olivLaw · US equity research
Miller Industries, Inc. MLR
Truck & Bus Bodies · SIC 3713 · Vertical: Transportation equipment (SIC 371x)
Miller Industries designs and manufactures car carrier bodies and towing and recovery equipment, calling itself the world's largest maker in the category. In 2026 the company faces pressure on demand and costs, but it is expanding capacity and pointing to military contracts and the European market. Its 2026 revenue guidance is 850 to 900 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Miller Industries, Inc. (MLR) stock was 52.07 USD (−0.33% on the day), with market capitalisation 588.6 m USD, P/E 34.6 on diluted EPS of 1.51 USD over the last 12 months, dividend yield 1.59%, beta 0.94, 52-week range 35.77–57.83 USD. Latest reported quarter (Q3 2026): revenue of 212.2 m USD (+18.8% YoY), net income of 6.1 m USD (+97.2% YoY), diluted EPS 0.53 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.3
- neutral
- Bollinger (20, 2)
- 50.82 – 53.18
- in the upper half of the band · %B 0.53 · band width 4.5%
- SMA 50 / 200
- 53.62 / 49.11
- mixed trend
- MACD (12, 26, 9)
- -0.46 / -0.56
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.1% | −1.1% | −3.0 pp | — |
| 3 months | +2.4% | −0.5% | +2.9 pp | — |
| 6 months | +6.5% | +4.4% | +2.2 pp | — |
| Year to date | +39.3% | +12.3% | +27.0 pp | — |
| 1 year | +32.5% | +13.5% | +18.9 pp | −8.8% |
| 3 years | +40.0% | +76.4% | −36.4 pp | −3.9% |
| 5 years | +40.5% | +63.7% | −23.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 221.9 m | 225.7 m | 214.0 m | 178.7 m | 171.9 m | 180.9 m | 240.0 m | 212.2 m |
| Cost of revenue | 188.4 m | 191.7 m | 179.4 m | 153.3 m | 145.4 m | 155.2 m | 204.1 m | 182.4 m |
| Gross profit | 33.5 m | 33.9 m | 34.6 m | 25.3 m | 26.5 m | 25.7 m | 35.9 m | 29.8 m |
| SG&A | 19.7 m | 23.3 m | 23.4 m | 21.2 m | 21.1 m | 23.9 m | 25.2 m | 22.0 m |
| Depreciation & amortisation | 3.4 m | 3.7 m | 3.7 m ≈ | 3.5 m ≈ | 3.8 m | 4.2 m | 4.0 m ≈ | 3.3 m ≈ |
| Interest expense | 384.0 k | 95.0 k | 294.0 k | 93.0 k | 178.0 k | 145.0 k | 352.0 k | 359.0 k |
| Pre-tax income | 12.6 m | 10.8 m | 11.4 m | 4.3 m | 5.0 m | 1.6 m | 10.1 m | 7.5 m |
| Income tax | 2.1 m | 2.7 m | 2.9 m | 1.2 m | 1.6 m | 1.0 m | 2.8 m | 1.4 m |
| Net income | 10.5 m | 8.1 m | 8.5 m | 3.1 m | 3.4 m | 555.0 k | 7.3 m | 6.1 m |
| Diluted EPS | 0.91 ≈ | 0.69 | 0.73 | 0.27 | 0.30 ≈ | 0.05 | 0.63 | 0.53 |
| Operating cash flow | -11.7 m | 2.7 m | 27.2 m ≈ | 19.9 m ≈ | 48.9 m | 30.7 m | 32.2 m ≈ | 23.7 m ≈ |
| Capex | 1.3 m | 5.1 m | 1.7 m ≈ | 1.8 m ≈ | 5.1 m | 7.9 m | 4.2 m ≈ | 10.0 m ≈ |
| Dividends paid | 2.2 m | 2.3 m | 2.3 m ≈ | 2.3 m ≈ | 2.3 m | 2.4 m | 2.4 m ≈ | 2.4 m ≈ |
| Share repurchases | 0 | 2.1 m | 500.0 k ≈ | 1.2 m ≈ | 2.2 m | 2.2 m | 2.5 m ≈ | 2.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 95 percentile of its own 40-quarter history (min 8.3, median 12.5, max 41.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 711.7 m | 818.2 m | 651.3 m | 717.5 m | 848.5 m | 1.2 bn | 1.3 bn | 790.3 m |
| Revenue YoY | +15.7% | +15.0% | −20.4% | +10.2% | +18.3% | +35.9% | +9.0% | −37.2% |
| Net income | 33.7 m | 39.1 m | 29.8 m | 16.3 m | 20.3 m | 58.3 m | 63.5 m | 23.0 m |
| Net income YoY | +46.6% | +15.9% | −23.7% | −45.5% | +25.2% | +186.5% | +8.9% | −63.8% |
| Diluted EPS | 2.96 | 3.43 | 2.62 | 1.42 | 1.78 | 5.07 | 5.47 | 1.98 |
| Diluted EPS YoY | +46.5% | +15.9% | −23.6% | −45.8% | +25.4% | +184.8% | +7.9% | −63.8% |
| net % | 4.7% | 4.8% | 4.6% | 2.3% | 2.4% | 5.1% | 5.0% | 2.9% |
| Free cash flow | 8.6 m | 17.7 m | 43.2 m | 6.1 m | -48.1 m | -1.1 m | 1.5 m | 85.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 44.7 m USD
