MILLER INDUSTRIES INC /TN/ MLR
Miller Industries, Inc., a Tennessee corporation, is The World's Largest Manufacturer of Towing and Recovery Equipment®, with executive offices in Ooltewah, Tennessee, domestic manufacturing operations in Tennessee and Pennsylvania, and foreign manufacturing operations in France, the United Kingdom and, most recently, Italy. On December 2, 2025, Miller Industries, Inc. acquired Omars – S.p.A ("Omars"), a designer and manufacturer of towing and recovery vehicles, headquartered in Cuneo, Italy.
Miller Industries was founded in 1990. Since its inception, the Company has developed innovative high-quality towing and recovery equipment worldwide. We design and manufacture bodies of car carriers and wreckers, which are installed on chassis manufactured by third parties, and sold to our customers. Our products are marketed and sold primarily through a network of distributors that serve all 50 states, Canada, Mexico, and other foreign markets, and through prime contractors to governmental entities. Further, we have substantial distribution capabilities in Europe as a result of our ownership of Jige International S.A., Boniface Engineering, Ltd, and Omars. While most of our distributor agreements do not generally contain exclusivity provisions, management believes that more than 90 percent of our independent distributors do not offer products of any other towing and recovery equipment manufacturer, which we believe is a testament of their loyalty to our brands.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $790.3M | $1.26B | $1.15B | $848.5M | $717.5M | $651.3M | $818.2M | $711.7M | $615.1M | $601.1M |
| Cost of revenue | $669.9M | $1.09B | $1.00B | $766.0M | $647.6M | $572.9M | $721.7M | $628.4M | $548.0M | $536.8M |
| Gross profit | $120.4M | $170.8M | $151.9M | $82.4M | $69.9M | $78.4M | $96.5M | $83.3M | $67.1M | $64.3M |
| R&D | $8.2M | $6.2M | $6.0M | $4.0M | $3.6M | $4.7M | $3.7M | $3.1M | $1.9M | $1.8M |
| SG&A | $89.0M | $86.3M | $73.1M | $52.8M | $46.2M | $39.7M | $43.4M | $39.5M | $35.6M | $32.3M |
| Total operating expenses | — | — | — | — | — | — | — | — | — | $33.2M |
| Operating income | — | — | — | — | — | — | — | — | $31.5M | $32.0M |
| Interest expense | $660.0K | $3.9M | $6.0M | $3.4M | $1.4M | $1.2M | $2.4M | $1.9M | $1.6M | $1.2M |
| Pre-tax income | $31.5M | $80.1M | $73.8M | $25.7M | $21.8M | $38.1M | $50.4M | $41.7M | $30.3M | $31.1M |
| Income tax | $8.5M | $16.6M | $15.5M | $5.4M | $5.5M | $8.3M | $11.3M | $7.9M | $7.3M | $11.2M |
| Net income | $23.0M | $63.5M | $58.3M | $20.3M | $16.3M | $29.8M | $39.1M | $33.7M | $23.0M | $19.9M |
| EPS, basic | 2.01 | 5.55 | 5.10 | 1.78 | 1.42 | 2.62 | 3.43 | 2.96 | 2.02 | 1.76 |
| EPS, diluted | 1.98 | 5.47 | 5.07 | 1.78 | 1.42 | 2.62 | 3.43 | 2.96 | 2.02 | 1.75 |
| Shares, diluted (wtd. avg.) | 11.6M | 11.6M | 11.5M | 11.4M | 11.4M | 11.4M | 11.4M | 11.4M | 11.4M | 11.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $44.7M | $24.3M | $29.9M | $40.2M | $54.3M | $57.5M | $26.1M | $27.0M | $21.9M | $31.1M |
| Inventory | $184.2M | $186.2M | $189.8M | $153.7M | $114.9M | $83.9M | $88.0M | $93.8M | $68.6M | $64.1M |
| Total current assets | $439.6M | $529.8M | $510.5M | $376.0M | $329.0M | $286.3M | $287.5M | $273.2M | $227.4M | $225.6M |
| Property, plant and equipment | $123.8M | $116.0M | $115.1M | $112.1M | $95.3M | $97.4M | $89.5M | $82.8M | $77.6M | $59.6M |
| Goodwill | $20.1M | $20.0M | $20.0M | $11.6M | $11.6M | $11.6M | $11.6M | $11.6M | $11.6M | $11.6M |
| Total assets | $589.7M | $667.0M | $647.2M | $501.4M | $437.6M | $398.4M | $392.0M | $368.2M | $317.2M | $297.4M |
| Accounts payable | $78.5M | $145.9M | $191.8M | $125.5M | $121.7M | $88.3M | $98.5M | $98.2M | $79.3M | $85.1M |
| Short-term debt | $2.2M | — | — | — | — | — | $368.0K | $285.0K | — | — |
| Total current liabilities | $136.6M | $197.9M | $234.7M | $156.1M | $147.0M | $110.7M | $124.3M | $123.4M | $101.7M | $105.8M |
| Long-term debt | $31.1M | $65.0M | $60.0M | $45.0M | — | — | $5.0M | $15.5M | — | — |
| Total liabilities | $169.1M | $266.0M | $299.3M | $208.0M | $153.0M | $116.0M | $134.0M | $140.6M | $114.1M | — |
| Retained earnings | $268.8M | $254.9M | $200.2M | $150.1M | $138.0M | $130.0M | $108.3M | $81.4M | $55.6M | $40.8M |
| Total equity | $420.6M | $401.0M | $347.9M | $293.5M | $284.6M | $278.5M | $257.9M | $227.6M | $202.8M | $184.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $98.7M | $16.9M | $11.0M | -$19.2M | $15.3M | $60.7M | $35.1M | $21.9M | $14.0M | $20.9M |
| Depreciation and amortisation | $14.7M | $14.1M | $13.2M | $11.8M | $11.0M | $9.6M | $9.1M | $7.7M | $6.1M | $4.8M |
| Stock-based compensation | $5.3M | $3.2M | $1.1M | $743.0K | — | — | — | — | — | — |
| Capital expenditure | $13.7M | $15.4M | $12.1M | $28.9M | $9.2M | $17.5M | $17.4M | $13.3M | $24.7M | $25.0M |
| Investing cash flow | -$30.8M | -$15.3M | -$29.1M | -$28.9M | -$9.1M | -$17.2M | -$17.1M | -$13.2M | -$23.4M | -$25.0M |
| Financing cash flow | -$50.7M | -$6.6M | $6.8M | $36.8M | -$8.2M | -$13.6M | -$18.6M | -$3.0M | -$2.4M | -$2.7M |
| Dividends paid | $9.2M | $8.7M | $8.2M | $8.2M | $8.2M | $8.2M | $8.2M | $8.2M | $8.2M | $7.7M |
| Buybacks | $6.0M | $2.9M | — | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-040895.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $601.1M | $615.1M | $711.7M | $818.2M | $651.3M | $717.5M | $848.5M | $1.15B | $1.26B | $790.3M |
| Gross profit | $64.3M | $67.1M | $83.3M | $96.5M | $78.4M | $69.9M | $82.4M | $151.9M | $170.8M | $120.4M |
| Net income | $19.9M | $23.0M | $33.7M | $39.1M | $29.8M | $16.3M | $20.3M | $58.3M | $63.5M | $23.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced Item 2.02
- Results announced Item 2.02
- Shareholder vote Item 5.07
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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