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Verdict
Quantitative factor alignment verified for current market regime.
Quant Score
Rank
#1705
Positioning
Market Dominance
Manufacturing
Automobiles And Trucks
$463M
William G. Miller
Miller Industries, Inc. manufactures and sells towing and recovery equipment. The company offers wreckers that are used to recover and tow disabled vehicles and other equipment. It also provides transport trailers for moving various vehicles for auto auctions, car dealerships, leasing companies, and other related applications.
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Dates updated upon official exchange announcement.
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X-AXIS: EV/EBITDA (LOWER = CHEAPER) | Y-AXIS: ROE (HIGHER = ELITE) | RED CIRCLE = MLR ANALYSIS TARGET
| Stock | Rating | Score▼ | Quality | Value | Momentum | P/E | EV/EBITDA | ROE | ROA | Gross Mgn | Op Mgn | Net Mgn | Rev Growth | Div Yield | D/E | Mkt Cap | AUDIT |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$UL UNILEVER PLC | 78 | 96 | 98 | 59 | - | - | 28.5% | 8.0% | 100.0% | 100.0% | 10.4% | -4.6% | 3.3% | 0.0x | $141.8B | VS | |
$ASML ASML HOLDING NV | 77 | 89 | 86 | 83 | - | - | 46.1% | 16.6% | 51.3% | 31.9% | 26.8% | -4.0% | 1.0% | 25.0x | $272.1B | VS | |
$ESLT ELBIT SYSTEMS LTD | 76 | 81 | 87 | 85 | - | - | 10.3% | 3.1% | 24.1% | 7.2% | 4.7% | 14.3% | 0.8% | 25.0x | $11.4B | VS | |
$MT ArcelorMittal | 75 | 71 | 98 | 85 | - | - | 2.2% | 1.5% | 9.3% | 5.3% | 2.2% | -8.5% | 2.2% | 16.0x | $18.9B | VS | |
$AMAT APPLIED MATERIALS INC /DE | 75 | 85 | 87 | 84 | 20.9x | 13.6x | 35.5% | 19.8% | 48.7% | 29.2% | 24.7% | 4.4% | 0.8% | 32.0x | $181.9B | VS | |
$SIMO Silicon Motion Technology CORP | 75 | 84 | 86 | 85 | - | - | 11.8% | 8.8% | 45.9% | 11.3% | 11.1% | 25.7% | 3.7% | 0.0x | $1.8B | VS | |
$CODA Coda Octopus Group, Inc. | 74 | 83 | 90 | 79 | 16.3x | 11.9x | 7.6% | 7.0% | 66.5% | 17.1% | 15.6% | 39.0% | 0.0% | 0.0x | $115M | VS | |
$GSK GSK plc | 74 | 84 | 90 | 70 | - | - | 22.6% | 4.9% | 71.2% | 12.8% | 9.4% | 1.7% | 5.9% | 124.0x | $72.1B | VS | |
$EFXT Enerflex Ltd. | 74 | 80 | 91 | 83 | - | - | 3.0% | 1.1% | 20.9% | 7.3% | 1.3% | 3.0% | 0.9% | 67.0x | $1.2B | VS | |
$BUD Anheuser-Busch InBev SA/NV | 74 | 84 | 97 | 63 | - | - | 8.2% | 3.5% | 55.3% | 25.9% | 12.4% | 0.7% | 1.7% | 0.0x | $87.0B | VS | |
$MLR MILLER INDUSTRIES INC /TN/ | 52 | 51 | 63 | 35 | 14.2x | 10.8x | 8.3% | 5.8% | 14.7% | 4.7% | 3.5% | -51.9% | 1.9% | 44.0x | $463M | ||
| SECTOR BENCH | - | - | - | - | - | 22.3x | 11.5x | -2.5% | -0.1% | 42.5% | 1.3% | -0.2% | 5.9% | 0.0% | 0.2x | - | REF |
MILLER INDUSTRIES INC /TN/ (MLR) receives a "Hold" rating with a composite score of 51.9/100. It ranks #1705 out of 7,333 stocks in our coverage universe and carries a 3-star rating. Ratings are driven by a 6-factor quantitative model measuring quality, value, momentum, investment, stability, and short interest.
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YOY expansion rate
Core pricing power
Operating efficiency
Bottom-line conversion
Equity capital efficiency
Asset base utilization
Financial leverage load
Direct cash return
William G. Miller
Chief Executive Officer
Labor Force
1,450
51
50
77
Audit Verdict: Average governance indicators based on financial metrics.