- Financial debt
- 33.3 m USD
- Net debt
- -11.4 m USD
- Equity
- 420.6 m USD
- Total assets
- 589.7 m USD
- Debt / equity
- 0.08x
- Current ratio
- 3.22x
- ROE
- 5.6%
- ROA
- 3.7%
- FCF margin
- 10.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 651.3 m | 717.5 m | 848.5 m | 1.2 bn | 1.3 bn | 790.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Cost of revenue | 572.9 m | 647.6 m | 766.0 m | 1.0 bn | 1.1 bn | 669.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Gross profit | 78.4 m | 69.9 m | 82.4 m | 151.9 m | 170.8 m | 120.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Research & development | 4.7 m | 3.6 m | 4.0 m | 6.0 m | 6.2 m | 8.2 m | SEC (XBRL)· 04 Mar 2026verified |
| SG&A | 39.7 m | 46.2 m | 52.8 m | 73.1 m | 86.3 m | 89.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Depreciation & amortisation | 9.6 m | 11.0 m | 11.8 m | 13.2 m | 14.1 m | 14.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Interest expense | 1.2 m | 1.4 m | 3.4 m | 6.0 m | 3.9 m | 660.0 k | SEC (XBRL)· 04 Mar 2026verified |
| Pre-tax income | 38.1 m | 21.8 m | 25.7 m | 73.8 m | 80.1 m | 31.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Income tax | 8.3 m | 5.5 m | 5.4 m | 15.5 m | 16.6 m | 8.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Net income | 29.8 m | 16.3 m | 20.3 m | 58.3 m | 63.5 m | 23.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Diluted EPS | 2.62 | 1.42 | 1.78 | 5.07 | 5.47 | 1.98 | SEC (XBRL)· 04 Mar 2026verified |
| Weighted average diluted shares | 11.4 m | 11.4 m | 11.4 m | 11.5 m | 11.6 m | 11.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Dividend per share | 0.72 | 0.72 | 0.72 | 0.72 | 0.76 | 0.80 | SEC (XBRL)· 04 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 57.5 m | 54.3 m | 40.2 m | 29.9 m | 24.3 m | 44.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Inventories | 83.9 m | 114.9 m | 153.7 m | 189.8 m | 186.2 m | 184.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Current assets | 286.3 m | 329.0 m | 376.0 m | 510.5 m | 529.8 m | 439.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Property, plant & equipment, net | 97.4 m | 95.3 m | 112.1 m | 115.1 m | 116.0 m | 123.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Goodwill | 11.6 m | 11.6 m | 11.6 m | 20.0 m | 20.0 m | 20.1 m | SEC (XBRL)· 04 Mar 2026verified |
| Total assets | 398.4 m | 437.6 m | 501.4 m | 647.2 m | 667.0 m | 589.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Accounts payable | 88.3 m | 121.7 m | 125.5 m | 191.8 m | 145.9 m | 78.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Short-term debt | — | — | — | — | — | 2.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Long-term debt | — | — | 45.0 m | 60.0 m | 65.0 m | 31.1 m | SEC (XBRL)· 04 Mar 2026verified |
| Current liabilities | 110.7 m | 147.0 m | 156.1 m | 234.7 m | 197.9 m | 136.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Total liabilities | 116.0 m | 153.0 m | 208.0 m | 299.3 m | 266.0 m | 169.1 m | SEC (XBRL)· 04 Mar 2026verified |
| Equity | 278.5 m | 284.6 m | 293.5 m | 347.9 m | 401.0 m | 420.6 m | SEC (XBRL)· 04 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 60.7 m | 15.3 m | -19.2 m | 11.0 m | 16.9 m | 98.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Capex | 17.5 m | 9.2 m | 28.9 m | 12.1 m | 15.4 m | 13.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Free cash flow | 43.2 m ≈ | 6.1 m ≈ | -48.1 m ≈ | -1.1 m ≈ | 1.5 m ≈ | 85.0 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Investing cash flow | -17.2 m | -9.1 m | -28.9 m | -29.1 m | -15.3 m | -30.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Financing cash flow | -13.6 m | -8.2 m | 36.8 m | 6.8 m | -6.6 m | -50.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Dividends paid | 8.2 m | 8.2 m | 8.2 m | 8.2 m | 8.7 m | 9.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Share repurchases | — | — | — | — | 2.9 m | 6.0 m | SEC (XBRL)· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 54 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 588.6 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation57
