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Miller Industries (MLR) Financials

Miller Industries logo
$46.58 +0.02 (+0.04%)
Closing price 05/22/2026 03:59 PM Eastern
Extended Trading
$46.58 0.00 (-0.01%)
As of 05/22/2026 06:44 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Miller Industries

Annual Income Statements for Miller Industries

This table shows Miller Industries' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 20 58 63
Consolidated Net Income / (Loss)		 20 58 63
Net Income / (Loss) Continuing Operations		 20 58 63
Total Pre-Tax Income 		26 74 80
Total Operating Income		 29 80 81
Total Gross Profit		 82 152 171
Total Revenue		 848 1,153 1,258
Operating Revenue		 848 1,153 1,258
Total Cost of Revenue		 766 1,002 1,087
Operating Cost of Revenue		 766 1,002 1,087
Total Operating Expenses		 53 72 90
Selling, General & Admin Expense		 53 73 86
Other Operating Expenses / (Income)		 0.48 -0.99 3.93
Total Other Income / (Expense), net		 -3.38 -5.97 -0.43
Other Income / (Expense), net		 - - -0.43
Income Tax Expense		 5.39 15 17
Basic Earnings per Share		 $1.78 $5.10 $5.55
Weighted Average Basic Shares Outstanding		 11.42M 11.44M 11.45M
Diluted Earnings per Share		 $1.78 $5.07 $5.47
Weighted Average Diluted Shares Outstanding		 11.42M 11.51M 11.60M
Weighted Average Basic & Diluted Shares Outstanding		 11.42M 11.45M 11.44M
Cash Dividends to Common per Share		 $0.72 $0.72 $0.76

Quarterly Income Statements for Miller Industries

This table shows Miller Industries' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 5.23 9.29 9.22 15 17 17 17 21 15 11
Consolidated Net Income / (Loss)		 5.23 9.29 9.22 15 17 17 17 21 15 11
Net Income / (Loss) Continuing Operations		 5.23 9.29 9.22 15 17 17 17 21 15 11
Total Pre-Tax Income 		6.80 12 12 19 22 21 21 26 20 13
Total Operating Income		 7.84 13 11 21 22 26 23 28 19 10
Total Gross Profit		 23 26 30 40 43 39 44 51 42 33
Total Revenue		 206 226 282 300 275 296 350 371 314 222
Operating Revenue		 206 226 282 300 275 296 350 371 314 222
Total Cost of Revenue		 182 200 252 260 232 258 306 320 272 188
Operating Cost of Revenue		 182 200 252 260 232 258 306 320 272 188
Total Operating Expenses		 15 12 19 19 21 13 22 23 23 23
Selling, General & Admin Expense		 15 13 18 19 19 16 22 23 22 20
Other Operating Expenses / (Income)		 0.67 -0.87 1.01 -0.23 1.81 -3.59 -0.03 0.01 0.25 3.70
Total Other Income / (Expense), net		 -1.04 -1.64 0.32 -1.70 0.29 -4.89 -1.25 -2.05 0.32 2.55
Income Tax Expense		 1.57 2.34 2.58 4.06 4.57 4.28 4.47 5.73 4.35 2.10
Basic Earnings per Share		 $0.46 $0.81 $0.81 $1.30 $1.53 $1.46 $1.49 $1.79 $1.35 $0.92
Weighted Average Basic Shares Outstanding		 11.42M 11.42M 11.42M 11.47M 11.45M 11.44M 11.45M 11.46M 11.45M 11.45M
Diluted Earnings per Share		 $0.46 $0.81 $0.81 $1.29 $1.52 $1.45 $1.47 $1.78 $1.33 $0.89
Weighted Average Diluted Shares Outstanding		 11.42M 11.42M 11.43M 11.53M 11.52M 11.51M 11.56M 11.55M 11.60M 11.60M
Weighted Average Basic & Diluted Shares Outstanding		 11.42M 11.42M 11.44M 11.45M 11.45M 11.45M 11.47M 11.45M 11.44M 11.44M
Cash Dividends to Common per Share		 $0.18 $0.18 $0.18 $0.18 $0.18 $0.18 $0.19 $0.19 $0.19 $0.19

Annual Cash Flow Statements for Miller Industries

This table details how cash moves in and out of Miller Industries' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -14 -10 -5.57
Net Cash From Operating Activities		 -19 11 17
Net Cash From Continuing Operating Activities		 -19 11 17
Net Income / (Loss) Continuing Operations		 20 58 63
Consolidated Net Income / (Loss)		 20 58 63
Depreciation Expense		 12 13 14
Non-Cash Adjustments To Reconcile Net Income		 1.06 1.13 3.48
Changes in Operating Assets and Liabilities, net		 -52 -62 -64
Net Cash From Investing Activities		 -29 -29 -15
Net Cash From Continuing Investing Activities		 -29 -29 -15
Purchase of Property, Plant & Equipment		 -29 -12 -15
Acquisitions		 0.00 -17 0.02
Sale of Property, Plant & Equipment		 0.01 0.40 0.06
Net Cash From Financing Activities		 37 6.75 -6.62
Net Cash From Continuing Financing Activities		 37 6.75 -6.62
Repayment of Debt		 45 15 5.00
Repurchase of Common Equity		 0.00 0.00 -2.90
Payment of Dividends		 -8.22 -8.25 -8.72
Other Financing Activities, net		 -0.02 0.00 0.00
Effect of Exchange Rate Changes		 -2.86 1.12 -0.55
Cash Interest Paid		 3.33 8.09 9.71
Cash Income Taxes Paid		 1.81 18 24

