Q2 -20.9%
Operating margin (TTM) Miller Industries Inc
5% 5.5% 6% 6.5% FY18 Q1 FY18 Q4 FY19 Q3 FY20 Q4 Operating margin (TTM), FY18 Q1: 5.4% Operating margin (TTM), FY18 Q2: 5.7% Operating margin (TTM), FY18 Q3: 6.1% Operating margin (TTM), FY18 Q4: 6.2% Operating margin (TTM), FY19 Q1: 6.3% Operating margin (TTM), FY19 Q2: 6.3% Operating margin (TTM), FY19 Q3: 6.2% Operating margin (TTM), FY19 Q4: 6.5% Operating margin (TTM), FY20 Q1: 6.1% Operating margin (TTM), FY20 Q2: 5.9% Operating margin (TTM), FY20 Q3: 5.8% Operating margin (TTM), FY20 Q4: 5.9% 5.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY18 Q1 5.4%
FY18 Q2 5.7%
FY18 Q3 6.1%
FY18 Q4 6.2%
FY19 Q1 6.3%
FY19 Q2 6.3%
FY19 Q3 6.2%
FY19 Q4 6.5%
FY20 Q1 6.1%
FY20 Q2 5.9%
FY20 Q3 5.8%
FY20 Q4 5.9%
FCF margin (TTM) Miller Industries Inc
-5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 0.3% FCF margin (TTM), FY23 Q4: -0.1% FCF margin (TTM), FY24 Q1: 1.0% FCF margin (TTM), FY24 Q2: -0.5% FCF margin (TTM), FY24 Q3: 1.4% FCF margin (TTM), FY24 Q4: 0.1% FCF margin (TTM), FY25 Q1: -0.5% FCF margin (TTM), FY25 Q2: 3.5% FCF margin (TTM), FY25 Q3: 3.4% FCF margin (TTM), FY25 Q4: 10.8% FCF margin (TTM), FY26 Q1: 14.8% FCF margin (TTM), FY26 Q2: 14.6% 14.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 0.3%
FY23 Q4 -0.1%
FY24 Q1 1.0%
FY24 Q2 -0.5%
FY24 Q3 1.4%
FY24 Q4 0.1%
FY25 Q1 -0.5%
FY25 Q2 3.5%
FY25 Q3 3.4%
FY25 Q4 10.8%
FY26 Q1 14.8%
FY26 Q2 14.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 238 307 413 343 404 493 541 601 615 712 818 651 717 848 1,153 1,258 790 771
Gross profit 35 46 70 40 42 53 58 64 67 83 96 78 70 82 152 171 120 113
EBITDA — — 42 16 18 29 30 37 38 — — — — — — — — —
Operating income — — 39 13 14 24 26 32 32 — — — — — — — — —
Net income 6 12 23 9 9 15 16 20 23 34 39 30 16 20 58 63 23 14
Diluted EPS $0.51 $0.96 $1.92 $0.82 $0.82 $1.31 $1.41 $1.75 $2.02 $2.96 $3.43 $2.62 $1.42 $1.78 $5.07 $5.47 $1.98 $1.24
Growth (year on year)
Revenue — +29.2% +34.5% −17.0% +17.9% +21.9% +9.8% +11.1% +2.3% +15.7% +15.0% −20.4% +10.2% +18.3% +35.9% +9.0% −37.2% −20.9%
EBITDA — — — −61.4% +9.3% +59.5% +6.8% +20.9% +2.4% — — — — — — — — —
Operating income — — — −67.6% +12.5% +73.5% +6.7% +22.4% −1.3% — — — — — — — — —
Net income — +94.6% +96.5% −60.4% +1.2% +61.5% +7.2% +24.7% +15.5% +46.6% +15.9% −23.7% −45.5% +25.2% +186.5% +8.9% −63.8% −66.3%
Diluted EPS — +88.2% +100.0% −57.3% 0.0% +59.8% +7.6% +24.1% +15.4% +46.5% +15.9% −23.6% −45.8% +25.4% +184.8% +7.9% −63.8% −66.1%
Margins
Gross margin 14.9% 15.1% 17.0% 11.7% 10.5% 10.8% 10.7% 10.7% 10.9% 11.7% 11.8% 12.0% 9.7% 9.7% 13.2% 13.6% 15.2% 14.7%
EBITDA margin — — 10.3% 4.8% 4.4% 5.8% 5.6% 6.1% 6.1% — — — — — — — — —
Operating margin — — 9.4% 3.7% 3.5% 5.0% 4.8% 5.3% 5.1% — — — — — — — — —
Net margin 2.5% 3.8% 5.6% 2.7% 2.3% 3.0% 3.0% 3.3% 3.7% 4.7% 4.8% 4.6% 2.3% 2.4% 5.1% 5.0% 2.9% 1.9%
Free-cash-flow margin 8.0% 4.0% 5.9% 0.9% −0.3% 0.9% 1.5% −0.7% −1.7% 1.2% 2.2% 6.6% 0.9% −5.7% −0.1% 0.1% 10.8% 14.6%
Cash flow
Cash from operations 20 18 28 6 1 10 20 21 14 22 35 61 15 −19 11 17 99 132
Capital spending 1 5 4 3 2 5 12 25 25 13 17 18 9 29 12 15 14 19
Free cash flow 19 12 24 3 −1 5 8 −4 −11 9 18 43 6 −48 −1 2 85 113
Stock-based pay — 0 0 0 0 0 0 0 0 0 0 0 0 1 1 3 5 4
Free cash flow after stock pay — 12 24 3 −1 5 8 −4 −11 8 18 43 6 −49 −2 −2 80 109
Balance sheet
Cash 36 46 50 49 43 40 38 31 22 27 26 58 54 40 30 24 45 56
Total debt 0 0 0 — 0 0 0 5 — 16 5 5 0 45 60 65 33 3
Net debt (negative = net cash) −36 −46 −50 −49 −43 −40 −38 −26 −22 −11 −21 −52 −54 5 30 41 −11 −52
Diluted shares 12m 12m 12m 11m 11m 11m 11m 11m 11m 11m 11m 11m 11m 11m 12m 12m 12m 12m
Returned to shareholders
Dividends — 1 6 6 6 7 7 8 8 8 8 8 8 8 8 9 9 9
Buybacks — — 20 — — — — — — — — — — — — 3 6 8
Total returned — 1 26 6 6 7 7 8 8 8 8 8 8 8 8 12 15 17