- Returns68
- Quality78
- Balance sheet100
- Growth12
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.51 – 169.48 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)113.69 – 169.48 (Mid 135.46)WACC 9.3% · starting FCFF 109.0 m USD · terminal value share of EV 72%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E19.14 – 29.71 (Mid 23.08)14 companies used · median multiple 15.3x · quartiles 12.7x – 19.7xADNT, ALSN, ALV, ATMU, BWA, CAAS, GM, GNTX, LCII, LEA, PCAR, PHIN, SMP, STRT
- Dividend discount (DDM)10.51 – 14.14 (Mid 12.06)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 54/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.2% | 56 (vs peers) | 10% |
| FCF conversion · Quality | 625.4% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -2.3% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 3.6% | 24 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 34.6x | 22 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 18.4% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 3.2% | 46 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 8.8% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth12/100 · 2/2 factors with a value
- Quality78/100 · 2/3 factors with a value
- Returns68/100 · 2/2 factors with a value
- Valuation57/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MILLER INDUSTRIES, INC. (MLR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 790.3 m USD in 2025; YoY growth -37.2%; net margin 2.2%; ROE 4.1%.
The estimated value range is 19.14–29.71 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 23.08 USD, the price of 52.07 USD leaves a potential of -55.7% (value / price − 1) and a margin of safety of -125.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 54/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 625.4%
- Current ratio: 2.5x
- FCF yield: 18.4%
- Payout ratio (FCF): 8.8%
What contradicts it
- Revenue CAGR 3Y: -2.3%
- EPS CAGR 3Y: 3.6%
- P/E (TTM): 34.6x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Transportation equipment (SIC 371x) · same industry group (3-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TSLATesla, Inc. | 1,522.6 bn | 424.6 | 3.8% | 3.1% | −2.9% | −10% / +60% |
| GMGeneral Motors Company | 78.0 bn | 20.6 | 6.1% | 2.1% | −1.3% | +26% / +192% |
| PCARPACCAR Inc | 55.9 bn | 20.2 | 13.7% | 9.5% | −15.5% | +1% / +16% |
| LILi Auto Inc. | 23.5 bn | 144.8 | 1.6% | 1.0% | −18.8% | −37% / −69% |
| RIVNRivian Automotive, Inc. | 20.5 bn | — | -55.0% | -45.9% | +8.4% | −17% / −16% |
| BWABorgwarner Inc. | 10.1 bn | 21.5 | 8.2% | 3.4% | +1.6% | +17% / +50% |
| ALSNAllison Transmission Holdings, Inc. | 9.9 bn | 17.4 | 29.7% | 11.1% | −6.7% | +36% / +125% |
| ALVAutoliv, Inc. | 9.0 bn | 15.1 | 24.8% | 5.6% | +4.1% | +7% / +21% |
| LEALear Corp | 5.7 bn | 10.4 | 11.6% | 2.5% | −0.2% | +11% / −11% |
| MODModine Manufacturing Co | 5.2 bn | 41.3 | 11.4% | 3.6% | +23.1% | −39% / +100% |
| GNTXGentex Corporation | 4.4 bn | 11.0 | 16.4% | 15.5% | +9.6% | −9% / −32% |
| ATMUAtmus Filtration Technologies Inc. | 3.9 bn | 18.3 | 55.8% | 11.3% | +5.7% | −5% / +119% |
| PHINPhinia Inc. | 2.6 bn | 14.5 | 12.2% | 5.2% | +2.4% | +33% / +181% |