Quarterly Cash Flow Statements for Miller Industries

This table details how cash moves in and out of Miller Industries' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 2.08 6.95 -10 0.78 -3.66 3.06 -3.10 -2.99 17 -16
Net Cash From Operating Activities		 3.23 12 -6.76 9.67 1.30 6.75 8.98 -11 30 -12
Net Cash From Continuing Operating Activities		 3.23 12 -6.76 9.67 1.30 6.75 8.98 -11 30 -12
Net Income / (Loss) Continuing Operations		 5.23 9.29 9.22 15 17 17 17 21 15 11
Consolidated Net Income / (Loss)		 5.23 9.29 9.22 15 17 17 17 21 15 11
Depreciation Expense		 3.01 3.13 3.15 3.21 3.32 3.56 3.51 3.47 3.66 3.44
Non-Cash Adjustments To Reconcile Net Income		 0.25 0.27 0.33 0.12 0.46 0.23 0.21 1.37 0.83 1.07
Changes in Operating Assets and Liabilities, net		 -5.26 -0.25 -19 -8.57 -20 -14 -12 -36 10 -27
Net Cash From Investing Activities		 -2.29 -3.81 -1.75 -22 -3.34 -1.57 -4.66 -3.03 -6.29 -1.29
Net Cash From Continuing Investing Activities		 -2.29 -3.81 -1.75 -22 -3.34 -1.57 -4.66 -3.03 -6.29 -1.29
Purchase of Property, Plant & Equipment		 -2.29 -3.81 -1.75 -4.86 -3.12 -2.36 -4.67 -3.12 -6.29 -1.27
Sale of Property, Plant & Equipment		 - - 0.00 0.24 -0.21 0.37 0.01 0.07 - -0.02
Net Cash From Financing Activities		 2.94 -2.06 -2.06 13 -2.06 -2.07 -7.18 11 -8.03 -2.17
Net Cash From Continuing Financing Activities		 2.94 -2.06 -2.06 13 -2.06 -2.07 -7.18 11 -8.03 -2.17
Payment of Dividends		 -2.06 -2.06 -2.06 -2.06 -2.06 -2.07 -2.18 -2.19 -2.18 -2.17
Effect of Exchange Rate Changes		 -1.80 0.37 0.14 0.59 0.44 -0.05 -0.24 -0.04 0.81 -1.09
Cash Interest Paid		 0.88 1.43 1.49 1.98 2.29 2.33 1.00 3.89 2.50 2.33
Cash Income Taxes Paid		 -0.22 0.53 0.50 7.77 4.71 5.07 0.28 11 7.30 5.19

Annual Balance Sheets for Miller Industries

This table presents Miller Industries' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 501 647 667
Total Current Assets		 376 510 530
Cash & Equivalents		 40 30 24
Note & Lease Receivable		 178 286 313
Inventories, net		 154 190 186
Prepaid Expenses		 4.58 4.62 5.85
Plant, Property, & Equipment, net		 112 115 116
Total Noncurrent Assets		 13 22 21
Goodwill		 12 20 20
Other Noncurrent Operating Assets		 1.62 1.65 1.27
Total Liabilities & Shareholders' Equity		 501 647 667
Total Liabilities		 208 299 266
Total Current Liabilities		 156 235 198
Accounts Payable		 126 192 146
Accrued Expenses		 28 41 51
Current Deferred & Payable Income Tax Liabilities		 2.00 1.82 1.08
Other Current Liabilities		 0.31 0.32 0.32
Total Noncurrent Liabilities		 52 65 68
Long-Term Debt		 45 60 65
Noncurrent Deferred & Payable Income Tax Liabilities		 6.23 4.07 2.89
Other Noncurrent Operating Liabilities		 0.60 0.51 0.23
Commitments & Contingencies		 - 0.00 0.00
Total Equity & Noncontrolling Interests		 293 348 401
Total Preferred & Common Equity		 293 348 401
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 293 348 401
Common Stock		 153 154 154
Retained Earnings		 150 200 255
Accumulated Other Comprehensive Income / (Loss)		 -9.17 -5.93 -7.73

