Miller Industries Inc

Consumer Discretionary
Construction/Ag Equipment/Trucks
www.millerind.com

Earnings Score
Moat Score
Safety Score

Market Cap $833.92M
PE 12
Debt $65.00M
Cash $40.60M
EV $858.32M
FCF $18.89M

Earnings

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Sales & Net Margins

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Earnings	$69.66M
EBIT	$88.48M
ROE	18%
ROA	12%
FCF	$18.89M
Equity	$395.19M
Growth Stability	47%
PE	11.97
PEG	0.74
PB	2.11
P/FCF	44.14
P/S	0.63
Price/Cash	0.05
Debt/Equity	0.16
Debt/FCF	3.44
Net Margins	5%
Gross Margins	13%
Op. Margins	7%
Earnings CAGR	9%
Sales Growth YoY	14%
Sales Growth QoQ	-15%
Sales CAGR	8%
FCF CAGR	1%
Equity CAGR	9%
Earnings Stability	0.27
Earnings Growth YoY	-12%
Earnings Growth QoQ	-25%
Earnings CAGR 5Y	16%

Sales CAGR 5Y	15%
FCF CAGR 5Y	-11%
Equity CAGR 5Y	8%
Earnings CAGR 3Y	27%
Sales CAGR 3Y	27%
FCF CAGR 3Y	14%
Equity CAGR 3Y	13%
Market Cap	$833.92M
Revenue	$1.33B
Dividend Yield	1%
Payout Ratio	12%
Assets	$755.35M
Total Debt	$65.00M
Cash	$40.60M
Shares Outstanding	11.44M
EV	858.32M
Earnings Score	13%
Moat Score	89%
Safety Score	66%
Final Score	56%
Working Capital	324.67M
Current Ratio	2.12
Gross Profit	$175.99M
Shares Growth 3y	0%
Equity Growth QoQ	4%
Equity Growth YoY	19%

Assets & ROA

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Stockholders Equity & ROE

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Miller Industries Inc is engaged in the manufacturing of vehicle towing and recovery equipment. The company produces wreckers, car carriers, and trailer bodies under the Century, Vulcan, Challenger, Holmes, Champion, Chevron, Eagle, Titan, Jige, and Boniface brands. The products are sold primarily in North America, Canada, and Mexico through independent distributors.

SEC Filings

Direct access to Miller Industries Inc (MLR) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Miller Industries Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Miller Industries Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 9%

Stability 27%

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Miller Industries Inc Discounted Cash Flow

Fully customizable DCF calculator online for Miller Industries Inc .

Years

Calculation mode

= $200M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$19M	$19M	$19M	$19M	$20M	$20M	$20M	$20M	$20M	$20M	$20M	$205M
DCF		$17M	$16M	$15M	$13M	$12M	$11M	$10M	$9.4M	$8.6M	$7.9M	$79M
Value	$200M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	3%	3%	3%	4%	5%	5%	5%	2%	2%	5%	5%
ROA	-	10%	11%	10%	11%	13%	10%	5%	5%	11%	12%
ROE	-	9%	11%	11%	15%	15%	11%	6%	7%	17%	18%

Bad Net Margins (5.11%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	-	1.84	0.3	-	-	-0.94	-52.91	3.44
Debt over Equity	-	-	-	-	0.07	0.02	-	-	0.15	0.17	0.16
Growth Stability	-	-	-	100%	100%	100%	93%	47%	72%	100%	47%

Neutral Debt/FCF ratio (3.44)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.16)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (47%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	10%	11%	2%	16%	15%	-20%	10%	18%	36%	15%
Earnings YoY growth	-	8%	25%	16%	47%	16%	-24%	-46%	25%	186%	16%
Equity YoY growth	-	3%	6%	10%	12%	13%	10%	2%	2%	19%	8%
FCF YoY growth	-	79%	-150%	162%	-180%	107%	144%	-86%	-886%	-98%	-11%