| LCIILci Industries | 2.5 bn | 12.1 | 15.0% | 5.2% | +10.2% | −8% / −4% |
| THRMGentherm Incorporated | 1.6 bn | 105.3 | 1.3% | 0.6% | +2.9% | −13% / −32% |
| LCIDLucid Group, Inc. | 1.3 bn | — | -571.4% | -249.2% | +67.6% | −75% / −92% |
| ADNTAdient plc | 1.3 bn | 28.5 | 2.7% | 0.3% | −1.0% | −12% / −47% |
| DCHDauch Corporation | 1.1 bn | — | -15.2% | -2.0% | −4.7% | −27% / −31% |
| SMPStandard Motor Products, Inc. | 1.0 bn | 15.1 | 9.9% | 3.8% | +22.4% | +22% / +28% |
| AEVAAeva Technologies, Inc. | 661.5 m | — | — | -150.1% | +99.4% | −15% / +240% |
| MLRMiller Industries, Inc. | 588.6 m | 34.6 | 4.1% | 2.2% | −37.2% | +32% / +40% |
| WNCWabash National Corporation | 471.8 m | — | -40.2% | -9.1% | −20.8% | +37% / −47% |
| STRTStrattec Security Corp | 258.5 m | 15.6 | 7.2% | 2.9% | +2.5% | −14% / +201% |
| MPAAMotorcar Parts Of America, Inc. | 200.3 m | — | -1.6% | -0.5% | +4.3% | −20% / +10% |
| SRIStoneridge, Inc. | 163.6 m | — | -70.8% | -14.6% | −5.2% | +0% / −64% |
1- and 3-year price returns: for MLR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 29.16 Total return -43% · Per year -43% | 51.73 Total return 1% · Per year 1% | 78.17 Total return 52% · Per year 52% |
| 3 years | 24.54 Total return -50% · Per year -20% | 49.34 Total return -1% · Per year -0% | 82.39 Total return 64% · Per year 18% |
| 5 years | 20.66 Total return -55% · Per year -15% | 47.06 Total return -2% · Per year -0% | 86.83 Total return 77% · Per year 12% |
- Exit P/E± 12.34
- Net margin± 8.63
- Annual revenue growth± 7.59
- Annual dilution± 0.73
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Miller Industries designs and manufactures car carrier bodies and towing and recovery equipment, calling itself the world's largest maker in the category. In 2026 the company faces pressure on demand and costs, but it is expanding capacity and pointing to military contracts and the European market. Its 2026 revenue guidance is 850 to 900 million USD 3.
SWOT
Strengths
- The company presents itself as the world's leading towing equipment maker, with a broad brand range and a stable distribution network whose loyalty is a recognised advantage 1.
- The company has reduced debt and kept enough cash flow to fund dividends and share repurchases, which gives it financial flexibility 3.
- Investment in robotics, research and development and production capacity gives the company a technology base that smaller rivals may find hard to replicate 1.
Weaknesses
- Gross margin fell in the second quarter of 2026 and cost pressure weighed on profitability, showing dependence on market conditions 3.
- The company depends on outside suppliers for chassis and components, and supply shortages and delays have affected production in recent years 1.
- Sales are sensitive to the financing available to distributors and end customers, which depends on interest rates and access to credit 1.
Opportunities
- Military commitments and global tenders could bring steadier revenue if defence production expands from 2027 3.
- Integrating Omars and expanding in Europe could strengthen the company's position in that market and shorten lead times 13.
- The new Ooltewah facility could allow higher output of heavy-duty recovery units, the company's largest export product 3.
Threats
- Tariffs and trade policy uncertainty could raise the cost of components and chassis and squeeze margins 1.
- Military conflicts in the Middle East and Ukraine could prolong the fuel price shock and disruption to supply chains 2.
- Emissions rules in some states could limit sales of diesel commercial vehicles, which would weigh on demand in those regions 1.