Quarterly Balance Sheets for Miller Industries

This table presents Miller Industries' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 477 558 607 587 697 748 755
Total Current Assets		 352 434 469 449 559 611 615
Cash & Equivalents		 33 30 31 27 27 24 41
Note & Lease Receivable		 168 233 265 241 339 392 374
Inventories, net		 144 164 167 176 184 187 190
Prepaid Expenses		 6.05 6.77 6.39 5.34 8.84 8.10 10
Plant, Property, & Equipment, net		 113 111 116 116 116 116 119
Total Noncurrent Assets		 13 13 22 22 22 21 21
Goodwill		 12 12 21 21 20 20 20
Other Noncurrent Operating Assets		 1.57 1.53 1.45 1.49 1.52 1.40 1.32
Total Liabilities & Shareholders' Equity		 477 558 607 587 697 748 755
Total Liabilities		 189 256 291 255 334 368 360
Total Current Liabilities		 138 205 225 189 275 294 291
Accounts Payable		 107 169 189 147 229 243 234
Accrued Expenses		 30 30 35 40 44 50 55
Current Deferred & Payable Income Tax Liabilities		 - 4.74 0.88 1.21 1.77 0.77 1.46
Other Current Liabilities		 0.32 0.31 0.31 0.28 0.31 0.31 0.31
Total Noncurrent Liabilities		 51 52 67 67 60 75 69
Long-Term Debt		 45 45 60 60 55 70 65
Noncurrent Deferred & Payable Income Tax Liabilities		 5.20 6.16 6.18 6.09 4.11 4.16 4.08
Other Noncurrent Operating Liabilities		 0.63 0.57 0.50 0.42 0.43 0.35 0.29
Commitments & Contingencies		 0.00 0.00 0.00 - 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 289 302 316 332 362 380 395
Total Preferred & Common Equity		 289 302 316 332 362 380 395
Total Common Equity		 289 302 316 332 362 380 395
Common Stock		 152 153 153 153 154 153 153
Retained Earnings		 147 157 170 186 215 233 247
Accumulated Other Comprehensive Income / (Loss)		 -11 -8.19 -7.28 -6.46 -6.51 -6.57 -4.44