No recent insider transactions available for MLR
Lagging peers — losers tend to keep underperforming
Trading at a discount to fundamentals — favorable entry valuation
Average quality profile
Low volatility — smoother ride and historically better risk-adjusted returns
Moderate investment profile
Mid-range overall rating
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Relative valuation derived from Manufacturing sector benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Re-calculated daily.
Projection based on user-defined inputs. Re-calculated daily against current market data.
Reverse DCF Framework — Mauboussin Methodology
Institutional-grade Reverse DCF analysis. This model identifies the growth hurdles embedded in current market prices. When implied growth is significantly lower than historical or projected rates, a margin of safety may exist. Re-audited daily.
No analyst ratings for MLR.
View All RatingsMaterial decline in asset turnover efficiency detected
| Factor | Global | Sector | Tilt |
|---|---|---|---|
| PROFITABILITY | 51 | 34 | +17ALPHA |
| MOMENTUM | 35 | 15 | +20ALPHA |
| VALUATION | 63 | 49 | +14ALPHA |
| INVESTMENT | 50 | 91 | -41DRAG |
| STABILITY | 77 | 78 | -1NEUTRAL |
| SHORT INT | 35 | 25 | +10ALPHA |
Global = full universe. Sector = relative to industry peers. Positive tilt indicates idiosyncratic strength.
ROIC 46.3% vs WACC 9.0% (spread +37.3%)
GM 15% vs sector 43%, OM 5% vs sector 1%
Capital turnover 27.08x
Rev growth -52%, 10yr history
Interest coverage 46.3x, Net debt/EBITDA 1.5x
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation and elite competitive moats.
Profit generated per dollar of shareholder equity
Efficiency of asset utilization
Pricing power and cost efficiency
Core business profitability
Bottom-line profitability
The Quality factor evaluates the persistence and magnitude of realized cash flows. Companies with scores >70 exhibit superior pricing power and structural financial resilience through diverse economic regimes.
Our uncertainty rating tracks the predictability of future cash flows and potential for permanent capital loss. Moderate visibility with standard industry cyclicality.
Our model assigns MILLER INDUSTRIES INC /TN/ a Hold rating, with a composite score of 51.9/100 and 3 out of 5 stars. Ranked #1705 of 7,333 stocks, MLR presents a mixed quantitative picture — neither compelling enough to initiate new positions nor weak enough to warrant selling. Investors already holding may consider maintaining their position while monitoring for changes in the factor profile.
With a quality score of 51/100, MLR shows adequate but unremarkable business quality. The company reports a return on equity of 8.3% (sector avg: -2.5%), gross margins of 14.7% (sector avg: 42.5%), net margins of 3.5% (sector avg: -0.2%). This suggests the company generates acceptable returns but may lack the competitive positioning or operational efficiency to stand out from peers.
MLR's value score of 63/100 indicates the stock is fairly valued based on its current fundamentals. Key valuation metrics include a P/E ratio of 14.20x, an EV/EBITDA of 10.76x, a P/B ratio of 1.18x. At this level, neither a clear bargain nor overpriced, the stock's attractiveness depends more on forward growth expectations and qualitative factors.
With an investment score of 50/100, MLR exhibits moderate growth-oriented spending. Key growth metrics include revenue growth of -51.9% vs. a sector average of 5.9% and a return on assets of 5.8% (sector: -0.1%). The company appears to be balancing growth investments with capital returns, though the pace of investment may not be enough to accelerate top-line growth meaningfully.
MLR is currently showing below-average momentum at 35/100, which may indicate weakening institutional interest or negative sentiment shifts. Revenue growth stands at -51.9% year-over-year, while a beta of 0.95 reflects its sensitivity to broader market moves. Investors should note that declining momentum can precede further price weakness, though contrarian opportunities sometimes emerge at these levels.
MLR shows good financial stability with a score of 77/100. Key stability metrics include a beta of 0.95 and a debt-to-equity ratio of 44.00x (sector avg: 0.2x). This suggests manageable leverage and moderate price volatility, making it appropriate for investors seeking a balance between growth potential and capital preservation.
MILLER INDUSTRIES INC /TN/'s short interest score of 35/100 reveals significant bearish positioning, suggesting institutional investors are actively betting against the stock. Specific risk factors include elevated leverage (D/E: 44.00x), small-cap liquidity risk. At $463M (small-cap), MLR carries meaningful risk and is best suited for investors with high risk tolerance who have thoroughly evaluated the bear thesis.
MLR offers a modest dividend yield of 1.9%. While the income contribution is relatively small, even a small dividend signals management's commitment to shareholder returns and can serve as a signal of financial discipline.