Risks
- Dependence on suppliers and chassishigh
Price, availability and timing of components and chassis are influenced by outside factors, which could delay production and customer orders 1.
- Tariffs and trade policyhigh
New tariffs and possible retaliation could raise material costs and reduce demand, and the February 2026 Supreme Court ruling leaves uncertainty over Section 232 tariffs 1.
- Customer access to financingmedium
Higher interest rates and tighter floor plan financing could reduce orders and the inventory held in the distribution channel 1.
- Energy costs and regional conflictsmedium
Higher energy costs in Europe and the Middle East and Ukraine conflicts could affect factory operations and suppliers 1.
- Integration of Omarslow
Non-cash acquisition costs and integration of a large acquisition could weigh on short-term results if expected synergies do not materialise as planned 3.
Investment thesis
What would need to be true (bull case)
- If production stays steady and distributor inventories remain at historical levels, revenue could reach the 2026 guidance and profitability could return to normal levels 3.
- Military contracts and European expansion could open new revenue sources, and the new Ooltewah facility could support higher capacity for export products 3.
- Its market-leading position, loyal distributor network and consistent dividend record could support long-term confidence among investors 13.
What would break the thesis
- If fuel and interest costs stay high, end-customer demand could fall again and orders could slow 2.
- Gross margin fell in the second quarter of 2026, and tariff and cost pressure could keep squeezing results if prices cannot be fully passed on to customers 3.
- Military commitments are not assured, and defence production only starts in 2027, so the financial effect could arrive well after current expectations 3.
What to watch
- Delivery against 2026 revenue guidance and a return of gross margin to historical levelsQ3 2026
- Second half demand and the effect of the 3% price increase on domestic manufactured productsQ3 2026
- Progress on the Ooltewah build-out and the use of operating cash flow to fund it2027
- Size and timing of military contracts and the start of production for defence programmesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Miller Industries, Inc. is a towing and recovery equipment maker headquartered in Ooltewah, Tennessee, founded in 1990. It designs and manufactures car carrier and wrecker bodies mounted on chassis supplied by third parties, and sells them mainly through independent distributors covering all 50 US states, Canada, Mexico and other foreign markets 1. With the December 2025 acquisition of Omars – S.p.A., it expanded its European footprint, and it reported second quarter 2026 revenue of 240.0 million USD, up 12.1% year over year 13.
The company reports as a single segment, and management evaluates performance on a consolidated basis. It sells under 11 brand names, including Century, Vulcan, Holmes, Jige and Omars, and manufactures at eleven facilities in the United States, France, Italy and the United Kingdom 1. Products are built largely to order, so backlog depends on distributor inventory levels.
Strategically, Miller Industries invests in robotics, research and development in Chattanooga and capacity expansion, including a new Ooltewah facility estimated at 100.0 million USD 1. It has paid a dividend for sixty-three consecutive quarters, reflecting a consistent return of capital to shareholders 3.
Segments
Car carriers and wreckers
The core line includes car carriers and towing and recovery wreckers with capacities from 4 to 100 tons. Heavy-duty wreckers of 16 tons or more are the company's largest global export, according to its second quarter 2026 release 13.
Multi-vehicle transport trailers and military business
Titan transport trailers carry up to seven vehicles for auctions, dealers and leasing firms 1. The company also sells to government entities through prime contractors, and its military commitments now exceed 200 million USD, with production expected to start in 2027 13.
Market context
The towing and recovery equipment market is competitive, and entry barriers have traditionally been low, although capital and access to technology have become more important 1. Demand depends on the cost of financing, insurance premiums and fuel prices, all of which slowed orders in the second half of 2025 and the first half of 2026 2.
Part of the company's sales are in Europe, and the Omars and Jige brands give it a European distribution base. Its ability to fulfil orders depends on chassis availability and tariffs, which keeps the market sensitive to trade policy 1.
Trends
- Cost of equipment ownershipheadwind
Rising insurance premiums and interest rates reduce operators' capacity to buy, which hurt orders in the second half of 2025 12.
- Fuel prices after the Middle East conflictheadwind
Higher fuel prices have reduced miles driven by trucks, which could continue to weigh on demand for the company's products if the conflict is prolonged 2.