Annual Metrics And Ratios for Miller Industries

This table displays calculated financial ratios and metrics derived from Miller Industries' official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 18.26% 35.94% 9.03%
EBITDA Growth		 19.66% 127.54% 1.29%
EBIT Growth		 25.91% 173.98% 0.47%
NOPAT Growth		 33.31% 173.75% 1.30%
Net Income Growth		 25.17% 186.50% 8.93%
EPS Growth		 25.35% 184.83% 7.89%
Operating Cash Flow Growth		 -225.46% 157.23% 53.88%
Free Cash Flow Firm Growth		 -477.70% 62.90% 100.89%
Invested Capital Growth		 29.54% 26.72% 16.85%
Revenue Q/Q Growth		 2.93% 6.50% -5.58%
EBITDA Q/Q Growth		 28.61% 16.27% -14.78%
EBIT Q/Q Growth		 43.82% 18.74% -16.82%
NOPAT Q/Q Growth		 48.70% 18.79% -15.84%
Net Income Q/Q Growth		 47.77% 14.55% -8.85%
EPS Q/Q Growth		 48.33% 14.45% -9.29%
Operating Cash Flow Q/Q Growth		 18.04% -34.20% -52.26%
Free Cash Flow Firm Q/Q Growth		 0.82% -37.10% -99.32%
Invested Capital Q/Q Growth		 -0.67% 3.41% 5.27%
Profitability Metrics		 - - -
Gross Margin		 9.71% 13.17% 13.58%
EBITDA Margin		 4.82% 8.06% 7.49%
Operating Margin		 3.43% 6.92% 6.41%
EBIT Margin		 3.43% 6.92% 6.37%
Profit (Net Income) Margin		 2.40% 5.05% 5.05%
Tax Burden Percent		 79.07% 79.00% 79.24%
Interest Burden Percent		 88.39% 92.51% 100.00%
Effective Tax Rate		 20.93% 21.00% 20.76%
Return on Invested Capital (ROIC)		 8.71% 18.63% 15.57%
ROIC Less NNEP Spread (ROIC-NNEP)		 19.51% -8.38% 14.62%
Return on Net Nonoperating Assets (RNNOA)		 -1.67% -0.46% 1.38%
Return on Equity (ROE)		 7.04% 18.18% 16.96%
Cash Return on Invested Capital (CROIC)		 -17.03% -4.94% 0.04%
Operating Return on Assets (OROA)		 6.20% 13.89% 12.19%
Return on Assets (ROA)		 4.33% 10.15% 9.66%
Return on Common Equity (ROCE)		 7.04% 18.18% 16.96%
Return on Equity Simple (ROE_SIMPLE)		 6.93% 16.75% 15.83%
Net Operating Profit after Tax (NOPAT)		 23 63 64
NOPAT Margin		 2.71% 5.46% 5.08%
Net Nonoperating Expense Percent (NNEP)		 -10.80% 27.02% 0.95%
Return On Investment Capital (ROIC_SIMPLE)		 6.80% 15.45% 13.70%
Cost of Revenue to Revenue		 90.29% 86.83% 86.42%
SG&A Expenses to Revenue		 6.23% 6.34% 6.86%
R&D to Revenue		 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 6.28% 6.25% 7.18%
Earnings before Interest and Taxes (EBIT)		 29 80 80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 41 93 94
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 1.00 1.37 1.86
Price to Tangible Book Value (P/TBV)		 1.05 1.46 1.96
Price to Revenue (P/Rev)		 0.35 0.41 0.59
Price to Earnings (P/E)		 14.48 8.20 11.78
Dividend Yield		 2.79% 1.72% 1.16%
Earnings Yield		 6.91% 12.20% 8.49%
Enterprise Value to Invested Capital (EV/IC)		 1.00 1.34 1.78
Enterprise Value to Revenue (EV/Rev)		 0.35 0.44 0.63
Enterprise Value to EBITDA (EV/EBITDA)		 7.33 5.46 8.37
Enterprise Value to EBIT (EV/EBIT)		 10.29 6.37 9.84
Enterprise Value to NOPAT (EV/NOPAT)		 13.01 8.06 12.35
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 46.33 46.73
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 5,299.21
Leverage & Solvency		 - - -
Debt to Equity		 0.15 0.17 0.16
Long-Term Debt to Equity		 0.15 0.17 0.16
Financial Leverage		 -0.09 0.05 0.09
Leverage Ratio		 1.62 1.79 1.75
Compound Leverage Factor		 1.44 1.66 1.75
Debt to Total Capital		 13.30% 14.71% 13.95%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 13.30% 14.71% 13.95%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 86.70% 85.29% 86.05%
Debt to EBITDA		 1.10 0.65 0.69
Net Debt to EBITDA		 0.12 0.32 0.43
Long-Term Debt to EBITDA		 1.10 0.65 0.69
Debt to NOPAT		 1.96 0.95 1.02
Net Debt to NOPAT		 0.21 0.48 0.64
Long-Term Debt to NOPAT		 1.96 0.95 1.02
Altman Z-Score		 3.68 4.09 5.10
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Current Ratio		 2.41 2.17 2.68
Quick Ratio		 1.40 1.35 1.71
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -45 -17 0.15
Operating Cash Flow to CapEx		 -66.21% 93.71% 110.31%
Free Cash Flow to Firm to Interest Expense		 -13.32 -2.79 0.00
Operating Cash Flow to Interest Expense		 -5.67 1.84 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -14.23 -0.12 0.00
Efficiency Ratios		 - - -
Asset Turnover		 1.81 2.01 1.91
Accounts Receivable Turnover		 0.00 0.00 0.00
Inventory Turnover		 5.70 5.83 5.78
Fixed Asset Turnover		 8.18 10.15 10.89
Accounts Payable Turnover		 6.20 6.31 6.44
Days Sales Outstanding (DSO)		 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 63.98 62.59 63.14
Days Payable Outstanding (DPO)		 58.90 57.82 56.70
Cash Conversion Cycle (CCC)		 5.08 4.77 6.44
Capital & Investment Metrics		 - - -
Invested Capital		 298 378 442
Invested Capital Turnover		 3.21 3.41 3.07
Increase / (Decrease) in Invested Capital		 68 80 64
Enterprise Value (EV)		 299 508 788
Market Capitalization		 295 478 748
Book Value per Share		 $25.70 $30.40 $35.06
Tangible Book Value per Share		 $24.69 $28.65 $33.31
Total Capital		 338 408 466
Total Debt		 45 60 65
Total Long-Term Debt		 45 60 65
Net Debt		 4.85 30 41
Capital Expenditures (CapEx)		 29 12 15
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 180 246 308
Debt-free Net Working Capital (DFNWC)		 220 276 332
Net Working Capital (NWC)		 220 276 332
Net Nonoperating Expense (NNE)		 2.67 4.72 0.34
Net Nonoperating Obligations (NNO)		 4.85 30 41
Total Depreciation and Amortization (D&A)		 12 13 14
Debt-free, Cash-free Net Working Capital to Revenue		 21.19% 21.32% 24.46%
Debt-free Net Working Capital to Revenue		 25.92% 23.91% 26.39%
Net Working Capital to Revenue		 25.92% 23.91% 26.39%
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $1.78 $5.10 $5.55
Adjusted Weighted Average Basic Shares Outstanding		 11.42M 11.44M 11.45M
Adjusted Diluted Earnings per Share		 $1.78 $5.07 $5.47
Adjusted Weighted Average Diluted Shares Outstanding		 11.42M 11.51M 11.60M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 11.42M 11.45M 11.44M
Normalized Net Operating Profit after Tax (NOPAT)		 23 63 64
Normalized NOPAT Margin		 2.71% 5.46% 5.08%
Pre Tax Income Margin		 3.03% 6.40% 6.37%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 8.62 13.35 0.00
NOPAT to Interest Expense		 6.81 10.55 0.00
EBIT Less CapEx to Interest Expense		 0.05 11.39 0.00
NOPAT Less CapEx to Interest Expense		 -1.75 8.59 0.00
Payout Ratios		 - - -
Dividend Payout Ratio		 40.40% 14.15% 13.74%
Augmented Payout Ratio		 40.40% 14.15% 18.30%