MILLER INDUSTRIES INC /TN/ is a small-cap company in the Manufacturing sector, ranked #0 of 50 in its sector (100th percentile) and #1705 of 7,333 overall (77th percentile). Key comparisons include ROE of 8.3% exceeding the -2.5% sector median and operating margins of 4.7% above the 1.3% sector average. This top-quartile standing reflects exceptional competitive strength relative to Manufacturing peers.
While MLR currently exhibits a HOLD profile, superior opportunities exist within the MANUFACTURING sector. Our model identifies several "Strong Buy" candidates with higher quality scores and more attractive valuations among direct industry competitors.
View Top Manufacturing Alpha →Quant Factor Profile
Key factor gap
Stability (77) vs Momentum (35) — closing this gap could shift the rating.
EV/EBITDA 6% BELOW SECTOR MEDIAN (FAVORABLE)
ROE 436% BELOW SECTOR MEDIAN
Gross Margin 65% BELOW SECTOR MEDIAN
AUDIT DATA AS OF SEP 30, 2025 (Q2 FY2025)
We rate MILLER INDUSTRIES INC /TN/ (MLR) as a Hold with a composite score of 51.9/100 at a current price of $42.71. The stock presents a mixed quantitative picture — neither compelling enough to warrant new accumulation nor weak enough to justify selling for existing holders. Our factors are split, and the overall profile suggests patience is warranted.
The rating is primarily driven by strength in stability (77th percentile) and value (63th percentile), which together account for the majority of the composite score. Offsetting weakness in momentum (35th percentile) and investment (50th percentile) tempers our overall conviction. We assign a Narrow Moat rating (62/100), Low uncertainty, and Standard capital allocation.
Key items to watch: momentum to confirm whether the current price trend has legs. Any material change in these dynamics could warrant a reassessment of our rating. The moat trend is stable, which suggests the competitive landscape is stable for now.
MILLER INDUSTRIES INC /TN/ holds a top-quartile position (#0 of 50) within the Manufacturing sector, based on our composite quantitative scoring across quality, value, momentum, and stability factors. The composite score of 51.9/100 places it at rank #1705 in our full 7,333-stock universe. At $463M in market capitalization, MILLER INDUSTRIES INC /TN/ is a small-cap player in the Manufacturing space, which limits certain scale advantages but may allow for more agile strategic execution.
Revenue contraction of -52% combined with momentum at the 35th percentile paints a cautious picture of the near-term business outlook. The market appears to be pricing in continued challenges, and a catalyst for reversal is not clearly visible from current data.
The margin cascade tells an important story: gross margins of 15% (-27.8pp vs sector) narrow to operating margins of 5% (+3.4pp vs sector) and net margins of 3.5%, yielding a gross-to-net conversion rate of 24%. This conversion rate is typical for the sector, suggesting a standard cost structure without notable efficiency advantages or disadvantages.
At a current price of $42.71, MILLER INDUSTRIES INC /TN/ is trading near fair value based on current fundamentals. Our value factor score of 63/100 reflects a composite assessment across multiple valuation metrics including price-to-earnings, price-to-book, EV/EBITDA, and price-to-sales ratios relative to both sector peers and the broader market. Valuation metrics are mixed, with no strong signal of mispricing in either direction.
The stock currently trades at a P/E of 14.2x (a 36% discount to the sector median of 22.3x), EV/EBITDA of 10.8x (near the sector median), P/B of 1.2x, P/S of 0.5x. The below-sector P/E suggests possible undervaluation or the market pricing in near-term headwinds.
The stock may offer contrarian value if near-term headwinds prove transitory — the current weakness in factor scores may reverse if business fundamentals stabilize.
Revenue decline of -52% signals business deterioration — declining revenues make it difficult to grow into the current valuation and often precede further negative revisions.
Weak momentum (35th percentile) suggests institutional selling pressure and unfavorable technical dynamics that may persist.
We assign a Low uncertainty rating to MILLER INDUSTRIES INC /TN/. The company exhibits strong financial stability with a beta of 0.95, conservative leverage (44% D/E), and a stability factor in the 77th percentile. The predictable nature of the business model and solid financial position reduce the range of potential outcomes, giving us confidence in our fair value estimate.
We identify no major risk factors at this time. The company's stability factor sits at the 77th percentile with quality at the 51th percentile, both of which support our low-risk assessment. The absence of material leverage, profitability, or volatility concerns reduces the likelihood of a permanent capital loss scenario.