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 5 checks passed · June 30, 2026
What it owns · $609m
Short-term assets $454mLonger-term assets $155m
What it owes, and who funded it · $609m
Short-term liabilities $185mLonger-term liabilities $4mShareholders' equity $420m
  • Short-term assets cover short-term liabilities $454m of assets due within a year against $185m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $454m short-term assets against $4m of longer-dated liabilities.
  • More cash than debt $56m of cash against $3m of debt.
  • Debt below 40% of shareholders' equity Debt is 1% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $132m of operating cash flow against $3m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Miller Industries Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$8M
Dividends (TTM)
$9.4M
Returned to shareholders
15%
of free cash flow
Buybacks, last 3 fiscal years
$28.9M
Diluted share count
−0.5%
year over year
Total shareholder yield
3.0%
dividends 1.6% + buybacks 1.4% of market value
Dividend payout ratio
65%
of net income paid out
Sales & admin spending
11.9%
of revenue

Competitors: side by side with peers

Closest by revenue in construction machinery & heavy transportation equipment
Last 12 months unless stated MLR PLOW FSTR RAIL WNC ASTE Median
Revenue, last 12 months $771m $699m $558m $464m $1.5bn $1.6bn $2.1bn
Revenue growth, last 12 months −20.9% 20.1% 10.1% −0.5% −7.3% 18.7% 10.1%
Revenue growth, 3-year average −8.7% 4.3% 1.7% 6.4% −16.4% 4.5% 4.3%
Revenue growth, latest quarter 12.1% 10.5% −3.5% −4.6% 24.8% 23.6% 17.8%
Gross margin 14.7% 27.3% 21.4% 12.5% 0.9% 25.7% 21.4%
Operating margin 5.9% 11.3% 4.4% 3.8% −10.4% 3.4% 5.9%
Operating margin, 3-year average 6.2% 12.6% 3.2% 4.8% −0.6% 3.2% 8.6%
Net margin 1.9% 7.5% 2.0% −2.8% −9.1% 1.3% 3.2%
Cash from operations / revenue 17.1% 8.9% 10.5% 4.6% −8.1% 5.2% 8.9%
Free-cash-flow margin 14.6% 7.0% 8.4% 3.9% −9.0% 2.1% 7.0%
Free-cash-flow margin, 3-year average 5.9% 7.5% 4.7% 7.0% 0.6% 1.7% 5.9%
Stock pay / revenue 0.5% 1.4% 1.1% 0.6% 0.7% 0.6% 0.6%
Change in share count −0.5% 0.1% −0.5% 6.4% −2.6% 1.2% −0.1%