Quarterly Metrics And Ratios for Miller Industries

This table displays calculated financial ratios and metrics derived from Miller Industries' official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 24.80% 11.98% 30.96% 49.01% 33.57% 31.17% 23.95% 23.71% 14.46% -25.09%
EBITDA Growth		 28.61% 124.29% 162.46% 212.30% 133.74% 79.34% 75.55% 32.92% -7.56% -54.06%
EBIT Growth		 38.95% 201.45% 306.58% 329.00% 180.97% 94.85% 92.67% 36.82% -10.26% -61.02%
NOPAT Growth		 48.93% 246.09% 271.88% 309.21% 185.49% 94.11% 100.74% 36.08% -11.91% -59.16%
Net Income Growth		 36.04% 242.25% 346.49% 296.99% 233.70% 79.69% 84.63% 37.54% -11.65% -36.92%
EPS Growth		 35.29% 252.17% 350.00% 290.91% 230.43% 79.01% 81.48% 37.98% -12.50% -38.62%
Operating Cash Flow Growth		 77.49% 51.20% 76.62% 264.22% -59.60% -45.77% 232.72% -210.44% 2,225.10% -273.61%
Free Cash Flow Firm Growth		 -418.46% -2,409.79% 0.98% 45.21% 12.45% -2.97% -44.69% -85.72% 19.00% 6.51%
Invested Capital Growth		 25.41% 29.54% 17.58% 16.10% 21.72% 26.72% 23.22% 23.42% 14.79% 16.85%
Revenue Q/Q Growth		 2.01% 9.87% 24.98% 6.37% -8.56% 7.90% 18.10% 6.17% -15.39% -29.39%
EBITDA Q/Q Growth		 41.78% 51.27% -8.90% 59.84% 6.11% 16.07% -3.95% 21.03% -26.21% -42.32%
EBIT Q/Q Growth		 62.68% 69.28% -11.11% 75.25% 6.54% 17.39% -4.30% 24.45% -30.12% -49.01%
NOPAT Q/Q Growth		 51.93% 75.77% -15.41% 81.14% 6.00% 19.51% -4.76% 22.80% -31.38% -44.59%
Net Income Q/Q Growth		 39.26% 77.60% -0.77% 61.77% 17.06% -4.36% 1.95% 20.51% -24.81% -31.72%
EPS Q/Q Growth		 39.39% 76.09% 0.00% 59.26% 17.83% -4.61% 1.38% 21.09% -25.28% -33.08%
Operating Cash Flow Q/Q Growth		 154.74% 285.95% -154.34% 243.02% -86.53% 418.04% 32.99% -219.02% 383.56% -138.68%
Free Cash Flow Firm Q/Q Growth		 5.03% -4.73% 33.08% 17.68% -51.75% -23.18% 8.56% -5.66% 33.81% -42.18%
Invested Capital Q/Q Growth		 1.00% -0.67% 6.25% 8.92% 5.89% 3.41% 3.32% 9.10% -1.52% 5.27%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 11.28% 11.30% 10.78% 13.30% 15.61% 13.04% 12.65% 13.75% 13.37% 15.08%
EBITDA Margin		 5.28% 7.26% 5.30% 7.96% 9.23% 9.93% 7.50% 8.55% 7.46% 6.09%
Operating Margin		 3.81% 5.88% 4.07% 6.89% 7.92% 8.73% 6.50% 7.62% 6.19% 4.54%
EBIT Margin		 3.81% 5.88% 4.18% 6.89% 8.02% 8.73% 6.50% 7.62% 6.29% 4.54%
Profit (Net Income) Margin		 2.55% 4.11% 3.27% 4.97% 6.36% 5.64% 4.87% 5.52% 4.91% 4.75%
Tax Burden Percent		 76.95% 79.90% 78.14% 78.59% 79.25% 79.60% 79.22% 78.17% 78.02% 83.40%
Interest Burden Percent		 86.71% 87.61% 100.00% 91.78% 100.00% 81.11% 94.52% 92.76% 100.00% 125.27%
Effective Tax Rate		 23.05% 20.10% 21.86% 21.41% 20.75% 20.40% 20.78% 21.83% 21.98% 16.60%
Return on Invested Capital (ROIC)		 8.97% 15.07% 9.92% 17.08% 20.41% 23.70% 17.77% 19.95% 16.38% 11.62%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.12% 20.38% -2.47% 10.12% 21.44% 1.44% 13.23% 15.72% 17.25% 17.63%
Return on Net Nonoperating Assets (RNNOA)		 -0.88% -1.74% 0.02% 0.64% 1.55% 0.08% 0.87% 1.71% 1.36% 1.67%
Return on Equity (ROE)		 8.09% 13.33% 9.94% 17.72% 21.96% 23.78% 18.63% 21.66% 17.75% 13.29%
Cash Return on Invested Capital (CROIC)		 -16.81% -17.03% -6.08% -1.88% -3.66% -4.94% -0.44% -0.76% 5.55% 0.04%
Operating Return on Assets (OROA)		 7.10% 10.62% 7.46% 12.64% 16.32% 17.53% 12.65% 14.52% 12.48% 8.69%
Return on Assets (ROA)		 4.74% 7.43% 5.83% 9.12% 12.94% 11.32% 9.47% 10.53% 9.74% 9.08%
Return on Common Equity (ROCE)		 8.09% 13.33% 9.94% 17.72% 21.96% 23.78% 18.63% 21.66% 17.75% 13.29%
Return on Equity Simple (ROE_SIMPLE)		 4.77% 0.00% 9.12% 12.24% 15.31% 0.00% 18.24% 18.87% 17.63% 0.00%
Net Operating Profit after Tax (NOPAT)		 6.03 11 8.97 16 17 21 18 22 15 8.41
NOPAT Margin		 2.94% 4.70% 3.18% 5.41% 6.27% 6.95% 5.15% 5.95% 4.83% 3.79%
Net Nonoperating Expense Percent (NNEP)		 -4.15% -5.31% 12.39% 6.96% -1.04% 22.26% 4.54% 4.23% -0.87% -6.00%
