One-glance verdict
Undervalued
$138.62 our estimate vs market $54.81
Wall Street consensus: $58.00 (-58.2% lower than our fair-value estimate)
60% below our estimate, below the bear case
Fundamentals snapshot
Miller Industries, Inc.
MLR · NYQ · Consumer Cyclical · Auto Parts
Current price
$54.81
52-week range
$35.72 - $59.70
Market cap
$622.21M
Balance sheet
Healthy
47.59x Strong cushion
Net cash $49.92M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 1.7% last year.
- Reward Returns 3.4% on equity, ahead of 20% of its peers.
- Reward Free cash flow was positive in 6/10 years.
- Risk Stock trades 226.6% above its 5-year average P/E.
What this company does
Miller Industries, Inc.
Miller Industries makes the tow trucks and flat-bed car carriers used to move disabled or new vehicles. The company sells this heavy-duty equipment to other businesses, like towing services and car dealerships, through a network of distributors. This is important because their products are essential for roadside assistance and the broader vehicle transportation industry.
How the company got here
Miller Industries was started in 1990 by William G. Miller, who bought several smaller, struggling tow truck equipment companies and combined them. The company went public in 1994, which means its shares became available for anyone to buy on the stock market, helping it raise money to grow. Over the years, it has grown by acquiring other brands and expanding its product lines to become the world's largest manufacturer of towing and recovery equipment. This growth has been focused on strengthening its position in the specialized market of building tough equipment for towing professionals.
What it actually does
Miller Industries builds the specialized equipment that you see on the back of tow trucks. They manufacture the bodies of wreckers (the traditional tow trucks with a boom for lifting) and car carriers (the flatbed trucks that can tilt to load a vehicle). These bodies are then installed onto truck chassis (the underlying frame of the truck) that are made by other companies. Their products are sold to towing companies, roadside assistance fleets, and government agencies through a network of independent distributors.
Towing and Recovery Equipment
This is the company's only line of business, but it includes a wide variety of products for different needs. They make everything from light-duty wreckers for towing cars to massive, heavy-duty recovery vehicles that can handle large trucks and equipment. They also produce car carriers, which are the flatbed tow trucks often used for transporting vehicles over longer distances. This single segment is the entire source of the company's revenue (the total money it brings in from sales).
What management is betting on now
The company is focused on expanding its ability to produce more, especially its heavy-duty recovery vehicles which are popular internationally. They are also growing their business with military contracts around the world, which they expect to be a significant source of revenue in the coming years. In Europe, they are investing to increase their manufacturing capacity to meet local demand. Management is also committed to returning value to its shareholders through dividends (a portion of the company's profits paid out to shareholders) and share repurchases (when a company buys back its own stock, which can increase the value of the remaining shares).
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$24.00M
FY2024 Q4
$-12.99M
FY2025 Q1
$-2.41M
FY2025 Q2
$25.57M
FY2025 Q3
$18.11M
FY2025 Q4
$43.76M
FY2026 Q1
$22.82M
FY2026 Q2
$28.04M
Revenue
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Net income
$7.27M
Diluted EPS
0.63
Operating cash flow
$32.23M
Free cash flow
$28.04M
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Sources
Revenue
—
Net income
$555.00K
Diluted EPS
0.05
Operating cash flow
$30.75M
Free cash flow
$22.82M
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Sources
Revenue
—
Net income
$3.41M
Diluted EPS
0.29
Operating cash flow
$48.86M
Free cash flow
$43.76M
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Sources
Revenue
—
Net income
$3.08M
Diluted EPS
0.27
Operating cash flow
$19.90M
Free cash flow
$18.11M
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Sources
Revenue
—
Net income
$8.46M
Diluted EPS
0.73
Operating cash flow
$27.24M
Free cash flow
$25.57M
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Sources
Revenue
—
Net income
$8.06M
Diluted EPS
0.69
Operating cash flow
$2.71M
Free cash flow
$-2.41M
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Sources
Revenue
—
Net income
$10.53M
Diluted EPS
0.89
Operating cash flow
$-11.72M
Free cash flow
$-12.99M
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Sources
Revenue
—
Net income
$15.43M
Diluted EPS
1.33
Operating cash flow
$30.30M
Free cash flow
$24.00M
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Sources
Is it cheap or expensive?
Fair value $138.62 vs current price $54.81
Wall Street consensus is the average analyst price target: $58.00 (-58.2% lower than our fair-value estimate).
Our most-likely fair value is $138.62 a share — about 152.9% above today's price of $54.81, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $49.9M - more cash than debt. Interest coverage 47.6x.
Net debt
$-49.92M
Interest coverage
47.59x
Miller Industries, Inc.'s profit covers its interest bill about 47.6 times over. which is stronger than every peer shown here.
Healthy
Worse cushion
Baseline
Better cushion
MLR
BASELINE
Miller Industries, Inc.
Total debt $5.71M Interest coverage 47.59x This is the baseline the peer rows are being compared against.
Total debt $278.86M Interest coverage 10.19x -79% vs MLR Carries about 4.7x less debt cushion than MLR.
Total debt $115.75M Interest coverage 23.21x -51% vs MLR Carries about 2.1x less debt cushion than MLR.
Total debt $393.40M Interest coverage 3.54x -93% vs MLR Carries about 13.4x less debt cushion than MLR.
Total debt $485.80M Interest coverage 25.31x -47% vs MLR Carries about 1.9x less debt cushion than MLR.
What you should know
The case for and against MLR
3 Rewards
1 Risk
Rewards
-
Revenue grew 1.7% last year.
-
Returns 3.4% on equity, ahead of 20% of its peers.
-
Free cash flow was positive in 6/10 years.
Risks
-
Stock trades 226.6% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
44.20x
Forward P/E
19.72x
P/B
1.48x
P/S
0.81x
EV/EBITDA
15.02x
PEG ratio
2.56x
Profitability
How much profit each dollar creates
Gross margin
14.7%
Operating margin
4.5%
Net margin
1.9%
ROE
3.4%
ROA
2.2%
Health
Liquidity and balance-sheet strength
Debt / equity
0.01x
Current ratio
2.46x
Quick ratio
1.52x
Total debt
$5.71M
Total cash
$55.63M
Growth
How the business has been compounding
Revenue TTM
$625.33M
Revenue 5Y CAGR
11.1%
EPS TTM
1.24
EPS 5Y CAGR
3.6%
Cash flow
How much cash the business throws off
Operating CF TTM
$131.74M
Free CF TTM
$85.01M
FCF margin
13.6%
Dividend
Shareholder payout
Yield
1.6%
Payout ratio
66.1%
Last ex-div date
2026-09-08