Median of all 23 companies we cover in construction machinery & heavy transportation equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 construction machinery & heavy transportation equipment companies
Measure Company Peer median Rank
Revenue growth Growth -20.9% 10.1% 22 of 23
Change in growth rate Growth +13.3pp +4.6pp 4 of 23
Gross margin Profitability 14.7% 21.4% 19 of 23
Net margin Profitability 1.9% 3.2% 15 of 23
Free-cash-flow margin Cash generation 14.6% 7.0% 3 of 23
Stock pay as % of revenue Cash generation 0.5% 0.6% 7 of 20
Long-term debt as % of assets Balance sheet 0.2% 24.0% 2 of 18
Change in share count Balance sheet -0.5% -0.1% 9 of 21

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
North America $641M 81.2% ▼ 43.3%
Outside the US $149M 18.8% ▲ 18.4%

From Miller Industries Inc's 10-K filed March 4, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$538M
Institutions reporting
148
Shares held vs prior quarter
▲ 3.6%
Positions opened / closed
22 / 22

Top buyers and sellers, Q2 2026: 77 institutions bought and 66 sold ; the biggest buyer was American Century Companies Inc (+235K shares) and the biggest seller Invenomic Capital Management LP (−115K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $67.9M 1.3M 12.6% 0.0%
Neuberger Berman Group LLC $57.8M 1.1M 10.7% ▲ 3.4%
Blackrock, Inc. $52.7M 1.0M 9.8% ▲ 27.4%
Dimensional Fund Advisors LP $35.4M 693K 6.6% ▲ 0.5%
Hotchkis & Wiley Capital Management LLC $26.5M 519K 4.9% ▼ 0.4%
Vanguard Capital Management LLC $25M 488K 4.6% ▼ 1.7%
Systematic Financial Management LP $23.6M 461K 4.4% ▲ 3.3%
American Century Companies Inc $15.8M 309K 2.9% ▲ 314.2%
Goldman Sachs Group Inc $15.6M 305K 2.9% ▼ 2.8%
First Wilshire Securities Management Inc $15.1M 296K 2.8% ▼ 1.0%
Geode Capital Management, LLC $14.8M 289K 2.7% ▲ 5.0%
State Street Corp $12.9M 251K 2.4% ▲ 8.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Miller Industries Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • March 4, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Miller Industries Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Miller Industries Inc in brief

What does Miller Industries Inc do?
Miller Industries Inc is a US-listed company in the construction machinery & heavy transportation equipment industry. Its financial year ends in December.
What is Miller Industries Inc's stock ticker?
Miller Industries Inc trades under the ticker MLR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Miller Industries Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Miller Industries Inc reported revenue of $771M, 20.9% lower than a year earlier, according to its SEC filings.
What is Miller Industries Inc's free cash flow?
Miller Industries Inc's free-cash-flow margin is 14.6% of revenue over the trailing twelve months, ranking 3 of the 23 construction machinery & heavy transportation equipment companies we cover.
What is Miller Industries Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Miller Industries Inc's free cash flow after stock-based pay gives ~$69 per share in the base case, and ~$53–$90 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Miller Industries Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Neuberger Berman Group LLC and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Miller Industries Inc buying back stock, and does it pay a dividend?
Miller Industries Inc spent $8M on share repurchases over the trailing twelve months, and its diluted share count fell 0.5% over the year.
What is Miller Industries Inc's market cap?
On November 2, 2026, Miller Industries Inc's market capitalisation was about $599M, with a price-to-earnings ratio of 41.9 and net debt of -$52.5M. Market figures come from third-party market data and may be delayed.
Does Miller Industries Inc pay a dividend?
Yes: Miller Industries Inc paid $9.4M in dividends over the trailing twelve months, a dividend yield of 1.59% and a payout ratio of 65.4%.
How much debt does Miller Industries Inc have?
Miller Industries Inc's debt-to-equity ratio is 0.8%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Miller Industries Inc's competitors?
In our Construction Machinery & Heavy Transportation Equipment peer group, the companies closest to Miller Industries Inc are Douglas Dynamics, Inc, Foster L B Co, Freightcar America, Inc., Wabash National Corp and Astec Industries Inc. The side-by-side comparison below sets their revenue, margins and growth against Miller Industries Inc's.
When is Miller Industries Inc's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Miller Industries Inc announces its own schedule.