Return On Investment Capital (ROIC_SIMPLE)		 - 3.13% - - - 5.05% - - - 1.80%
Cost of Revenue to Revenue		 88.72% 88.70% 89.22% 86.70% 84.39% 86.96% 87.35% 86.25% 86.63% 84.92%
SG&A Expenses to Revenue		 7.14% 5.81% 6.35% 6.49% 7.04% 5.52% 6.16% 6.13% 7.10% 8.87%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 7.46% 5.42% 6.71% 6.41% 7.70% 4.31% 6.15% 6.13% 7.18% 10.53%
Earnings before Interest and Taxes (EBIT)		 7.84 13 12 21 22 26 23 28 20 10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 11 16 15 24 25 29 26 32 23 14
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.81 1.00 1.31 1.26 1.33 1.37 1.58 1.66 1.77 1.86
Price to Tangible Book Value (P/TBV)		 0.85 1.05 1.36 1.35 1.42 1.46 1.67 1.75 1.86 1.96
Price to Revenue (P/Rev)		 0.29 0.35 0.43 0.39 0.41 0.41 0.47 0.49 0.52 0.59
Price to Earnings (P/E)		 17.07 14.48 14.36 10.33 8.69 8.20 8.65 8.80 10.03 11.78
Dividend Yield		 3.50% 2.79% 2.08% 2.06% 1.86% 1.72% 1.46% 1.35% 1.23% 1.16%
Earnings Yield		 5.86% 6.91% 6.96% 9.68% 11.51% 12.20% 11.56% 11.36% 9.97% 8.49%
Enterprise Value to Invested Capital (EV/IC)		 0.82 1.00 1.29 1.24 1.30 1.34 1.54 1.59 1.72 1.78
Enterprise Value to Revenue (EV/Rev)		 0.30 0.35 0.45 0.42 0.44 0.44 0.49 0.52 0.54 0.63
Enterprise Value to EBITDA (EV/EBITDA)		 7.77 7.33 8.24 6.52 5.94 5.46 5.73 6.02 6.54 8.37
Enterprise Value to EBIT (EV/EBIT)		 12.20 10.29 10.88 8.05 7.08 6.37 6.59 6.87 7.51 9.84
Enterprise Value to NOPAT (EV/NOPAT)		 15.95 13.01 13.87 10.25 8.96 8.06 8.32 8.69 9.53 12.35
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 135.97 23.08 28.53 46.33 22.46 106.72 20.46 46.73
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 33.18 5,299.21
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.16 0.15 0.15 0.19 0.18 0.17 0.15 0.18 0.16 0.16
Long-Term Debt to Equity		 0.16 0.15 0.15 0.19 0.18 0.17 0.15 0.18 0.16 0.16
Financial Leverage		 -0.07 -0.09 -0.01 0.06 0.07 0.05 0.07 0.11 0.08 0.09
Leverage Ratio		 1.53 1.62 1.74 1.83 1.71 1.79 1.89 1.95 1.85 1.75
Compound Leverage Factor		 1.33 1.42 1.74 1.68 1.71 1.45 1.79 1.81 1.85 2.20
Debt to Total Capital		 13.49% 13.30% 12.98% 15.97% 15.29% 14.71% 13.18% 15.56% 14.12% 13.95%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 13.49% 13.30% 12.98% 15.97% 15.29% 14.71% 13.18% 15.56% 14.12% 13.95%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 86.51% 86.70% 87.02% 84.03% 84.71% 85.29% 86.82% 84.44% 85.88% 86.05%
Debt to EBITDA		 1.42 1.10 0.90 0.91 0.75 0.65 0.53 0.62 0.59 0.69
Net Debt to EBITDA		 0.37 0.12 0.31 0.45 0.41 0.32 0.27 0.41 0.22 0.43
Long-Term Debt to EBITDA		 1.42 1.10 0.90 0.91 0.75 0.65 0.53 0.62 0.59 0.69
Debt to NOPAT		 2.91 1.96 1.52 1.43 1.13 0.95 0.76 0.90 0.86 1.02
Net Debt to NOPAT		 0.76 0.21 0.52 0.70 0.63 0.48 0.39 0.59 0.32 0.64
Long-Term Debt to NOPAT		 2.91 1.96 1.52 1.43 1.13 0.95 0.76 0.90 0.86 1.02
Altman Z-Score		 3.50 3.57 3.52 3.48 3.98 3.82 3.81 3.83 3.99 4.75
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 2.55 2.41 2.12 2.09 2.38 2.17 2.03 2.08 2.12 2.68
Quick Ratio		 1.46 1.40 1.28 1.31 1.42 1.35 1.33 1.41 1.43 1.71
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -55 -57 -38 -32 -48 -59 -56 -59 -39 -55
Operating Cash Flow to CapEx		 141.01% 326.52% -386.74% 209.30% 39.07% 338.69% 192.52% -349.84% 481.58% -911.98%
Free Cash Flow to Firm to Interest Expense		 -52.61 0.00 0.00 -18.60 0.00 0.00 -44.65 -28.68 0.00 0.00
Operating Cash Flow to Interest Expense		 3.10 0.00 0.00 5.69 0.00 0.00 7.21 -5.22 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.90 0.00 0.00 2.97 0.00 0.00 3.47 -6.71 0.00 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 1.86 1.81 1.78 1.84 2.03 2.01 1.95 1.91 1.98 1.91
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 5.94 5.70 5.66 5.80 5.89 5.83 6.05 6.29 6.30 5.78