- Normalised distributor inventorytailwind
Distributor inventories have returned to historically average levels, and management expects to maintain production in the second half of 2026, which could support revenue if retail demand stays steady 3.
- Military demand and capacity build-outmixed
Military commitments and new global tenders could open medium-term growth if defence production starts in 2027 and accelerates in later years 3.
Competitive position
Miller Industries operates in a highly competitive environment and competes on product quality and innovation, reputation, technology, customer service and price, with an emphasis on quality and customer service 1. The company says more than 90 percent of its independent distributors do not offer products from other towing equipment makers 1.
Some competitors may have greater financial resources and may offer more attractive financing to dealers and end customers, which is a risk to the company's position. Its defence rests on its distribution network and its broad brand range 1.
- Competitors named in the sources
The analysed sources do not name individual competitors; the company only describes a market with several manufacturers, some of which may have larger resources.
- Manufacturers with greater financial resources
The company notes that some competitors may have greater financial and other resources and offer more attractive customer financing.
- European towing vehicle makers
Through the Omars acquisition the company faces local competition in Europe, where it concentrates its Jige, Boniface and Omars products.
- Rival distribution networks
Competition also takes place for distributors, on which the company depends for sales and service.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Critical security vulnerability affects OpenSSH on Alpine Linux systemsLWN.net · 05 Nov 2026 · EN
- Dezvăluiri de la Casa Albă. Melania Trump i-a reproșat soțului că a deportat persoane pe care le cunoșteaMediafax · 05 Nov 2026 · RO
- America a votat. „Domnul Veto” rămâne, iar normalitatea e încă departe - cotidianul.mdSurge — Google News · 04 Nov 2026 · RO
- De-MAGA-izarea politicii externe româneștiContributors.ro · 04 Nov 2026 · RO
- Toamna se culeg fructele mâniei: Midterms 2026 și Congresul pierdut de TrumpContributors.ro · 04 Nov 2026 · RO
- Mesajul democraților pentru administrația Trump după victoria covârșitoare în alegerile din SUA:... - Ziare.comSurge — Google News · 04 Nov 2026 · RO
- Ohio Republican Max Miller ousted from Congress amid domestic abuse allegationsThe Guardian World · 04 Nov 2026 · EN
- Donald Trump intră în era de "rață bleagă". Democrații câștigă Senatul și Camera... - Ziare.comSurge — Google News · 04 Nov 2026 · RO
- Miller-Meeks loses reelection in battleground Iowa House raceThe Hill · 04 Nov 2026 · EN
- Poindexter topples Miller in Ohio amid scandalThe Hill · 04 Nov 2026 · EN
- Midterm Elections Live Updates : Ossoff Retains Georgia Senate Seat , as Polls Close in More BattlegroundsSurge — GDELT DOC · 04 Nov 2026 · RO
- Midterm Elections Live Updates : Ossoff Retains Georgia Senate Seat , as Polls Close in More BattlegroundsSurge — GDELT DOC · 04 Nov 2026 · RO
- Miller projected to win Illinois election to replace Kelly in HouseThe Hill · 04 Nov 2026 · EN
- Preprimary education laws and women’s gender attitudes, empowerment and reproductive autonomy in 117 low- and middle-income countriesNature Human Behaviour · 04 Nov 2026 · EN
- Ohio live results: 2026 House electionsThe Hill · 03 Nov 2026 · EN
- Fingernail-sized chip untangles mixed light into clean beamsPhys.org · 03 Nov 2026 · EN
- Trump se pregătește să guverneze prin ordine executive dacă democrații câștigă. „Voi fi Mr. Veto pentru ei” - Newsweek RomâniaSurge — Google News · 02 Nov 2026 · RO
- American Airlines Destroys Dance Moms’ Abby Lee Miller’s Wheelchair, Left “In Pieces”Simple Flying · 24 Oct 2026 · EN
- Tillis says Miller, Hegseth, RFK Jr. should be firedThe Hill · 22 Oct 2026 · EN
- China’s Chip Catch-Up May Take Five Years: MillerBloomberg Markets · 22 Oct 2026 · EN
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report26 May 2026Shareholder vote
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement08 Apr 2026
- Current report08 Apr 2026Departure or appointment of officers · Financial statements and exhibits
- Current report06 Mar 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Miller Industries, Inc. · 04 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Miller Industries, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Miller Industries, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.