Key risk mitigants include: above-average stability (77th percentile) suggests predictable business dynamics. These factors partially offset the identified risks and provide downside protection in adverse scenarios. On balance, the risk-reward profile is favorable for long-term investors.
We rate MILLER INDUSTRIES INC /TN/'s capital allocation as Standard. Management has shown adequate — though not exceptional — stewardship of shareholder capital. Returns on equity stand at 8.3%, and the balance sheet is managed within acceptable parameters (D/E: 44%). Exemplary allocators typically sustain ROE above 20% and D/E below 50%; MILLER INDUSTRIES INC /TN/ falls short on at least one dimension.
There is room for improvement in optimizing the capital structure or enhancing shareholder returns. The 1.95% dividend yield provides some income return, but the overall capital allocation framework would benefit from either higher reinvestment returns, improved balance sheet efficiency, or increased shareholder distributions. We will monitor for signs of strategic improvement that could warrant an upgrade.
In summary, MILLER INDUSTRIES INC /TN/ receives a Hold rating with a composite score of 51.9/100 (rank #1705 of 7,333). Our quantitative framework assigns a Narrow Moat (62/100, trend: stable), Low uncertainty, and Standard capital allocation. The average factor score across quality, value, momentum, stability, and investment is 55/100.
Our analysis supports a neutral stance on MILLER INDUSTRIES INC /TN/. While the quantitative profile is not weak enough to warrant selling, it lacks the multi-factor strength required for a buy recommendation. Existing holders should maintain positions and monitor for catalysts — either fundamental improvement or valuation compression — that would shift the risk-reward balance.
Analysis derived from Blank Capital Research quantitative terminal. For informational purposes only. No trade solicitation. Past performance not indicative of future results. Consult a qualified advisor.
We assign MILLER INDUSTRIES INC /TN/ a Narrow Moat rating with a composite moat score of 62/100. The ROIC-WACC spread of +37.3% is the primary signal of economic value creation. The company possesses identifiable competitive advantages, though they are less entrenched than those of wide-moat peers. Our analysis indicates that MILLER INDUSTRIES INC /TN/ can sustain above-average returns on invested capital for at least 10 years, with the strongest contributor being economic value creation at 20/20.
The strongest moat sources are economic value creation (20/20) and financial resilience (16.2/20). ROIC 46.3% vs WACC 9.0% (spread +37.3%). Interest coverage 46.3x, Net debt/EBITDA 1.5x. These pillars form the core of MILLER INDUSTRIES INC /TN/'s competitive identity and are the primary drivers of excess returns in our framework.
Areas of relative weakness include reinvestment efficiency (6/20) and growth durability (9.4/20). Capital turnover 27.08x. Improvement in these areas could meaningfully widen the moat over time, while deterioration would be an early warning of competitive erosion.
Our moat trend assessment is Stable. Multi-year ROIC and operating margin trajectories show neither meaningful improvement nor deterioration, suggesting the competitive position is steady. We expect MILLER INDUSTRIES INC /TN/'s moat profile to remain largely unchanged absent a material shift in return on capital or industry dynamics.
Key profit drivers include declining revenues (-52%) that pressure the earnings outlook. The margin cascade from 15% gross to 5% operating to 3.5% net reveals the company's cost structure and reinvestment intensity. Our analysis indicates that profit quality is adequate though not exceptional, with the quality factor at the 51th percentile.
The margin profile shows gross margins of 15%, operating margins of 5%, net margins of 3.5%. Return metrics include ROE of 8.3% and ROA of 5.8%. Relative to the Manufacturing sector, gross margins are 27.8 percentage points below the sector median of 43%, and ROE of 8.3% compares to a sector median of -2.5%.
The balance sheet reflects moderate leverage with D/E of 44%, a dividend yield of 1.95%, revenue growth of -52%. The sector median D/E is 0%, putting MILLER INDUSTRIES INC /TN/ at higher leverage than the typical peer. Overall balance sheet health is adequate for the current business environment.
Above 50MA
37.18%
Net New Highs
+51081
Miller Industries, Inc. reported strong Q2 2024 results, with EPS rising 37.7% and revenues increasing 23.7% year-over-year. The company saw improved gross margins, efficient cost management, and a notable rise in net income. Management revised its 2024 revenue growth expectations to low double digits, reflecting continued operational momentum.
Discover why Zacks rates Miller Industries with a "Neutral" recommendation, being the first on Wall Street to initiate coverage on the stock. Explore MLR's impressive growth, strategic acquisitions and innovative products balanced against competitive pressures and market uncertainties.
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