Fixed Asset Turnover		 7.82 8.18 8.77 8.83 9.47 10.15 10.75 11.15 11.35 10.89
Accounts Payable Turnover		 7.70 6.20 5.30 5.48 7.43 6.31 5.30 5.16 6.07 6.44
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 61.47 63.98 64.45 62.94 61.99 62.59 60.31 58.05 57.89 63.14
Days Payable Outstanding (DPO)		 47.40 58.90 68.91 66.60 49.14 57.82 68.92 70.69 60.16 56.70
Cash Conversion Cycle (CCC)		 14.07 5.08 -4.46 -3.65 12.84 4.77 -8.61 -12.64 -2.26 6.44
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 300 298 317 345 366 378 391 426 420 442
Invested Capital Turnover		 3.05 3.21 3.12 3.16 3.25 3.41 3.45 3.35 3.39 3.07
Increase / (Decrease) in Invested Capital		 61 68 47 48 65 80 74 81 54 64
Enterprise Value (EV)		 247 299 410 429 475 508 600 677 723 788
Market Capitalization		 235 295 395 399 442 478 572 631 699 748
Book Value per Share		 $25.27 $25.70 $26.42 $27.60 $29.04 $30.40 $31.66 $33.12 $34.50 $35.06
Tangible Book Value per Share		 $24.25 $24.69 $25.41 $25.80 $27.24 $28.65 $29.91 $31.38 $32.76 $33.31
Total Capital		 334 338 347 376 392 408 417 450 460 466
Total Debt		 45 45 45 60 60 60 55 70 65 65
Total Long-Term Debt		 45 45 45 60 60 60 55 70 65 65
Net Debt		 12 4.85 15 29 33 30 28 46 24 41
Capital Expenditures (CapEx)		 2.29 3.81 1.75 4.62 3.34 1.99 4.66 3.05 6.29 1.29
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 180 180 200 214 234 246 257 293 284 308
Debt-free Net Working Capital (DFNWC)		 214 220 229 244 261 276 284 317 325 332
Net Working Capital (NWC)		 214 220 229 244 261 276 284 317 325 332
Net Nonoperating Expense (NNE)		 0.80 1.31 -0.25 1.34 -0.23 3.89 0.99 1.60 -0.25 -2.12
Net Nonoperating Obligations (NNO)		 12 4.85 15 29 33 30 28 46 24 41
Total Depreciation and Amortization (D&A)		 3.01 3.13 3.15 3.21 3.32 3.56 3.51 3.47 3.66 3.44
Debt-free, Cash-free Net Working Capital to Revenue		 21.89% 21.19% 21.80% 21.09% 21.58% 21.32% 21.08% 22.71% 21.33% 24.46%
Debt-free Net Working Capital to Revenue		 25.91% 25.92% 25.05% 24.09% 24.06% 23.91% 23.28% 24.55% 24.38% 26.39%
Net Working Capital to Revenue		 25.91% 25.92% 25.05% 24.09% 24.06% 23.91% 23.28% 24.55% 24.38% 26.39%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.46 $0.81 $0.81 $1.30 $1.53 $1.46 $1.49 $1.79 $1.35 $0.92
Adjusted Weighted Average Basic Shares Outstanding		 11.42M 11.42M 11.43M 11.47M 11.45M 11.44M 11.45M 11.46M 11.45M 11.45M
Adjusted Diluted Earnings per Share		 $0.46 $0.81 $0.81 $1.29 $1.52 $1.45 $1.47 $1.78 $1.33 $0.89
Adjusted Weighted Average Diluted Shares Outstanding		 11.42M 11.42M 11.43M 11.53M 11.52M 11.51M 11.56M 11.55M 11.60M 11.60M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 11.42M 11.42M 11.44M 11.45M 11.45M 11.45M 11.47M 11.45M 11.44M 11.44M
Normalized Net Operating Profit after Tax (NOPAT)		 6.03 11 8.97 16 17 21 18 22 15 8.41
Normalized NOPAT Margin		 2.94% 4.70% 3.18% 5.41% 6.27% 6.95% 5.15% 5.95% 4.83% 3.79%
Pre Tax Income Margin		 3.31% 5.15% 4.18% 6.32% 8.02% 7.08% 6.14% 7.07% 6.29% 5.69%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 7.53 0.00 0.00 12.16 0.00 0.00 18.26 13.81 0.00 0.00
NOPAT to Interest Expense		 5.79 0.00 0.00 9.56 0.00 0.00 14.47 10.80 0.00 0.00
EBIT Less CapEx to Interest Expense		 5.33 0.00 0.00 9.44 0.00 0.00 14.51 12.32 0.00 0.00
NOPAT Less CapEx to Interest Expense		 3.60 0.00 0.00 6.84 0.00 0.00 10.72 9.31 0.00 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 59.69% 40.40% 29.90% 21.29% 16.18% 14.15% 12.66% 11.86% 12.37% 13.74%
Augmented Payout Ratio		 59.69% 40.40% 29.90% 21.29% 16.18% 14.15% 12.66% 11.86% 12.37% 18.30%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for Miller Industries (NYSE: MLR) based on the quarterly statements provided for 2021–2024. The focus is on the last four years of data across income statements, cash flows, and balance sheets.

  • Asset base expanded meaningfully in 2024. Total assets climbed to about $755.3 million by Q3 2024, up from roughly $587.4 million in Q3 2023 (and higher than $696.5 million at the start of 2024), signaling an enlarging balance sheet and greater asset scale.
  • Net income contributed solidly to 2024 profitability. Net income from continuing operations totaled about $63.5 million across the four quarters of 2024, with quarterly results ranging from roughly $10.5 million (Q4) to $20.5 million (Q2).
  • Dividend policy remained steady. The cash dividends per share stayed at $0.19 across 2024, reflecting a stable capital-return policy for shareholders.
  • Gross margin improved in Q4 2024. Total gross profit of $33.46 million on $221.9 million revenue yields a gross margin of about 15.1%, higher than the mid-teens/low-mid teens seen in earlier 2024 quarters, signaling some margin recovery.
  • Revenue exhibits seasonality and variability. Quarterly revenue ranged from about $221.9 million (Q4 2024) to $371.5 million (Q2 2024), indicating meaningful seasonality and variability across quarters.
  • Operating efficiency stayed in single digits for margins. Operating margins in 2024 generally remained in the mid-single digits, with Q4 2024 around 4.5% and previously higher levels in other quarters, suggesting ongoing core profitability but not a dramatic expansion.
  • Cash flow from operations fluctuated quarter to quarter. Net cash from continuing operating activities was positive in some quarters (e.g., Q3 2024) and negative in others (e.g., Q2 and Q4 2024), driven by working capital swings and timing of receipts/payments.
  • Q4 2024 cash flow showed a deeper cash burn. Net change in cash and equivalents for Q4 2024 was negative by about $16.26 million, highlighting liquidity pressure in that quarter.
  • Q4 2024 revenue declined versus prior-year period. Revenue in Q4 2024 was about $221.9 million, down from about $296.2 million in Q4 2023, suggesting demand/volume softness in the latest quarter.
05/25/26 10:40 PM ETAI Generated. May Contain Errors.

Miller Industries Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Miller Industries' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

Miller Industries' net income appears to be on an upward trend, with a most recent value of $63.49 million in 2024, rising from $20.35 million in 2022. The previous period was $58.29 million in 2023. See where experts think Miller Industries is headed by visiting Miller Industries' forecast page.

Miller Industries' total operating income in 2024 was $80.56 million, based on the following breakdown:
  • Total Gross Profit: $170.81 million
  • Total Operating Expenses: $90.25 million

Over the last 2 years, Miller Industries' total revenue changed from $848.46 million in 2022 to $1.26 billion in 2024, a change of 48.2%.

Miller Industries' total liabilities were at $265.99 million at the end of 2024, a 11.1% decrease from 2023, and a 27.9% increase since 2022.

In the past 2 years, Miller Industries' cash and equivalents has ranged from $24.34 million in 2024 to $40.15 million in 2022, and is currently $24.34 million as of their latest financial filing in 2024.

Over the last 2 years, Miller Industries' book value per share changed from 25.70 in 2022 to 35.06 in 2024, a change of 36.4%.


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Financial statements for NYSE:MLR last updated on 4/6/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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